SPY vs. SPYQ

Last updated Apr 5, 2026

Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Tradr 2X Long SPY Quarterly ETF (SPYQ).

SPY and SPYQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. SPYQ is an actively managed fund by AXS. It was launched on Sep 30, 2024.

Performance

SPY vs. SPYQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and Tradr 2X Long SPY Quarterly ETF (SPYQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY achieves a -3.56% return, which is significantly higher than SPYQ's -8.87% return.

SPY

• 1D: 0.09%
• 1M: -3.48%
• YTD: -3.56%
• 6M: -1.44%
• 1Y: 31.28%
• 3Y*: 18.37%
• 5Y*: 11.88%
• 10Y*: 14.11%

SPYQ

• 1D: 0.14%
• 1M: -7.72%
• YTD: -8.87%
• 6M: -6.50%
• 1Y: 59.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPY vs. SPYQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPY State Street SPDR S&P 500 ETF	-3.56%	17.72%	3.42%
SPYQ Tradr 2X Long SPY Quarterly ETF	-8.87%	26.22%	4.76%

Correlation

The correlation between SPY and SPYQ is 0.99 — these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk. Consider pairing with a less correlated asset class instead.

SPY vs. SPYQ - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than SPYQ's 1.30% expense ratio.

SPYQ

Tradr 2X Long SPY Quarterly ETF

SPY

State Street SPDR S&P 500 ETF

Return for Risk

SPY vs. SPYQ — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 52
SPY Sharpe Ratio Rank: 47
SPY Sortino Ratio Rank: 51
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 45
SPY Martin Ratio Rank: 57

SPYQ

SPYQ Risk / Return Rank: 39
SPYQ Sharpe Ratio Rank: 33
SPYQ Sortino Ratio Rank: 40
SPYQ Omega Ratio Rank: 44
SPYQ Calmar Ratio Rank: 34
SPYQ Martin Ratio Rank: 42

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.

SPY vs. SPYQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Tradr 2X Long SPY Quarterly ETF (SPYQ). 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.

	SPY	SPYQ	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.68	+0.24
Sortino ratio Return per unit of downside risk	1.45	1.23	+0.22
Omega ratio Gain probability vs. loss probability	1.22	1.19	+0.04
Calmar ratio Return relative to maximum drawdown	1.51	1.17	+0.34
Martin ratio Return relative to average drawdown	7.11	5.21	+1.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY vs. SPYQ - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 0.92, which is higher than the SPYQ Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of SPY and SPYQ, 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

	SPY	SPYQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.68	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.37	+0.19

Drawdowns

SPY vs. SPYQ - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than SPYQ's maximum drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for SPY and SPYQ.

Drawdown Indicators

	SPY	SPYQ	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-35.88%	-19.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-18.70%	+9.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-5.44%	-12.07%	+6.63%
Average Drawdown Average peak-to-trough decline	-9.09%	-5.25%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	5.38%	-2.81%

Volatility

SPY vs. SPYQ - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 5.28%, while Tradr 2X Long SPY Quarterly ETF (SPYQ) has a volatility of 11.07%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than SPYQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	SPYQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	11.07%	-5.79%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	19.42%	-9.93%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	38.66%	-19.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	35.73%	-18.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	35.73%	-17.81%

Dividends

SPY vs. SPYQ - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.13%, more than SPYQ's 0.18% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.18%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%