QTWO vs. ^GSPC

Last updated Jun 5, 2026

QTWO (Q2 Holdings, Inc.) is a stock, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, QTWO returned 4.82%/yr vs 13.65%/yr for ^GSPC. At a 0.49 correlation, their price movements are largely independent.

Performance

QTWO vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Q2 Holdings, Inc. (QTWO) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QTWO achieves a -37.85% return, which is significantly lower than ^GSPC's 10.79% return. Over the past 10 years, QTWO has underperformed ^GSPC with an annualized return of 4.82%, while ^GSPC has yielded a comparatively higher 13.65% annualized return.

QTWO

• 1D: -1.25%
• 1M: -14.33%
• YTD: -37.85%
• 6M: -38.27%
• 1Y: -49.96%
• 3Y*: 17.45%
• 5Y*: -13.98%
• 10Y*: 4.82%

^GSPC

• 1D: 0.41%
• 1M: 4.48%
• YTD: 10.79%
• 6M: 10.60%
• 1Y: 27.02%
• 3Y*: 21.07%
• 5Y*: 12.39%
• 10Y*: 13.65%

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

QTWO vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QTWO Q2 Holdings, Inc.	-37.85%	-28.31%	131.86%	61.56%	-66.18%	-37.22%	56.06%	63.63%	34.46%	27.73%
^GSPC S&P 500 Index	10.79%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between QTWO and ^GSPC is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Mar 21, 2014	0.49

Over the past year, the correlation between QTWO and ^GSPC has dropped to 0.28 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

Return for Risk

QTWO vs. ^GSPC — Risk / Return Rank

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

QTWO

QTWO Risk / Return Rank: 4
QTWO Sharpe Ratio Rank: 3
QTWO Sortino Ratio Rank: 3
QTWO Omega Ratio Rank: 5
QTWO Calmar Ratio Rank: 4
QTWO Martin Ratio Rank: 6

^GSPC

^GSPC Risk / Return Rank: 80
^GSPC Sharpe Ratio Rank: 79
^GSPC Sortino Ratio Rank: 79
^GSPC Omega Ratio Rank: 79
^GSPC Calmar Ratio Rank: 76
^GSPC Martin Ratio Rank: 86

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.

QTWO vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Q2 Holdings, Inc. (QTWO) and S&P 500 Index (^GSPC). 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.

	QTWO	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	2.28	-3.42
Sortino ratio: Return per unit of downside risk	-1.83	3.12	-4.95
Omega ratio: Gain probability vs. loss probability	0.79	1.41	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.94	2.98	-3.93
Martin ratio: Return relative to average drawdown	-1.49	13.78	-15.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QTWO vs. ^GSPC - Sharpe Ratio Comparison

The current QTWO Sharpe Ratio is -1.14, which is lower than the ^GSPC Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of QTWO and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QTWO	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.14	2.28	-3.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	0.74	-1.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.76	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.47	-0.27

Drawdowns

QTWO vs. ^GSPC - Drawdown Comparison

The maximum QTWO drawdown since its inception was -85.77%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for QTWO and ^GSPC.

Drawdown Indicators

	QTWO	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-85.77%	-56.78%	-28.99%
Max Drawdown (1Y) Largest decline over 1 year	-53.08%	-9.10%	-43.98%
Max Drawdown (3Y) Largest decline over 3 years	-59.68%	-18.90%	-40.78%
Max Drawdown (5Y) Largest decline over 5 years	-80.69%	-25.43%	-55.26%
Max Drawdown (10Y) Largest decline over 10 years	-85.77%	-33.92%	-51.85%
Current Drawdown Current decline from peak	-69.43%	-0.33%	-69.10%
Average Drawdown Average peak-to-trough decline	-30.17%	-10.72%	-19.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.51%	1.97%	+31.54%

Volatility

QTWO vs. ^GSPC - Volatility Comparison

Q2 Holdings, Inc. (QTWO) has a higher volatility of 19.29% compared to S&P 500 Index (^GSPC) at 2.88%. This indicates that QTWO's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTWO	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.29%	2.88%	+16.41%
Volatility (6M) Calculated over the trailing 6-month period	33.04%	9.00%	+24.04%
Volatility (1Y) Calculated over the trailing 1-year period	44.08%	11.89%	+32.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.11%	16.90%	+33.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.28%	18.06%	+26.22%

Frequently Asked Questions

Can I hold both QTWO and ^GSPC in my portfolio?

QTWO and ^GSPC have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTWO or ^GSPC?

QTWO has higher volatility (19.29%) compared to ^GSPC (2.88%). In terms of maximum drawdown, QTWO dropped -85.77% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.28 vs -1.14), 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.