QVOY vs. MPRO

Last updated Jul 17, 2026

QVOY (Q3 All-Season Active Rotation ETF) and MPRO (Monarch ProCap ETF) are both Diversified Portfolio funds. QVOY is actively managed, while MPRO is passively managed. Over the past 3 years, QVOY returned 9.65%/yr vs 9.80%/yr for MPRO. A 0.57 correlation means they provide meaningful diversification when combined. QVOY charges 1.30%/yr vs 1.17%/yr for MPRO.

Performance

QVOY vs. MPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Q3 All-Season Active Rotation ETF (QVOY) and Monarch ProCap ETF (MPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVOY achieves a 9.41% return, which is significantly higher than MPRO's 7.54% return.

QVOY

• 1D: -0.36%
• 1M: -5.12%
• 6M: 4.07%
• YTD: 9.41%
• 1Y: 21.53%
• 3Y*: 9.65%
• 5Y*: —
• 10Y*: —

MPRO

• 1D: 0.52%
• 1M: 0.25%
• 6M: 4.91%
• YTD: 7.54%
• 1Y: 12.81%
• 3Y*: 9.80%
• 5Y*: 5.85%
• 10Y*: —

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

QVOY vs. MPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QVOY Q3 All-Season Active Rotation ETF	9.41%	16.45%	1.55%	17.19%	-0.99%
MPRO Monarch ProCap ETF	7.54%	9.33%	8.37%	10.55%	-1.93%

Correlation

The correlation between QVOY and MPRO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 7, 2022	0.57

The correlation between QVOY and MPRO shifts across timeframes, from 0.40 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QVOY vs. MPRO — Risk / Return Rank

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

QVOY

QVOY Risk / Return Rank: 44
QVOY Sharpe Ratio Rank: 41
QVOY Sortino Ratio Rank: 36
QVOY Omega Ratio Rank: 41
QVOY Calmar Ratio Rank: 57
QVOY Martin Ratio Rank: 47

MPRO

MPRO Risk / Return Rank: 70
MPRO Sharpe Ratio Rank: 76
MPRO Sortino Ratio Rank: 80
MPRO Omega Ratio Rank: 75
MPRO Calmar Ratio Rank: 56
MPRO Martin Ratio Rank: 64

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.

QVOY vs. MPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Q3 All-Season Active Rotation ETF (QVOY) and Monarch ProCap ETF (MPRO). 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.

	QVOY	MPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.93	-0.73
Sortino ratio: Return per unit of downside risk	1.60	2.85	-1.25
Omega ratio: Gain probability vs. loss probability	1.22	1.35	-0.13
Calmar ratio: Return relative to maximum drawdown	2.30	2.27	+0.03
Martin ratio: Return relative to average drawdown	6.18	8.91	-2.72

QVOY vs. MPRO - Sharpe Ratio Comparison

The current QVOY Sharpe Ratio is 1.20, which is lower than the MPRO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of QVOY and MPRO, 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

QVOY vs. MPRO - Drawdown Comparison

The maximum QVOY drawdown since its inception was -17.05%, which is greater than MPRO's maximum drawdown of -14.51%. Use the drawdown chart below to compare losses from any high point for QVOY and MPRO.

Drawdown Indicators

	QVOY	MPRO	Difference
Max Drawdown Largest peak-to-trough decline	-17.05%	-14.51%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-5.67%	-3.72%
Max Drawdown (3Y) Largest decline over 3 years	-17.05%	-9.64%	-7.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.51%	—
Current Drawdown Current decline from peak	-7.55%	-0.37%	-7.18%
Average Drawdown Average peak-to-trough decline	-3.77%	-3.39%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	1.44%	+2.05%

Volatility

QVOY vs. MPRO - Volatility Comparison

Q3 All-Season Active Rotation ETF (QVOY) has a higher volatility of 6.07% compared to Monarch ProCap ETF (MPRO) at 1.70%. This indicates that QVOY's price experiences larger fluctuations and is considered to be riskier than MPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVOY	MPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	1.70%	+4.37%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	5.10%	+9.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.97%	6.66%	+11.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.42%	9.29%	+6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.42%	9.18%	+6.24%

QVOY vs. MPRO - Expense Ratio Comparison

QVOY has a 1.30% expense ratio, which is higher than MPRO's 1.17% expense ratio.

Dividends

QVOY vs. MPRO - Dividend Comparison

QVOY's dividend yield for the trailing twelve months is around 8.50%, more than MPRO's 1.93% yield.

Position	TTM	2025	2024	2023	2022	2021
MPRO Monarch ProCap ETF	1.93%	1.93%	1.64%	1.40%	1.09%	0.95%
QVOY Q3 All-Season Active Rotation ETF	8.50%	9.30%	10.88%	6.03%	0.46%	0.00%

Frequently Asked Questions

Can I hold both QVOY and MPRO in my portfolio?

QVOY and MPRO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QVOY or MPRO?

QVOY has higher volatility (6.07%) compared to MPRO (1.70%). In terms of maximum drawdown, QVOY dropped -17.05% vs MPRO's -14.51%.

Which ETF is better, QVOY or MPRO?

On 3-year performance, MPRO leads with 9.80% vs 9.65% for QVOY. On fees, MPRO is cheaper at 1.17% per year. On volatility, MPRO has been the lower-risk option at 1.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVOY or MPRO?

Over the 3-year period, MPRO has performed better with a 9.80% return vs 9.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVOY or MPRO?

MPRO is cheaper with a 1.17% expense ratio, compared with 1.30% for QVOY.

Which ETF pays a higher dividend yield, QVOY or MPRO?

QVOY has the higher dividend yield at 8.50%, compared with 1.93% for MPRO.

What is the main difference between QVOY and MPRO?

They also come from different issuers: Q3 and Monarch. Their fees differ too: 1.30% for QVOY and 1.17% for MPRO.

Which has better risk-adjusted returns?

MPRO currently has the higher Sharpe Ratio (1.93 vs 1.20), 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.