QHDG vs SPY
Innovator Hedged Nasdaq-100 ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | QHDG | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $2M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 106 | 505 | |
| YTD Return | +1.47% | +12.68% | |
| 1Y Return | +10.28% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 8.8% | 15.3% | |
| Max Drawdown | -15.3% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Aug 19, 2024 | Jan 22, 1993 |
QHDG vs SPY Performance
Innovator Hedged Nasdaq-100 ETF (QHDG) is a ETF from Innovator ETFs Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year QHDG returned +10.28% while SPY returned +21.82%. Year to date, QHDG is up 1.47% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 8.8% for QHDG. 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 -15.3% for QHDG and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QHDG charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, QHDG currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
QHDG and SPY share 86 holdings out of 519 unique holdings combined, representing a 53.2% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, QHDG or SPY?
QHDG has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, QHDG or SPY?
Over the past year QHDG returned +10.28% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), QHDG annualized +10.58% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, QHDG or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 8.8% for QHDG. Worst drawdown: QHDG -15.3% vs SPY -56.5%.
Should I hold both QHDG and SPY?
QHDG and SPY have a monthly-return correlation of 0.88, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between QHDG and SPY?
QHDG and SPY share 86 common holdings with a 53.2% weight overlap. Combined, they hold 519 unique securities.
Which pays a higher dividend, QHDG or SPY?
QHDG yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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