QVAL vs SPY
Alpha Architect US Quantitative Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. QVAL delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | QVAL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.28% | 0.09% | |
| AUM | $633M | $814.4B | |
| Dividend Yield | 1.42% | 1.01% | |
| Holdings | 52 | 505 | |
| YTD Return | +26.76% | +12.60% | |
| 1Y Return | +38.35% | +20.83% | |
| 3Y Return (annualized) | +20.48% | +20.98% | |
| 5Y Return (annualized) | +13.22% | +12.56% | |
| Volatility (annualized) | 21.1% | 15.3% | |
| Max Drawdown | -53.3% | -56.5% | |
| Fund Family | Alpha Architect | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Oct 22, 2014 | Jan 22, 1993 |
QVAL vs SPY Performance
Alpha Architect US Quantitative Value ETF (QVAL) is a ETF from Alpha Architect and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year QVAL returned +38.35% while SPY returned +20.83%. Year to date, QVAL is up 26.76% versus a gain of 12.60% for SPY.
Over three years, QVAL compounded at +20.48% per year against +20.98% for SPY; over five years the annualized figures are +13.22% and +12.56% respectively. Across the full 12-year window we track, QVAL has the edge at +8.90% annualized vs +8.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QVAL has been the more volatile fund, with annualized monthly volatility of 21.1% compared with 15.3% for SPY. 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 -53.3% for QVAL 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 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QVAL charges 0.28% per year while SPY charges 0.09%. On a $10,000 position that is $28 vs $9 annually, a gap of $19 per year that compounds over a long holding period. On income, QVAL currently yields 1.42% against 1.01% for SPY.
Holdings Overlap
QVAL and SPY share 35 holdings out of 520 unique holdings combined, representing a 2.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, QVAL or SPY?
QVAL has an expense ratio of 0.28% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $19 per year of difference.
Which performed better, QVAL or SPY?
Over the past year QVAL returned +38.35% vs +20.83% for SPY, so QVAL leads on 1-year performance. Over the longest common window we track (12 years), QVAL annualized +8.90% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, QVAL or SPY?
QVAL has been the more volatile fund at 21.1% annualized versus 15.3% for SPY. Worst drawdown: QVAL -53.3% vs SPY -56.5%.
Should I hold both QVAL and SPY?
QVAL and SPY have a monthly-return correlation of 0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between QVAL and SPY?
QVAL and SPY share 35 common holdings with a 2.8% weight overlap. Combined, they hold 520 unique securities.
Which pays a higher dividend, QVAL or SPY?
QVAL yields 1.42% while SPY yields 1.01%, so QVAL currently pays the higher dividend yield.
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