IBDO vs. QUAL

Last updated Apr 1, 2026

Compare and contrast key facts about iShares iBonds Dec 2023 Term Corporate ETF (IBDO) and iShares MSCI USA Quality Factor ETF (QUAL).

IBDO and QUAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBDO is a passively managed fund by iShares that tracks the performance of the Bloomberg December 2023 Maturity Corporate Index. It was launched on Mar 12, 2015. QUAL is a passively managed fund by iShares that tracks the performance of the MSCI USA Sector Neutral Quality Index. It was launched on Jul 18, 2013. Both IBDO and QUAL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IBDO vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2023 Term Corporate ETF (IBDO) and iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

IBDO vs. QUAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBDO iShares iBonds Dec 2023 Term Corporate ETF	0.00%	0.00%	0.00%	4.93%	-0.68%	-0.29%	5.37%	8.94%	-0.49%	4.45%
QUAL iShares MSCI USA Quality Factor ETF	-3.22%	12.65%	22.29%	30.88%	-20.50%	26.94%	17.04%	33.89%	-5.70%	22.26%

Returns By Period

IBDO

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QUAL

• 1D: 2.85%
• 1M: -6.17%
• YTD: -3.22%
• 6M: -0.87%
• 1Y: 13.35%
• 3Y*: 16.91%
• 5Y*: 10.60%
• 10Y*: 12.94%

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

IBDO vs. QUAL - Expense Ratio Comparison

IBDO has a 0.10% expense ratio, which is lower than QUAL's 0.15% 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%.

QUAL

iShares MSCI USA Quality Factor ETF

IBDO

iShares iBonds Dec 2023 Term Corporate ETF

Return for Risk

IBDO vs. QUAL — Risk / Return Rank

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

QUAL

QUAL Risk / Return Rank: 51
QUAL Sharpe Ratio Rank: 45
QUAL Sortino Ratio Rank: 48
QUAL Omega Ratio Rank: 48
QUAL Calmar Ratio Rank: 54
QUAL Martin Ratio Rank: 62

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.

IBDO vs. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2023 Term Corporate ETF (IBDO) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IBDO	QUAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.77	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.75	—

Correlation

The correlation between IBDO and QUAL is -0.01. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

IBDO vs. QUAL - Dividend Comparison

IBDO has not paid dividends to shareholders, while QUAL's dividend yield for the trailing twelve months is around 0.98%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBDO iShares iBonds Dec 2023 Term Corporate ETF	0.00%	0.00%	0.00%	3.61%	1.85%	2.04%	2.47%	3.01%	3.10%	2.96%	3.01%	2.39%
QUAL iShares MSCI USA Quality Factor ETF	0.98%	0.94%	1.02%	1.23%	1.59%	1.20%	1.39%	1.60%	2.00%	1.76%	1.96%	1.63%

Drawdowns

Drawdown Indicators

	IBDO	QUAL	Difference
Max Drawdown Largest peak-to-trough decline	—	-34.06%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-11.52%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.06%	—
Current Drawdown Current decline from peak	—	-6.44%	—
Average Drawdown Average peak-to-trough decline	—	-4.15%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.50%	—

Volatility

Volatility by Period

	IBDO	QUAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	17.47%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.34%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.08%	—