PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IWL vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWL vs. QUAL

Last updated Aug 6, 2026
Documentation

IWL (iShares Russell Top 200 ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index, while QUAL is a Quality Factor fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, IWL returned 16.14%/yr vs 14.32%/yr for QUAL. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.

Performance

IWL vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 ETF (IWL) and iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, IWL achieves a 12.23% return, which is significantly lower than QUAL's 13.64% return. Over the past 10 years, IWL has outperformed QUAL with an annualized return of 16.14%, while QUAL has yielded a comparatively lower 14.32% annualized return.

IWL

1D
-0.15%
1M
2.39%
6M
12.55%
YTD
12.23%
1Y
23.66%
3Y*
22.41%
5Y*
13.75%
10Y*
16.14%
ALL TIME*
14.83%

QUAL

1D
0.00%
1M
2.90%
6M
11.95%
YTD
13.64%
1Y
23.43%
3Y*
19.28%
5Y*
11.42%
10Y*
14.32%
ALL TIME*
13.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

IWL

iShares Russell Top 200 ETF
$7.25M$7.39M$8.34M

QUAL

iShares MSCI USA Quality Factor ETF
$231.95M$239.34M$386.30M

IWL vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWL
iShares Russell Top 200 ETF		12.23%19.09%27.12%29.77%-19.89%27.79%22.10%31.42%-3.30%22.90%
QUAL
iShares MSCI USA Quality Factor ETF		13.64%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%

Correlation

The correlation between IWL and QUAL is 0.90, 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.

0.90

Correlation (3Y)
Balances recent behavior with more history.

0.94

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.96

Correlation (10Y)
Provides a long-term view across more market conditions.

0.95

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.94

The correlation between IWL and QUAL has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

IWL vs. QUAL - Sectors Allocation Comparison

Sectors
IWL
QUAL

Technology

40.8%
40.2%

Financial Services

12.2%
10.9%

Communication Services

10.5%
10.3%

Healthcare

9.0%
9.2%

Consumer Cyclical

8.8%
9.0%

Industrials

7.2%
7.4%

Consumer Defensive

4.5%
4.3%

Energy

2.7%
2.9%

Utilities

1.7%
2.1%

Basic Materials

1.3%
1.9%

Real Estate

1.0%
1.7%

Technology

IWL
40.8%
QUAL
40.2%

Financial Services

IWL
12.2%
QUAL
10.9%

Communication Services

IWL
10.5%
QUAL
10.3%

Healthcare

IWL
9.0%
QUAL
9.2%

Consumer Cyclical

IWL
8.8%
QUAL
9.0%

Industrials

IWL
7.2%
QUAL
7.4%

Consumer Defensive

IWL
4.5%
QUAL
4.3%

Energy

IWL
2.7%
QUAL
2.9%

Utilities

IWL
1.7%
QUAL
2.1%

Basic Materials

IWL
1.3%
QUAL
1.9%

Real Estate

IWL
1.0%
QUAL
1.7%

Compare stocks, funds, or ETFs

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

iShares Russell Top 200 ETF

iShares MSCI USA Quality Factor ETF

Often compared with IWL:
IWL vs. IWYIWL vs. VOOIWL vs. SPYIWL vs. IVVIWL vs. QQQIWL vs. QQQMIWL vs. XLK
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

IWL vs. QUAL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWL
IWL Risk / Return Rank: 6666
Overall Rank
IWL Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
IWL Sortino Ratio Rank: 6666
Sortino Ratio Rank
IWL Omega Ratio Rank: 6666
Omega Ratio Rank
IWL Calmar Ratio Rank: 6060
Calmar Ratio Rank
IWL Martin Ratio Rank: 7070
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 7373
Overall Rank
QUAL Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 7474
Sortino Ratio Rank
QUAL Omega Ratio Rank: 7272
Omega Ratio Rank
QUAL Calmar Ratio Rank: 6565
Calmar Ratio Rank
QUAL Martin Ratio Rank: 7979
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.

IWL vs. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 ETF (IWL) 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.

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.

IWLQUALDifference
Sharpe ratioReturn per unit of total volatility
1.78
1.92

-0.14

Sortino ratioReturn per unit of downside risk
2.46
2.71

-0.25

Omega ratioGain probability vs. loss probability

1.32

1.34

-0.02

Calmar ratioReturn relative to maximum drawdown

2.42

2.60

-0.19

Martin ratioReturn relative to average drawdown

9.71

11.67

-1.95

IWL vs. QUAL - Sharpe Ratio Comparison

The current IWL Sharpe Ratio is 1.78, which is comparable to the QUAL Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of IWL and QUAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

IWL vs. QUAL - Drawdown Comparison

The maximum IWL drawdown since its inception was -32.71%, roughly equal to the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for IWL and QUAL.

Loading charts...

Drawdown Indicators

IWLQUALDifference

Max Drawdown

Largest peak-to-trough decline

-32.71%

-34.06%

+1.35%

Max Drawdown (1Y)

Largest decline over 1 year

-9.83%

-9.03%

-0.80%

Max Drawdown (3Y)

Largest decline over 3 years

-19.15%

-18.00%

-1.15%

Max Drawdown (5Y)

Largest decline over 5 years

-25.65%

-28.23%

+2.58%

Max Drawdown (10Y)

Largest decline over 10 years

-32.71%

-34.06%

+1.35%

Current Drawdown

Current decline from peak

-0.15%

0.00%

-0.15%

Average Drawdown

Average peak-to-trough decline

-3.87%

-4.06%

+0.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.44%

2.01%

+0.43%

Volatility

IWL vs. QUAL - Volatility Comparison

iShares Russell Top 200 ETF (IWL) has a higher volatility of 4.52% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.30%. This indicates that IWL's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

IWLQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.52%

3.30%

+1.22%

Volatility (6M)

Calculated over the trailing 6-month period

10.71%

9.69%

+1.02%

Volatility (1Y)

Calculated over the trailing 1-year period

13.33%

12.27%

+1.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.35%

17.40%

-0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.14%

18.10%

+0.04%

IWL vs. QUAL - Expense Ratio Comparison

Both IWL and QUAL have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IWL vs. QUAL - Dividend Comparison

IWL's dividend yield for the trailing twelve months is around 0.82%, less than QUAL's 0.84% yield.

PositionTTM20252024202320222021202020192018201720162015
IWL
iShares Russell Top 200 ETF		0.82%0.90%1.04%1.30%1.54%1.12%1.30%1.96%1.93%1.69%1.96%2.14%
QUAL
iShares MSCI USA Quality Factor ETF		0.84%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

With a correlation of 0.90, IWL and QUAL 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.

IWL has higher volatility (4.52%) compared to QUAL (3.30%). In terms of maximum drawdown, IWL dropped -32.71% vs QUAL's -34.06%.

On 10-year performance, IWL leads with 16.14% vs 14.32% for QUAL. Both ETFs have the same 0.15% expense ratio. On volatility, QUAL has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWL has performed better with a 16.14% return vs 14.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWL and QUAL have the same expense ratio: 0.15% per year.

QUAL has the higher dividend yield at 0.84%, compared with 0.82% for IWL.

IWL is categorized as Large Cap Growth Equities, while QUAL is Quality Factor. IWL tracks Russell Top 200 Index, while QUAL tracks MSCI USA Sector Neutral Quality Index.

QUAL currently has the higher Sharpe Ratio (1.92 vs 1.78), 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.

Portfolio Optimizer

Find the right allocation for IWL and QUAL

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer