SPXE vs. QLC

Last updated Jul 17, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and QLC (FlexShares US Quality Large Cap Index Fund) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while QLC is a Large Cap Blend Equities fund tracking the Northern Trust Quality Large Cap Index. Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. SPXE charges 0.09%/yr vs 0.25%/yr for QLC.

Performance

SPXE vs. QLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) and FlexShares US Quality Large Cap Index Fund (QLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXE

• 1D: -0.59%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QLC

• 1D: -0.65%
• 1M: 0.83%
• 6M: 10.47%
• YTD: 12.45%
• 1Y: 28.11%
• 3Y*: 23.31%
• 5Y*: 14.98%
• 10Y*: 14.55%

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

SPXE vs. QLC - Yearly Performance Comparison

	2026 (YTD)
SPXE ProShares S&P 500 Ex-Energy ETF	-0.65%
QLC FlexShares US Quality Large Cap Index Fund	-0.01%

Correlation

The correlation between SPXE and QLC is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2026	0.90

SPXE vs. QLC - Sectors Allocation Comparison

Sectors	SPXE	QLC
Technology	38.6%	37.8%
Financial Services	12.4%	13.2%
Communication Services	10.1%	13.0%
Consumer Cyclical	9.7%	7.8%
Healthcare	9.5%	9.6%
Industrials	8.1%	6.3%
Consumer Defensive	4.8%	3.0%
Utilities	2.8%	3.1%
Basic Materials	1.9%	2.0%
Real Estate	1.9%	2.1%
Energy	0.0%	2.0%

Return for Risk

SPXE vs. QLC — Risk / Return Rank

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

SPXE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QLC

QLC Risk / Return Rank: 83
QLC Sharpe Ratio Rank: 85
QLC Sortino Ratio Rank: 83
QLC Omega Ratio Rank: 82
QLC Calmar Ratio Rank: 77
QLC 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.

SPXE vs. QLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) and FlexShares US Quality Large Cap Index Fund (QLC). 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.

	SPXE	QLC	Difference
Sharpe ratio: Return per unit of total volatility	—	2.17	—
Sortino ratio: Return per unit of downside risk	—	3.01	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	3.19	—
Martin ratio: Return relative to average drawdown	—	14.36	—

Drawdowns

SPXE vs. QLC - Drawdown Comparison

The maximum SPXE drawdown since its inception was -0.87%, smaller than the maximum QLC drawdown of -35.86%. Use the drawdown chart below to compare losses from any high point for SPXE and QLC.

Drawdown Indicators

	SPXE	QLC	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-35.86%	+34.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.84%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.86%	—
Current Drawdown Current decline from peak	-0.75%	-0.65%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.46%	-4.50%	+4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.96%	—

Volatility

Volatility by Period

	SPXE	QLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.18%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.37%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.00%	13.00%	-4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.00%	16.92%	-7.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	18.38%	-9.38%

SPXE vs. QLC - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than QLC's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPXE vs. QLC - Dividend Comparison

SPXE has not paid dividends to shareholders, while QLC's dividend yield for the trailing twelve months is around 0.93%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLC FlexShares US Quality Large Cap Index Fund	0.93%	0.94%	1.03%	1.26%	1.46%	0.96%	1.40%	1.91%	1.82%	1.29%	1.80%	0.64%
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXE and QLC in my portfolio?

With a correlation of 0.90, SPXE and QLC 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 ETF is better, SPXE or QLC?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE or QLC?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.25% for QLC.

Which ETF pays a higher dividend yield, SPXE or QLC?

QLC has the higher dividend yield at 0.93%, compared with 0.00% for SPXE.

What is the main difference between SPXE and QLC?

SPXE is categorized as S&P 500, while QLC is Large Cap Blend Equities. SPXE tracks S&P 500 Ex-Energy Index, while QLC tracks Northern Trust Quality Large Cap Index. They also come from different issuers: ProShares and Northern Trust. Their fees differ too: 0.09% for SPXE and 0.25% for QLC.