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SPYG vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPYG vs. QUAL

Last updated Jun 13, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, SPYG returned 17.91%/yr vs 14.46%/yr for QUAL. Their correlation of 0.92 suggests significant overlap in exposure. SPYG charges 0.04%/yr vs 0.15%/yr for QUAL.

Performance

SPYG vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with SPYG having a 9.70% return and QUAL slightly lower at 9.44%. Over the past 10 years, SPYG has outperformed QUAL with an annualized return of 17.91%, while QUAL has yielded a comparatively lower 14.46% annualized return.

SPYG

1D
0.41%
1M
-2.81%
YTD
9.70%
6M
10.60%
1Y
29.17%
3Y*
25.85%
5Y*
14.92%
10Y*
17.91%

QUAL

1D
0.47%
1M
2.14%
YTD
9.44%
6M
9.29%
1Y
22.87%
3Y*
19.30%
5Y*
11.97%
10Y*
14.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYG vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPYG
State Street SPDR Portfolio S&P 500 Growth ETF		9.70%22.09%35.99%30.02%-29.41%32.01%33.46%30.84%-0.12%27.24%
QUAL
iShares MSCI USA Quality Factor ETF		9.44%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%

Correlation

The correlation between SPYG and QUAL is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.82

Correlation (3Y)
Calculated over the trailing 3-year period

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.92

Correlation (10Y)
Calculated over the trailing 10-year period

0.92

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.92

The correlation between SPYG and QUAL shifts across timeframes, from 0.82 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

SPYG vs. QUAL - Sectors Allocation Comparison

Sectors
SPYG
QUAL

Technology

52.2%
36.5%

Communication Services

16.7%
11.1%

Consumer Cyclical

8.9%
9.3%

Financial Services

8.3%
11.5%

Healthcare

5.8%
9.0%

Industrials

5.0%
8.2%

Utilities

1.1%
1.9%

Consumer Defensive

1.0%
4.9%

Real Estate

0.5%
1.8%

Basic Materials

0.3%
1.7%

Energy

0.1%
4.0%

Technology

SPYG
52.2%
QUAL
36.5%

Communication Services

SPYG
16.7%
QUAL
11.1%

Consumer Cyclical

SPYG
8.9%
QUAL
9.3%

Financial Services

SPYG
8.3%
QUAL
11.5%

Healthcare

SPYG
5.8%
QUAL
9.0%

Industrials

SPYG
5.0%
QUAL
8.2%

Utilities

SPYG
1.1%
QUAL
1.9%

Consumer Defensive

SPYG
1.0%
QUAL
4.9%

Real Estate

SPYG
0.5%
QUAL
1.8%

Basic Materials

SPYG
0.3%
QUAL
1.7%

Energy

SPYG
0.1%
QUAL
4.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR Portfolio S&P 500 Growth ETF

iShares MSCI USA Quality Factor ETF

Often compared with SPYG:
SPYG vs. SPYSPYG vs. SCHGSPYG vs. VOOSPYG vs. VUGSPYG vs. VOOGSPYG vs. SPYVSPYG vs. SPYM
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

SPYG vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPYG
SPYG Risk / Return Rank: 5252
Overall Rank
SPYG Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SPYG Sortino Ratio Rank: 5353
Sortino Ratio Rank
SPYG Omega Ratio Rank: 5353
Omega Ratio Rank
SPYG Calmar Ratio Rank: 4545
Calmar Ratio Rank
SPYG Martin Ratio Rank: 5353
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 5959
Overall Rank
QUAL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6060
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5656
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5353
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6767
Martin Ratio Rank
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.

SPYG vs. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and iShares MSCI USA Quality Factor ETF (QUAL). 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.

SPYGQUALDifference
Sharpe ratioReturn per unit of total volatility
1.65
1.74

-0.09

Sortino ratioReturn per unit of downside risk
2.26
2.46

-0.21

Omega ratioGain probability vs. loss probability

1.29

1.31

-0.02

Calmar ratioReturn relative to maximum drawdown

2.01

2.32

-0.31

Martin ratioReturn relative to average drawdown

8.08

10.60

-2.52

SPYG vs. QUAL - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.65, which is comparable to the QUAL Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SPYG and QUAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPYG vs. QUAL - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for SPYG and QUAL.

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Drawdown Indicators

SPYGQUALDifference

Max Drawdown

Largest peak-to-trough decline

-67.63%

-34.06%

-33.57%

Max Drawdown (1Y)

Largest decline over 1 year

-13.76%

-9.03%

-4.73%

Max Drawdown (3Y)

Largest decline over 3 years

-22.14%

-18.00%

-4.14%

Max Drawdown (5Y)

Largest decline over 5 years

-32.67%

-28.23%

-4.44%

Max Drawdown (10Y)

Largest decline over 10 years

-32.67%

-34.06%

+1.39%

Current Drawdown

Current decline from peak

-4.65%

-0.19%

-4.46%

Average Drawdown

Average peak-to-trough decline

-24.30%

-4.10%

-20.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.42%

1.99%

+1.43%

Volatility

SPYG vs. QUAL - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 6.33% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.63%. This indicates that SPYG's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPYGQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.33%

3.63%

+2.70%

Volatility (6M)

Calculated over the trailing 6-month period

13.48%

9.43%

+4.05%

Volatility (1Y)

Calculated over the trailing 1-year period

16.81%

12.10%

+4.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.27%

17.36%

+3.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.70%

18.11%

+2.59%

SPYG vs. QUAL - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than QUAL's 0.15% 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

SPYG vs. QUAL - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.48%, less than QUAL's 0.87% yield.

PositionTTM20252024202320222021202020192018201720162015
QUAL
iShares MSCI USA Quality Factor ETF		0.87%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%
SPYG
State Street SPDR Portfolio S&P 500 Growth ETF		0.48%0.52%0.60%1.15%1.03%0.62%0.90%1.37%1.51%1.41%1.55%1.57%

Frequently Asked Questions

SPYG and QUAL have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPYG has higher volatility (6.33%) compared to QUAL (3.63%). In terms of maximum drawdown, SPYG dropped -67.63% vs QUAL's -34.06%.

On 10-year performance, SPYG leads with 17.91% vs 14.46% for QUAL. On fees, SPYG is cheaper at 0.04% per year. On volatility, QUAL has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPYG has performed better with a 17.91% return vs 14.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYG is cheaper with a 0.04% expense ratio, compared with 0.15% for QUAL.

QUAL has the higher dividend yield at 0.87%, compared with 0.48% for SPYG.

SPYG is categorized as S&P 500, while QUAL is Large Cap Blend Equities. SPYG tracks S&P 500 Growth Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPYG and 0.15% for QUAL.

QUAL currently has the higher Sharpe Ratio (1.74 vs 1.65), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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