QDEF vs. PWV
QDEF (FlexShares Quality Dividend Defensive Index Fund) and PWV (Invesco Dynamic Large Cap Value ETF) are both Large Cap Value Equities funds - QDEF tracks the Northern Trust Quality Dividend Defensive Index while PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX). Both are passively managed. Over the past 10 years, QDEF returned 12.34%/yr vs 11.81%/yr for PWV. Their correlation of 0.84 suggests significant overlap in exposure. QDEF charges 0.37%/yr vs 0.58%/yr for PWV.
Performance
QDEF vs. PWV - Performance Comparison
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Returns By Period
In the year-to-date period, QDEF achieves a 8.81% return, which is significantly lower than PWV's 12.10% return. Both investments have delivered pretty close results over the past 10 years, with QDEF having a 12.34% annualized return and PWV not far behind at 11.81%.
QDEF
- 1D
- -0.47%
- 1M
- 3.94%
- YTD
- 8.81%
- 6M
- 8.87%
- 1Y
- 23.31%
- 3Y*
- 19.60%
- 5Y*
- 12.64%
- 10Y*
- 12.34%
PWV
- 1D
- -0.14%
- 1M
- 2.43%
- YTD
- 12.10%
- 6M
- 12.38%
- 1Y
- 25.33%
- 3Y*
- 20.79%
- 5Y*
- 12.50%
- 10Y*
- 11.81%
QDEF vs. PWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QDEF FlexShares Quality Dividend Defensive Index Fund | 8.81% | 17.43% | 21.19% | 17.48% | -10.94% | 26.04% | 3.15% | 24.90% | -4.10% | 17.04% |
PWV Invesco Dynamic Large Cap Value ETF | 12.10% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
Correlation
The correlation between QDEF and PWV is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2012 | 0.84 |
The correlation between QDEF and PWV shifts across timeframes, from 0.67 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QDEF vs. PWV — Risk / Return Rank
QDEF
PWV
QDEF vs. PWV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Quality Dividend Defensive Index Fund (QDEF) and Invesco Dynamic Large Cap Value ETF (PWV). 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.
| QDEF | PWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.48 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.37 | 6.28 | -2.91 |
| Martin ratioReturn relative to average drawdown | 14.62 | 21.16 | -6.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QDEF | PWV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.44 | 2.74 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | 0.88 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | 0.69 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 0.41 | +0.43 |
Drawdowns
QDEF vs. PWV - Drawdown Comparison
The maximum QDEF drawdown since its inception was -35.74%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for QDEF and PWV.
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Drawdown Indicators
| QDEF | PWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.74% | -49.04% | +13.30% |
Max Drawdown (1Y)Largest decline over 1 year | -6.95% | -4.05% | -2.90% |
Max Drawdown (3Y)Largest decline over 3 years | -14.43% | -14.31% | -0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -21.37% | -16.36% | -5.01% |
Max Drawdown (10Y)Largest decline over 10 years | -35.74% | -37.67% | +1.93% |
Current DrawdownCurrent decline from peak | -0.47% | -0.51% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -3.29% | -9.50% | +6.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.20% | +0.40% |
Volatility
QDEF vs. PWV - Volatility Comparison
FlexShares Quality Dividend Defensive Index Fund (QDEF) and Invesco Dynamic Large Cap Value ETF (PWV) have volatilities of 2.31% and 2.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QDEF | PWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 2.35% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.16% | 6.62% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.62% | 9.31% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 14.35% | -0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.17% | 17.16% | -0.99% |
QDEF vs. PWV - Expense Ratio Comparison
QDEF has a 0.37% expense ratio, which is lower than PWV's 0.58% expense ratio.
Dividends
QDEF vs. PWV - Dividend Comparison
QDEF's dividend yield for the trailing twelve months is around 1.59%, less than PWV's 1.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Dynamic Large Cap Value ETF | 1.81% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
QDEF FlexShares Quality Dividend Defensive Index Fund | 1.59% | 1.74% | 1.85% | 2.21% | 2.42% | 1.84% | 2.50% | 3.17% | 7.10% | 2.70% | 2.90% | 3.00% |
Frequently Asked Questions
QDEF and PWV have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWV has higher volatility (2.35%) compared to QDEF (2.31%). In terms of maximum drawdown, QDEF dropped -35.74% vs PWV's -49.04%.
On 10-year performance, QDEF leads with 12.34% vs 11.81% for PWV. On fees, QDEF is cheaper at 0.37% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QDEF has performed better with a 12.34% return vs 11.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QDEF is cheaper with a 0.37% expense ratio, compared with 0.58% for PWV.
PWV has the higher dividend yield at 1.81%, compared with 1.59% for QDEF.
QDEF tracks Northern Trust Quality Dividend Defensive Index, while PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX). They also come from different issuers: FlexShares and Invesco. Their fees differ too: 0.37% for QDEF and 0.58% for PWV.
PWV currently has the higher Sharpe Ratio (2.74 vs 2.44), 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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