QULL vs. SPY
QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QULL is a Leveraged Equities fund tracking the MSCI USA Sector Neutral Quality Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, QULL returned 16.15%/yr vs 13.83%/yr for SPY. With a 0.96 correlation, they move nearly in lockstep. QULL charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
QULL vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, QULL achieves a 14.81% return, which is significantly higher than SPY's 10.91% return.
QULL
- 1D
- -0.36%
- 1M
- 8.71%
- YTD
- 14.81%
- 6M
- 14.51%
- 1Y
- 38.22%
- 3Y*
- 32.28%
- 5Y*
- 16.15%
- 10Y*
- —
SPY
- 1D
- -0.70%
- 1M
- 5.05%
- YTD
- 10.91%
- 6M
- 10.91%
- 1Y
- 27.98%
- 3Y*
- 22.35%
- 5Y*
- 13.83%
- 10Y*
- 15.49%
QULL vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 14.81% | 17.61% | 38.03% | 57.07% | -42.00% | 51.36% |
SPY State Street SPDR S&P 500 ETF | 10.91% | 17.72% | 24.89% | 26.18% | -18.18% | 24.14% |
Correlation
The correlation between QULL and SPY is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.96 |
The correlation between QULL and SPY has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
QULL vs. SPY — Risk / Return Rank
QULL
SPY
QULL vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) 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.
| QULL | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.43 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 3.16 | -1.08 |
| Martin ratioReturn relative to average drawdown | 9.22 | 14.72 | -5.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QULL | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 2.38 | -0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.82 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.59 | -0.03 |
Drawdowns
QULL vs. SPY - Drawdown Comparison
The maximum QULL drawdown since its inception was -51.83%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QULL and SPY.
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Drawdown Indicators
| QULL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.83% | -55.19% | +3.36% |
Max Drawdown (1Y)Largest decline over 1 year | -18.43% | -8.88% | -9.55% |
Max Drawdown (3Y)Largest decline over 3 years | -36.82% | -18.76% | -18.06% |
Max Drawdown (5Y)Largest decline over 5 years | -51.83% | -24.50% | -27.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -0.38% | -0.70% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -14.06% | -9.05% | -5.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.15% | 1.91% | +2.24% |
Volatility
QULL vs. SPY - Volatility Comparison
ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) has a higher volatility of 4.68% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that QULL'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.
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Volatility by Period
| QULL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 2.84% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 18.79% | 8.90% | +9.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.46% | 11.83% | +12.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.62% | 17.05% | +18.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.15% | 17.94% | +17.21% |
QULL vs. SPY - Expense Ratio Comparison
QULL has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
QULL vs. SPY - Dividend Comparison
QULL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 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 | 0.98% | 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
With a correlation of 0.93, QULL 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.
QULL has higher volatility (4.68%) compared to SPY (2.84%). In terms of maximum drawdown, QULL dropped -51.83% vs SPY's -55.19%.
On 5-year performance, QULL leads with 16.15% vs 13.83% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QULL has performed better with a 16.15% return vs 13.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for QULL.
SPY has the higher dividend yield at 0.98%, compared with 0.00% for QULL.
QULL is categorized as Leveraged Equities, while SPY is S&P 500. QULL tracks MSCI USA Sector Neutral Quality Index, while SPY tracks S&P 500 Index. They also come from different issuers: UBS and State Street. Their fees differ too: 0.95% for QULL and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.38 vs 1.57), 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.
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