SPQH.DE vs. SPY1.DE

Last updated Jun 5, 2026

SPQH.DE (Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating) and SPY1.DE (SPDR S&P 500 Low Volatility UCITS ETF) 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 SPY1.DE is a S&P 500 fund tracking the S&P 500 Low Volatility. Both are passively managed. Over the past 3 years, SPQH.DE returned 5.93%/yr vs 4.28%/yr for SPY1.DE. At a 0.45 correlation, their price movements are largely independent. SPQH.DE charges 0.50%/yr vs 0.35%/yr for SPY1.DE.

Performance

SPQH.DE vs. SPY1.DE - 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 SPDR S&P 500 Low Volatility UCITS ETF (SPY1.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPQH.DE achieves a 1.52% return, which is significantly lower than SPY1.DE's 2.00% return.

SPQH.DE

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

SPY1.DE

• 1D: -0.18%
• 1M: -1.34%
• YTD: 2.00%
• 6M: 1.72%
• 1Y: -1.53%
• 3Y*: 4.28%
• 5Y*: 5.96%
• 10Y*: 7.35%

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

SPQH.DE vs. SPY1.DE - 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%	6.82%
SPY1.DE SPDR S&P 500 Low Volatility UCITS ETF	2.00%	-7.26%	20.46%	-2.31%

Correlation

The correlation between SPQH.DE and SPY1.DE is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 24, 2023	0.45

The correlation between SPQH.DE and SPY1.DE shifts across timeframes, from 0.31 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPQH.DE vs. SPY1.DE — 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

SPY1.DE

SPY1.DE Risk / Return Rank: 7
SPY1.DE Sharpe Ratio Rank: 7
SPY1.DE Sortino Ratio Rank: 7
SPY1.DE Omega Ratio Rank: 7
SPY1.DE Calmar Ratio Rank: 7
SPY1.DE Martin Ratio Rank: 7

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. SPY1.DE - 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 SPDR S&P 500 Low Volatility UCITS ETF (SPY1.DE). 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	SPY1.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.92	-0.15	+1.07
Sortino ratio: Return per unit of downside risk	1.32	-0.14	+1.46
Omega ratio: Gain probability vs. loss probability	1.16	0.98	+0.18
Calmar ratio: Return relative to maximum drawdown	2.12	-0.23	+2.35
Martin ratio: Return relative to average drawdown	4.81	-0.48	+5.30
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. SPY1.DE - Sharpe Ratio Comparison

The current SPQH.DE Sharpe Ratio is 0.92, which is higher than the SPY1.DE Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of SPQH.DE and SPY1.DE, 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	SPY1.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	-0.15	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.69	-0.01

Drawdowns

SPQH.DE vs. SPY1.DE - Drawdown Comparison

The maximum SPQH.DE drawdown since its inception was -17.68%, smaller than the maximum SPY1.DE drawdown of -35.30%. Use the drawdown chart below to compare losses from any high point for SPQH.DE and SPY1.DE.

Drawdown Indicators

	SPQH.DE	SPY1.DE	Difference
Max Drawdown Largest peak-to-trough decline	-17.68%	-35.30%	+17.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.16%	-6.77%	+3.61%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	-14.59%	-3.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.30%	—
Current Drawdown Current decline from peak	-5.05%	-11.45%	+6.40%
Average Drawdown Average peak-to-trough decline	-4.12%	-6.16%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	3.15%	-1.76%

Volatility

SPQH.DE vs. SPY1.DE - Volatility Comparison

The current volatility for Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) is 1.63%, while SPDR S&P 500 Low Volatility UCITS ETF (SPY1.DE) has a volatility of 3.46%. This indicates that SPQH.DE experiences smaller price fluctuations and is considered to be less risky than SPY1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPQH.DE	SPY1.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	3.46%	-1.83%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	7.38%	-2.86%
Volatility (1Y) Calculated over the trailing 1-year period	7.30%	10.25%	-2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.79%	12.47%	-1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.79%	14.00%	-3.21%

SPQH.DE vs. SPY1.DE - Expense Ratio Comparison

SPQH.DE has a 0.50% expense ratio, which is higher than SPY1.DE's 0.35% expense ratio.

Dividends

SPQH.DE vs. SPY1.DE - Dividend Comparison

Neither SPQH.DE nor SPY1.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPQH.DE and SPY1.DE in my portfolio?

SPQH.DE and SPY1.DE have a correlation of 0.31, 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 SPY1.DE?

On fees, SPY1.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPQH.DE or SPY1.DE?

SPY1.DE is cheaper with a 0.35% expense ratio, compared with 0.50% for SPQH.DE.

What is the main difference between SPQH.DE and SPY1.DE?

SPQH.DE is categorized as Defined Outcome, while SPY1.DE is S&P 500. SPQH.DE tracks Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index, while SPY1.DE tracks S&P 500 Low Volatility. They also come from different issuers: Global X and State Street. Their fees differ too: 0.50% for SPQH.DE and 0.35% for SPY1.DE.