QLC vs. SPXE

Last updated Apr 1, 2026

Compare and contrast key facts about FlexShares US Quality Large Cap Index Fund (QLC) and ProShares S&P 500 Ex-Energy ETF (SPXE).

QLC and SPXE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QLC is a passively managed fund by Northern Trust that tracks the performance of the Northern Trust Quality Large Cap Index. It was launched on Sep 24, 2015. SPXE is a passively managed fund by ProShares that tracks the performance of the S&P 500 Ex-Energy Index. It was launched on Sep 22, 2015. Both QLC and SPXE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

QLC vs. SPXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares US Quality Large Cap Index Fund (QLC) and ProShares S&P 500 Ex-Energy ETF (SPXE). The values are adjusted to include any dividend payments, if applicable.

QLC vs. SPXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLC FlexShares US Quality Large Cap Index Fund	-3.32%	23.26%	26.71%	26.02%	-17.21%	28.46%	13.64%	24.51%	-8.12%	21.73%
SPXE ProShares S&P 500 Ex-Energy ETF	-5.69%	18.03%	25.72%	27.71%	-20.58%	27.93%	20.62%	32.45%	-5.52%	24.99%

Returns By Period

In the year-to-date period, QLC achieves a -3.32% return, which is significantly higher than SPXE's -5.69% return. Over the past 10 years, QLC has underperformed SPXE with an annualized return of 13.29%, while SPXE has yielded a comparatively higher 14.08% annualized return.

QLC

• 1D: 2.88%
• 1M: -4.70%
• YTD: -3.32%
• 6M: 0.78%
• 1Y: 23.78%
• 3Y*: 21.17%
• 5Y*: 13.53%
• 10Y*: 13.29%

SPXE

• 1D: 2.99%
• 1M: -5.47%
• YTD: -5.69%
• 6M: -3.18%
• 1Y: 16.84%
• 3Y*: 18.22%
• 5Y*: 11.21%
• 10Y*: 14.08%

*Multi-year figures are annualized to reflect compound growth (CAGR)

QLC vs. SPXE - Expense Ratio Comparison

QLC has a 0.32% expense ratio, which is higher than SPXE's 0.27% expense ratio.

QLC

FlexShares US Quality Large Cap Index Fund

SPXE

ProShares S&P 500 Ex-Energy ETF

Return for Risk

QLC vs. SPXE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QLC

QLC Risk / Return Rank: 78
QLC Sharpe Ratio Rank: 74
QLC Sortino Ratio Rank: 76
QLC Omega Ratio Rank: 78
QLC Calmar Ratio Rank: 78
QLC Martin Ratio Rank: 85

SPXE

SPXE Risk / Return Rank: 58
SPXE Sharpe Ratio Rank: 51
SPXE Sortino Ratio Rank: 55
SPXE Omega Ratio Rank: 58
SPXE Calmar Ratio Rank: 58
SPXE Martin Ratio Rank: 66

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QLC vs. SPXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Large Cap Index Fund (QLC) and ProShares S&P 500 Ex-Energy ETF (SPXE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	QLC	SPXE	Difference
Sharpe ratio Return per unit of total volatility	1.30	0.92	+0.39
Sortino ratio Return per unit of downside risk	1.91	1.42	+0.49
Omega ratio Gain probability vs. loss probability	1.29	1.21	+0.08
Calmar ratio Return relative to maximum drawdown	2.06	1.46	+0.59
Martin ratio Return relative to average drawdown	9.71	6.51	+3.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLC vs. SPXE - Sharpe Ratio Comparison

The current QLC Sharpe Ratio is 1.30, which is higher than the SPXE Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of QLC and SPXE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QLC	SPXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	0.92	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.67	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.81	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.82	-0.10

Correlation

The correlation between QLC and SPXE is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QLC vs. SPXE - Dividend Comparison

QLC's dividend yield for the trailing twelve months is around 1.01%, less than SPXE's 1.07% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLC FlexShares US Quality Large Cap Index Fund	1.01%	0.94%	1.03%	1.26%	1.46%	0.96%	1.40%	1.91%	1.82%	1.29%	1.80%	0.64%
SPXE ProShares S&P 500 Ex-Energy ETF	1.07%	0.99%	1.09%	1.29%	1.49%	0.94%	1.16%	1.38%	1.61%	1.65%	1.53%	0.51%

Drawdowns

QLC vs. SPXE - Drawdown Comparison

The maximum QLC drawdown since its inception was -35.86%, which is greater than SPXE's maximum drawdown of -32.27%. Use the drawdown chart below to compare losses from any high point for QLC and SPXE.

Drawdown Indicators

	QLC	SPXE	Difference
Max Drawdown Largest peak-to-trough decline	-35.86%	-32.27%	-3.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-11.98%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-23.81%	-26.50%	+2.69%
Max Drawdown (10Y) Largest decline over 10 years	-35.86%	-32.27%	-3.59%
Current Drawdown Current decline from peak	-6.22%	-7.41%	+1.19%
Average Drawdown Average peak-to-trough decline	-4.60%	-4.52%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.69%	-0.17%

Volatility

QLC vs. SPXE - Volatility Comparison

The current volatility for FlexShares US Quality Large Cap Index Fund (QLC) is 5.11%, while ProShares S&P 500 Ex-Energy ETF (SPXE) has a volatility of 5.55%. This indicates that QLC experiences smaller price fluctuations and is considered to be less risky than SPXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLC	SPXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	5.55%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	9.88%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	18.49%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	16.90%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	17.38%	+1.01%