LGRO vs. QUAL

Last updated Apr 1, 2026

Compare and contrast key facts about Level Four Large Cap Growth Active ETF (LGRO) and iShares MSCI USA Quality Factor ETF (QUAL).

LGRO and QUAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LGRO is an actively managed fund by ALPS. It was launched on Aug 22, 2023. 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.

Performance

LGRO vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Level Four Large Cap Growth Active ETF (LGRO) and iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

LGRO vs. QUAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LGRO Level Four Large Cap Growth Active ETF	-9.93%	18.15%	23.95%	11.74%
QUAL iShares MSCI USA Quality Factor ETF	-3.22%	12.65%	22.29%	8.22%

Returns By Period

In the year-to-date period, LGRO achieves a -9.93% return, which is significantly lower than QUAL's -3.22% return.

LGRO

• 1D: 3.01%
• 1M: -5.43%
• YTD: -9.93%
• 6M: -7.78%
• 1Y: 16.29%
• 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)

LGRO vs. QUAL - Expense Ratio Comparison

LGRO has a 0.50% expense ratio, which is higher than QUAL's 0.15% expense ratio.

LGRO

Level Four Large Cap Growth Active ETF

QUAL

iShares MSCI USA Quality Factor ETF

Return for Risk

LGRO vs. QUAL — Risk / Return Rank

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

LGRO

LGRO Risk / Return Rank: 40
LGRO Sharpe Ratio Rank: 37
LGRO Sortino Ratio Rank: 42
LGRO Omega Ratio Rank: 41
LGRO Calmar Ratio Rank: 41
LGRO Martin Ratio Rank: 38

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.

LGRO vs. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Level Four Large Cap Growth Active ETF (LGRO) 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.

	LGRO	QUAL	Difference
Sharpe ratio Return per unit of total volatility	0.71	0.77	-0.06
Sortino ratio Return per unit of downside risk	1.18	1.22	-0.04
Omega ratio Gain probability vs. loss probability	1.17	1.17	0.00
Calmar ratio Return relative to maximum drawdown	1.08	1.23	-0.16
Martin ratio Return relative to average drawdown	3.59	5.67	-2.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LGRO vs. QUAL - Sharpe Ratio Comparison

The current LGRO Sharpe Ratio is 0.71, which is comparable to the QUAL Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of LGRO and QUAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LGRO	QUAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	0.77	-0.06
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	0.83	0.75	+0.08

Correlation

The correlation between LGRO and QUAL is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

LGRO vs. QUAL - Dividend Comparison

LGRO's dividend yield for the trailing twelve months is around 0.38%, less than QUAL's 0.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGRO Level Four Large Cap Growth Active ETF	0.38%	0.31%	0.39%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

LGRO vs. QUAL - Drawdown Comparison

The maximum LGRO drawdown since its inception was -23.26%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for LGRO and QUAL.

Drawdown Indicators

	LGRO	QUAL	Difference
Max Drawdown Largest peak-to-trough decline	-23.26%	-34.06%	+10.80%
Max Drawdown (1Y) Largest decline over 1 year	-15.24%	-11.52%	-3.72%
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	-12.69%	-6.44%	-6.25%
Average Drawdown Average peak-to-trough decline	-3.38%	-4.15%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	2.50%	+2.07%

Volatility

LGRO vs. QUAL - Volatility Comparison

Level Four Large Cap Growth Active ETF (LGRO) has a higher volatility of 5.89% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 5.37%. This indicates that LGRO'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.

Volatility by Period

	LGRO	QUAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.89%	5.37%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	9.30%	+3.08%
Volatility (1Y) Calculated over the trailing 1-year period	23.17%	17.47%	+5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.57%	17.34%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	18.08%	+1.49%