QRVLX vs. SPY

Last updated Aug 1, 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 11.36%/yr vs 15.07%/yr for SPY. Their correlation of 0.91 means they have usually moved in the same direction. 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

The year-to-date returns for both investments are quite close, with QRVLX having a 9.75% return and SPY slightly higher at 10.13%. Over the past 10 years, QRVLX has underperformed SPY with an annualized return of 11.36%, while SPY has yielded a comparatively higher 15.07% annualized return.

QRVLX

• 1D: 1.18%
• 1M: -1.62%
• 6M: 7.84%
• YTD: 9.75%
• 1Y: 12.69%
• 3Y*: 13.70%
• 5Y*: 9.19%
• 10Y*: 11.36%
• ALL TIME*: 9.23%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QRVLX FPA Queens Road Value Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

QRVLX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QRVLX FPA Queens Road Value Fund	9.75%	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	10.13%	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 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	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 0.75 (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 historical risk-adjusted metric ranks over the past 12 months.

QRVLX

QRVLX Risk / Return Rank: 23
QRVLX Sharpe Ratio Rank: 23
QRVLX Sortino Ratio Rank: 23
QRVLX Omega Ratio Rank: 23
QRVLX Calmar Ratio Rank: 24
QRVLX Martin Ratio Rank: 24

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	0.83	1.52	-0.69
Sortino ratio: Return per unit of downside risk	1.23	2.11	-0.89
Omega ratio: Gain probability vs. loss probability	1.15	1.27	-0.12
Calmar ratio: Return relative to maximum drawdown	1.14	2.20	-1.06
Martin ratio: Return relative to average drawdown	3.50	9.40	-5.90

QRVLX vs. SPY - Sharpe Ratio Comparison

The current QRVLX Sharpe Ratio is 0.83, which is lower than the SPY Sharpe Ratio of 1.52. 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	-2.25%	-1.40%	-0.85%
Average Drawdown Average peak-to-trough decline	-6.55%	-9.01%	+2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.08%	+0.97%

Volatility

QRVLX vs. SPY - Volatility Comparison

FPA Queens Road Value Fund (QRVLX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.69% and 3.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	3.69%	3.58%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	10.14%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	12.89%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	17.18%	-1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.17%	17.95%	-0.78%

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 2.56%, 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	2.56%	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 0.75, 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?

QRVLX has higher volatility (3.69%) compared to SPY (3.58%). 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 (1.52 vs 0.83), 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.