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MFDX vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MFDX vs. QUAL

Last updated Jun 9, 2026

MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, MFDX returned 9.63%/yr vs 11.82%/yr for QUAL. A 0.74 correlation means they provide meaningful diversification when combined. MFDX charges 0.39%/yr vs 0.15%/yr for QUAL.

Performance

MFDX vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) and iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with MFDX having a 8.03% return and QUAL slightly lower at 7.89%.

MFDX

1D
0.29%
1M
-2.47%
YTD
8.03%
6M
10.99%
1Y
20.50%
3Y*
17.76%
5Y*
9.63%
10Y*
—

QUAL

1D
0.32%
1M
1.62%
YTD
7.89%
6M
8.26%
1Y
19.70%
3Y*
19.43%
5Y*
11.82%
10Y*
14.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MFDX vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MFDX
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		8.03%34.27%4.40%17.54%-10.27%11.07%6.90%19.88%-14.88%7.02%
QUAL
iShares MSCI USA Quality Factor ETF		7.89%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%11.13%

Correlation

The correlation between MFDX and QUAL is 0.73, 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

0.73

Correlation (3Y)
Calculated over the trailing 3-year period

0.68

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Sep 7, 2017

0.74

The correlation between MFDX and QUAL has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

MFDX vs. QUAL - Sectors Allocation Comparison

Sectors
MFDX
QUAL

Industrials

19.9%
8.2%

Financial Services

16.4%
11.5%

Basic Materials

10.8%
1.7%

Consumer Cyclical

8.6%
9.3%

Consumer Defensive

8.0%
4.9%

Technology

7.1%
36.5%

Communication Services

7.0%
11.1%

Energy

6.8%
4.0%

Utilities

6.4%
1.9%

Healthcare

6.0%
9.0%

Real Estate

3.0%
1.8%

Industrials

MFDX
19.9%
QUAL
8.2%

Financial Services

MFDX
16.4%
QUAL
11.5%

Basic Materials

MFDX
10.8%
QUAL
1.7%

Consumer Cyclical

MFDX
8.6%
QUAL
9.3%

Consumer Defensive

MFDX
8.0%
QUAL
4.9%

Technology

MFDX
7.1%
QUAL
36.5%

Communication Services

MFDX
7.0%
QUAL
11.1%

Energy

MFDX
6.8%
QUAL
4.0%

Utilities

MFDX
6.4%
QUAL
1.9%

Healthcare

MFDX
6.0%
QUAL
9.0%

Real Estate

MFDX
3.0%
QUAL
1.8%

Compare stocks, funds, or ETFs

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

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

iShares MSCI USA Quality Factor ETF

Often compared with MFDX:
MFDX vs. QVMLMFDX vs. HWWA.LMFDX vs. VXUSMFDX vs. IGROMFDX vs. AVLVMFDX vs. AVDVMFDX vs. FNDF
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

MFDX vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MFDX
MFDX Risk / Return Rank: 4747
Overall Rank
MFDX Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
MFDX Sortino Ratio Rank: 4646
Sortino Ratio Rank
MFDX Omega Ratio Rank: 4747
Omega Ratio Rank
MFDX Calmar Ratio Rank: 4343
Calmar Ratio Rank
MFDX Martin Ratio Rank: 4949
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 5454
Overall Rank
QUAL Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 5353
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5252
Omega Ratio Rank
QUAL Calmar Ratio Rank: 4949
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6161
Martin Ratio Rank
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.

MFDX vs. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) 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.

MFDXQUALDifference
Sharpe ratioReturn per unit of total volatility
1.48
1.65

-0.17

Sortino ratioReturn per unit of downside risk
2.08
2.34

-0.27

Omega ratioGain probability vs. loss probability

1.27

1.29

-0.02

Calmar ratioReturn relative to maximum drawdown

1.93

2.19

-0.26

Martin ratioReturn relative to average drawdown

7.62

9.96

-2.34

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFDX vs. QUAL - Sharpe Ratio Comparison

The current MFDX Sharpe Ratio is 1.48, which is comparable to the QUAL Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of MFDX 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.

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Sharpe Ratios by Period

MFDXQUALDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.48

1.65

-0.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.68

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.79

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.80

-0.27

Drawdowns

MFDX vs. QUAL - Drawdown Comparison

The maximum MFDX drawdown since its inception was -36.05%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for MFDX and QUAL.

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Drawdown Indicators

MFDXQUALDifference

Max Drawdown

Largest peak-to-trough decline

-36.05%

-34.06%

-1.99%

Max Drawdown (1Y)

Largest decline over 1 year

-10.66%

-9.03%

-1.63%

Max Drawdown (3Y)

Largest decline over 3 years

-11.62%

-18.00%

+6.38%

Max Drawdown (5Y)

Largest decline over 5 years

-25.58%

-28.23%

+2.65%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.06%

—

Current Drawdown

Current decline from peak

-3.36%

-1.61%

-1.75%

Average Drawdown

Average peak-to-trough decline

-6.49%

-4.10%

-2.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

1.98%

+0.72%

Volatility

MFDX vs. QUAL - Volatility Comparison

PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a higher volatility of 4.25% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.12%. This indicates that MFDX'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.

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Volatility by Period

MFDXQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.25%

3.12%

+1.13%

Volatility (6M)

Calculated over the trailing 6-month period

11.62%

9.28%

+2.34%

Volatility (1Y)

Calculated over the trailing 1-year period

13.94%

12.01%

+1.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.07%

17.35%

-2.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.42%

18.11%

-1.69%

MFDX vs. QUAL - Expense Ratio Comparison

MFDX has a 0.39% expense ratio, which is higher than QUAL's 0.15% expense ratio.

Dividends

MFDX vs. QUAL - Dividend Comparison

MFDX's dividend yield for the trailing twelve months is around 2.84%, more than QUAL's 0.88% yield.

PositionTTM20252024202320222021202020192018201720162015
MFDX
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		2.84%2.97%3.16%3.12%2.85%2.99%1.58%2.88%2.13%0.71%0.00%0.00%
QUAL
iShares MSCI USA Quality Factor ETF		0.88%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

MFDX and QUAL have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MFDX has higher volatility (4.25%) compared to QUAL (3.12%). In terms of maximum drawdown, MFDX dropped -36.05% vs QUAL's -34.06%.

On 5-year performance, QUAL leads with 11.82% vs 9.63% for MFDX. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, QUAL has performed better with a 11.82% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 0.39% for MFDX.

MFDX has the higher dividend yield at 2.84%, compared with 0.88% for QUAL.

MFDX is categorized as Foreign Large Cap Equities, while QUAL is Large Cap Blend Equities. MFDX tracks RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.39% for MFDX and 0.15% for QUAL.

QUAL currently has the higher Sharpe Ratio (1.65 vs 1.48), 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.

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