XLSR vs. QUS

Last updated Jun 4, 2026

XLSR (SPDR SSGA US Sector Rotation ETF) and QUS (SPDR MSCI USA StrategicFactors ETF) are both Large Cap Growth Equities funds from State Street. XLSR is actively managed, while QUS is passively managed. Over the past 5 years, XLSR returned 10.06%/yr vs 11.08%/yr for QUS. Their correlation of 0.93 suggests significant overlap in exposure. XLSR charges 0.70%/yr vs 0.15%/yr for QUS.

Performance

XLSR vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Sector Rotation ETF (XLSR) and SPDR MSCI USA StrategicFactors ETF (QUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XLSR having a 6.52% return and QUS slightly higher at 6.67%.

XLSR

• 1D: -0.45%
• 1M: 5.12%
• YTD: 6.52%
• 6M: 6.27%
• 1Y: 25.83%
• 3Y*: 17.65%
• 5Y*: 10.06%
• 10Y*: —

QUS

• 1D: -0.43%
• 1M: 2.68%
• YTD: 6.67%
• 6M: 6.93%
• 1Y: 17.65%
• 3Y*: 17.53%
• 5Y*: 11.08%
• 10Y*: 13.67%

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

XLSR vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XLSR SPDR SSGA US Sector Rotation ETF	6.52%	17.34%	17.60%	18.95%	-15.70%	20.47%	20.23%	14.13%
QUS SPDR MSCI USA StrategicFactors ETF	6.67%	14.13%	18.99%	21.78%	-14.15%	26.72%	12.40%	14.86%

Correlation

The correlation between XLSR and QUS is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019	0.93

The correlation between XLSR and QUS shifts across timeframes, from 0.83 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

XLSR vs. QUS - Sectors Allocation Comparison

Sectors	XLSR	QUS
Technology	33.5%	26.3%
Healthcare	21.9%	13.4%
Communication Services	16.4%	10.2%
Industrials	13.8%	8.6%
Energy	8.1%	4.6%
Consumer Defensive	5.1%	9.2%
Financial Services	0.7%	14.6%
Consumer Cyclical	0.4%	5.8%
Basic Materials	-	2.3%
Real Estate	-	1.4%
Utilities	-	3.6%

Return for Risk

XLSR vs. QUS — Risk / Return Rank

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

XLSR

XLSR Risk / Return Rank: 59
XLSR Sharpe Ratio Rank: 63
XLSR Sortino Ratio Rank: 63
XLSR Omega Ratio Rank: 63
XLSR Calmar Ratio Rank: 47
XLSR Martin Ratio Rank: 59

QUS

QUS Risk / Return Rank: 57
QUS Sharpe Ratio Rank: 56
QUS Sortino Ratio Rank: 58
QUS Omega Ratio Rank: 55
QUS Calmar Ratio Rank: 52
QUS Martin Ratio Rank: 63

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.

XLSR vs. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Sector Rotation ETF (XLSR) and 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.

	XLSR	QUS	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.95	+0.17
Sortino ratio: Return per unit of downside risk	2.98	2.81	+0.18
Omega ratio: Gain probability vs. loss probability	1.39	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	2.35	2.59	-0.24
Martin ratio: Return relative to average drawdown	10.44	11.54	-1.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLSR vs. QUS - Sharpe Ratio Comparison

The current XLSR Sharpe Ratio is 2.12, which is comparable to the QUS Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of XLSR 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.

Sharpe Ratios by Period

	XLSR	QUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.95	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.78	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.77	-0.11

Drawdowns

XLSR vs. QUS - Drawdown Comparison

The maximum XLSR drawdown since its inception was -32.94%, roughly equal to the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for XLSR and QUS.

Drawdown Indicators

	XLSR	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-32.94%	-33.78%	+0.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-6.85%	-4.21%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-13.94%	-6.63%
Max Drawdown (5Y) Largest decline over 5 years	-23.32%	-22.30%	-1.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.78%	—
Current Drawdown Current decline from peak	-0.45%	-0.50%	+0.05%
Average Drawdown Average peak-to-trough decline	-5.33%	-3.70%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	1.53%	+0.95%

Volatility

XLSR vs. QUS - Volatility Comparison

SPDR SSGA US Sector Rotation ETF (XLSR) has a higher volatility of 2.97% compared to SPDR MSCI USA StrategicFactors ETF (QUS) at 1.78%. This indicates that XLSR'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

	XLSR	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	1.78%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	6.66%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	9.09%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.08%	14.33%	+2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	16.42%	+3.62%

XLSR vs. QUS - Expense Ratio Comparison

XLSR has a 0.70% expense ratio, which is higher than QUS's 0.15% expense ratio.

Dividends

XLSR vs. QUS - Dividend Comparison

XLSR's dividend yield for the trailing twelve months is around 0.52%, less than QUS's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QUS SPDR MSCI USA StrategicFactors ETF	1.31%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%
XLSR SPDR SSGA US Sector Rotation ETF	0.52%	0.58%	0.66%	1.04%	1.80%	3.44%	1.25%	0.94%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLSR and QUS in my portfolio?

XLSR and QUS have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLSR or QUS?

XLSR has higher volatility (2.97%) compared to QUS (1.78%). In terms of maximum drawdown, XLSR dropped -32.94% vs QUS's -33.78%.

Which ETF is better, XLSR or QUS?

On 5-year performance, QUS leads with 11.08% vs 10.06% for XLSR. On fees, QUS is cheaper at 0.15% per year. On volatility, QUS has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLSR or QUS?

Over the 5-year period, QUS has performed better with a 11.08% return vs 10.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLSR or QUS?

QUS is cheaper with a 0.15% expense ratio, compared with 0.70% for XLSR.

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

QUS has the higher dividend yield at 1.31%, compared with 0.52% for XLSR.

What is the main difference between XLSR and QUS?

Their fees differ too: 0.70% for XLSR and 0.15% for QUS.

Which has better risk-adjusted returns?

XLSR currently has the higher Sharpe Ratio (2.12 vs 1.95), 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.