HYGV vs. QLV
HYGV (FlexShares High Yield Value-Scored Bond Index Fund) and QLV (FlexShares US Quality Low Volatility Index Fund) are both exchange-traded funds - HYGV is a High Yield Bonds fund tracking the Northern Trust High Yield Value-Scored US Corporate Bond Index, while QLV is a Quality Factor fund tracking the Northern Trust Quality Low Volatility Index. Both are passively managed. Over the past 5 years, HYGV returned 3.49%/yr vs 10.05%/yr for QLV. Their 0.67 correlation means they have sometimes moved together and sometimes differently. HYGV charges 0.37%/yr vs 0.22%/yr for QLV.
Performance
HYGV vs. QLV - Performance Comparison
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Returns By Period
In the year-to-date period, HYGV achieves a 2.25% return, which is significantly lower than QLV's 9.55% return.
HYGV
- 1D
- 0.28%
- 1M
- 0.07%
- 6M
- 1.48%
- YTD
- 2.25%
- 1Y
- 5.77%
- 3Y*
- 8.05%
- 5Y*
- 3.49%
- 10Y*
- —
- ALL TIME*
- 5.02%
QLV
- 1D
- 0.50%
- 1M
- 1.91%
- 6M
- 6.89%
- YTD
- 9.55%
- 1Y
- 16.70%
- 3Y*
- 15.60%
- 5Y*
- 10.05%
- 10Y*
- —
- ALL TIME*
- 11.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.97M | $4.09M | $4.06M | |
| $571.44K | $481.55K | $516.78K |
HYGV vs. QLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HYGV FlexShares High Yield Value-Scored Bond Index Fund | 2.25% | 7.92% | 8.02% | 12.11% | -12.60% | 5.93% | 8.01% | 4.03% |
QLV FlexShares US Quality Low Volatility Index Fund | 9.55% | 12.28% | 18.08% | 13.71% | -9.97% | 26.08% | 9.63% | 5.97% |
Correlation
The correlation between HYGV and QLV is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019 | 0.67 |
The correlation between HYGV and QLV shifts across timeframes, from 0.56 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYGV vs. QLV — Risk / Return Rank
HYGV
QLV
HYGV vs. QLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares High Yield Value-Scored Bond Index Fund (HYGV) 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.
| HYGV | QLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.39 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.71 | -0.55 |
| Martin ratioReturn relative to average drawdown | 9.27 | 11.17 | -1.90 |
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Drawdowns
HYGV vs. QLV - Drawdown Comparison
The maximum HYGV drawdown since its inception was -23.47%, smaller than the maximum QLV drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for HYGV and QLV.
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Drawdown Indicators
| HYGV | QLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.47% | -33.71% | +10.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -6.19% | +3.51% |
Max Drawdown (3Y)Largest decline over 3 years | -5.56% | -12.05% | +6.49% |
Max Drawdown (5Y)Largest decline over 5 years | -17.12% | -17.93% | +0.81% |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -3.26% | -3.93% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 1.50% | -0.88% |
Volatility
HYGV vs. QLV - Volatility Comparison
The current volatility for FlexShares High Yield Value-Scored Bond Index Fund (HYGV) is 0.81%, while FlexShares US Quality Low Volatility Index Fund (QLV) has a volatility of 2.30%. This indicates that HYGV 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
| HYGV | QLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 2.30% | -1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 5.98% | -2.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 7.88% | -4.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 12.64% | -5.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.11% | 16.43% | -7.32% |
HYGV vs. QLV - Expense Ratio Comparison
HYGV has a 0.37% expense ratio, which is higher than QLV's 0.22% expense ratio.
Dividends
HYGV vs. QLV - Dividend Comparison
HYGV's dividend yield for the trailing twelve months is around 7.44%, more than QLV's 1.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HYGV FlexShares High Yield Value-Scored Bond Index Fund | 7.44% | 7.48% | 8.20% | 8.77% | 7.64% | 6.07% | 6.18% | 7.95% | 5.63% |
QLV FlexShares US Quality Low Volatility Index Fund | 1.52% | 1.60% | 1.66% | 1.60% | 1.74% | 0.96% | 1.24% | 0.58% | 0.00% |
Frequently Asked Questions
HYGV and QLV have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLV has higher volatility (2.30%) compared to HYGV (0.81%). In terms of maximum drawdown, HYGV dropped -23.47% vs QLV's -33.71%.
On 5-year performance, QLV leads with 10.05% vs 3.49% for HYGV. On fees, QLV is cheaper at 0.22% per year. On volatility, HYGV has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QLV has performed better with a 10.05% return vs 3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QLV is cheaper with a 0.22% expense ratio, compared with 0.37% for HYGV.
HYGV has the higher dividend yield at 7.44%, compared with 1.52% for QLV.
HYGV is categorized as High Yield Bonds, while QLV is Quality Factor. HYGV tracks Northern Trust High Yield Value-Scored US Corporate Bond Index, while QLV tracks Northern Trust Quality Low Volatility Index. Their fees differ too: 0.37% for HYGV and 0.22% for QLV.
QLV currently has the higher Sharpe Ratio (2.13 vs 1.50), 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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