QQH vs. KCE

Last updated Jun 13, 2026

QQH (HCM Defender 100 Index ETF) and KCE (SPDR S&P Capital Markets ETF) are both exchange-traded funds - QQH is a Technology Equities fund tracking the HCM Defender 100 Index, while KCE is a Financials Equities fund tracking the S&P Capital Markets Select Industry Index. Both are passively managed. Over the past 5 years, QQH returned 13.32%/yr vs 12.87%/yr for KCE. A 0.59 correlation means they provide meaningful diversification when combined. QQH charges 1.14%/yr vs 0.35%/yr for KCE.

Performance

QQH vs. KCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HCM Defender 100 Index ETF (QQH) and SPDR S&P Capital Markets ETF (KCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQH achieves a 8.65% return, which is significantly higher than KCE's 3.66% return.

QQH

• 1D: 0.72%
• 1M: -0.74%
• YTD: 8.65%
• 6M: 8.98%
• 1Y: 30.75%
• 3Y*: 22.44%
• 5Y*: 13.32%
• 10Y*: —

KCE

• 1D: 1.60%
• 1M: 1.26%
• YTD: 3.66%
• 6M: 2.73%
• 1Y: 14.27%
• 3Y*: 24.58%
• 5Y*: 12.87%
• 10Y*: 17.65%

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

QQH vs. KCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QQH HCM Defender 100 Index ETF	8.65%	15.66%	33.64%	48.05%	-39.60%	37.52%	41.71%	15.09%
KCE SPDR S&P Capital Markets ETF	3.66%	10.76%	37.51%	32.04%	-22.14%	40.05%	30.82%	15.13%

Correlation

The correlation between QQH and KCE is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019	0.59

The correlation between QQH and KCE has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.

QQH vs. KCE - Sectors Allocation Comparison

Sectors	QQH	KCE
Technology	56.6%	1.5%
Communication Services	14.9%	-
Consumer Cyclical	13.6%	-
Consumer Defensive	6.3%	-
Healthcare	3.5%	-
Industrials	2.2%	-
Utilities	1.2%	-
Basic Materials	1.0%	-
Energy	0.5%	-
Financial Services	0.2%	98.5%
Real Estate	0.0%	-

Return for Risk

QQH vs. KCE — Risk / Return Rank

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

QQH

QQH Risk / Return Rank: 42
QQH Sharpe Ratio Rank: 45
QQH Sortino Ratio Rank: 40
QQH Omega Ratio Rank: 43
QQH Calmar Ratio Rank: 43
QQH Martin Ratio Rank: 37

KCE

KCE Risk / Return Rank: 22
KCE Sharpe Ratio Rank: 23
KCE Sortino Ratio Rank: 22
KCE Omega Ratio Rank: 22
KCE Calmar Ratio Rank: 21
KCE Martin Ratio Rank: 20

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.

QQH vs. KCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HCM Defender 100 Index ETF (QQH) and SPDR S&P Capital Markets ETF (KCE). 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.

	QQH	KCE	Difference
Sharpe ratio: Return per unit of total volatility	1.39	0.71	+0.68
Sortino ratio: Return per unit of downside risk	1.84	1.08	+0.76
Omega ratio: Gain probability vs. loss probability	1.24	1.13	+0.11
Calmar ratio: Return relative to maximum drawdown	1.91	0.82	+1.09
Martin ratio: Return relative to average drawdown	5.10	2.14	+2.96

QQH vs. KCE - Sharpe Ratio Comparison

The current QQH Sharpe Ratio is 1.39, which is higher than the KCE Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of QQH and KCE, 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

QQH vs. KCE - Drawdown Comparison

The maximum QQH drawdown since its inception was -41.87%, smaller than the maximum KCE drawdown of -74.00%. Use the drawdown chart below to compare losses from any high point for QQH and KCE.

Drawdown Indicators

	QQH	KCE	Difference
Max Drawdown Largest peak-to-trough decline	-41.87%	-74.00%	+32.13%
Max Drawdown (1Y) Largest decline over 1 year	-16.18%	-17.44%	+1.26%
Max Drawdown (3Y) Largest decline over 3 years	-24.84%	-26.31%	+1.47%
Max Drawdown (5Y) Largest decline over 5 years	-41.87%	-34.45%	-7.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.78%	—
Current Drawdown Current decline from peak	-5.87%	-3.75%	-2.12%
Average Drawdown Average peak-to-trough decline	-12.90%	-22.78%	+9.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.04%	6.70%	-0.66%

Volatility

QQH vs. KCE - Volatility Comparison

HCM Defender 100 Index ETF (QQH) has a higher volatility of 9.85% compared to SPDR S&P Capital Markets ETF (KCE) at 6.04%. This indicates that QQH's price experiences larger fluctuations and is considered to be riskier than KCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQH	KCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.85%	6.04%	+3.81%
Volatility (6M) Calculated over the trailing 6-month period	16.84%	15.31%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	22.17%	20.12%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.81%	23.08%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.89%	23.10%	+1.79%

QQH vs. KCE - Expense Ratio Comparison

QQH has a 1.14% expense ratio, which is higher than KCE's 0.35% expense ratio.

Dividends

QQH vs. KCE - Dividend Comparison

QQH's dividend yield for the trailing twelve months is around 0.19%, less than KCE's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCE SPDR S&P Capital Markets ETF	1.67%	1.63%	1.56%	1.82%	2.42%	1.53%	2.20%	2.32%	2.67%	1.95%	2.30%	2.43%
QQH HCM Defender 100 Index ETF	0.19%	0.21%	0.24%	0.27%	0.00%	0.00%	0.00%	0.21%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQH and KCE in my portfolio?

QQH and KCE have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQH or KCE?

QQH has higher volatility (9.85%) compared to KCE (6.04%). In terms of maximum drawdown, QQH dropped -41.87% vs KCE's -74.00%.

Which ETF is better, QQH or KCE?

On 5-year performance, QQH leads with 13.32% vs 12.87% for KCE. On fees, KCE is cheaper at 0.35% per year. On volatility, KCE has been the lower-risk option at 6.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQH or KCE?

Over the 5-year period, QQH has performed better with a 13.32% return vs 12.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQH or KCE?

KCE is cheaper with a 0.35% expense ratio, compared with 1.14% for QQH.

Which ETF pays a higher dividend yield, QQH or KCE?

KCE has the higher dividend yield at 1.67%, compared with 0.19% for QQH.

What is the main difference between QQH and KCE?

QQH is categorized as Technology Equities, while KCE is Financials Equities. QQH tracks HCM Defender 100 Index, while KCE tracks S&P Capital Markets Select Industry Index. They also come from different issuers: Howard Capital Management and State Street. Their fees differ too: 1.14% for QQH and 0.35% for KCE.

Which has better risk-adjusted returns?

QQH currently has the higher Sharpe Ratio (1.39 vs 0.71), 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.