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FQAL vs. QDEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FQAL vs. QDEF

Last updated Aug 2, 2026
Documentation

FQAL (Fidelity Quality Factor ETF) and QDEF (FlexShares Quality Dividend Defensive Index Fund) are both Quality Factor funds - FQAL tracks the Fidelity U.S. Quality Factor Index while QDEF tracks the Northern Trust Quality Dividend Defensive Index. Both are passively managed. Over the past 5 years, FQAL returned 11.43%/yr vs 12.34%/yr for QDEF. Their correlation of 0.93 means they have usually moved in the same direction. FQAL charges 0.29%/yr vs 0.37%/yr for QDEF.

Performance

FQAL vs. QDEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Quality Factor ETF (FQAL) and FlexShares Quality Dividend Defensive Index Fund (QDEF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FQAL achieves a 9.52% return, which is significantly lower than QDEF's 10.48% return.

FQAL

1D
0.48%
1M
0.93%
6M
7.92%
YTD
9.52%
1Y
18.77%
3Y*
17.90%
5Y*
11.43%
10Y*
—
ALL TIME*
14.45%

QDEF

1D
-0.05%
1M
1.68%
6M
8.64%
YTD
10.48%
1Y
20.97%
3Y*
17.66%
5Y*
12.34%
10Y*
12.14%
ALL TIME*
12.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

FQAL

Fidelity Quality Factor ETF
$3.79M$3.24M$3.26M

QDEF

FlexShares Quality Dividend Defensive Index Fund
$546.87K$522.47K$732.31K

FQAL vs. QDEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FQAL
Fidelity Quality Factor ETF		9.52%16.93%21.92%24.20%-19.70%32.13%16.17%28.12%-4.39%23.03%
QDEF
FlexShares Quality Dividend Defensive Index Fund		10.48%17.43%21.19%17.48%-10.94%26.04%3.15%24.90%-4.10%17.04%

Correlation

The correlation between FQAL and QDEF is 0.93, 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.

0.93

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 15, 2016

0.93

The correlation between FQAL and QDEF has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

FQAL vs. QDEF - Sectors Allocation Comparison

Sectors
FQAL
QDEF

Technology

36.7%
35.6%

Financial Services

12.0%
11.7%

Consumer Cyclical

9.6%
7.3%

Industrials

9.4%
5.5%

Communication Services

9.3%
5.8%

Healthcare

9.1%
10.5%

Consumer Defensive

4.4%
7.3%

Energy

3.3%
4.2%

Basic Materials

2.1%
3.5%

Real Estate

2.1%
3.9%

Utilities

2.0%
3.6%

Technology

FQAL
36.7%
QDEF
35.6%

Financial Services

FQAL
12.0%
QDEF
11.7%

Consumer Cyclical

FQAL
9.6%
QDEF
7.3%

Industrials

FQAL
9.4%
QDEF
5.5%

Communication Services

FQAL
9.3%
QDEF
5.8%

Healthcare

FQAL
9.1%
QDEF
10.5%

Consumer Defensive

FQAL
4.4%
QDEF
7.3%

Energy

FQAL
3.3%
QDEF
4.2%

Basic Materials

FQAL
2.1%
QDEF
3.5%

Real Estate

FQAL
2.1%
QDEF
3.9%

Utilities

FQAL
2.0%
QDEF
3.6%

Compare stocks, funds, or ETFs

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

Fidelity Quality Factor ETF

FlexShares Quality Dividend Defensive Index Fund

Often compared with FQAL:
FQAL vs. SPHQFQAL vs. QUALFQAL vs. JQUAFQAL vs. MOATFQAL vs. VOOFQAL vs. FTECFQAL vs. VEVE.AS
Often compared with QDEF:
QDEF vs. QDFQDEF vs. SCHDQDEF vs. DGRWQDEF vs. ^SP500TRQDEF vs. QDIVQDEF vs. SCHBQDEF vs. COWZ

Return for Risk

FQAL vs. QDEF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FQAL
FQAL Risk / Return Rank: 6666
Overall Rank
FQAL Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
FQAL Sortino Ratio Rank: 6666
Sortino Ratio Rank
FQAL Omega Ratio Rank: 6565
Omega Ratio Rank
FQAL Calmar Ratio Rank: 6060
Calmar Ratio Rank
FQAL Martin Ratio Rank: 7474
Martin Ratio Rank
QDEF
QDEF Risk / Return Rank: 8585
Overall Rank
QDEF Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
QDEF Sortino Ratio Rank: 8787
Sortino Ratio Rank
QDEF Omega Ratio Rank: 8787
Omega Ratio Rank
QDEF Calmar Ratio Rank: 8181
Calmar Ratio Rank
QDEF Martin Ratio Rank: 8686
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.

