XOUT vs. QUS

Last updated Jun 4, 2026

XOUT (GraniteShares XOUT U.S. Large Cap ETF) and QUS (SPDR MSCI USA StrategicFactors ETF) are both Large Cap Growth Equities funds - XOUT tracks the XOUT U.S. Large Cap Index while QUS tracks the MSCI USA Factor Mix A-Series Capped (USD). Both are passively managed. Over the past 5 years, XOUT returned 10.93%/yr vs 11.08%/yr for QUS. Their correlation of 0.84 suggests significant overlap in exposure. XOUT charges 0.60%/yr vs 0.15%/yr for QUS.

Performance

XOUT vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares XOUT U.S. Large Cap ETF (XOUT) and 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, XOUT achieves a -3.24% return, which is significantly lower than QUS's 6.67% return.

XOUT

• 1D: -2.27%
• 1M: 9.28%
• YTD: -3.24%
• 6M: -4.85%
• 1Y: 8.51%
• 3Y*: 18.88%
• 5Y*: 10.93%
• 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)

XOUT vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XOUT GraniteShares XOUT U.S. Large Cap ETF	-3.24%	18.18%	23.11%	42.32%	-28.18%	26.13%	28.71%	11.32%
QUS SPDR MSCI USA StrategicFactors ETF	6.67%	14.13%	18.99%	21.78%	-14.15%	26.72%	12.40%	8.91%

Correlation

The correlation between XOUT and QUS is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 8, 2019	0.84

Over the past year, the correlation between XOUT and QUS has dropped to 0.61 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

XOUT vs. QUS - Sectors Allocation Comparison

Sectors	XOUT	QUS
Technology	35.1%	26.3%
Healthcare	17.3%	13.4%
Consumer Cyclical	15.4%	5.8%
Communication Services	12.4%	10.2%
Financial Services	9.6%	14.6%
Consumer Defensive	5.7%	9.2%
Industrials	3.3%	8.6%
Basic Materials	0.6%	2.3%
Real Estate	0.4%	1.4%
Energy	0.2%	4.6%
Utilities	-	3.6%

Return for Risk

XOUT vs. QUS — Risk / Return Rank

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

XOUT

XOUT Risk / Return Rank: 14
XOUT Sharpe Ratio Rank: 15
XOUT Sortino Ratio Rank: 15
XOUT Omega Ratio Rank: 15
XOUT Calmar Ratio Rank: 13
XOUT Martin Ratio Rank: 13

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.

XOUT vs. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares XOUT U.S. Large Cap ETF (XOUT) 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.

	XOUT	QUS	Difference
Sharpe ratio: Return per unit of total volatility	0.44	1.95	-1.51
Sortino ratio: Return per unit of downside risk	0.72	2.81	-2.08
Omega ratio: Gain probability vs. loss probability	1.09	1.35	-0.26
Calmar ratio: Return relative to maximum drawdown	0.37	2.59	-2.22
Martin ratio: Return relative to average drawdown	0.92	11.54	-10.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XOUT vs. QUS - Sharpe Ratio Comparison

The current XOUT Sharpe Ratio is 0.44, which is lower than the QUS Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of XOUT 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

	XOUT	QUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	1.95	-1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.78	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.77	-0.10

Drawdowns

XOUT vs. QUS - Drawdown Comparison

The maximum XOUT drawdown since its inception was -31.29%, smaller than the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for XOUT and QUS.

Drawdown Indicators

	XOUT	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-31.29%	-33.78%	+2.49%
Max Drawdown (1Y) Largest decline over 1 year	-23.21%	-6.85%	-16.36%
Max Drawdown (3Y) Largest decline over 3 years	-23.77%	-13.94%	-9.83%
Max Drawdown (5Y) Largest decline over 5 years	-31.29%	-22.30%	-8.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.78%	—
Current Drawdown Current decline from peak	-6.09%	-0.50%	-5.59%
Average Drawdown Average peak-to-trough decline	-8.41%	-3.70%	-4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.25%	1.53%	+7.72%

Volatility

XOUT vs. QUS - Volatility Comparison

GraniteShares XOUT U.S. Large Cap ETF (XOUT) has a higher volatility of 7.48% compared to SPDR MSCI USA StrategicFactors ETF (QUS) at 1.78%. This indicates that XOUT'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

	XOUT	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	1.78%	+5.70%
Volatility (6M) Calculated over the trailing 6-month period	16.17%	6.66%	+9.51%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	9.09%	+10.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.78%	14.33%	+7.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	16.42%	+6.81%

XOUT vs. QUS - Expense Ratio Comparison

XOUT has a 0.60% expense ratio, which is higher than QUS's 0.15% expense ratio.

Dividends

XOUT vs. QUS - Dividend Comparison

XOUT has not paid dividends to shareholders, while QUS's dividend yield for the trailing twelve months is around 1.31%.

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%
XOUT GraniteShares XOUT U.S. Large Cap ETF	0.00%	0.00%	0.00%	0.40%	0.51%	0.28%	0.53%	0.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XOUT and QUS in my portfolio?

XOUT and QUS have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOUT or QUS?

XOUT has higher volatility (7.48%) compared to QUS (1.78%). In terms of maximum drawdown, XOUT dropped -31.29% vs QUS's -33.78%.

Which ETF is better, XOUT or QUS?

On 5-year performance, QUS leads with 11.08% vs 10.93% for XOUT. 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, XOUT or QUS?

Over the 5-year period, QUS has performed better with a 11.08% return vs 10.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOUT or QUS?

QUS is cheaper with a 0.15% expense ratio, compared with 0.60% for XOUT.

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

QUS has the higher dividend yield at 1.31%, compared with 0.00% for XOUT.

What is the main difference between XOUT and QUS?

XOUT tracks XOUT U.S. Large Cap Index, while QUS tracks MSCI USA Factor Mix A-Series Capped (USD). They also come from different issuers: GraniteShares and State Street. Their fees differ too: 0.60% for XOUT and 0.15% for QUS.

Which has better risk-adjusted returns?

QUS currently has the higher Sharpe Ratio (1.95 vs 0.44), 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.