QUS vs. RAFE
QUS (State Street SPDR MSCI USA StrategicFactors ETF) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds - QUS tracks the MSCI USA Factor Mix A-Series Capped Index while RAFE tracks the RAFI ESG US Index. Both are passively managed. Over the past 5 years, QUS returned 10.91%/yr vs 11.73%/yr for RAFE. Their correlation of 0.92 means they have usually moved in the same direction. QUS charges 0.15%/yr vs 0.30%/yr for RAFE.
Performance
QUS vs. RAFE - Performance Comparison
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Returns By Period
In the year-to-date period, QUS achieves a 10.23% return, which is significantly lower than RAFE's 17.29% return.
QUS
- 1D
- 0.83%
- 1M
- 1.29%
- 6M
- 7.60%
- YTD
- 10.23%
- 1Y
- 19.80%
- 3Y*
- 17.10%
- 5Y*
- 10.91%
- 10Y*
- 13.54%
- ALL TIME*
- 12.75%
RAFE
- 1D
- 0.52%
- 1M
- 1.64%
- 6M
- 14.11%
- YTD
- 17.29%
- 1Y
- 32.43%
- 3Y*
- 19.17%
- 5Y*
- 11.73%
- 10Y*
- —
- ALL TIME*
- 12.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.01M | $4.81M | $3.43M | |
| $455.18K | $476.38K | $608.93K |
QUS vs. RAFE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
QUS State Street SPDR MSCI USA StrategicFactors ETF | 10.23% | 14.13% | 18.99% | 21.78% | -14.15% | 26.72% | 12.40% | 1.17% |
RAFE PIMCO RAFI ESG U.S. ETF | 17.29% | 17.60% | 13.81% | 18.80% | -13.76% | 30.16% | 5.29% | 0.43% |
Correlation
The correlation between QUS and RAFE is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2019 | 0.92 |
The correlation between QUS and RAFE has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
QUS vs. RAFE — Risk / Return Rank
QUS
RAFE
QUS vs. RAFE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI USA StrategicFactors ETF (QUS) and PIMCO RAFI ESG U.S. ETF (RAFE). 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.
| QUS | RAFE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.51 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 4.37 | -1.47 |
| Martin ratioReturn relative to average drawdown | 12.95 | 17.37 | -4.42 |
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Drawdowns
QUS vs. RAFE - Drawdown Comparison
The maximum QUS drawdown since its inception was -33.78%, smaller than the maximum RAFE drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for QUS and RAFE.
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Drawdown Indicators
| QUS | RAFE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.78% | -35.74% | +1.96% |
Max Drawdown (1Y)Largest decline over 1 year | -6.85% | -7.46% | +0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -13.94% | -16.36% | +2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -22.30% | -24.28% | +1.98% |
Max Drawdown (10Y)Largest decline over 10 years | -33.78% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.45% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -6.08% | +2.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 1.87% | -0.34% |
Volatility
QUS vs. RAFE - Volatility Comparison
The current volatility for State Street SPDR MSCI USA StrategicFactors ETF (QUS) is 2.42%, while PIMCO RAFI ESG U.S. ETF (RAFE) has a volatility of 2.99%. This indicates that QUS experiences smaller price fluctuations and is considered to be less risky than RAFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QUS | RAFE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 2.99% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 6.97% | 8.71% | -1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.22% | 11.39% | -2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.32% | 15.05% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.40% | 19.27% | -2.87% |
QUS vs. RAFE - Expense Ratio Comparison
QUS has a 0.15% expense ratio, which is lower than RAFE's 0.30% expense ratio.
Dividends
QUS vs. RAFE - Dividend Comparison
QUS's dividend yield for the trailing twelve months is around 1.27%, less than RAFE's 1.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QUS State Street SPDR MSCI USA StrategicFactors ETF | 1.27% | 1.38% | 1.49% | 1.57% | 1.68% | 1.27% | 1.73% | 1.81% | 2.12% | 1.86% | 2.07% | 1.48% |
RAFE PIMCO RAFI ESG U.S. ETF | 1.47% | 1.67% | 1.79% | 1.81% | 2.22% | 1.42% | 2.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QUS and RAFE have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RAFE has higher volatility (2.99%) compared to QUS (2.42%). In terms of maximum drawdown, QUS dropped -33.78% vs RAFE's -35.74%.
On 5-year performance, RAFE leads with 11.73% vs 10.91% for QUS. On fees, QUS is cheaper at 0.15% per year. On volatility, QUS has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RAFE has performed better with a 11.73% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QUS is cheaper with a 0.15% expense ratio, compared with 0.30% for RAFE.
RAFE has the higher dividend yield at 1.47%, compared with 1.27% for QUS.
QUS tracks MSCI USA Factor Mix A-Series Capped Index, while RAFE tracks RAFI ESG US Index. They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.15% for QUS and 0.30% for RAFE.
RAFE currently has the higher Sharpe Ratio (2.87 vs 2.16), 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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