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XOEX vs. QUS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XOEX vs. QUS

Last updated Aug 6, 2026
Documentation

XOEX (Xtrackers S&P 100 Ex Top 20 ETF) and QUS (State Street SPDR MSCI USA StrategicFactors ETF) are both Large Cap Blend Equities funds - XOEX tracks the S&P 100 Ex-Top 20 Select Index while QUS tracks the MSCI USA Factor Mix A-Series Capped Index. Both are passively managed. Over the past 3 years, XOEX returned 17.62%/yr vs 17.66%/yr for QUS. Their correlation of 0.90 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.

Performance

XOEX vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 100 Ex Top 20 ETF (XOEX) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XOEX achieves a 13.49% return, which is significantly higher than QUS's 11.79% return.

XOEX

1D
0.00%
1M
1.17%
6M
11.83%
YTD
13.49%
1Y
27.43%
3Y*
17.62%
5Y*
—
10Y*
—
ALL TIME*
17.16%

QUS

1D
0.02%
1M
2.61%
6M
9.40%
YTD
11.79%
1Y
20.72%
3Y*
17.66%
5Y*
11.08%
10Y*
13.70%
ALL TIME*
12.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

QUS

State Street SPDR MSCI USA StrategicFactors ETF
$3.07M$4.72M$3.42M

XOEX

Xtrackers S&P 100 Ex Top 20 ETF
$13.58M$6.19M$2.84M

XOEX vs. QUS - Yearly Performance Comparison

2026 (YTD)2025202420232022
XOEX
Xtrackers S&P 100 Ex Top 20 ETF		13.49%18.97%12.07%15.99%2.98%
QUS
State Street SPDR MSCI USA StrategicFactors ETF		11.79%14.13%18.99%21.78%1.59%

Correlation

The correlation between XOEX and QUS is 0.89, 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.

0.89

Correlation (3Y)
Balances recent behavior with more history.

0.89

Correlation (All Time)
Calculated using the full available price history since Nov 9, 2022

0.90

The correlation between XOEX and QUS has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

XOEX vs. QUS - Sectors Allocation Comparison

Sectors
XOEX
QUS

Financial Services

18.0%
15.7%

Healthcare

17.6%
14.4%

Technology

16.8%
28.4%

Industrials

14.4%
8.1%

Consumer Defensive

9.4%
8.3%

Consumer Cyclical

6.7%
5.7%

Communication Services

6.5%
8.2%

Utilities

4.4%
3.9%

Energy

3.4%
3.3%

Basic Materials

1.6%
2.2%

Real Estate

1.0%
1.6%

Financial Services

XOEX
18.0%
QUS
15.7%

Healthcare

XOEX
17.6%
QUS
14.4%

Technology

XOEX
16.8%
QUS
28.4%

Industrials

XOEX
14.4%
QUS
8.1%

Consumer Defensive

XOEX
9.4%
QUS
8.3%

Consumer Cyclical

XOEX
6.7%
QUS
5.7%

Communication Services

XOEX
6.5%
QUS
8.2%

Utilities

XOEX
4.4%
QUS
3.9%

Energy

XOEX
3.4%
QUS
3.3%

Basic Materials

XOEX
1.6%
QUS
2.2%

Real Estate

XOEX
1.0%
QUS
1.6%

Compare stocks, funds, or ETFs

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

Xtrackers S&P 100 Ex Top 20 ETF

State Street SPDR MSCI USA StrategicFactors ETF

Often compared with XOEX:
XOEX vs. SPXMXOEX vs. TEXNXOEX vs. UPGRXOEX vs. PSWDXOEX vs. HYRMXOEX vs. SNPDXOEX vs. XAIX
Often compared with QUS:
QUS vs. IVVQUS vs. QUALQUS vs. JQUAQUS vs. SPYQUS vs. VOOQUS vs. DGTQUS vs. BERZ

