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QLTA vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLTA vs. SPY

Last updated Jun 4, 2026

QLTA (iShares Aaa - A Rated Corporate Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QLTA is a Corporate Bonds fund tracking the Bloomberg U.S. Corporate Aaa - A Capped Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, QLTA returned 2.00%/yr vs 15.49%/yr for SPY. At a 0.06 correlation, their price movements are largely independent. QLTA charges 0.15%/yr vs 0.09%/yr for SPY.

Performance

QLTA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Aaa - A Rated Corporate Bond ETF (QLTA) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QLTA achieves a 0.31% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, QLTA has underperformed SPY with an annualized return of 2.00%, while SPY has yielded a comparatively higher 15.49% annualized return.

QLTA

1D
-0.19%
1M
0.50%
YTD
0.31%
6M
0.04%
1Y
5.42%
3Y*
4.51%
5Y*
0.10%
10Y*
2.00%

SPY

1D
-0.70%
1M
5.05%
YTD
10.91%
6M
10.91%
1Y
27.98%
3Y*
22.35%
5Y*
13.83%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QLTA vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QLTA
iShares Aaa - A Rated Corporate Bond ETF		0.31%7.36%1.23%7.60%-15.14%-2.32%9.62%12.54%-2.27%5.69%
SPY
State Street SPDR S&P 500 ETF		10.91%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between QLTA and SPY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

Correlation (3Y)
Calculated over the trailing 3-year period

0.32

Correlation (5Y)
Calculated over the trailing 5-year period

0.28

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2012

0.06

Over the past year, QLTA and SPY have become more correlated (0.38) than their long-term average of 0.06, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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iShares Aaa - A Rated Corporate Bond ETF

State Street SPDR S&P 500 ETF

Often compared with QLTA:
QLTA vs. BNDQLTA vs. VCITQLTA vs. LQDQLTA vs. VTCQLTA vs. AGGQLTA vs. QQQQLTA vs. SCHG
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

QLTA vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QLTA
QLTA Risk / Return Rank: 3535
Overall Rank
QLTA Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
QLTA Sortino Ratio Rank: 3434
Sortino Ratio Rank
QLTA Omega Ratio Rank: 3232
Omega Ratio Rank
QLTA Calmar Ratio Rank: 3939
Calmar Ratio Rank
QLTA Martin Ratio Rank: 3636
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPY Omega Ratio Rank: 7070
Omega Ratio Rank
SPY Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
Martin Ratio Rank
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.

QLTA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Aaa - A Rated Corporate Bond ETF (QLTA) and State Street SPDR S&P 500 ETF (SPY). 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.

QLTASPYDifference
Sharpe ratioReturn per unit of total volatility
1.25
2.38

-1.13

Sortino ratioReturn per unit of downside risk
1.85
3.24

-1.39

Omega ratioGain probability vs. loss probability

1.22

1.43

-0.21

Calmar ratioReturn relative to maximum drawdown

1.94

3.16

-1.23

Martin ratioReturn relative to average drawdown

5.80

14.72

-8.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLTA vs. SPY - Sharpe Ratio Comparison

The current QLTA Sharpe Ratio is 1.25, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of QLTA and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

QLTASPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.25

2.38

-1.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.01

0.82

-0.80

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.29

0.87

-0.58

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.59

-0.19

Drawdowns

QLTA vs. SPY - Drawdown Comparison

The maximum QLTA drawdown since its inception was -22.27%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QLTA and SPY.

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Drawdown Indicators

QLTASPYDifference

Max Drawdown

Largest peak-to-trough decline

-22.27%

-55.19%

+32.92%

Max Drawdown (1Y)

Largest decline over 1 year

-2.81%

-8.88%

+6.07%

Max Drawdown (3Y)

Largest decline over 3 years

-6.66%

-18.76%

+12.10%

Max Drawdown (5Y)

Largest decline over 5 years

-21.36%

-24.50%

+3.14%

Max Drawdown (10Y)

Largest decline over 10 years

-22.27%

-33.72%

+11.45%

Current Drawdown

Current decline from peak

-3.41%

-0.70%

-2.71%

Average Drawdown

Average peak-to-trough decline

-4.68%

-9.05%

+4.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.94%

1.91%

-0.97%

Volatility

QLTA vs. SPY - Volatility Comparison

The current volatility for iShares Aaa - A Rated Corporate Bond ETF (QLTA) is 1.37%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that QLTA experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QLTASPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.37%

2.84%

-1.47%

Volatility (6M)

Calculated over the trailing 6-month period

3.19%

8.90%

-5.71%

Volatility (1Y)

Calculated over the trailing 1-year period

4.37%

11.83%

-7.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.22%

17.05%

-9.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.02%

17.94%

-10.92%

QLTA vs. SPY - Expense Ratio Comparison

QLTA has a 0.15% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QLTA vs. SPY - Dividend Comparison

QLTA's dividend yield for the trailing twelve months is around 4.47%, more than SPY's 0.98% yield.

PositionTTM20252024202320222021202020192018201720162015
QLTA
iShares Aaa - A Rated Corporate Bond ETF		4.47%4.33%4.11%3.39%2.79%1.96%2.31%2.99%3.09%2.67%2.59%2.99%
SPY
State Street SPDR S&P 500 ETF		0.98%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

QLTA and SPY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPY has higher volatility (2.84%) compared to QLTA (1.37%). In terms of maximum drawdown, QLTA dropped -22.27% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.49% vs 2.00% for QLTA. On fees, SPY is cheaper at 0.09% per year. On volatility, QLTA has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.49% return vs 2.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for QLTA.

QLTA has the higher dividend yield at 4.47%, compared with 0.98% for SPY.

QLTA is categorized as Corporate Bonds, while SPY is S&P 500. QLTA tracks Bloomberg U.S. Corporate Aaa - A Capped Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for QLTA and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.38 vs 1.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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