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Data as of Nov 4, 2026.

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QBER vs SPY: Differences, Returns & Fees

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Over the year to Nov 4, 2026, QBER returned 0.0% to SPY's +14.8%, and SPY charges 0.09% to QBER's 0.79%.

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Net assets: $73m on Jul 31, 2026 for TrueShares Quarterly Bear Hedge ETF, and $804.8bn on Nov 3, 2026 for SPDR S&P 500 ETF Trust.

QBER on its own →SPY on its own →
At a glance
0.0%
QBER total return, 1 year
+14.8%
SPY total return, 1 year
0.79%
QBER expense ratio
0.09%
SPY expense ratio

Pair scorecard

SPY costs 0.70 points a year less; their one-year returns differ by 14.8 points.

QBER vs SPY: Differences, Returns & Fees
MeasureQBERSPY
Return
Total return, 1 year0.0%+14.8%
Total return, 52 weeks−0.1%
Against its benchmark
What it tracksnot publishedS&P 500 Index
Treasury bills, 52 weeks+3.7%
Against cash3.8 points behind
Cost and size
Expense ratio0.79%0.09%
Net assets, QBER as of Jul 31, 2026 and SPY as of Nov 3, 2026$73m$804.8bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight100%
Top ten holdings, share of the fund37.3%
Risk
Correlation with the S&P 500’s weekly returns−0.71
Beta to the S&P 500−0.12: about 0.12% for each 1%
Its average week when the S&P 500 fellrose 0.17%
Down-week capture−15.4%
Weeks the S&P 500 fell26 of 52, by 1.07% on average

Method

Risk and return

Jul 12, 2024 to Oct 30, 2026 · 120 weekly returns
QBER SPY
Return
Total return edge SPY +0.2% +38.5%
Annualized edge SPY +0.1% +15.2%
Price return edge SPY −4.3% +35.0%
Risk
Volatility edge QBER 3.5% 15.0%
Max drawdown edge QBER −3.6% −16.9%
Risk-adjusted
Sharpe edge SPY −1.14 0.74
Sortino edge SPY −1.56 1.13
Calmar edge SPY 0.02 0.90
Reading

From Jul 2024 to Oct 2026, SPY returned more: +38.5% to +0.2%. QBER swung less: 3.5% to 15.0%. QBER fell less at its worst: −3.6% to −16.9%.

Full scorecard

9 measures, with how each is measured Open ↓
Risk and return: QBER vs SPY: Differences, Returns & Fees
MeasureQBERSPYEdgeHow it is measured
Return
Total return+0.2%+38.5%SPYPrice change plus distributions, reinvested.
Annualized+0.1%+15.2%SPYTotal return as a yearly rate.
Price return−4.3%+35.0%SPYPrice change alone, distributions left out.
Risk
Volatility3.5%15.0%QBERSpread of weekly returns, annualized. Lower is steadier.
Downside deviation2.6%9.8%QBERLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−3.6%−16.9%QBERDeepest fall from a high to the low after it.
Risk-adjusted
Sharpe−1.140.74SPYReturn above Treasury bills per unit of volatility.
Sortino−1.561.13SPYReturn above Treasury bills per unit of downside deviation.
Calmar0.020.90SPYAnnualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 120 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

QBER TrueShares Quarterly Bear Hedge ETF SPY SPDR S&P 500 ETF Trust
Where it sits Alternatives ETF Stock ETF
Issuer TrueShares State Street
What it is Hedged equity Tracks the S&P 500
Total return, 1 year 0.0% +14.8%
Its benchmark over the same days not measured +14.8% (VOO)
Gap to its benchmark not measured 0.0 pts vs VOO
Expense ratio 0.79% 0.09%
Holdings not read by ETFIQ 504
Net assets, QBER as of Jul 31, 2026 and SPY as of Nov 3, 2026 $73m $804.8bn

QBER and SPY on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

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About each fund
QBER

QBER is a hedged equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.71 with the S&P 500’s and a beta of −0.12, so for each 1% the index moved it moved about 0.12% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks QBER rose 0.17% on average, a down-week capture of −15.4%. Over the same 52 weeks QBER returned −0.1% and a Treasury bill fund +3.7%, so it finished 3.8 percentage points behind cash.

SPY

SPY tracks the S&P 500. Over the year to Nov 4, 2026 it returned +14.8% with distributions reinvested, against +14.8% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Nov 3, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 37.3%.

Questions people ask

Are QBER and SPY in the same category?
QBER is an alternatives ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, QBER or SPY?
In the year to Nov 4, 2026, with distributions reinvested, QBER returned 0.0% and SPY +14.8%.
Which is cheaper, QBER or SPY?
SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
QBER vs VOOIVV vs QBERQBER vs QQQAGG vs QBERSPY vs THEQSPY vs ZHDGCCOR vs SPYQBUL vs SPY
Where to next
BIL, the T-bill fund these are measured against →QBER on its own →SPY on its own →Hold both: look the portfolio through →Rankings →QBER dividend history →SPY dividend history →SPY holdings →Standards and sources →
Sources and dates
QBER filings on SEC EDGAR ↗
QBER prospectus with the expense ratio (SEC) ↗
TrueShares website ↗
SPY filings on SEC EDGAR ↗
State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, QBER against SPY, data as of Nov 4, 2026. https://etfiq.com/compare/any/qber-vs-spy

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