QRVLX vs. SPY
Compare and contrast key facts about FPA Queens Road Value Fund (QRVLX) and State Street SPDR S&P 500 ETF (SPY).
QRVLX is managed by FPA. It was launched on Jun 13, 2002. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
QRVLX vs. SPY - Performance Comparison
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QRVLX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QRVLX FPA Queens Road Value Fund | -4.83% | 6.08% | 18.91% | 16.09% | -8.85% | 27.50% | 6.78% | 23.93% | -4.83% | 20.32% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, QRVLX achieves a -4.83% return, which is significantly lower than SPY's -4.37% return. Over the past 10 years, QRVLX has underperformed SPY with an annualized return of 10.33%, while SPY has yielded a comparatively higher 13.98% annualized return.
QRVLX
- 1D
- -0.49%
- 1M
- -6.92%
- YTD
- -4.83%
- 6M
- -7.60%
- 1Y
- 3.31%
- 3Y*
- 11.25%
- 5Y*
- 7.98%
- 10Y*
- 10.33%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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QRVLX vs. SPY - Expense Ratio Comparison
QRVLX has a 0.65% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
QRVLX vs. SPY — Risk / Return Rank
QRVLX
SPY
QRVLX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FPA Queens Road Value Fund (QRVLX) 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.
| QRVLX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.25 | 0.93 | -0.68 |
Sortino ratioReturn per unit of downside risk | 0.47 | 1.45 | -0.98 |
Omega ratioGain probability vs. loss probability | 1.06 | 1.22 | -0.16 |
Calmar ratioReturn relative to maximum drawdown | 0.24 | 1.53 | -1.28 |
Martin ratioReturn relative to average drawdown | 0.71 | 7.30 | -6.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QRVLX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.25 | 0.93 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.69 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.78 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.56 | -0.03 |
Correlation
The correlation between QRVLX and SPY is 0.91, 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
QRVLX vs. SPY - Dividend Comparison
QRVLX's dividend yield for the trailing twelve months is around 2.96%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QRVLX FPA Queens Road Value Fund | 2.96% | 2.81% | 3.64% | 2.95% | 2.77% | 16.71% | 6.49% | 3.40% | 6.82% | 3.99% | 5.48% | 3.12% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
QRVLX vs. SPY - Drawdown Comparison
The maximum QRVLX drawdown since its inception was -51.40%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QRVLX and SPY.
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Drawdown Indicators
| QRVLX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.40% | -55.19% | +3.79% |
Max Drawdown (1Y)Largest decline over 1 year | -9.68% | -12.05% | +2.37% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -24.50% | +2.80% |
Max Drawdown (10Y)Largest decline over 10 years | -34.80% | -33.72% | -1.08% |
Current DrawdownCurrent decline from peak | -9.35% | -6.24% | -3.11% |
Average DrawdownAverage peak-to-trough decline | -6.62% | -9.09% | +2.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 2.52% | +0.75% |
Volatility
QRVLX vs. SPY - Volatility Comparison
The current volatility for FPA Queens Road Value Fund (QRVLX) is 3.61%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that QRVLX 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
| QRVLX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 5.31% | -1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 8.96% | 9.47% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.39% | 19.05% | -2.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.13% | 17.06% | -1.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.12% | 17.92% | -0.80% |