QTOP vs. SPY

Last updated Jun 24, 2026

QTOP (iShares Nasdaq Top 30 Stocks ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QTOP is a Nasdaq-100 fund tracking the Nasdaq-100 Top 30 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, QTOP returned 38.12% vs 23.59% for SPY. Their correlation of 0.91 suggests significant overlap in exposure. QTOP charges 0.20%/yr vs 0.09%/yr for SPY.

Performance

QTOP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Nasdaq Top 30 Stocks ETF (QTOP) 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, QTOP achieves a 17.15% return, which is significantly higher than SPY's 8.15% return.

QTOP

• 1D: -3.69%
• 1M: -1.41%
• YTD: 17.15%
• 6M: 15.48%
• 1Y: 38.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

QTOP vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QTOP iShares Nasdaq Top 30 Stocks ETF	17.15%	22.19%	6.25%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	1.74%

Correlation

The correlation between QTOP 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 (All Time) Calculated using the full available price history since Oct 24, 2024	0.91

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

QTOP vs. SPY - Sectors Allocation Comparison

Sectors	QTOP	SPY
Technology	62.3%	39.0%
Communication Services	15.7%	10.6%
Consumer Cyclical	9.9%	9.9%
Consumer Defensive	6.9%	4.5%
Healthcare	2.9%	8.3%
Basic Materials	1.4%	1.7%
Industrials	0.9%	7.8%
Energy	-	3.1%
Financial Services	-	11.1%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

QTOP vs. SPY — Risk / Return Rank

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

QTOP

QTOP Risk / Return Rank: 60
QTOP Sharpe Ratio Rank: 62
QTOP Sortino Ratio Rank: 55
QTOP Omega Ratio Rank: 59
QTOP Calmar Ratio Rank: 62
QTOP Martin Ratio Rank: 61

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

QTOP vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Nasdaq Top 30 Stocks ETF (QTOP) 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.

	QTOP	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.90	+0.07
Sortino ratio: Return per unit of downside risk	2.56	2.58	-0.02
Omega ratio: Gain probability vs. loss probability	1.35	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	2.97	2.67	+0.31
Martin ratio: Return relative to average drawdown	10.59	11.92	-1.33

QTOP vs. SPY - Sharpe Ratio Comparison

The current QTOP Sharpe Ratio is 1.97, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of QTOP 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

QTOP vs. SPY - Drawdown Comparison

The maximum QTOP drawdown since its inception was -23.28%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QTOP and SPY.

Drawdown Indicators

	QTOP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-23.28%	-55.19%	+31.91%
Max Drawdown (1Y) Largest decline over 1 year	-12.88%	-8.88%	-4.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
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	-4.74%	-3.17%	-1.57%
Average Drawdown Average peak-to-trough decline	-3.80%	-9.04%	+5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	1.98%	+1.63%

Volatility

QTOP vs. SPY - Volatility Comparison

iShares Nasdaq Top 30 Stocks ETF (QTOP) has a higher volatility of 9.71% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that QTOP's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTOP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	4.87%	+4.84%
Volatility (6M) Calculated over the trailing 6-month period	16.00%	9.85%	+6.15%
Volatility (1Y) Calculated over the trailing 1-year period	19.50%	12.50%	+7.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.44%	17.15%	+6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.44%	17.95%	+5.49%

QTOP vs. SPY - Expense Ratio Comparison

QTOP has a 0.20% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QTOP vs. SPY - Dividend Comparison

QTOP's dividend yield for the trailing twelve months is around 0.33%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QTOP iShares Nasdaq Top 30 Stocks ETF	0.33%	0.38%	0.11%	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	1.03%	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 QTOP and SPY in my portfolio?

With a correlation of 0.91, QTOP 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, QTOP or SPY?

QTOP has higher volatility (9.71%) compared to SPY (4.87%). In terms of maximum drawdown, QTOP dropped -23.28% vs SPY's -55.19%.

Which ETF is better, QTOP or SPY?

On 1-year performance, QTOP leads with 38.12% vs 23.59% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QTOP or SPY?

Over the 1-year period, QTOP has performed better with a 38.12% return vs 23.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTOP or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.20% for QTOP.

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

SPY has the higher dividend yield at 1.03%, compared with 0.33% for QTOP.

What is the main difference between QTOP and SPY?

QTOP is categorized as Nasdaq-100, while SPY is S&P 500. QTOP tracks Nasdaq-100 Top 30 Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for QTOP and 0.09% for SPY.

Which has better risk-adjusted returns?

QTOP currently has the higher Sharpe Ratio (1.97 vs 1.90), 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.