QRVLX vs. SPY

Last updated Jun 23, 2026

QRVLX (FPA Queens Road Value Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - QRVLX is a Large Cap Value Equities fund managed by FPA, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, QRVLX returned 11.84%/yr vs 15.70%/yr for SPY. Their correlation of 0.91 suggests significant overlap in exposure. QRVLX charges 0.65%/yr vs 0.09%/yr for SPY.

Performance

QRVLX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Queens Road Value Fund (QRVLX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QRVLX achieves a 11.18% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, QRVLX has underperformed SPY with an annualized return of 11.84%, while SPY has yielded a comparatively higher 15.70% annualized return.

QRVLX

• 1D: 0.34%
• 1M: 2.47%
• YTD: 11.18%
• 6M: 10.22%
• 1Y: 15.45%
• 3Y*: 15.12%
• 5Y*: 10.84%
• 10Y*: 11.84%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

QRVLX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QRVLX FPA Queens Road Value Fund	11.18%	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	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between QRVLX and SPY is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	0.91

The correlation between QRVLX and SPY shifts across timeframes, from 0.76 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QRVLX vs. SPY — Risk / Return Rank

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

QRVLX

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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

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.

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.

	QRVLX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.21	2.16	-0.95
Sortino ratio: Return per unit of downside risk	1.75	2.91	-1.16
Omega ratio: Gain probability vs. loss probability	1.21	1.39	-0.18
Calmar ratio: Return relative to maximum drawdown	1.65	3.01	-1.36
Martin ratio: Return relative to average drawdown	4.99	13.54	-8.55

QRVLX vs. SPY - Sharpe Ratio Comparison

The current QRVLX Sharpe Ratio is 1.21, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of QRVLX 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.

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.

Drawdown Indicators

	QRVLX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-51.40%	-55.19%	+3.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-8.88%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-16.00%	-18.76%	+2.76%
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 Drawdown Current decline from peak	-0.17%	-1.75%	+1.58%
Average Drawdown Average peak-to-trough decline	-6.57%	-9.04%	+2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.97%	+1.12%

Volatility

QRVLX vs. SPY - Volatility Comparison

The current volatility for FPA Queens Road Value Fund (QRVLX) is 3.89%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. 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.

Volatility by Period

	QRVLX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	4.64%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	9.75%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	12.43%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	17.14%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	17.99%	-0.79%

QRVLX vs. SPY - Expense Ratio Comparison

QRVLX has a 0.65% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QRVLX vs. SPY - Dividend Comparison

QRVLX's dividend yield for the trailing twelve months is around 2.53%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QRVLX FPA Queens Road Value Fund	2.53%	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	1.01%	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

Can I hold both QRVLX and SPY in my portfolio?

QRVLX and SPY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QRVLX or SPY?

SPY has higher volatility (4.64%) compared to QRVLX (3.89%). In terms of maximum drawdown, QRVLX dropped -51.40% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.21), 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.