XTR vs. QGRD

Last updated Jul 16, 2026

XTR (Global X S&P 500 Tail Risk ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both Equity Hedged funds. XTR is passively managed, while QGRD is actively managed. Over the past year, XTR returned 17.93% vs 20.84% for QGRD. Their correlation of 0.90 suggests significant overlap in exposure. XTR charges 0.25%/yr vs 0.85%/yr for QGRD.

Performance

XTR vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Tail Risk ETF (XTR) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTR achieves a 8.45% return, which is significantly lower than QGRD's 11.69% return.

XTR

• 1D: 0.26%
• 1M: -0.27%
• 6M: 7.22%
• YTD: 8.45%
• 1Y: 17.93%
• 3Y*: 16.61%
• 5Y*: —
• 10Y*: —

QGRD

• 1D: -0.30%
• 1M: -2.73%
• 6M: 10.80%
• YTD: 11.69%
• 1Y: 20.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XTR vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
XTR Global X S&P 500 Tail Risk ETF	8.45%	8.53%
QGRD Horizon NASDAQ-100 Defined Risk ETF	11.69%	8.15%

Correlation

The correlation between XTR and QGRD is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.90

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

Return for Risk

XTR vs. QGRD — Risk / Return Rank

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

XTR

XTR Risk / Return Rank: 56
XTR Sharpe Ratio Rank: 58
XTR Sortino Ratio Rank: 57
XTR Omega Ratio Rank: 56
XTR Calmar Ratio Rank: 52
XTR Martin Ratio Rank: 60

QGRD

QGRD Risk / Return Rank: 49
QGRD Sharpe Ratio Rank: 50
QGRD Sortino Ratio Rank: 46
QGRD Omega Ratio Rank: 48
QGRD Calmar Ratio Rank: 54
QGRD Martin Ratio Rank: 49

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.

XTR vs. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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.

	XTR	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.43	+0.15
Sortino ratio: Return per unit of downside risk	2.21	1.94	+0.27
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.12	2.22	-0.11
Martin ratio: Return relative to average drawdown	8.51	6.73	+1.78

XTR vs. QGRD - Sharpe Ratio Comparison

The current XTR Sharpe Ratio is 1.58, which is comparable to the QGRD Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of XTR and QGRD, 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

XTR vs. QGRD - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, which is greater than QGRD's maximum drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for XTR and QGRD.

Drawdown Indicators

	XTR	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-9.41%	-11.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-9.41%	+0.90%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	—	—
Current Drawdown Current decline from peak	-0.84%	-3.08%	+2.24%
Average Drawdown Average peak-to-trough decline	-5.85%	-2.24%	-3.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	3.10%	-0.99%

Volatility

XTR vs. QGRD - Volatility Comparison

The current volatility for Global X S&P 500 Tail Risk ETF (XTR) is 3.45%, while Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a volatility of 6.23%. This indicates that XTR experiences smaller price fluctuations and is considered to be less risky than QGRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTR	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	6.23%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	9.07%	11.61%	-2.54%
Volatility (1Y) Calculated over the trailing 1-year period	11.41%	14.65%	-3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.79%	14.57%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.79%	14.57%	-0.78%

XTR vs. QGRD - Expense Ratio Comparison

XTR has a 0.25% expense ratio, which is lower than QGRD's 0.85% expense ratio.

Dividends

XTR vs. QGRD - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.40%, more than QGRD's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.40%	1.57%	0.00%	0.00%	0.00%	0.00%
XTR Global X S&P 500 Tail Risk ETF	16.40%	17.82%	20.89%	1.09%	1.08%	2.32%

Frequently Asked Questions

Can I hold both XTR and QGRD in my portfolio?

XTR and QGRD have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTR or QGRD?

QGRD has higher volatility (6.23%) compared to XTR (3.45%). In terms of maximum drawdown, XTR dropped -20.83% vs QGRD's -9.41%.

Which ETF is better, XTR or QGRD?

On 1-year performance, QGRD leads with 20.84% vs 17.93% for XTR. On fees, XTR is cheaper at 0.25% per year. On volatility, XTR has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTR or QGRD?

Over the 1-year period, QGRD has performed better with a 20.84% return vs 17.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTR or QGRD?

XTR is cheaper with a 0.25% expense ratio, compared with 0.85% for QGRD.

Which ETF pays a higher dividend yield, XTR or QGRD?

XTR has the higher dividend yield at 16.40%, compared with 1.40% for QGRD.

What is the main difference between XTR and QGRD?

They also come from different issuers: Global X and Horizon. Their fees differ too: 0.25% for XTR and 0.85% for QGRD.

Which has better risk-adjusted returns?

XTR currently has the higher Sharpe Ratio (1.58 vs 1.43), 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.