QVAL vs SPY
Alpha Architect US Quantitative Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, QVAL or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. QVAL led over 1Y, SPY over 3Y, 5Y and the full window. QVAL is less concentrated, with 20.3% of the fund in its ten largest positions against 37.8%.
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 | QVAL | SPY |
|---|---|---|
| Expense Ratio | 0.28% | 0.09%Best |
| AUM | $708M | $804.7B |
| Dividend Yield | 1.35% | 0.98% |
| Holdings | 52 | 505 |
| YTD Return | +20.91%Best | +12.99% |
| 1Y Return | +28.23%Best | +16.73% |
| 3Y Return (annualized) | +18.94% | +22.52%Best |
| 5Y Return (annualized) | +12.78% | +13.07%Best |
| Volatility (annualized) | 21.2% | 14.9%Best |
| Max Drawdown | -53.3% | -34.1%Best |
| $10,000 over 5 years | $18,246 | $18,481Best |
| Top 10 Weight | 20.3%Best | 37.8% |
| Fund Family | Alpha Architect | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Oct 22, 2014 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 22, 2014 to Sep 23, 2026 (11.9 years).
QVAL 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 11.9 years both funds cover.
QVAL vs SPY Performance
Alpha Architect US Quantitative Value ETF (QVAL) is an ETF from Alpha Architect and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year QVAL returned +28.23% while SPY returned +16.73%. Year to date, QVAL is up 20.91% versus a gain of 12.99% for SPY.
Over three years, QVAL compounded at +18.94% per year against +22.52% for SPY; over five years the annualized figures are +12.78% and +13.07% respectively. Across the full 12-year window we track, SPY has the edge at +13.00% annualized vs +8.43%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QVAL has been the more volatile fund, with annualized monthly volatility of 21.2% compared with 14.9% 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 -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 0.82. 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 1.35% against 0.98% for SPY.
Holdings Overlap
70.0% of QVAL's money is in holdings SPY also owns. 4.2% of SPY's money is in holdings QVAL also owns.
The two portfolios partly overlap.
45 positions in common, counted across the 63 positions we hold weights for in QVAL and 504 in SPY, against full books of 52 and 505.
What only one of them owns
Our book lists 453 positions for SPY that do not appear in our book for QVAL (95.2% of the fund), and 14 for QVAL that do not appear in SPY (28.1%).
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 QVAL | Weight in SPY | Difference |
|---|---|---|---|
| TBBAt&t Inc | 1.99% | 0.27% | 1.72% |
| COPConocophillips Common Stock USD 0.01 | 2.00% | 0.25% | 1.75% |
| BMYBristol-Myers Squibb Co. | 2.00% | 0.21% | 1.79% |
| MPCMarathon Petroleum Corp | 2.02% | 0.17% | 1.85% |
| NEMNewmont Corp Common | 1.97% | 0.20% | 1.77% |
| VLOValero Energy | 2.00% | 0.16% | 1.84% |
| ADBEAdobe Systems | 1.98% | 0.18% | 1.80% |
| MOAltria Group Inc | 1.98% | 0.18% | 1.80% |
| PSXPhillips 66 | 2.01% | 0.15% | 1.86% |
| TGTTarget Corp Common Stock Usd.0833 | 2.02% | 0.11% | 1.91% |
70.0% of QVAL 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, QVAL or SPY?
QVAL has an expense ratio of 0.28% while SPY charges 0.09%. SPY is the cheaper option, by $19 a year on a $10,000 investment.
Which performed better, QVAL or SPY?
Over the past year QVAL returned +28.23% vs +16.73% for SPY, so QVAL leads on 1-year performance. Over the longest common window we track (12 years), QVAL annualized +8.43% vs +13.00% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QVAL or SPY?
QVAL has been the more volatile fund at 21.2% annualized versus 14.9% for SPY. Worst drawdown: QVAL -53.3% vs SPY -34.1%.
Should I hold both QVAL and SPY?
QVAL and SPY have a monthly-return correlation of 0.82, 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 QVAL and SPY?
70.0% of QVAL's money is in holdings SPY also owns. 4.2% of SPY's is in holdings QVAL also owns. They hold 45 positions in common, counted across the 63 positions we hold weights for in QVAL and 504 in SPY.
Which pays a higher dividend, QVAL or SPY?
QVAL yields 1.35% while SPY yields 0.98%, so QVAL currently pays the higher dividend yield.
Is SPY better than QVAL?
SPY has a lower expense ratio. QVAL led over 1Y, SPY over 3Y, 5Y and the full window. QVAL is less concentrated, with 20.3% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.