Return for Risk

XOEX vs. QUS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
XOEX
XOEX Risk / Return Rank: 8989
Overall Rank
XOEX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
XOEX Sortino Ratio Rank: 9090
Sortino Ratio Rank
XOEX Omega Ratio Rank: 8888
Omega Ratio Rank
XOEX Calmar Ratio Rank: 8787
Calmar Ratio Rank
XOEX Martin Ratio Rank: 8888
Martin Ratio Rank
QUS
QUS Risk / Return Rank: 8484
Overall Rank
QUS Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
QUS Sortino Ratio Rank: 8787
Sortino Ratio Rank
QUS Omega Ratio Rank: 8686
Omega Ratio Rank
QUS Calmar Ratio Rank: 7676
Calmar Ratio Rank
QUS Martin Ratio Rank: 8585
Martin Ratio Rank
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.

XOEX vs. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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.

XOEXQUSDifference
Sharpe ratioReturn per unit of total volatility
2.41
2.27

+0.14

Sortino ratioReturn per unit of downside risk
3.43
3.20

+0.24

Omega ratioGain probability vs. loss probability

1.43

1.41

+0.02

Calmar ratioReturn relative to maximum drawdown

3.77

3.04

+0.73

Martin ratioReturn relative to average drawdown

14.73

13.56

+1.16

XOEX vs. QUS - Sharpe Ratio Comparison

The current XOEX Sharpe Ratio is 2.41, which is comparable to the QUS Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of XOEX 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.

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Drawdowns

XOEX vs. QUS - Drawdown Comparison

The maximum XOEX drawdown since its inception was -14.68%, smaller than the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for XOEX and QUS.

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Drawdown Indicators

XOEXQUSDifference

Max Drawdown

Largest peak-to-trough decline

-14.68%

-33.78%

+19.10%

Max Drawdown (1Y)

Largest decline over 1 year

-7.31%

-6.85%

-0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-13.94%

-0.74%

Max Drawdown (5Y)

Largest decline over 5 years

—

-22.30%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.78%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-2.57%

-3.66%

+1.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.87%

1.53%

+0.34%

Volatility

XOEX vs. QUS - Volatility Comparison

Xtrackers S&P 100 Ex Top 20 ETF (XOEX) has a higher volatility of 3.53% compared to State Street SPDR MSCI USA StrategicFactors ETF (QUS) at 2.76%. This indicates that XOEX'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.

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Volatility by Period

XOEXQUSDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.53%

2.76%

+0.77%

Volatility (6M)

Calculated over the trailing 6-month period

9.10%

7.06%

+2.04%

Volatility (1Y)

Calculated over the trailing 1-year period

11.45%

9.21%

+2.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.37%

14.33%

-0.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.37%

16.40%

-3.03%

XOEX vs. QUS - Expense Ratio Comparison

Both XOEX and QUS have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XOEX vs. QUS - Dividend Comparison

XOEX's dividend yield for the trailing twelve months is around 1.43%, more than QUS's 1.25% yield.

PositionTTM20252024202320222021202020192018201720162015
QUS
State Street SPDR MSCI USA StrategicFactors ETF		1.25%1.38%1.49%1.57%1.68%1.27%1.73%1.81%2.12%1.86%2.07%1.48%
XOEX
Xtrackers S&P 100 Ex Top 20 ETF		1.43%1.95%2.09%1.72%0.42%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XOEX and QUS have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XOEX has higher volatility (3.53%) compared to QUS (2.76%). In terms of maximum drawdown, XOEX dropped -14.68% vs QUS's -33.78%.

On 3-year performance, QUS leads with 17.66% vs 17.62% for XOEX. Both ETFs have the same 0.15% expense ratio. On volatility, QUS has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, QUS has performed better with a 17.66% return vs 17.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XOEX and QUS have the same expense ratio: 0.15% per year.

XOEX has the higher dividend yield at 1.43%, compared with 1.25% for QUS.

XOEX tracks S&P 100 Ex-Top 20 Select Index, while QUS tracks MSCI USA Factor Mix A-Series Capped Index. They also come from different issuers: Xtrackers and State Street.

XOEX currently has the higher Sharpe Ratio (2.41 vs 2.27), 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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