INVG vs. QLTI

Last updated Jun 24, 2026

INVG (GMO Systematic Investment Grade Credit ETF) and QLTI (GMO International Quality ETF) are both exchange-traded funds - INVG is a Corporate Bonds fund actively managed by GMO, while QLTI is a Foreign Large Cap Equities fund actively managed by GMO. Both are actively managed. Over the past year, INVG returned 5.23% vs 6.03% for QLTI. At a 0.49 correlation, their price movements are largely independent. INVG charges 0.25%/yr vs 0.60%/yr for QLTI.

Performance

INVG vs. QLTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Systematic Investment Grade Credit ETF (INVG) and GMO International Quality ETF (QLTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INVG achieves a 0.96% return, which is significantly higher than QLTI's -0.68% return.

INVG

• 1D: 0.16%
• 1M: 0.87%
• YTD: 0.96%
• 6M: 1.01%
• 1Y: 5.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QLTI

• 1D: -0.60%
• 1M: 1.30%
• YTD: -0.68%
• 6M: -0.63%
• 1Y: 6.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INVG vs. QLTI - Yearly Performance Comparison

	2026 (YTD)	2025
INVG GMO Systematic Investment Grade Credit ETF	0.96%	5.03%
QLTI GMO International Quality ETF	-0.68%	5.19%

Correlation

The correlation between INVG and QLTI is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	0.49

The correlation between INVG and QLTI has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

Return for Risk

INVG vs. QLTI — Risk / Return Rank

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

INVG

INVG Risk / Return Rank: 36
INVG Sharpe Ratio Rank: 36
INVG Sortino Ratio Rank: 36
INVG Omega Ratio Rank: 33
INVG Calmar Ratio Rank: 36
INVG Martin Ratio Rank: 37

QLTI

QLTI Risk / Return Rank: 14
QLTI Sharpe Ratio Rank: 15
QLTI Sortino Ratio Rank: 14
QLTI Omega Ratio Rank: 14
QLTI Calmar Ratio Rank: 14
QLTI Martin Ratio Rank: 15

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.

INVG vs. QLTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Systematic Investment Grade Credit ETF (INVG) and GMO International Quality ETF (QLTI). 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.

	INVG	QLTI	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.39	+0.79
Sortino ratio: Return per unit of downside risk	1.74	0.67	+1.07
Omega ratio: Gain probability vs. loss probability	1.21	1.08	+0.13
Calmar ratio: Return relative to maximum drawdown	1.67	0.44	+1.22
Martin ratio: Return relative to average drawdown	5.31	1.23	+4.07

INVG vs. QLTI - Sharpe Ratio Comparison

The current INVG Sharpe Ratio is 1.18, which is higher than the QLTI Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of INVG and QLTI, 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

INVG vs. QLTI - Drawdown Comparison

The maximum INVG drawdown since its inception was -3.15%, smaller than the maximum QLTI drawdown of -14.82%. Use the drawdown chart below to compare losses from any high point for INVG and QLTI.

Drawdown Indicators

	INVG	QLTI	Difference
Max Drawdown Largest peak-to-trough decline	-3.15%	-14.82%	+11.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-13.72%	+10.57%
Current Drawdown Current decline from peak	-0.61%	-6.11%	+5.50%
Average Drawdown Average peak-to-trough decline	-0.71%	-3.82%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	4.90%	-3.91%

Volatility

INVG vs. QLTI - Volatility Comparison

The current volatility for GMO Systematic Investment Grade Credit ETF (INVG) is 1.26%, while GMO International Quality ETF (QLTI) has a volatility of 4.63%. This indicates that INVG experiences smaller price fluctuations and is considered to be less risky than QLTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INVG	QLTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	4.63%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	12.82%	-9.41%
Volatility (1Y) Calculated over the trailing 1-year period	4.45%	15.54%	-11.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.45%	16.73%	-12.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	16.73%	-12.28%

INVG vs. QLTI - Expense Ratio Comparison

INVG has a 0.25% expense ratio, which is lower than QLTI's 0.60% expense ratio.

Dividends

INVG vs. QLTI - Dividend Comparison

INVG's dividend yield for the trailing twelve months is around 4.66%, more than QLTI's 0.52% yield.

Position	TTM	2025	2024
INVG GMO Systematic Investment Grade Credit ETF	4.66%	2.81%	0.00%
QLTI GMO International Quality ETF	0.52%	0.52%	0.19%

Frequently Asked Questions

Can I hold both INVG and QLTI in my portfolio?

INVG and QLTI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INVG or QLTI?

QLTI has higher volatility (4.63%) compared to INVG (1.26%). In terms of maximum drawdown, INVG dropped -3.15% vs QLTI's -14.82%.

Which ETF is better, INVG or QLTI?

On 1-year performance, QLTI leads with 6.03% vs 5.23% for INVG. On fees, INVG is cheaper at 0.25% per year. On volatility, INVG has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVG or QLTI?

Over the 1-year period, QLTI has performed better with a 6.03% return vs 5.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVG or QLTI?

INVG is cheaper with a 0.25% expense ratio, compared with 0.60% for QLTI.

Which ETF pays a higher dividend yield, INVG or QLTI?

INVG has the higher dividend yield at 4.66%, compared with 0.52% for QLTI.

What is the main difference between INVG and QLTI?

INVG is categorized as Corporate Bonds, while QLTI is Foreign Large Cap Equities. Their fees differ too: 0.25% for INVG and 0.60% for QLTI.

Which has better risk-adjusted returns?

INVG currently has the higher Sharpe Ratio (1.18 vs 0.39), 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.