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FLRG vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLRG vs. QUAL

Last updated Aug 3, 2026
Documentation

FLRG (Fidelity U.S. Multifactor ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - FLRG is a Large Cap Blend Equities fund tracking the Fidelity U.S. Multifactor Index, while QUAL is a Quality Factor fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, FLRG returned 11.92%/yr vs 11.11%/yr for QUAL. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.

Performance

FLRG vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity U.S. Multifactor ETF (FLRG) and iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FLRG achieves a 10.29% return, which is significantly lower than QUAL's 10.86% return.

FLRG

1D
0.16%
1M
1.69%
6M
8.30%
YTD
10.29%
1Y
17.72%
3Y*
17.69%
5Y*
11.92%
10Y*
—
ALL TIME*
15.43%

QUAL

1D
0.18%
1M
0.41%
6M
8.77%
YTD
10.86%
1Y
21.43%
3Y*
17.38%
5Y*
11.11%
10Y*
14.15%
ALL TIME*
13.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FLRG

Fidelity U.S. Multifactor ETF
$441.29K$669.16K$816.00K

QUAL

iShares MSCI USA Quality Factor ETF
$216.39M$244.32M$382.94M

FLRG vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
FLRG
Fidelity U.S. Multifactor ETF		10.29%13.92%23.36%18.31%-10.98%29.36%9.90%
QUAL
iShares MSCI USA Quality Factor ETF		10.86%12.65%22.29%30.88%-20.50%26.94%11.79%

Correlation

The correlation between FLRG and QUAL is 0.92, 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.

0.92

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.94

Correlation (All Time)
Calculated using the full available price history since Sep 17, 2020

0.94

The correlation between FLRG and QUAL has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

FLRG vs. QUAL - Sectors Allocation Comparison

Sectors
FLRG
QUAL

Technology

37.5%
40.2%

Financial Services

12.1%
10.9%

Consumer Cyclical

9.9%
9.0%

Healthcare

9.7%
9.2%

Communication Services

9.2%
10.3%

Industrials

7.7%
7.4%

Consumer Defensive

4.7%
4.3%

Energy

4.2%
2.9%

Basic Materials

2.1%
1.9%

Real Estate

2.0%
1.7%

Utilities

1.1%
2.1%

Technology

FLRG
37.5%
QUAL
40.2%

Financial Services

FLRG
12.1%
QUAL
10.9%

Consumer Cyclical

FLRG
9.9%
QUAL
9.0%

Healthcare

FLRG
9.7%
QUAL
9.2%

Communication Services

FLRG
9.2%
QUAL
10.3%

Industrials

FLRG
7.7%
QUAL
7.4%

Consumer Defensive

FLRG
4.7%
QUAL
4.3%

Energy

FLRG
4.2%
QUAL
2.9%

Basic Materials

FLRG
2.1%
QUAL
1.9%

Real Estate

FLRG
2.0%
QUAL
1.7%

Utilities

FLRG
1.1%
QUAL
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity U.S. Multifactor ETF

iShares MSCI USA Quality Factor ETF

Often compared with FLRG:
FLRG vs. FMILFLRG vs. FSMDFLRG vs. VOOFLRG vs. FDVVFLRG vs. SCHGFLRG vs. IVVFLRG vs. FTEC
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

FLRG vs. QUAL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FLRG
FLRG Risk / Return Rank: 6868
Overall Rank
FLRG Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
FLRG Sortino Ratio Rank: 6767
Sortino Ratio Rank
FLRG Omega Ratio Rank: 6767
Omega Ratio Rank
FLRG Calmar Ratio Rank: 6666
Calmar Ratio Rank
FLRG Martin Ratio Rank: 7171
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 7272
Overall Rank
QUAL Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 7474
Sortino Ratio Rank
QUAL Omega Ratio Rank: 7171
Omega Ratio Rank
QUAL Calmar Ratio Rank: 6565
Calmar Ratio Rank
QUAL Martin Ratio Rank: 7979
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLRG vs. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Multifactor ETF (FLRG) and iShares MSCI USA Quality Factor ETF (QUAL). 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.

FLRGQUALDifference
Sharpe ratioReturn per unit of total volatility
1.54
1.65

-0.11

Sortino ratioReturn per unit of downside risk
2.19
2.36

-0.16

Omega ratioGain probability vs. loss probability

1.28

1.29

-0.01

Calmar ratioReturn relative to maximum drawdown

2.29

2.25

+0.04

Martin ratioReturn relative to average drawdown

8.67

10.08

-1.41

FLRG vs. QUAL - Sharpe Ratio Comparison

The current FLRG Sharpe Ratio is 1.54, which is comparable to the QUAL Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of FLRG and QUAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FLRG vs. QUAL - Drawdown Comparison

The maximum FLRG drawdown since its inception was -19.64%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for FLRG and QUAL.

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Drawdown Indicators

FLRGQUALDifference

Max Drawdown

Largest peak-to-trough decline

-19.64%

-34.06%

+14.42%

Max Drawdown (1Y)

Largest decline over 1 year

-7.16%

-9.03%

+1.87%

Max Drawdown (3Y)

Largest decline over 3 years

-16.53%

-18.00%

+1.47%

Max Drawdown (5Y)

Largest decline over 5 years

-19.64%

-28.23%

+8.59%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.06%

—

Current Drawdown

Current decline from peak

0.00%

-0.61%

+0.61%

Average Drawdown

Average peak-to-trough decline

-3.67%

-4.07%

+0.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

2.01%

-0.12%

Volatility

FLRG vs. QUAL - Volatility Comparison

The current volatility for Fidelity U.S. Multifactor ETF (FLRG) is 2.52%, while iShares MSCI USA Quality Factor ETF (QUAL) has a volatility of 2.88%. This indicates that FLRG experiences smaller price fluctuations and is considered to be less risky than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLRGQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.52%

2.88%

-0.36%

Volatility (6M)

Calculated over the trailing 6-month period

8.18%

9.72%

-1.54%

Volatility (1Y)

Calculated over the trailing 1-year period

10.62%

12.33%

-1.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.20%

17.38%

-2.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.93%

18.09%

-3.16%

FLRG vs. QUAL - Expense Ratio Comparison

Both FLRG and QUAL have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FLRG vs. QUAL - Dividend Comparison

FLRG's dividend yield for the trailing twelve months is around 1.37%, more than QUAL's 0.86% yield.

PositionTTM20252024202320222021202020192018201720162015
FLRG
Fidelity U.S. Multifactor ETF		1.37%1.42%1.42%1.39%1.62%1.36%1.47%0.00%0.00%0.00%0.00%0.00%
QUAL
iShares MSCI USA Quality Factor ETF		0.86%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

With a correlation of 0.92, FLRG and QUAL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

QUAL has higher volatility (2.88%) compared to FLRG (2.52%). In terms of maximum drawdown, FLRG dropped -19.64% vs QUAL's -34.06%.

On 5-year performance, FLRG leads with 11.92% vs 11.11% for QUAL. Both ETFs have the same 0.15% expense ratio. On volatility, FLRG has been the lower-risk option at 2.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLRG has performed better with a 11.92% return vs 11.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLRG and QUAL have the same expense ratio: 0.15% per year.

FLRG has the higher dividend yield at 1.37%, compared with 0.86% for QUAL.

FLRG is categorized as Large Cap Blend Equities, while QUAL is Quality Factor. FLRG tracks Fidelity U.S. Multifactor Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Fidelity and iShares.

QUAL currently has the higher Sharpe Ratio (1.65 vs 1.54), 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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