FQAL vs. QDEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Quality Factor ETF (FQAL) and FlexShares Quality Dividend Defensive Index Fund (QDEF). 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.

FQALQDEFDifference
Sharpe ratioReturn per unit of total volatility
1.51
2.07

-0.55

Sortino ratioReturn per unit of downside risk
2.16
2.94

-0.78

Omega ratioGain probability vs. loss probability

1.27

1.38

-0.11

Calmar ratioReturn relative to maximum drawdown

2.08

2.93

-0.84

Martin ratioReturn relative to average drawdown

9.21

12.20

-2.99

FQAL vs. QDEF - Sharpe Ratio Comparison

The current FQAL Sharpe Ratio is 1.51, which is comparable to the QDEF Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of FQAL and QDEF, 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

FQAL vs. QDEF - Drawdown Comparison

The maximum FQAL drawdown since its inception was -33.71%, smaller than the maximum QDEF drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for FQAL and QDEF.

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Drawdown Indicators

FQALQDEFDifference

Max Drawdown

Largest peak-to-trough decline

-33.71%

-35.74%

+2.03%

Max Drawdown (1Y)

Largest decline over 1 year

-8.43%

-6.95%

-1.48%

Max Drawdown (3Y)

Largest decline over 3 years

-16.87%

-14.43%

-2.44%

Max Drawdown (5Y)

Largest decline over 5 years

-25.50%

-21.37%

-4.13%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.74%

—

Current Drawdown

Current decline from peak

-0.42%

-0.58%

+0.16%

Average Drawdown

Average peak-to-trough decline

-4.53%

-3.27%

-1.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.90%

1.67%

+0.23%

Volatility

FQAL vs. QDEF - Volatility Comparison

Fidelity Quality Factor ETF (FQAL) has a higher volatility of 2.43% compared to FlexShares Quality Dividend Defensive Index Fund (QDEF) at 2.29%. This indicates that FQAL's price experiences larger fluctuations and is considered to be riskier than QDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FQALQDEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.43%

2.29%

+0.14%

Volatility (6M)

Calculated over the trailing 6-month period

8.94%

7.47%

+1.47%

Volatility (1Y)

Calculated over the trailing 1-year period

11.60%

9.85%

+1.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.20%

13.77%

+2.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.49%

16.14%

+1.35%

FQAL vs. QDEF - Expense Ratio Comparison

FQAL has a 0.29% expense ratio, which is lower than QDEF's 0.37% expense ratio.

Dividends

FQAL vs. QDEF - Dividend Comparison

FQAL's dividend yield for the trailing twelve months is around 1.15%, less than QDEF's 1.58% yield.

PositionTTM20252024202320222021202020192018201720162015
FQAL
Fidelity Quality Factor ETF		1.15%1.12%1.20%1.35%1.52%1.17%1.46%1.55%1.73%1.53%0.43%0.00%
QDEF
FlexShares Quality Dividend Defensive Index Fund		1.58%1.74%1.85%2.21%2.42%1.84%2.50%3.17%7.10%2.70%2.90%3.00%

Frequently Asked Questions

With a correlation of 0.93, FQAL and QDEF 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.

FQAL has higher volatility (2.43%) compared to QDEF (2.29%). In terms of maximum drawdown, FQAL dropped -33.71% vs QDEF's -35.74%.

On 5-year performance, QDEF leads with 12.34% vs 11.43% for FQAL. On fees, FQAL is cheaper at 0.29% per year. On volatility, QDEF has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, QDEF has performed better with a 12.34% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FQAL is cheaper with a 0.29% expense ratio, compared with 0.37% for QDEF.

QDEF has the higher dividend yield at 1.58%, compared with 1.15% for FQAL.

FQAL tracks Fidelity U.S. Quality Factor Index, while QDEF tracks Northern Trust Quality Dividend Defensive Index. They also come from different issuers: Fidelity and FlexShares. Their fees differ too: 0.29% for FQAL and 0.37% for QDEF.

QDEF currently has the higher Sharpe Ratio (2.07 vs 1.51), 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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