QDEF vs. QDF

Last updated Jun 23, 2026

QDEF (FlexShares Quality Dividend Defensive Index Fund) and QDF (FlexShares Quality Dividend Index Fund) are both Large Cap Value Equities funds from FlexShares - QDEF tracks the Northern Trust Quality Dividend Defensive Index while QDF tracks the Northern Trust Quality Dividend Index. Both are passively managed. Over the past 10 years, QDEF returned 12.33%/yr vs 12.49%/yr for QDF. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.37% expense ratio.

Performance

QDEF vs. QDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Quality Dividend Defensive Index Fund (QDEF) and FlexShares Quality Dividend Index Fund (QDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDEF achieves a 7.28% return, which is significantly lower than QDF's 11.19% return. Both investments have delivered pretty close results over the past 10 years, with QDEF having a 12.33% annualized return and QDF not far ahead at 12.49%.

QDEF

• 1D: -0.40%
• 1M: -1.26%
• YTD: 7.28%
• 6M: 6.89%
• 1Y: 22.34%
• 3Y*: 18.77%
• 5Y*: 12.58%
• 10Y*: 12.33%

QDF

• 1D: -0.08%
• 1M: 0.95%
• YTD: 11.19%
• 6M: 10.56%
• 1Y: 28.48%
• 3Y*: 19.05%
• 5Y*: 12.35%
• 10Y*: 12.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

QDEF vs. QDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QDEF FlexShares Quality Dividend Defensive Index Fund	7.28%	17.43%	21.19%	17.48%	-10.94%	26.04%	3.15%	24.90%	-4.10%	17.04%
QDF FlexShares Quality Dividend Index Fund	11.19%	16.58%	16.95%	19.71%	-12.13%	26.65%	4.86%	25.71%	-7.97%	17.42%

Correlation

The correlation between QDEF and QDF is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 19, 2012	0.94

The correlation between QDEF and QDF has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

QDEF vs. QDF - Sectors Allocation Comparison

Sectors	QDEF	QDF
Technology	35.4%	39.5%
Healthcare	11.2%	9.6%
Financial Services	10.9%	11.5%
Communication Services	7.3%	7.2%
Consumer Defensive	7.2%	5.7%
Consumer Cyclical	7.2%	6.4%
Industrials	6.4%	9.1%
Real Estate	5.3%	5.4%
Energy	3.5%	3.4%
Basic Materials	2.9%	0.4%
Utilities	2.8%	1.8%

Return for Risk

QDEF vs. QDF — Risk / Return Rank

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

QDEF

QDEF Risk / Return Rank: 73
QDEF Sharpe Ratio Rank: 74
QDEF Sortino Ratio Rank: 75
QDEF Omega Ratio Rank: 74
QDEF Calmar Ratio Rank: 67
QDEF Martin Ratio Rank: 75

QDF

QDF Risk / Return Rank: 78
QDF Sharpe Ratio Rank: 77
QDF Sortino Ratio Rank: 78
QDF Omega Ratio Rank: 77
QDF Calmar Ratio Rank: 74
QDF Martin Ratio Rank: 81

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.

QDEF vs. QDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Quality Dividend Defensive Index Fund (QDEF) and FlexShares Quality Dividend Index Fund (QDF). 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.

	QDEF	QDF	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.39	-0.10
Sortino ratio: Return per unit of downside risk	3.23	3.32	-0.09
Omega ratio: Gain probability vs. loss probability	1.42	1.44	-0.02
Calmar ratio: Return relative to maximum drawdown	3.23	3.62	-0.40
Martin ratio: Return relative to average drawdown	13.72	15.61	-1.89

QDEF vs. QDF - Sharpe Ratio Comparison

The current QDEF Sharpe Ratio is 2.29, which is comparable to the QDF Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of QDEF and QDF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QDEF vs. QDF - Drawdown Comparison

The maximum QDEF drawdown since its inception was -35.74%, roughly equal to the maximum QDF drawdown of -36.67%. Use the drawdown chart below to compare losses from any high point for QDEF and QDF.

Drawdown Indicators

	QDEF	QDF	Difference
Max Drawdown Largest peak-to-trough decline	-35.74%	-36.67%	+0.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-7.90%	+0.95%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-18.01%	+3.58%
Max Drawdown (5Y) Largest decline over 5 years	-21.37%	-22.06%	+0.69%
Max Drawdown (10Y) Largest decline over 10 years	-35.74%	-36.67%	+0.93%
Current Drawdown Current decline from peak	-1.88%	-0.33%	-1.55%
Average Drawdown Average peak-to-trough decline	-3.29%	-3.64%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.83%	-0.20%

Volatility

QDEF vs. QDF - Volatility Comparison

The current volatility for FlexShares Quality Dividend Defensive Index Fund (QDEF) is 3.03%, while FlexShares Quality Dividend Index Fund (QDF) has a volatility of 4.05%. This indicates that QDEF experiences smaller price fluctuations and is considered to be less risky than QDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDEF	QDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	4.05%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	7.49%	9.32%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.83%	12.00%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	15.65%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	17.42%	-1.24%

QDEF vs. QDF - Expense Ratio Comparison

Both QDEF and QDF have an expense ratio of 0.37%.

Dividends

QDEF vs. QDF - Dividend Comparison

QDEF's dividend yield for the trailing twelve months is around 1.62%, more than QDF's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QDEF FlexShares Quality Dividend Defensive Index Fund	1.62%	1.74%	1.85%	2.21%	2.42%	1.84%	2.50%	3.17%	7.10%	2.70%	2.90%	3.00%
QDF FlexShares Quality Dividend Index Fund	1.51%	1.65%	1.93%	2.19%	2.45%	1.90%	2.38%	3.05%	4.29%	2.70%	3.07%	3.04%

Frequently Asked Questions

Can I hold both QDEF and QDF in my portfolio?

With a correlation of 0.96, QDEF and QDF 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.

Which is riskier, QDEF or QDF?

QDF has higher volatility (4.05%) compared to QDEF (3.03%). In terms of maximum drawdown, QDEF dropped -35.74% vs QDF's -36.67%.

Which ETF is better, QDEF or QDF?

On 10-year performance, QDF leads with 12.49% vs 12.33% for QDEF. Both ETFs have the same 0.37% expense ratio. On volatility, QDEF has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDEF or QDF?

Over the 10-year period, QDF has performed better with a 12.49% return vs 12.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDEF or QDF?

QDEF and QDF have the same expense ratio: 0.37% per year.

Which ETF pays a higher dividend yield, QDEF or QDF?

QDEF has the higher dividend yield at 1.62%, compared with 1.51% for QDF.

What is the main difference between QDEF and QDF?

QDEF tracks Northern Trust Quality Dividend Defensive Index, while QDF tracks Northern Trust Quality Dividend Index.

Which has better risk-adjusted returns?

QDF currently has the higher Sharpe Ratio (2.39 vs 2.29), 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.