EFAV vs. QLVD

Last updated Jun 5, 2026

EFAV (iShares Edge MSCI Min Vol EAFE ETF) and QLVD (FlexShares Developed Markets ex-US Quality Low Volatility Index Fund) are both exchange-traded funds - EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility Index, while QLVD is a Volatility Hedged Equity fund tracking the Northern Trust Developed Markets ex US Quality Low Volatility Index. Both are passively managed. Over the past 5 years, EFAV returned 6.29%/yr vs 6.01%/yr for QLVD. Their correlation of 0.94 suggests significant overlap in exposure. EFAV charges 0.20%/yr vs 0.32%/yr for QLVD.

Performance

EFAV vs. QLVD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI Min Vol EAFE ETF (EFAV) and FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (QLVD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFAV achieves a 4.42% return, which is significantly higher than QLVD's 3.56% return.

EFAV

• 1D: 0.57%
• 1M: -1.23%
• YTD: 4.42%
• 6M: 5.83%
• 1Y: 9.78%
• 3Y*: 13.24%
• 5Y*: 6.29%
• 10Y*: 5.92%

QLVD

• 1D: 0.87%
• 1M: -0.29%
• YTD: 3.56%
• 6M: 5.45%
• 1Y: 8.19%
• 3Y*: 12.07%
• 5Y*: 6.01%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EFAV vs. QLVD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EFAV iShares Edge MSCI Min Vol EAFE ETF	4.42%	26.00%	5.30%	12.52%	-15.11%	7.20%	-0.06%	5.00%
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Index Fund	3.56%	24.21%	4.67%	11.57%	-12.09%	9.04%	3.00%	6.35%

Correlation

The correlation between EFAV and QLVD is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.94

The correlation between EFAV and QLVD has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

EFAV vs. QLVD - Sectors Allocation Comparison

Sectors	EFAV	QLVD
Financial Services	19.9%	24.3%
Industrials	15.1%	15.3%
Healthcare	12.4%	10.6%
Consumer Defensive	11.5%	11.3%
Communication Services	9.7%	6.7%
Utilities	9.1%	7.9%
Energy	8.2%	3.9%
Consumer Cyclical	5.2%	5.5%
Technology	4.5%	5.0%
Real Estate	2.9%	5.3%
Basic Materials	1.6%	4.3%

Return for Risk

EFAV vs. QLVD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EFAV

EFAV Risk / Return Rank: 28
EFAV Sharpe Ratio Rank: 28
EFAV Sortino Ratio Rank: 26
EFAV Omega Ratio Rank: 26
EFAV Calmar Ratio Rank: 32
EFAV Martin Ratio Rank: 30

QLVD

QLVD Risk / Return Rank: 22
QLVD Sharpe Ratio Rank: 22
QLVD Sortino Ratio Rank: 22
QLVD Omega Ratio Rank: 22
QLVD Calmar Ratio Rank: 22
QLVD Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EFAV vs. QLVD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Min Vol EAFE ETF (EFAV) and FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (QLVD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	EFAV	QLVD	Difference
Sharpe ratio: Return per unit of total volatility	0.95	0.78	+0.17
Sortino ratio: Return per unit of downside risk	1.38	1.16	+0.23
Omega ratio: Gain probability vs. loss probability	1.17	1.14	+0.03
Calmar ratio: Return relative to maximum drawdown	1.52	1.01	+0.51
Martin ratio: Return relative to average drawdown	4.22	2.98	+1.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFAV vs. QLVD - Sharpe Ratio Comparison

The current EFAV Sharpe Ratio is 0.95, which is comparable to the QLVD Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of EFAV and QLVD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EFAV	QLVD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	0.78	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.51	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.49	+0.05

Drawdowns

EFAV vs. QLVD - Drawdown Comparison

The maximum EFAV drawdown since its inception was -27.56%, roughly equal to the maximum QLVD drawdown of -28.20%. Use the drawdown chart below to compare losses from any high point for EFAV and QLVD.

Drawdown Indicators

	EFAV	QLVD	Difference
Max Drawdown Largest peak-to-trough decline	-27.56%	-28.20%	+0.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	-8.15%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-9.24%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-27.46%	-23.99%	-3.47%
Max Drawdown (10Y) Largest decline over 10 years	-27.56%	—	—
Current Drawdown Current decline from peak	-5.07%	-5.37%	+0.30%
Average Drawdown Average peak-to-trough decline	-4.77%	-5.24%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.76%	-0.44%

Volatility

EFAV vs. QLVD - Volatility Comparison

iShares Edge MSCI Min Vol EAFE ETF (EFAV) and FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (QLVD) have volatilities of 3.14% and 3.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFAV	QLVD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	3.11%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	8.19%	8.32%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	10.55%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.79%	11.73%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.21%	13.97%	-0.76%

EFAV vs. QLVD - Expense Ratio Comparison

EFAV has a 0.20% expense ratio, which is lower than QLVD's 0.32% expense ratio.

Dividends

EFAV vs. QLVD - Dividend Comparison

EFAV's dividend yield for the trailing twelve months is around 3.06%, more than QLVD's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFAV iShares Edge MSCI Min Vol EAFE ETF	3.06%	3.20%	3.24%	3.08%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Index Fund	2.76%	2.87%	3.01%	3.33%	2.47%	3.06%	1.78%	1.06%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EFAV and QLVD in my portfolio?

EFAV and QLVD have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFAV or QLVD?

EFAV has higher volatility (3.14%) compared to QLVD (3.11%). In terms of maximum drawdown, EFAV dropped -27.56% vs QLVD's -28.20%.

Which ETF is better, EFAV or QLVD?

On 5-year performance, EFAV leads with 6.29% vs 6.01% for QLVD. On fees, EFAV is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFAV or QLVD?

Over the 5-year period, EFAV has performed better with a 6.29% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFAV or QLVD?

EFAV is cheaper with a 0.20% expense ratio, compared with 0.32% for QLVD.

Which ETF pays a higher dividend yield, EFAV or QLVD?

EFAV has the higher dividend yield at 3.06%, compared with 2.76% for QLVD.

What is the main difference between EFAV and QLVD?

EFAV is categorized as Foreign Large Cap Equities, while QLVD is Volatility Hedged Equity. EFAV tracks MSCI EAFE Minimum Volatility Index, while QLVD tracks Northern Trust Developed Markets ex US Quality Low Volatility Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.20% for EFAV and 0.32% for QLVD.

Which has better risk-adjusted returns?

EFAV currently has the higher Sharpe Ratio (0.95 vs 0.78), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.