SPQH.DE vs. GAUG

Last updated Jun 5, 2026

SPQH.DE (Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating) and GAUG (FT Cboe Vest U.S. Equity Moderate Buffer ETF - August) are both exchange-traded funds - SPQH.DE is a Defined Outcome fund tracking the Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index, while GAUG is a Options Trading fund tracking the S&P 500. Both are passively managed. Over the past year, SPQH.DE returned 6.72% vs 12.22% for GAUG. A 0.63 correlation means they provide meaningful diversification when combined. SPQH.DE charges 0.50%/yr vs 0.85%/yr for GAUG.

Performance

SPQH.DE vs. GAUG - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPQH.DE is traded in EUR, while GAUG is traded in USD. To make them comparable, the GAUG values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPQH.DE achieves a 1.52% return, which is significantly lower than GAUG's 6.33% return.

SPQH.DE

• 1D: -0.13%
• 1M: 1.59%
• YTD: 1.52%
• 6M: 2.08%
• 1Y: 6.72%
• 3Y*: 5.93%
• 5Y*: —
• 10Y*: —

GAUG

• 1D: 0.01%
• 1M: 2.21%
• YTD: 6.33%
• 6M: 5.98%
• 1Y: 12.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPQH.DE vs. GAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPQH.DE Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating	1.52%	-4.41%	21.88%	0.32%
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	6.33%	-1.92%	19.16%	4.50%

Correlation

The correlation between SPQH.DE and GAUG is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.63

The correlation between SPQH.DE and GAUG has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.

Return for Risk

SPQH.DE vs. GAUG — Risk / Return Rank

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

SPQH.DE

SPQH.DE Risk / Return Rank: 30
SPQH.DE Sharpe Ratio Rank: 26
SPQH.DE Sortino Ratio Rank: 25
SPQH.DE Omega Ratio Rank: 25
SPQH.DE Calmar Ratio Rank: 43
SPQH.DE Martin Ratio Rank: 33

GAUG

GAUG Risk / Return Rank: 81
GAUG Sharpe Ratio Rank: 78
GAUG Sortino Ratio Rank: 84
GAUG Omega Ratio Rank: 84
GAUG Calmar Ratio Rank: 72
GAUG Martin Ratio Rank: 87

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.

SPQH.DE vs. GAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG). 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.

	SPQH.DE	GAUG	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.63	-0.71
Sortino ratio: Return per unit of downside risk	1.32	2.21	-0.89
Omega ratio: Gain probability vs. loss probability	1.16	1.31	-0.14
Calmar ratio: Return relative to maximum drawdown	2.12	3.51	-1.39
Martin ratio: Return relative to average drawdown	4.81	10.36	-5.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPQH.DE vs. GAUG - Sharpe Ratio Comparison

The current SPQH.DE Sharpe Ratio is 0.92, which is lower than the GAUG Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of SPQH.DE and GAUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPQH.DE	GAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.63	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.98	-0.30

Drawdowns

SPQH.DE vs. GAUG - Drawdown Comparison

The maximum SPQH.DE drawdown since its inception was -17.68%, roughly equal to the maximum GAUG drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for SPQH.DE and GAUG.

Drawdown Indicators

	SPQH.DE	GAUG	Difference
Max Drawdown Largest peak-to-trough decline	-17.68%	-17.25%	-0.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.16%	-3.50%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	—	—
Current Drawdown Current decline from peak	-5.05%	0.00%	-5.05%
Average Drawdown Average peak-to-trough decline	-4.12%	-3.03%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.18%	+0.21%

Volatility

SPQH.DE vs. GAUG - Volatility Comparison

Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) has a higher volatility of 1.63% compared to FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) at 0.91%. This indicates that SPQH.DE's price experiences larger fluctuations and is considered to be riskier than GAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPQH.DE	GAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	0.91%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	5.12%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	7.30%	7.56%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.79%	10.09%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.79%	10.09%	+0.70%

SPQH.DE vs. GAUG - Expense Ratio Comparison

SPQH.DE has a 0.50% expense ratio, which is lower than GAUG's 0.85% expense ratio.

Dividends

SPQH.DE vs. GAUG - Dividend Comparison

Neither SPQH.DE nor GAUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPQH.DE and GAUG in my portfolio?

SPQH.DE and GAUG have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPQH.DE or GAUG?

On fees, SPQH.DE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPQH.DE or GAUG?

SPQH.DE is cheaper with a 0.50% expense ratio, compared with 0.85% for GAUG.

What is the main difference between SPQH.DE and GAUG?

SPQH.DE is categorized as Defined Outcome, while GAUG is Options Trading. SPQH.DE tracks Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index, while GAUG tracks S&P 500. They also come from different issuers: Global X and FT Vest. Their fees differ too: 0.50% for SPQH.DE and 0.85% for GAUG.