QLV vs. SPYG

Last updated Jun 21, 2026

QLV (FlexShares US Quality Low Volatility Index Fund) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - QLV is a Volatility Hedged Equity fund tracking the Northern Trust Quality Low Volatility Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 5 years, QLV returned 10.35%/yr vs 15.37%/yr for SPYG. Their correlation of 0.82 suggests significant overlap in exposure. QLV charges 0.22%/yr vs 0.04%/yr for SPYG.

Performance

QLV vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares US Quality Low Volatility Index Fund (QLV) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLV achieves a 4.01% return, which is significantly lower than SPYG's 12.18% return.

QLV

• 1D: -0.07%
• 1M: -1.75%
• YTD: 4.01%
• 6M: 4.20%
• 1Y: 13.78%
• 3Y*: 13.88%
• 5Y*: 10.35%
• 10Y*: —

SPYG

• 1D: 1.66%
• 1M: 1.07%
• YTD: 12.18%
• 6M: 12.62%
• 1Y: 32.56%
• 3Y*: 26.44%
• 5Y*: 15.37%
• 10Y*: 18.17%

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

QLV vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QLV FlexShares US Quality Low Volatility Index Fund	4.01%	12.28%	18.08%	13.71%	-9.97%	26.08%	9.63%	5.97%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	12.18%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	5.98%

Correlation

The correlation between QLV and SPYG is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.82

Over the past year, the correlation between QLV and SPYG has dropped to 0.55 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

QLV vs. SPYG - Sectors Allocation Comparison

Sectors	QLV	SPYG
Technology	31.1%	52.1%
Healthcare	13.0%	5.9%
Financial Services	11.8%	9.0%
Communication Services	8.2%	15.9%
Consumer Defensive	8.1%	1.0%
Consumer Cyclical	6.4%	8.5%
Utilities	6.1%	1.2%
Industrials	6.1%	5.4%
Energy	5.2%	0.1%
Basic Materials	2.3%	0.3%
Real Estate	1.7%	0.6%

Return for Risk

QLV vs. SPYG — Risk / Return Rank

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

QLV

QLV Risk / Return Rank: 53
QLV Sharpe Ratio Rank: 55
QLV Sortino Ratio Rank: 56
QLV Omega Ratio Rank: 53
QLV Calmar Ratio Rank: 46
QLV Martin Ratio Rank: 55

SPYG

SPYG Risk / Return Rank: 55
SPYG Sharpe Ratio Rank: 58
SPYG Sortino Ratio Rank: 55
SPYG Omega Ratio Rank: 55
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 56

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.

QLV vs. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Low Volatility Index Fund (QLV) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QLV	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.87	-0.08
Sortino ratio: Return per unit of downside risk	2.57	2.54	+0.03
Omega ratio: Gain probability vs. loss probability	1.32	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	2.20	2.32	-0.11
Martin ratio: Return relative to average drawdown	9.26	9.26	0.00

QLV vs. SPYG - Sharpe Ratio Comparison

The current QLV Sharpe Ratio is 1.78, which is comparable to the SPYG Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of QLV and SPYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QLV vs. SPYG - Drawdown Comparison

The maximum QLV drawdown since its inception was -33.71%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for QLV and SPYG.

Drawdown Indicators

	QLV	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-67.63%	+33.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-13.76%	+7.57%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-22.14%	+10.09%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-32.67%	+14.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.67%	—
Current Drawdown Current decline from peak	-2.20%	-2.50%	+0.30%
Average Drawdown Average peak-to-trough decline	-3.99%	-24.29%	+20.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	3.43%	-1.96%

Volatility

QLV vs. SPYG - Volatility Comparison

The current volatility for FlexShares US Quality Low Volatility Index Fund (QLV) is 1.99%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 6.92%. This indicates that QLV experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLV	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	6.92%	-4.93%
Volatility (6M) Calculated over the trailing 6-month period	5.51%	13.84%	-8.33%
Volatility (1Y) Calculated over the trailing 1-year period	7.66%	17.07%	-9.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	21.33%	-8.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.52%	20.73%	-4.21%

QLV vs. SPYG - Expense Ratio Comparison

QLV has a 0.22% expense ratio, which is higher than SPYG's 0.04% 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

QLV vs. SPYG - Dividend Comparison

QLV's dividend yield for the trailing twelve months is around 1.97%, more than SPYG's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLV FlexShares US Quality Low Volatility Index Fund	1.60%	1.60%	1.66%	1.60%	1.74%	0.96%	1.24%	0.58%	0.00%	0.00%	0.00%	0.00%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both QLV and SPYG in my portfolio?

QLV and SPYG have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLV or SPYG?

SPYG has higher volatility (6.92%) compared to QLV (1.99%). In terms of maximum drawdown, QLV dropped -33.71% vs SPYG's -67.63%.

Which ETF is better, QLV or SPYG?

On 5-year performance, SPYG leads with 15.37% vs 10.35% for QLV. On fees, SPYG is cheaper at 0.04% per year. On volatility, QLV has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLV or SPYG?

Over the 5-year period, SPYG has performed better with a 15.37% return vs 10.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLV or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.22% for QLV.

Which ETF pays a higher dividend yield, QLV or SPYG?

QLV has the higher dividend yield at 1.60%, compared with 0.47% for SPYG.

What is the main difference between QLV and SPYG?

QLV is categorized as Volatility Hedged Equity, while SPYG is S&P 500. QLV tracks Northern Trust Quality Low Volatility Index, while SPYG tracks S&P 500 Growth Index. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.22% for QLV and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.87 vs 1.78), 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.