RMQAX vs. SPY

Last updated Aug 4, 2026

RMQAX (Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - RMQAX is a Leveraged Equities fund managed by Rydex Funds, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, RMQAX returned 34.08%/yr vs 15.09%/yr for SPY. Their correlation of 0.91 means they have usually moved in the same direction. RMQAX charges 1.32%/yr vs 0.09%/yr for SPY.

Performance

RMQAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund (RMQAX) 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, RMQAX achieves a 17.71% return, which is significantly higher than SPY's 11.70% return. Over the past 10 years, RMQAX has outperformed SPY with an annualized return of 34.08%, while SPY has yielded a comparatively lower 15.09% annualized return.

RMQAX

• 1D: 1.29%
• 1M: -7.73%
• 6M: 13.82%
• YTD: 17.71%
• 1Y: 41.27%
• 3Y*: 36.09%
• 5Y*: 18.27%
• 10Y*: 34.08%
• ALL TIME*: 31.46%

SPY

• 1D: 1.42%
• 1M: 1.73%
• 6M: 9.53%
• YTD: 11.70%
• 1Y: 23.22%
• 3Y*: 20.74%
• 5Y*: 13.05%
• 10Y*: 15.09%
• ALL TIME*: 10.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RMQAX Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$38.19B	$36.17B	$39.59B

RMQAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RMQAX Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund	17.71%	33.92%	44.76%	115.91%	-59.93%	56.36%	101.06%	80.80%	-7.28%	69.80%
SPY State Street SPDR S&P 500 ETF	11.70%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between RMQAX and SPY is 0.93, 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.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.91

The correlation between RMQAX and SPY has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

RMQAX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RMQAX

RMQAX Risk / Return Rank: 27
RMQAX Sharpe Ratio Rank: 24
RMQAX Sortino Ratio Rank: 25
RMQAX Omega Ratio Rank: 25
RMQAX Calmar Ratio Rank: 30
RMQAX Martin Ratio Rank: 29

SPY

SPY Risk / Return Rank: 78
SPY Sharpe Ratio Rank: 78
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 77
SPY Calmar Ratio Rank: 74
SPY Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RMQAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund (RMQAX) 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.

	RMQAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.82	-0.90
Sortino ratio: Return per unit of downside risk	1.41	2.50	-1.09
Omega ratio: Gain probability vs. loss probability	1.18	1.32	-0.15
Calmar ratio: Return relative to maximum drawdown	1.44	2.62	-1.19
Martin ratio: Return relative to average drawdown	4.42	11.20	-6.78

RMQAX vs. SPY - Sharpe Ratio Comparison

The current RMQAX Sharpe Ratio is 0.91, which is lower than the SPY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of RMQAX 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

RMQAX vs. SPY - Drawdown Comparison

The maximum RMQAX drawdown since its inception was -63.18%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RMQAX and SPY.

Drawdown Indicators

	RMQAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-63.18%	-55.19%	-7.99%
Max Drawdown (1Y) Largest decline over 1 year	-24.96%	-8.88%	-16.08%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-18.76%	-23.69%
Max Drawdown (5Y) Largest decline over 5 years	-63.18%	-24.50%	-38.68%
Max Drawdown (10Y) Largest decline over 10 years	-63.18%	-33.72%	-29.46%
Current Drawdown Current decline from peak	-16.01%	0.00%	-16.01%
Average Drawdown Average peak-to-trough decline	-12.85%	-9.01%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.10%	2.08%	+6.02%

Volatility

RMQAX vs. SPY - Volatility Comparison

Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund (RMQAX) has a higher volatility of 14.50% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. This indicates that RMQAX'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

	RMQAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.50%	3.84%	+10.66%
Volatility (6M) Calculated over the trailing 6-month period	32.55%	10.23%	+22.32%
Volatility (1Y) Calculated over the trailing 1-year period	39.25%	12.87%	+26.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.22%	17.19%	+30.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.82%	17.96%	+28.86%

RMQAX vs. SPY - Expense Ratio Comparison

RMQAX has a 1.32% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

RMQAX vs. SPY - Dividend Comparison

RMQAX's dividend yield for the trailing twelve months is around 30.81%, more than SPY's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RMQAX Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund	30.81%	36.27%	26.02%	3.76%	0.00%	2.18%	5.30%	0.10%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.99%	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 RMQAX and SPY in my portfolio?

With a correlation of 0.93, RMQAX 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, RMQAX or SPY?

RMQAX has higher volatility (14.50%) compared to SPY (3.84%). In terms of maximum drawdown, RMQAX dropped -63.18% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.82 vs 0.91), 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.