ESMV vs. QLV
ESMV (iShares ESG MSCI USA Min Vol Factor ETF) and QLV (FlexShares US Quality Low Volatility Index Fund) are both exchange-traded funds - ESMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index - Benchmark TR Gross, while QLV is a Quality Factor fund tracking the Northern Trust Quality Low Volatility Index. Both are passively managed. Over the past 3 years, ESMV returned 10.25%/yr vs 14.76%/yr for QLV. Their correlation of 0.87 means they have usually moved in the same direction. ESMV charges 0.18%/yr vs 0.22%/yr for QLV.
Performance
ESMV vs. QLV - Performance Comparison
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Returns By Period
In the year-to-date period, ESMV achieves a 7.33% return, which is significantly lower than QLV's 9.01% return.
ESMV
- 1D
- 0.22%
- 1M
- -0.16%
- 6M
- 6.27%
- YTD
- 7.33%
- 1Y
- 9.71%
- 3Y*
- 10.25%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.96%
QLV
- 1D
- 0.10%
- 1M
- 1.40%
- 6M
- 6.81%
- YTD
- 9.01%
- 1Y
- 16.12%
- 3Y*
- 14.76%
- 5Y*
- 9.98%
- 10Y*
- —
- ALL TIME*
- 11.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.55K | $9.03K | $12.67K | |
| $433.57K | $400.63K | $648.84K |
ESMV vs. QLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ESMV iShares ESG MSCI USA Min Vol Factor ETF | 7.33% | 5.34% | 13.06% | 12.20% | -11.08% | 3.13% |
QLV FlexShares US Quality Low Volatility Index Fund | 9.01% | 12.28% | 18.08% | 13.71% | -9.97% | 3.59% |
Correlation
The correlation between ESMV and QLV is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2021 | 0.87 |
The correlation between ESMV and QLV has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.
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Return for Risk
ESMV vs. QLV — Risk / Return Rank
ESMV
QLV
ESMV vs. QLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares ESG MSCI USA Min Vol Factor ETF (ESMV) and FlexShares US Quality Low Volatility Index Fund (QLV). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ESMV | QLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.36 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 2.53 | -1.21 |
| Martin ratioReturn relative to average drawdown | 4.05 | 10.43 | -6.37 |
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Drawdowns
ESMV vs. QLV - Drawdown Comparison
The maximum ESMV drawdown since its inception was -19.77%, smaller than the maximum QLV drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for ESMV and QLV.
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Drawdown Indicators
| ESMV | QLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.77% | -33.71% | +13.94% |
Max Drawdown (1Y)Largest decline over 1 year | -7.01% | -6.19% | -0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -12.16% | -12.05% | -0.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.93% | — |
Current DrawdownCurrent decline from peak | -0.51% | -0.43% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -5.18% | -3.93% | -1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 1.50% | +0.78% |
Volatility
ESMV vs. QLV - Volatility Comparison
The current volatility for iShares ESG MSCI USA Min Vol Factor ETF (ESMV) is 2.50%, while FlexShares US Quality Low Volatility Index Fund (QLV) has a volatility of 2.64%. This indicates that ESMV experiences smaller price fluctuations and is considered to be less risky than QLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ESMV | QLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 2.64% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 6.60% | 5.96% | +0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.04% | 7.88% | +2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.11% | 12.63% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.11% | 16.43% | -3.32% |
ESMV vs. QLV - Expense Ratio Comparison
ESMV has a 0.18% expense ratio, which is lower than QLV's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ESMV vs. QLV - Dividend Comparison
ESMV's dividend yield for the trailing twelve months is around 1.50%, less than QLV's 1.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ESMV iShares ESG MSCI USA Min Vol Factor ETF | 1.50% | 1.56% | 1.71% | 1.75% | 1.66% | 0.24% | 0.00% | 0.00% |
QLV FlexShares US Quality Low Volatility Index Fund | 1.52% | 1.60% | 1.66% | 1.60% | 1.74% | 0.96% | 1.24% | 0.58% |
Frequently Asked Questions
ESMV and QLV have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLV has higher volatility (2.64%) compared to ESMV (2.50%). In terms of maximum drawdown, ESMV dropped -19.77% vs QLV's -33.71%.
On 3-year performance, QLV leads with 14.76% vs 10.25% for ESMV. On fees, ESMV is cheaper at 0.18% per year. On volatility, ESMV has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, QLV has performed better with a 14.76% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESMV is cheaper with a 0.18% expense ratio, compared with 0.22% for QLV.
QLV has the higher dividend yield at 1.52%, compared with 1.50% for ESMV.
ESMV is categorized as Low Volatility, while QLV is Quality Factor. ESMV tracks MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index - Benchmark TR Gross, while QLV tracks Northern Trust Quality Low Volatility Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.18% for ESMV and 0.22% for QLV.
QLV currently has the higher Sharpe Ratio (1.99 vs 0.93), 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.
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