LQPE vs SPY
PEO AlphaQuest Thematic PE ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, LQPE or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | LQPE | SPY |
|---|---|---|
| Expense Ratio | 1.25% | 0.09%Best |
| AUM | $13M | $804.7B |
| Dividend Yield | 0.27% | 0.98% |
| Holdings | 262 | 505 |
| Volatility (annualized) | 11.1%Best | 11.3% |
| Max Drawdown | -18.9% | -18.8%Best |
| $10,000 over 1.1 years | $9,202 | $10,956Best |
| Fund Family | Alpha Quest | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jan 27, 2025 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 172 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. LQPE has data through Mar 23, 2026 and SPY through Sep 11, 2026.
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Jan 28, 2025 to Mar 23, 2026 (1.1 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 11.3% compared with 11.1% for LQPE. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.9% for LQPE and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.54. They move together some of the time, and apart the rest.
Fees and Cost Over Time
LQPE charges 1.25% per year while SPY charges 0.09%. On a $10,000 position that is $125 vs $9 annually, a gap of $116 per year that compounds over a long holding period. On income, LQPE currently yields 0.27% against 0.98% for SPY.
Holdings Overlap
At least 4.8% of SPY's money is in holdings LQPE also owns.
Stated as a floor: for LQPE, our book for it covers 88.5% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and LQPE share little of their money.
The two holdings books were reported 216 days apart, LQPE as of Dec 31, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
40 positions in common, counted across the 193 positions we hold weights for in LQPE and 504 in SPY, against full books of 262 and 505.
Top Shared Holdings
| Stock | Weight in LQPE | Weight in SPY | Difference |
|---|---|---|---|
| ADBEAdobe Inc | 2.71% | 0.16% | 2.55% |
| CVSCvs Health Corp. | 2.60% | 0.20% | 2.40% |
| IDXXIdexx Laboratories Inc. | 2.65% | 0.07% | 2.58% |
| CICigna Corp. | 2.39% | 0.11% | 2.28% |
| VVisa Inc | 1.46% | 0.92% | 0.54% |
| FICOFair Isaac Corp. | 2.33% | 0.04% | 2.29% |
| VRSNVerisign Inc | 2.30% | 0.04% | 2.26% |
| MAMastercard Inc | 1.26% | 0.69% | 0.57% |
| ITWIllinois Tool Works Inc. | 1.82% | 0.12% | 1.70% |
| HUMHumana Inc. | 1.82% | 0.07% | 1.75% |
You are not choosing between two funds in isolation.
Whichever of LQPE and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, LQPE or SPY?
LQPE has an expense ratio of 1.25% while SPY charges 0.09%. SPY is the cheaper option, by $116 a year on a $10,000 investment.
Which is riskier, LQPE or SPY?
SPY has been the more volatile fund at 11.3% annualized versus 11.1% for LQPE. Worst drawdown: LQPE -18.9% vs SPY -18.8%.
Should I hold both LQPE and SPY?
LQPE and SPY have a monthly-return correlation of 0.54, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between LQPE and SPY?
At least 4.8% of SPY's money is in holdings LQPE also owns. Our book for LQPE is partial, so the real figure is this or higher. They hold 40 positions in common, counted across the 193 positions we hold weights for in LQPE and 504 in SPY.
Which pays a higher dividend, LQPE or SPY?
LQPE yields 0.27% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than LQPE?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.