QLVD vs SPY
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund 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 | QLVD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.12% | 0.09% | |
| AUM | $55M | $821.1B | |
| Dividend Yield | 2.93% | 1.01% | |
| Holdings | 216 | 505 | |
| YTD Return | +10.56% | +14.24% | |
| 1Y Return | +14.58% | +21.71% | |
| 3Y Return (annualized) | +14.91% | +22.10% | |
| 5Y Return (annualized) | +6.99% | +13.21% | |
| Volatility (annualized) | 12.9% | 15.3% | |
| Max Drawdown | -28.4% | -56.5% | |
| Fund Family | Flexshares Trust | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 15, 2019 | Jan 22, 1993 |
QLVD vs SPY Performance
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (QLVD) is a ETF from Flexshares Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year QLVD returned +14.58% while SPY returned +21.71%. Year to date, QLVD is up 10.56% versus a gain of 14.24% for SPY.
Over three years, QLVD compounded at +14.91% per year against +22.10% for SPY; over five years the annualized figures are +6.99% and +13.21% respectively. Across the full 7-year window we track, SPY has the edge at +8.86% annualized vs +7.23%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.9% for QLVD. 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 -28.4% for QLVD 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QLVD charges 0.12% per year while SPY charges 0.09%. On a $10,000 position that is $12 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, QLVD currently yields 2.93% against 1.01% for SPY.
Holdings Overlap
QLVD and SPY share 1 holdings out of 676 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in QLVD | Weight in SPY | Difference |
|---|---|---|---|
| ROP | 0.60% | 0.06% | 0.54% |
Frequently Asked Questions
Which is cheaper, QLVD or SPY?
QLVD has an expense ratio of 0.12% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $3 per year of difference.
Which performed better, QLVD or SPY?
Over the past year QLVD returned +14.58% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), QLVD annualized +7.23% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, QLVD or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.9% for QLVD. Worst drawdown: QLVD -28.4% vs SPY -56.5%.
Should I hold both QLVD and SPY?
QLVD and SPY have a monthly-return correlation of 0.72, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between QLVD and SPY?
QLVD and SPY share 1 common holdings with a 0.1% weight overlap. Combined, they hold 676 unique securities.
Which pays a higher dividend, QLVD or SPY?
QLVD yields 2.93% while SPY yields 1.01%, so QLVD currently pays the higher dividend yield.
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