SAPEX vs. QQQ

Last updated Jun 23, 2026

SAPEX (Spectrum Active Advantage Fund) and QQQ (Invesco QQQ ETF) are both funds - SAPEX is a Tactical Allocation fund managed by Advisors Preferred, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, SAPEX returned 4.99%/yr vs 22.48%/yr for QQQ. Their correlation of 0.81 suggests significant overlap in exposure. SAPEX charges 1.69%/yr vs 0.18%/yr for QQQ.

Performance

SAPEX vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spectrum Active Advantage Fund (SAPEX) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAPEX achieves a -2.18% return, which is significantly lower than QQQ's 20.41% return. Over the past 10 years, SAPEX has underperformed QQQ with an annualized return of 4.99%, while QQQ has yielded a comparatively higher 22.48% annualized return.

SAPEX

• 1D: 0.31%
• 1M: 0.31%
• YTD: -2.18%
• 6M: -3.22%
• 1Y: 10.09%
• 3Y*: 8.91%
• 5Y*: -2.53%
• 10Y*: 4.99%

QQQ

• 1D: -0.25%
• 1M: 2.96%
• YTD: 20.41%
• 6M: 19.46%
• 1Y: 40.91%
• 3Y*: 27.47%
• 5Y*: 16.94%
• 10Y*: 22.48%

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

SAPEX vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAPEX Spectrum Active Advantage Fund	-2.18%	15.25%	5.25%	12.11%	-38.08%	17.15%	13.72%	27.65%	-4.44%	15.05%
QQQ Invesco QQQ ETF	20.41%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between SAPEX and QQQ is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.81

The correlation between SAPEX and QQQ has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

SAPEX vs. QQQ — Risk / Return Rank

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

SAPEX

SAPEX Risk / Return Rank: 13
SAPEX Sharpe Ratio Rank: 13
SAPEX Sortino Ratio Rank: 12
SAPEX Omega Ratio Rank: 14
SAPEX Calmar Ratio Rank: 15
SAPEX Martin Ratio Rank: 12

QQQ

QQQ Risk / Return Rank: 72
QQQ Sharpe Ratio Rank: 76
QQQ Sortino Ratio Rank: 70
QQQ Omega Ratio Rank: 72
QQQ Calmar Ratio Rank: 70
QQQ Martin Ratio Rank: 71

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.

SAPEX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spectrum Active Advantage Fund (SAPEX) and Invesco QQQ ETF (QQQ). 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.

	SAPEX	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.33	-1.38
Sortino ratio: Return per unit of downside risk	1.33	3.03	-1.70
Omega ratio: Gain probability vs. loss probability	1.18	1.41	-0.23
Calmar ratio: Return relative to maximum drawdown	1.27	3.44	-2.16
Martin ratio: Return relative to average drawdown	3.13	12.79	-9.65

SAPEX vs. QQQ - Sharpe Ratio Comparison

The current SAPEX Sharpe Ratio is 0.95, which is lower than the QQQ Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SAPEX and QQQ, 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

SAPEX vs. QQQ - Drawdown Comparison

The maximum SAPEX drawdown since its inception was -40.48%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SAPEX and QQQ.

Drawdown Indicators

	SAPEX	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-40.48%	-82.97%	+42.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-11.96%	+4.34%
Max Drawdown (3Y) Largest decline over 3 years	-11.57%	-22.77%	+11.20%
Max Drawdown (5Y) Largest decline over 5 years	-40.48%	-35.12%	-5.36%
Max Drawdown (10Y) Largest decline over 10 years	-40.48%	-35.12%	-5.36%
Current Drawdown Current decline from peak	-19.33%	-0.99%	-18.34%
Average Drawdown Average peak-to-trough decline	-14.63%	-32.73%	+18.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.21%	-0.12%

Volatility

SAPEX vs. QQQ - Volatility Comparison

The current volatility for Spectrum Active Advantage Fund (SAPEX) is 4.39%, while Invesco QQQ ETF (QQQ) has a volatility of 8.47%. This indicates that SAPEX experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAPEX	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	8.47%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	8.19%	14.20%	-6.01%
Volatility (1Y) Calculated over the trailing 1-year period	10.20%	17.67%	-7.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.24%	22.64%	-8.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	22.43%	-5.66%

SAPEX vs. QQQ - Expense Ratio Comparison

SAPEX has a 1.69% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

SAPEX vs. QQQ - Dividend Comparison

SAPEX's dividend yield for the trailing twelve months is around 4.44%, more than QQQ's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.49%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
SAPEX Spectrum Active Advantage Fund	4.44%	4.77%	2.23%	0.88%	0.00%	33.33%	1.43%	0.74%	3.09%	4.26%	0.17%	0.00%

Frequently Asked Questions

Can I hold both SAPEX and QQQ in my portfolio?

SAPEX and QQQ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAPEX or QQQ?

QQQ has higher volatility (8.47%) compared to SAPEX (4.39%). In terms of maximum drawdown, SAPEX dropped -40.48% vs QQQ's -82.97%.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.33 vs 0.95), 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.