QSPT vs. SPY

Last updated Jun 23, 2026

QSPT (FT Cboe Vest Nasdaq-100 Buffer ETF – September) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QSPT is a Nasdaq-100 fund actively managed by FT Vest, while SPY is a S&P 500 fund tracking the S&P 500 Index. QSPT is actively managed, while SPY is passively managed. Over the past 3 years, QSPT returned 18.04%/yr vs 21.27%/yr for SPY. Their correlation of 0.90 suggests significant overlap in exposure. QSPT charges 0.90%/yr vs 0.09%/yr for SPY.

Performance

QSPT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest Nasdaq-100 Buffer ETF – September (QSPT) 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 QSPT having a 9.54% return and SPY slightly higher at 9.74%.

QSPT

• 1D: -0.32%
• 1M: 0.84%
• YTD: 9.54%
• 6M: 9.12%
• 1Y: 20.74%
• 3Y*: 18.04%
• 5Y*: —
• 10Y*: —

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)

QSPT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QSPT FT Cboe Vest Nasdaq-100 Buffer ETF – September	9.54%	14.58%	16.07%	43.15%	-20.38%	4.49%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	7.98%

Correlation

The correlation between QSPT and SPY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 20, 2021	0.90

The correlation between QSPT and SPY has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

QSPT vs. SPY — Risk / Return Rank

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

QSPT

QSPT Risk / Return Rank: 68
QSPT Sharpe Ratio Rank: 68
QSPT Sortino Ratio Rank: 67
QSPT Omega Ratio Rank: 72
QSPT Calmar Ratio Rank: 60
QSPT Martin Ratio Rank: 71

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.

QSPT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest Nasdaq-100 Buffer ETF – September (QSPT) 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.

	QSPT	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.16	-0.01
Sortino ratio: Return per unit of downside risk	2.98	2.91	+0.07
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	2.88	3.01	-0.13
Martin ratio: Return relative to average drawdown	12.78	13.54	-0.76

QSPT vs. SPY - Sharpe Ratio Comparison

The current QSPT Sharpe Ratio is 2.14, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of QSPT 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

QSPT vs. SPY - Drawdown Comparison

The maximum QSPT drawdown since its inception was -22.64%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QSPT and SPY.

Drawdown Indicators

	QSPT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-22.64%	-55.19%	+32.55%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-8.88%	+1.65%
Max Drawdown (3Y) Largest decline over 3 years	-15.38%	-18.76%	+3.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.37%	-1.75%	+1.38%
Average Drawdown Average peak-to-trough decline	-4.57%	-9.04%	+4.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.97%	-0.34%

Volatility

QSPT vs. SPY - Volatility Comparison

The current volatility for FT Cboe Vest Nasdaq-100 Buffer ETF – September (QSPT) is 2.86%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that QSPT 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

	QSPT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	4.64%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	7.82%	9.75%	-1.93%
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	12.43%	-2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.11%	17.14%	-2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.11%	17.99%	-2.88%

QSPT vs. SPY - Expense Ratio Comparison

QSPT has a 0.90% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QSPT vs. SPY - Dividend Comparison

QSPT has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QSPT FT Cboe Vest Nasdaq-100 Buffer ETF – September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 QSPT and SPY in my portfolio?

With a correlation of 0.91, QSPT and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QSPT or SPY?

SPY has higher volatility (4.64%) compared to QSPT (2.86%). In terms of maximum drawdown, QSPT dropped -22.64% vs SPY's -55.19%.

Which ETF is better, QSPT or SPY?

On 3-year performance, SPY leads with 21.27% vs 18.04% for QSPT. On fees, SPY is cheaper at 0.09% per year. On volatility, QSPT has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QSPT or SPY?

Over the 3-year period, SPY has performed better with a 21.27% return vs 18.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QSPT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.90% for QSPT.

Which ETF pays a higher dividend yield, QSPT or SPY?

SPY has the higher dividend yield at 1.01%, compared with 0.00% for QSPT.

What is the main difference between QSPT and SPY?

QSPT is categorized as Nasdaq-100, while SPY is S&P 500. They also come from different issuers: FT Vest and State Street. Their fees differ too: 0.90% for QSPT and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 2.14), 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.