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QAT vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QAT vs. VOO

Last updated Jun 23, 2026

QAT (iShares MSCI Qatar ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - QAT is a Emerging Markets Equities fund tracking the MSCI All Qatar Capped Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, QAT returned 4.48%/yr vs 15.77%/yr for VOO. At a 0.31 correlation, their price movements are largely independent. QAT charges 0.59%/yr vs 0.03%/yr for VOO.

Performance

QAT vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Qatar ETF (QAT) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QAT achieves a 1.40% return, which is significantly lower than VOO's 9.75% return. Over the past 10 years, QAT has underperformed VOO with an annualized return of 4.48%, while VOO has yielded a comparatively higher 15.77% annualized return.

QAT

1D
-0.63%
1M
2.48%
YTD
1.40%
6M
1.29%
1Y
8.99%
3Y*
5.98%
5Y*
3.69%
10Y*
4.48%

VOO

1D
-0.29%
1M
0.08%
YTD
9.75%
6M
9.30%
1Y
26.77%
3Y*
21.36%
5Y*
13.58%
10Y*
15.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QAT vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QAT
iShares MSCI Qatar ETF		1.40%8.81%5.20%2.72%-7.23%14.42%6.94%-0.44%20.03%-11.66%
VOO
Vanguard S&P 500 ETF		9.75%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between QAT and VOO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.41

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

0.36

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

0.30

Correlation (10Y)
Calculated over the trailing 10-year period

0.30

Correlation (All Time)
Calculated using the full available price history since May 1, 2014

0.31

The correlation between QAT and VOO shifts across timeframes, from 0.30 (10 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.

QAT vs. VOO - Sectors Allocation Comparison

Sectors
QAT
VOO

Financial Services

55.5%
10.9%

Basic Materials

12.6%
1.7%

Industrials

8.4%
7.6%

Energy

7.6%
3.2%

Communication Services

6.3%
10.5%

Real Estate

4.0%
1.8%

Utilities

2.5%
2.5%

Technology

1.0%
39.1%

Healthcare

0.8%
8.3%

Consumer Cyclical

0.7%
9.8%

Consumer Defensive

0.6%
4.5%

Financial Services

QAT
55.5%
VOO
10.9%

Basic Materials

QAT
12.6%
VOO
1.7%

Industrials

QAT
8.4%
VOO
7.6%

Energy

QAT
7.6%
VOO
3.2%

Communication Services

QAT
6.3%
VOO
10.5%

Real Estate

QAT
4.0%
VOO
1.8%

Utilities

QAT
2.5%
VOO
2.5%

Technology

QAT
1.0%
VOO
39.1%

Healthcare

QAT
0.8%
VOO
8.3%

Consumer Cyclical

QAT
0.7%
VOO
9.8%

Consumer Defensive

QAT
0.6%
VOO
4.5%

Compare stocks, funds, or ETFs

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

iShares MSCI Qatar ETF

Vanguard S&P 500 ETF

Often compared with QAT:
QAT vs. UAEQAT vs. KSAQAT vs. ENORQAT vs. SJMQAT vs. EDENQAT vs. EIRLQAT vs. VHT
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. VGT

Return for Risk

QAT vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QAT
QAT Risk / Return Rank: 1919
Overall Rank
QAT Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
QAT Sortino Ratio Rank: 1919
Sortino Ratio Rank
QAT Omega Ratio Rank: 2020
Omega Ratio Rank
QAT Calmar Ratio Rank: 1919
Calmar Ratio Rank
QAT Martin Ratio Rank: 1616
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6767
Sortino Ratio Rank
VOO Omega Ratio Rank: 6969
Omega Ratio Rank
VOO Calmar Ratio Rank: 6363
Calmar Ratio Rank
VOO Martin Ratio Rank: 7474
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.

QAT vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) and Vanguard S&P 500 ETF (VOO). 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.

QATVOODifference
Sharpe ratioReturn per unit of total volatility
0.68
2.17

-1.49

Sortino ratioReturn per unit of downside risk
1.06
2.93

-1.87

Omega ratioGain probability vs. loss probability

1.14

1.39

-0.26

Calmar ratioReturn relative to maximum drawdown

0.85

3.02

-2.17

Martin ratioReturn relative to average drawdown

1.57

13.58

-12.01

QAT vs. VOO - Sharpe Ratio Comparison

The current QAT Sharpe Ratio is 0.68, which is lower than the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of QAT and VOO, 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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Drawdowns

QAT vs. VOO - Drawdown Comparison

The maximum QAT drawdown since its inception was -45.21%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for QAT and VOO.

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Drawdown Indicators

QATVOODifference

Max Drawdown

Largest peak-to-trough decline

-45.21%

-33.99%

-11.22%

Max Drawdown (1Y)

Largest decline over 1 year

-10.60%

-8.90%

-1.70%

Max Drawdown (3Y)

Largest decline over 3 years

-17.41%

-18.69%

+1.28%

Max Drawdown (5Y)

Largest decline over 5 years

-33.17%

-24.52%

-8.65%

Max Drawdown (10Y)

Largest decline over 10 years

-34.04%

-33.99%

-0.05%

Current Drawdown

Current decline from peak

-11.21%

-1.74%

-9.47%

Average Drawdown

Average peak-to-trough decline

-19.15%

-3.68%

-15.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.74%

1.98%

+3.76%

Volatility

QAT vs. VOO - Volatility Comparison

iShares MSCI Qatar ETF (QAT) has a higher volatility of 5.69% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that QAT's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QATVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.69%

4.60%

+1.09%

Volatility (6M)

Calculated over the trailing 6-month period

11.07%

9.73%

+1.34%

Volatility (1Y)

Calculated over the trailing 1-year period

13.27%

12.39%

+0.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.07%

16.90%

-1.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.56%

18.05%

-0.49%

QAT vs. VOO - Expense Ratio Comparison

QAT has a 0.59% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

QAT vs. VOO - Dividend Comparison

QAT's dividend yield for the trailing twelve months is around 4.61%, more than VOO's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
QAT
iShares MSCI Qatar ETF		4.61%3.51%5.90%3.92%4.78%2.33%2.63%3.57%4.63%4.10%3.51%4.49%
VOO
Vanguard S&P 500 ETF		1.04%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

QAT and VOO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QAT has higher volatility (5.69%) compared to VOO (4.60%). In terms of maximum drawdown, QAT dropped -45.21% vs VOO's -33.99%.

On 10-year performance, VOO leads with 15.77% vs 4.48% for QAT. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.77% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.59% for QAT.

QAT has the higher dividend yield at 4.61%, compared with 1.04% for VOO.

QAT is categorized as Emerging Markets Equities, while VOO is S&P 500. QAT tracks MSCI All Qatar Capped Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.59% for QAT and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (2.17 vs 0.68), 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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