QLV vs SPY
Northern Trust US Quality Low Volatility ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, QLV or SPY?
SPY has been ahead.
QLV has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. QLV is less concentrated, with 35.8% of the fund in its ten largest positions against 38.0%.
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 | QLV | SPY |
|---|---|---|
| Expense Ratio | 0.08%Best | 0.09% |
| AUM | $167M | $804.7B |
| Dividend Yield | 1.49% | 0.98% |
| Holdings | 122 | 505 |
| YTD Return | +10.75% | +11.52%Best |
| 1Y Return | +13.49% | +17.48%Best |
| 3Y Return (annualized) | +15.62% | +20.62%Best |
| 5Y Return (annualized) | +9.90% | +12.73%Best |
| Volatility (annualized) | 13.6%Best | 16.5% |
| Max Drawdown | -34.0%Best | -34.1% |
| $10,000 over 5 years | $16,032 | $18,205Best |
| Top 10 Weight | 35.8%Best | 38.0% |
| Fund Family | Northern Trust Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 15, 2019 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 16, 2019 to Sep 10, 2026 (7.2 years).
QLV vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 7.2 years both funds cover.
QLV vs SPY Performance
Northern Trust US Quality Low Volatility ETF (QLV) is an ETF from Northern Trust Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year QLV returned +13.49% while SPY returned +17.48%. Year to date, QLV is up 10.75% versus a gain of 11.52% for SPY.
Over three years, QLV compounded at +15.62% per year against +20.62% for SPY; over five years the annualized figures are +9.90% and +12.73% respectively. Across the full 7-year window we track, SPY has the edge at +15.03% annualized vs +11.26%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 16.5% compared with 13.6% for QLV. 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 -34.0% for QLV and -34.1% 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
QLV charges 0.08% per year while SPY charges 0.09%. On a $10,000 position that is $8 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, QLV currently yields 1.49% against 0.98% for SPY.
Holdings Overlap
83.1% of QLV's money is in holdings SPY also owns. 57.9% of SPY's money is in holdings QLV also owns.
Most of QLV is already inside SPY. Owning both mostly buys the same companies twice.
83 positions in common, counted across the 120 positions we hold weights for in QLV and 504 in SPY, against full books of 122 and 505.
What only one of them owns
Our book lists 412 positions for SPY that do not appear in our book for QLV (41.6% of the fund), and 30 for QLV that do not appear in SPY (12.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in QLV | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 6.41% | 7.71% | 1.30% |
| AAPLApple, Inc | 5.71% | 6.83% | 1.12% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.35% | 5.50% | 0.85% |
| AMZNAmazon.Com Inc | 2.51% | 4.08% | 1.57% |
| GOOGLAlphabet A Usd 0.001 | 1.90% | 3.33% | 1.43% |
| JNJJohnson & Johnson | 4.27% | 0.92% | 3.35% |
| AVGOBroadcom Inc | 1.90% | 2.97% | 1.07% |
| GOOGAlphabet Inc | 1.44% | 2.67% | 1.23% |
| BRK.BBerkshire Hathaway B | 1.84% | 1.42% | 0.42% |
| XOMExxon Mobil Corp. | 2.28% | 0.96% | 1.32% |
83.1% of QLV is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, QLV or SPY?
QLV has an expense ratio of 0.08% while SPY charges 0.09%. QLV is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, QLV or SPY?
Over the past year QLV returned +13.49% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), QLV annualized +11.26% vs +15.03% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QLV or SPY?
SPY has been the more volatile fund at 16.5% annualized versus 13.6% for QLV. Worst drawdown: QLV -34.0% vs SPY -34.1%.
Should I hold both QLV and SPY?
QLV and SPY have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between QLV and SPY?
83.1% of QLV's money is in holdings SPY also owns. 57.9% of SPY's is in holdings QLV also owns. They hold 83 positions in common, counted across the 120 positions we hold weights for in QLV and 504 in SPY.
Which pays a higher dividend, QLV or SPY?
QLV yields 1.49% while SPY yields 0.98%, so QLV currently pays the higher dividend yield.
Is SPY better than QLV?
QLV has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. QLV is less concentrated, with 35.8% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.