USPX vs. QUS

Last updated Aug 4, 2026

USPX (Franklin U.S. Equity Index ETF) and QUS (State Street SPDR MSCI USA StrategicFactors ETF) are both Large Cap Blend Equities funds - USPX tracks the Morningstar US Target Market Exposure Index while QUS tracks the MSCI USA Factor Mix A-Series Capped Index. Both are passively managed. Over the past 10 years, USPX returned 12.33%/yr vs 13.54%/yr for QUS. Their correlation of 0.83 means they have usually moved in the same direction. USPX charges 0.03%/yr vs 0.15%/yr for QUS.

Performance

USPX vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Equity Index ETF (USPX) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USPX achieves a 11.39% return, which is significantly higher than QUS's 10.23% return. Over the past 10 years, USPX has underperformed QUS with an annualized return of 12.33%, while QUS has yielded a comparatively higher 13.54% annualized return.

USPX

• 1D: 1.57%
• 1M: 1.59%
• 6M: 9.42%
• YTD: 11.39%
• 1Y: 22.58%
• 3Y*: 20.76%
• 5Y*: 11.91%
• 10Y*: 12.33%
• ALL TIME*: 12.60%

QUS

• 1D: 0.83%
• 1M: 1.29%
• 6M: 7.60%
• YTD: 10.23%
• 1Y: 19.80%
• 3Y*: 17.10%
• 5Y*: 10.91%
• 10Y*: 13.54%
• ALL TIME*: 12.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QUS State Street SPDR MSCI USA StrategicFactors ETF	$3.01M	$4.81M	$3.43M
USPX Franklin U.S. Equity Index ETF	$3.21M	$2.97M	$3.76M

USPX vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPX Franklin U.S. Equity Index ETF	11.39%	17.78%	24.97%	27.07%	-18.88%	19.53%	9.72%	26.60%	-7.78%	23.80%
QUS State Street SPDR MSCI USA StrategicFactors ETF	10.23%	14.13%	18.99%	21.78%	-14.15%	26.72%	12.40%	32.45%	-3.66%	21.67%

Correlation

The correlation between USPX and QUS is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.83

The correlation between USPX and QUS shifts across timeframes, from 0.80 (1 year) to 0.91 (5 years), reflecting how their relationship changes across market environments.

USPX vs. QUS - Sectors Allocation Comparison

Sectors	USPX	QUS
Technology	37.4%	28.4%
Financial Services	12.5%	15.7%
Communication Services	9.6%	8.2%
Healthcare	9.4%	14.4%
Consumer Cyclical	8.8%	5.7%
Industrials	7.9%	8.1%
Consumer Defensive	4.7%	8.3%
Energy	3.4%	3.3%
Utilities	2.6%	3.9%
Real Estate	1.8%	1.6%
Basic Materials	1.7%	2.2%

Return for Risk

USPX vs. QUS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USPX

USPX Risk / Return Rank: 72
USPX Sharpe Ratio Rank: 73
USPX Sortino Ratio Rank: 71
USPX Omega Ratio Rank: 71
USPX Calmar Ratio Rank: 68
USPX Martin Ratio Rank: 77

QUS

QUS Risk / Return Rank: 85
QUS Sharpe Ratio Rank: 87
QUS Sortino Ratio Rank: 88
QUS Omega Ratio Rank: 86
QUS Calmar Ratio Rank: 78
QUS Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USPX vs. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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.

	USPX	QUS	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.16	-0.42
Sortino ratio: Return per unit of downside risk	2.42	3.05	-0.63
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.48	2.90	-0.42
Martin ratio: Return relative to average drawdown	10.39	12.95	-2.56

USPX vs. QUS - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 1.75, which is comparable to the QUS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of USPX and QUS, 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

USPX vs. QUS - Drawdown Comparison

The maximum USPX drawdown since its inception was -31.21%, smaller than the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for USPX and QUS.

Drawdown Indicators

	USPX	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-33.78%	+2.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-6.85%	-2.30%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-13.94%	-5.27%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-22.30%	-2.30%
Max Drawdown (10Y) Largest decline over 10 years	-31.21%	-33.78%	+2.57%
Current Drawdown Current decline from peak	-0.08%	0.00%	-0.08%
Average Drawdown Average peak-to-trough decline	-4.40%	-3.66%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	1.53%	+0.65%

Volatility

USPX vs. QUS - Volatility Comparison

Franklin U.S. Equity Index ETF (USPX) has a higher volatility of 3.73% compared to State Street SPDR MSCI USA StrategicFactors ETF (QUS) at 2.42%. This indicates that USPX's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USPX	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	2.42%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	10.32%	6.97%	+3.35%
Volatility (1Y) Calculated over the trailing 1-year period	13.01%	9.22%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	14.32%	+2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	16.40%	-0.42%

USPX vs. QUS - Expense Ratio Comparison

USPX has a 0.03% expense ratio, which is lower than QUS'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

USPX vs. QUS - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 1.08%, less than QUS's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QUS State Street SPDR MSCI USA StrategicFactors ETF	1.27%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%
USPX Franklin U.S. Equity Index ETF	1.08%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%	0.00%

Frequently Asked Questions

Can I hold both USPX and QUS in my portfolio?

USPX and QUS have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USPX or QUS?

USPX has higher volatility (3.73%) compared to QUS (2.42%). In terms of maximum drawdown, USPX dropped -31.21% vs QUS's -33.78%.

Which ETF is better, USPX or QUS?

On 10-year performance, QUS leads with 13.54% vs 12.33% for USPX. On fees, USPX is cheaper at 0.03% per year. On volatility, QUS has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USPX or QUS?

Over the 10-year period, QUS has performed better with a 13.54% return vs 12.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USPX or QUS?

USPX is cheaper with a 0.03% expense ratio, compared with 0.15% for QUS.

Which ETF pays a higher dividend yield, USPX or QUS?

QUS has the higher dividend yield at 1.27%, compared with 1.08% for USPX.

What is the main difference between USPX and QUS?

USPX tracks Morningstar US Target Market Exposure Index, while QUS tracks MSCI USA Factor Mix A-Series Capped Index. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.03% for USPX and 0.15% for QUS.

Which has better risk-adjusted returns?

QUS currently has the higher Sharpe Ratio (2.16 vs 1.75), 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.