SPYQ vs. PPI

Last updated Jun 3, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and PPI (AXS Astoria Inflation Sensitive ETF) are both exchange-traded funds - SPYQ is a Leveraged Equities fund actively managed by AXS, while PPI is a Global Allocation fund actively managed by AXS. Both are actively managed. At a correlation of -1.00, they often move in opposite directions. SPYQ charges 1.30%/yr vs 0.76%/yr for PPI.

Performance

SPYQ vs. PPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) and AXS Astoria Inflation Sensitive ETF (PPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPYQ

• 1D: 0.26%
• 1M: 9.36%
• YTD: 18.82%
• 6M: 18.88%
• 1Y: 51.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PPI

• 1D: 1.01%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYQ vs. PPI - Yearly Performance Comparison

	2026 (YTD)
SPYQ Tradr 2X Long SPY Quarterly ETF	1.07%
PPI AXS Astoria Inflation Sensitive ETF	-0.46%

Correlation

The correlation between SPYQ and PPI is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	-1.00

Return for Risk

SPYQ vs. PPI — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 62
SPYQ Sharpe Ratio Rank: 65
SPYQ Sortino Ratio Rank: 58
SPYQ Omega Ratio Rank: 61
SPYQ Calmar Ratio Rank: 56
SPYQ Martin Ratio Rank: 68

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.

SPYQ vs. PPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) and AXS Astoria Inflation Sensitive ETF (PPI). 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.

	SPYQ	PPI	Difference
Sharpe ratio Return per unit of total volatility	2.20	—	—
Sortino ratio Return per unit of downside risk	2.82	—	—
Omega ratio Gain probability vs. loss probability	1.37	—	—
Calmar ratio Return relative to maximum drawdown	2.85	—	—
Martin ratio Return relative to average drawdown	12.80	—	—
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

	SPYQ	PPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	-2.46	+3.37

Drawdowns

SPYQ vs. PPI - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, which is greater than PPI's maximum drawdown of -1.46%. Use the drawdown chart below to compare losses from any high point for SPYQ and PPI.

Drawdown Indicators

	SPYQ	PPI	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-1.46%	-34.42%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	—	—
Current Drawdown Current decline from peak	0.00%	-0.46%	+0.46%
Average Drawdown Average peak-to-trough decline	-4.90%	-0.86%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	—	—

Volatility

Volatility by Period

	SPYQ	PPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.07%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.73%	15.98%	+7.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.64%	15.98%	+18.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.64%	15.98%	+18.66%

SPYQ vs. PPI - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than PPI's 0.76% expense ratio.

Dividends

SPYQ vs. PPI - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.14%, while PPI has not paid dividends to shareholders.

Position	TTM	2025
PPI AXS Astoria Inflation Sensitive ETF	0.00%	0.00%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%

Frequently Asked Questions

Can I hold both SPYQ and PPI in my portfolio?

SPYQ and PPI have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYQ or PPI?

On fees, PPI is cheaper at 0.76% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYQ or PPI?

PPI is cheaper with a 0.76% expense ratio, compared with 1.30% for SPYQ.

Which ETF pays a higher dividend yield, SPYQ or PPI?

SPYQ has the higher dividend yield at 0.14%, compared with 0.00% for PPI.

What is the main difference between SPYQ and PPI?

SPYQ is categorized as Leveraged Equities, while PPI is Global Allocation. Their fees differ too: 1.30% for SPYQ and 0.76% for PPI.