SRHQ vs. SPY

Last updated Jul 18, 2026

SRHQ (SRH U.S. Quality ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SRHQ is a Mid Cap Blend Equities fund tracking the SRH US Quality Index - Benchmark TR Gross, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, SRHQ returned 16.68%/yr vs 19.32%/yr for SPY. A 0.77 correlation means they provide meaningful diversification when combined. SRHQ charges 0.35%/yr vs 0.09%/yr for SPY.

Performance

SRHQ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SRH U.S. Quality ETF (SRHQ) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRHQ achieves a 19.86% return, which is significantly higher than SPY's 9.58% return.

SRHQ

• 1D: -0.66%
• 1M: 7.47%
• 6M: 15.34%
• YTD: 19.86%
• 1Y: 28.17%
• 3Y*: 16.68%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.99%
• 1M: 0.57%
• 6M: 8.04%
• YTD: 9.58%
• 1Y: 19.66%
• 3Y*: 19.32%
• 5Y*: 13.02%
• 10Y*: 14.97%

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

SRHQ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SRHQ SRH U.S. Quality ETF	19.86%	7.34%	16.49%	21.81%	5.22%
SPY State Street SPDR S&P 500 ETF	9.58%	17.72%	24.89%	26.18%	1.64%

Correlation

The correlation between SRHQ and SPY is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 5, 2022	0.77

The correlation between SRHQ and SPY shifts across timeframes, from 0.63 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

SRHQ vs. SPY - Sectors Allocation Comparison

Sectors	SRHQ	SPY
Healthcare	21.5%	8.3%
Industrials	19.9%	7.8%
Technology	19.8%	39.0%
Consumer Cyclical	13.9%	9.9%
Financial Services	9.6%	11.1%
Consumer Defensive	5.5%	4.5%
Basic Materials	3.0%	1.7%
Communication Services	2.0%	10.6%
Utilities	1.2%	2.1%
Real Estate	1.2%	1.8%
Energy	1.1%	3.1%

Return for Risk

SRHQ vs. SPY — Risk / Return Rank

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

SRHQ

SRHQ Risk / Return Rank: 82
SRHQ Sharpe Ratio Rank: 78
SRHQ Sortino Ratio Rank: 78
SRHQ Omega Ratio Rank: 73
SRHQ Calmar Ratio Rank: 92
SRHQ Martin Ratio Rank: 91

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 55
SPY 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.

SRHQ vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SRH U.S. Quality ETF (SRHQ) and State Street SPDR S&P 500 ETF (SPY). 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.

	SRHQ	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.57	+0.34
Sortino ratio: Return per unit of downside risk	2.69	2.18	+0.51
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.04
Calmar ratio: Return relative to maximum drawdown	4.49	2.22	+2.27
Martin ratio: Return relative to average drawdown	15.73	9.66	+6.07

SRHQ vs. SPY - Sharpe Ratio Comparison

The current SRHQ Sharpe Ratio is 1.90, which is comparable to the SPY Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of SRHQ and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SRHQ vs. SPY - Drawdown Comparison

The maximum SRHQ drawdown since its inception was -18.50%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SRHQ and SPY.

Drawdown Indicators

	SRHQ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-18.50%	-55.19%	+36.69%
Max Drawdown (1Y) Largest decline over 1 year	-6.31%	-8.88%	+2.57%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-18.76%	+0.26%
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	-0.66%	-1.89%	+1.23%
Average Drawdown Average peak-to-trough decline	-3.00%	-9.02%	+6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.04%	-0.24%

Volatility

SRHQ vs. SPY - Volatility Comparison

SRH U.S. Quality ETF (SRHQ) has a higher volatility of 4.26% compared to State Street SPDR S&P 500 ETF (SPY) at 3.67%. This indicates that SRHQ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRHQ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	3.67%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	11.09%	10.06%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	14.88%	12.63%	+2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	17.17%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	17.93%	-1.96%

SRHQ vs. SPY - Expense Ratio Comparison

SRHQ has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SRHQ vs. SPY - Dividend Comparison

SRHQ's dividend yield for the trailing twelve months is around 0.69%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
SRHQ SRH U.S. Quality ETF	0.69%	0.76%	0.66%	0.84%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SRHQ and SPY in my portfolio?

SRHQ and SPY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRHQ or SPY?

SRHQ has higher volatility (4.26%) compared to SPY (3.67%). In terms of maximum drawdown, SRHQ dropped -18.50% vs SPY's -55.19%.

Which ETF is better, SRHQ or SPY?

On 3-year performance, SPY leads with 19.32% vs 16.68% for SRHQ. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SRHQ or SPY?

Over the 3-year period, SPY has performed better with a 19.32% return vs 16.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRHQ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for SRHQ.

Which ETF pays a higher dividend yield, SRHQ or SPY?

SPY has the higher dividend yield at 1.01%, compared with 0.69% for SRHQ.

What is the main difference between SRHQ and SPY?

SRHQ is categorized as Mid Cap Blend Equities, while SPY is S&P 500. SRHQ tracks SRH US Quality Index - Benchmark TR Gross, while SPY tracks S&P 500 Index. They also come from different issuers: SRH and State Street. Their fees differ too: 0.35% for SRHQ and 0.09% for SPY.

Which has better risk-adjusted returns?

SRHQ currently has the higher Sharpe Ratio (1.90 vs 1.57), 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.