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SPIIX vs. QUERX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

SPIIX vs. QUERX

Last updated Apr 2, 2026

Compare and contrast key facts about SEI S&P 500 Index Fund Class I (SPIIX) and AQR Large Cap Defensive Style Fund Class R6 (QUERX).

SPIIX is a passively managed fund by SEI that tracks the performance of the S&P 500 Index. It was launched on Jun 28, 2002. QUERX is an actively managed fund by AQR Funds. It was launched on Jul 9, 2012.

Performance

SPIIX vs. QUERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI S&P 500 Index Fund Class I (SPIIX) and AQR Large Cap Defensive Style Fund Class R6 (QUERX). The values are adjusted to include any dividend payments, if applicable.

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SPIIX vs. QUERX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPIIX
SEI S&P 500 Index Fund Class I		-4.52%16.97%24.11%25.49%-18.84%28.04%17.66%30.72%-5.00%21.06%
QUERX
AQR Large Cap Defensive Style Fund Class R6		1.76%6.98%13.98%9.55%-13.73%23.56%13.20%28.82%-0.21%22.22%

Returns By Period

In the year-to-date period, SPIIX achieves a -4.52% return, which is significantly lower than QUERX's 1.76% return. Over the past 10 years, SPIIX has outperformed QUERX with an annualized return of 13.32%, while QUERX has yielded a comparatively lower 10.65% annualized return.

SPIIX

1D
2.92%
1M
-5.07%
YTD
-4.52%
6M
-2.57%
1Y
16.44%
3Y*
17.47%
5Y*
11.00%
10Y*
13.32%

QUERX

1D
0.96%
1M
-4.33%
YTD
1.76%
6M
-0.27%
1Y
3.98%
3Y*
10.10%
5Y*
6.84%
10Y*
10.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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SEI S&P 500 Index Fund Class I

AQR Large Cap Defensive Style Fund Class R6

Often compared with SPIIX:
SPIIX vs. VOOSPIIX vs. FXAIXSPIIX vs. SMQFXSPIIX vs. SEPAXSPIIX vs. LDRAXSPIIX vs. SIEMXSPIIX vs. SGYAX
Often compared with QUERX:
QUERX vs. SVPFXQUERX vs. FGJEXQUERX vs. AMOMXQUERX vs. AQRIXQUERX vs. CFIMXQUERX vs. GQEIXQUERX vs. LGLV

SPIIX vs. QUERX - Expense Ratio Comparison

SPIIX has a 0.65% expense ratio, which is higher than QUERX's 0.31% expense ratio.

SPIIX
SEI S&P 500 Index Fund Class I
QUERX
AQR Large Cap Defensive Style Fund Class R6

Return for Risk

SPIIX vs. QUERX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPIIX
SPIIX Risk / Return Rank: 5050
Overall Rank
SPIIX Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
SPIIX Sortino Ratio Rank: 4444
Sortino Ratio Rank
SPIIX Omega Ratio Rank: 4848
Omega Ratio Rank
SPIIX Calmar Ratio Rank: 5353
Calmar Ratio Rank
SPIIX Martin Ratio Rank: 6666
Martin Ratio Rank
QUERX
QUERX Risk / Return Rank: 1010
Overall Rank
QUERX Sharpe Ratio Rank: 99
Sharpe Ratio Rank
QUERX Sortino Ratio Rank: 99
Sortino Ratio Rank
QUERX Omega Ratio Rank: 99
Omega Ratio Rank
QUERX Calmar Ratio Rank: 1111
Calmar Ratio Rank
QUERX Martin Ratio Rank: 1414
Martin Ratio Rank
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.

SPIIX vs. QUERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI S&P 500 Index Fund Class I (SPIIX) and AQR Large Cap Defensive Style Fund Class R6 (QUERX). 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.

SPIIXQUERXDifference

Sharpe ratio

Return per unit of total volatility

0.93

0.34

+0.58

Sortino ratio

Return per unit of downside risk

1.43

0.56

+0.86

Omega ratio

Gain probability vs. loss probability

1.22

1.08

+0.14

Calmar ratio

Return relative to maximum drawdown

1.44

0.45

+0.99

Martin ratio

Return relative to average drawdown

6.86

2.06

+4.80

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPIIX vs. QUERX - Sharpe Ratio Comparison

The current SPIIX Sharpe Ratio is 0.93, which is higher than the QUERX Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of SPIIX and QUERX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

SPIIXQUERXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.93

0.34

+0.58

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.60

0.53

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.70

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.70

-0.17

Correlation

The correlation between SPIIX and QUERX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPIIX vs. QUERX - Dividend Comparison

SPIIX's dividend yield for the trailing twelve months is around 8.82%, less than QUERX's 22.46% yield.

TTM20252024202320222021202020192018201720162015
SPIIX
SEI S&P 500 Index Fund Class I		8.82%8.42%12.20%4.10%10.27%7.03%5.78%4.04%3.90%2.08%4.34%1.53%
QUERX
AQR Large Cap Defensive Style Fund Class R6		22.46%22.86%24.47%24.43%10.37%2.62%1.37%1.18%1.74%2.45%2.06%6.28%

Drawdowns

SPIIX vs. QUERX - Drawdown Comparison

The maximum SPIIX drawdown since its inception was -55.78%, which is greater than QUERX's maximum drawdown of -30.81%. Use the drawdown chart below to compare losses from any high point for SPIIX and QUERX.

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Drawdown Indicators

SPIIXQUERXDifference

Max Drawdown

Largest peak-to-trough decline

-55.78%

-30.81%

-24.97%

Max Drawdown (1Y)

Largest decline over 1 year

-12.14%

-8.92%

-3.22%

Max Drawdown (5Y)

Largest decline over 5 years

-25.70%

-22.04%

-3.66%

Max Drawdown (10Y)

Largest decline over 10 years

-33.85%

-30.81%

-3.04%

Current Drawdown

Current decline from peak

-6.37%

-4.33%

-2.04%

Average Drawdown

Average peak-to-trough decline

-7.33%

-3.95%

-3.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.55%

1.95%

+0.60%

Volatility

SPIIX vs. QUERX - Volatility Comparison

SEI S&P 500 Index Fund Class I (SPIIX) has a higher volatility of 5.34% compared to AQR Large Cap Defensive Style Fund Class R6 (QUERX) at 2.81%. This indicates that SPIIX's price experiences larger fluctuations and is considered to be riskier than QUERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPIIXQUERXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.34%

2.81%

+2.53%

Volatility (6M)

Calculated over the trailing 6-month period

9.54%

5.75%

+3.79%

Volatility (1Y)

Calculated over the trailing 1-year period

18.32%

12.05%

+6.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.45%

13.08%

+5.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.86%

15.23%

+3.63%