SPYA vs. QGRD

Last updated Jun 6, 2026

SPYA (Twin Oak Endure ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both Equity Hedged funds. Both are actively managed. Their correlation of 0.87 suggests significant overlap in exposure. SPYA charges 0.49%/yr vs 0.85%/yr for QGRD.

Performance

SPYA vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Endure ETF (SPYA) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYA achieves a 5.79% return, which is significantly lower than QGRD's 10.11% return.

SPYA

• 1D: -2.44%
• 1M: 0.54%
• YTD: 5.79%
• 6M: 5.38%
• 1Y: 17.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QGRD

• 1D: -3.94%
• 1M: 1.47%
• YTD: 10.11%
• 6M: 7.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYA vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
SPYA Twin Oak Endure ETF	5.79%	7.49%
QGRD Horizon NASDAQ-100 Defined Risk ETF	10.11%	8.34%

Correlation

The correlation between SPYA and QGRD is 0.87, 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 11, 2025	0.87

Return for Risk

SPYA vs. QGRD — Risk / Return Rank

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

SPYA

SPYA Risk / Return Rank: 45
SPYA Sharpe Ratio Rank: 48
SPYA Sortino Ratio Rank: 46
SPYA Omega Ratio Rank: 47
SPYA Calmar Ratio Rank: 40
SPYA Martin Ratio Rank: 47

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.

SPYA vs. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Endure ETF (SPYA) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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.

	SPYA	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	1.53	—	—
Sortino ratio: Return per unit of downside risk	2.12	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	1.83	—	—
Martin ratio: Return relative to average drawdown	7.18	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPYA	QGRD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	1.59	0.00

Drawdowns

SPYA vs. QGRD - Drawdown Comparison

The maximum SPYA drawdown since its inception was -9.51%, roughly equal to the maximum QGRD drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for SPYA and QGRD.

Drawdown Indicators

	SPYA	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-9.51%	-9.41%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	—	—
Current Drawdown Current decline from peak	-2.74%	-4.45%	+1.71%
Average Drawdown Average peak-to-trough decline	-1.45%	-2.19%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	—	—

Volatility

Volatility by Period

	SPYA	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	13.56%	-2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	13.56%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	13.56%	-2.17%

SPYA vs. QGRD - Expense Ratio Comparison

SPYA has a 0.49% expense ratio, which is lower than QGRD's 0.85% expense ratio.

Dividends

SPYA vs. QGRD - Dividend Comparison

SPYA's dividend yield for the trailing twelve months is around 0.35%, less than QGRD's 1.42% yield.

Position	TTM	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.42%	1.57%
SPYA Twin Oak Endure ETF	0.35%	0.37%

Frequently Asked Questions

Can I hold both SPYA and QGRD in my portfolio?

SPYA and QGRD have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYA or QGRD?

On fees, SPYA is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYA or QGRD?

SPYA is cheaper with a 0.49% expense ratio, compared with 0.85% for QGRD.

Which ETF pays a higher dividend yield, SPYA or QGRD?

QGRD has the higher dividend yield at 1.42%, compared with 0.35% for SPYA.

What is the main difference between SPYA and QGRD?

They also come from different issuers: Twin Oak and Horizon. Their fees differ too: 0.49% for SPYA and 0.85% for QGRD.