INRO vs. QLTY

Last updated Aug 2, 2026

INRO (Blackrock U.S. Industry Rotation ETF) and QLTY (GMO U.S. Quality ETF) are both exchange-traded funds - INRO is a Large Cap Blend Equities fund actively managed by BlackRock, while QLTY is a Quality Factor fund tracking the S&P 500. INRO is actively managed, while QLTY is passively managed. Over the past year, INRO returned 23.28% vs 25.15% for QLTY. Their correlation of 0.88 means they have usually moved in the same direction. INRO charges 0.42%/yr vs 0.50%/yr for QLTY.

Performance

INRO vs. QLTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock U.S. Industry Rotation ETF (INRO) and GMO U.S. Quality ETF (QLTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INRO achieves a 11.79% return, which is significantly higher than QLTY's 9.02% return.

INRO

• 1D: 0.89%
• 1M: -0.78%
• 6M: 10.48%
• YTD: 11.79%
• 1Y: 23.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.09%

QLTY

• 1D: 0.70%
• 1M: 0.19%
• 6M: 6.82%
• YTD: 9.02%
• 1Y: 25.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
INRO Blackrock U.S. Industry Rotation ETF	$49.91K	$81.32K	$86.07K
QLTY GMO U.S. Quality ETF	$14.32M	$16.07M	$19.07M

INRO vs. QLTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
INRO Blackrock U.S. Industry Rotation ETF	11.79%	16.67%	10.92%
QLTY GMO U.S. Quality ETF	9.02%	21.26%	8.27%

Correlation

The correlation between INRO and QLTY is 0.86, 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.	0.86
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.88

The correlation between INRO and QLTY has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

INRO vs. QLTY - Sectors Allocation Comparison

Sectors	INRO	QLTY
Technology	41.4%	39.6%
Consumer Cyclical	11.3%	7.0%
Industrials	10.1%	4.5%
Financial Services	9.6%	8.1%
Healthcare	8.5%	22.6%
Communication Services	7.9%	11.0%
Consumer Defensive	6.4%	7.3%
Energy	2.4%	-
Basic Materials	1.8%	-
Real Estate	0.4%	-
Utilities	0.1%	-

Return for Risk

INRO vs. QLTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INRO

INRO Risk / Return Rank: 65
INRO Sharpe Ratio Rank: 63
INRO Sortino Ratio Rank: 62
INRO Omega Ratio Rank: 60
INRO Calmar Ratio Rank: 65
INRO Martin Ratio Rank: 77

QLTY

QLTY Risk / Return Rank: 73
QLTY Sharpe Ratio Rank: 81
QLTY Sortino Ratio Rank: 81
QLTY Omega Ratio Rank: 78
QLTY Calmar Ratio Rank: 57
QLTY Martin Ratio Rank: 67

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.

INRO vs. QLTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock U.S. Industry Rotation ETF (INRO) and GMO U.S. Quality ETF (QLTY). 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.

	INRO	QLTY	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.86	-0.39
Sortino ratio: Return per unit of downside risk	2.07	2.62	-0.55
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.06
Calmar ratio: Return relative to maximum drawdown	2.26	2.01	+0.25
Martin ratio: Return relative to average drawdown	9.61	8.13	+1.48

INRO vs. QLTY - Sharpe Ratio Comparison

The current INRO Sharpe Ratio is 1.47, which is comparable to the QLTY Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of INRO and QLTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INRO vs. QLTY - Drawdown Comparison

The maximum INRO drawdown since its inception was -20.02%, which is greater than QLTY's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for INRO and QLTY.

Drawdown Indicators

	INRO	QLTY	Difference
Max Drawdown Largest peak-to-trough decline	-20.02%	-17.00%	-3.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-11.71%	+2.35%
Current Drawdown Current decline from peak	-2.28%	-0.41%	-1.87%
Average Drawdown Average peak-to-trough decline	-2.56%	-2.00%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	2.90%	-0.70%

Volatility

INRO vs. QLTY - Volatility Comparison

Blackrock U.S. Industry Rotation ETF (INRO) has a higher volatility of 4.42% compared to GMO U.S. Quality ETF (QLTY) at 2.90%. This indicates that INRO's price experiences larger fluctuations and is considered to be riskier than QLTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INRO	QLTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	2.90%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	11.77%	9.63%	+2.14%
Volatility (1Y) Calculated over the trailing 1-year period	14.46%	12.76%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	14.52%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.19%	14.52%	+2.67%

INRO vs. QLTY - Expense Ratio Comparison

INRO has a 0.42% expense ratio, which is lower than QLTY's 0.50% expense ratio.

Dividends

INRO vs. QLTY - Dividend Comparison

INRO's dividend yield for the trailing twelve months is around 0.61%, less than QLTY's 0.72% yield.

Position	TTM	2025	2024	2023
INRO Blackrock U.S. Industry Rotation ETF	0.61%	0.68%	0.50%	0.00%
QLTY GMO U.S. Quality ETF	0.72%	0.73%	0.79%	0.15%

Frequently Asked Questions

Can I hold both INRO and QLTY in my portfolio?

INRO and QLTY have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INRO or QLTY?

INRO has higher volatility (4.42%) compared to QLTY (2.90%). In terms of maximum drawdown, INRO dropped -20.02% vs QLTY's -17.00%.

Which ETF is better, INRO or QLTY?

On 1-year performance, QLTY leads with 25.15% vs 23.28% for INRO. On fees, INRO is cheaper at 0.42% per year. On volatility, QLTY has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INRO or QLTY?

Over the 1-year period, QLTY has performed better with a 25.15% return vs 23.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INRO or QLTY?

INRO is cheaper with a 0.42% expense ratio, compared with 0.50% for QLTY.

Which ETF pays a higher dividend yield, INRO or QLTY?

QLTY has the higher dividend yield at 0.72%, compared with 0.61% for INRO.

What is the main difference between INRO and QLTY?

INRO is categorized as Large Cap Blend Equities, while QLTY is Quality Factor. They also come from different issuers: BlackRock and GMO. Their fees differ too: 0.42% for INRO and 0.50% for QLTY.

Which has better risk-adjusted returns?

QLTY currently has the higher Sharpe Ratio (1.86 vs 1.47), 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.