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QDF vs. GARP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QDF vs. GARP

Last updated Aug 2, 2026
Documentation

QDF (FlexShares Quality Dividend Index Fund) and GARP (iShares MSCI USA Quality GARP ETF) are both Quality Factor funds - QDF tracks the Northern Trust Quality Dividend Index while GARP tracks the MSCI USA Quality GARP Select Index. Both are passively managed. Over the past 5 years, QDF returned 11.93%/yr vs 17.48%/yr for GARP. Their correlation of 0.80 means they have usually moved in the same direction. QDF charges 0.37%/yr vs 0.15%/yr for GARP.

Performance

QDF vs. GARP - Performance Comparison

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

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Returns By Period

In the year-to-date period, QDF achieves a 12.96% return, which is significantly lower than GARP's 16.89% return.

QDF

1D
-0.15%
1M
1.30%
6M
10.89%
YTD
12.96%
1Y
24.58%
3Y*
16.91%
5Y*
11.93%
10Y*
12.04%
ALL TIME*
12.68%

GARP

1D
0.66%
1M
-1.22%
6M
14.45%
YTD
16.89%
1Y
31.75%
3Y*
28.85%
5Y*
17.48%
10Y*
—
ALL TIME*
20.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

GARP

iShares MSCI USA Quality GARP ETF
$25.65M$25.43M$23.00M

QDF

FlexShares Quality Dividend Index Fund
$1.70M$2.15M$2.21M

QDF vs. GARP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
QDF
FlexShares Quality Dividend Index Fund		12.96%16.58%16.95%19.71%-12.13%26.65%4.22%
GARP
iShares MSCI USA Quality GARP ETF		16.89%21.49%37.42%42.86%-26.75%27.99%26.51%

Correlation

The correlation between QDF and GARP is 0.83, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.83

Correlation (3Y)
Balances recent behavior with more history.

0.83

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.86

Correlation (All Time)
Calculated using the full available price history since Jan 16, 2020

0.80

The correlation between QDF and GARP has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

QDF vs. GARP - Sectors Allocation Comparison

Sectors
QDF
GARP

Technology

37.0%
54.7%

Financial Services

14.8%
7.9%

Healthcare

9.1%
5.4%

Industrials

8.7%
6.4%

Consumer Cyclical

7.1%
9.1%

Consumer Defensive

5.7%

-

Real Estate

5.6%
0.4%

Communication Services

5.4%
11.0%

Utilities

2.2%
1.3%

Basic Materials

1.5%
1.1%

Energy

0.9%
3.0%

Technology

QDF
37.0%
GARP
54.7%

Financial Services

QDF
14.8%
GARP
7.9%

Healthcare

QDF
9.1%
GARP
5.4%

Industrials

QDF
8.7%
GARP
6.4%

Consumer Cyclical

QDF
7.1%
GARP
9.1%

Consumer Defensive

QDF
5.7%
GARP

-

Real Estate

QDF
5.6%
GARP
0.4%

Communication Services

QDF
5.4%
GARP
11.0%

Utilities

QDF
2.2%
GARP
1.3%

Basic Materials

QDF
1.5%
GARP
1.1%

Energy

QDF
0.9%
GARP
3.0%

Compare stocks, funds, or ETFs

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FlexShares Quality Dividend Index Fund

iShares MSCI USA Quality GARP ETF

Often compared with QDF:
QDF vs. QDEFQDF vs. SCHDQDF vs. DGRWQDF vs. QQQQDF vs. FDVVQDF vs. VOOQDF vs. SPHD
Often compared with GARP:
GARP vs. SPGPGARP vs. SPMOGARP vs. SCHGGARP vs. QUALGARP vs. SPYGARP vs. VUGGARP vs. SPHQ

Return for Risk

QDF vs. GARP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QDF
QDF Risk / Return Rank: 8383
Overall Rank
QDF Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
QDF Sortino Ratio Rank: 8282
Sortino Ratio Rank
QDF Omega Ratio Rank: 8282
Omega Ratio Rank
QDF Calmar Ratio Rank: 8181
Calmar Ratio Rank
QDF Martin Ratio Rank: 8787
Martin Ratio Rank
GARP
GARP Risk / Return Rank: 6464
Overall Rank
GARP Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
GARP Sortino Ratio Rank: 6262
Sortino Ratio Rank
GARP Omega Ratio Rank: 6060
Omega Ratio Rank
GARP Calmar Ratio Rank: 6363
Calmar Ratio Rank
GARP Martin Ratio Rank: 6666
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QDF vs. GARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Quality Dividend Index Fund (QDF) and iShares MSCI USA Quality GARP ETF (GARP). 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.

QDFGARPDifference
Sharpe ratioReturn per unit of total volatility
1.91
1.50

+0.41

Sortino ratioReturn per unit of downside risk
2.69
2.08

+0.62

Omega ratioGain probability vs. loss probability

1.35

1.26

+0.09

Calmar ratioReturn relative to maximum drawdown

2.95

2.19

+0.76

Martin ratioReturn relative to average drawdown

12.68

7.99

+4.69

QDF vs. GARP - Sharpe Ratio Comparison

The current QDF Sharpe Ratio is 1.91, which is comparable to the GARP Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of QDF and GARP, 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

QDF vs. GARP - Drawdown Comparison

The maximum QDF drawdown since its inception was -36.67%, which is greater than GARP's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for QDF and GARP.

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Drawdown Indicators

QDFGARPDifference

Max Drawdown

Largest peak-to-trough decline

-36.67%

-31.34%

-5.33%

Max Drawdown (1Y)

Largest decline over 1 year

-7.90%

-13.69%

+5.79%

Max Drawdown (3Y)

Largest decline over 3 years

-18.01%

-23.73%

+5.72%

Max Drawdown (5Y)

Largest decline over 5 years

-22.06%

-30.61%

+8.55%

Max Drawdown (10Y)

Largest decline over 10 years

-36.67%

—

—

Current Drawdown

Current decline from peak

-0.72%

-4.34%

+3.62%

Average Drawdown

Average peak-to-trough decline

-3.61%

-7.27%

+3.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.84%

3.75%

-1.91%

Volatility

QDF vs. GARP - Volatility Comparison

The current volatility for FlexShares Quality Dividend Index Fund (QDF) is 2.96%, while iShares MSCI USA Quality GARP ETF (GARP) has a volatility of 5.68%. This indicates that QDF experiences smaller price fluctuations and is considered to be less risky than GARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QDFGARPDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.96%

5.68%

-2.72%

Volatility (6M)

Calculated over the trailing 6-month period

9.43%

16.18%

-6.75%

Volatility (1Y)

Calculated over the trailing 1-year period

12.20%

20.02%

-7.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.64%

22.34%

-6.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.37%

23.92%

-6.55%

QDF vs. GARP - Expense Ratio Comparison

QDF has a 0.37% expense ratio, which is higher than GARP's 0.15% expense ratio.

Dividends

QDF vs. GARP - Dividend Comparison

QDF's dividend yield for the trailing twelve months is around 1.48%, more than GARP's 0.27% yield.

PositionTTM20252024202320222021202020192018201720162015
GARP
iShares MSCI USA Quality GARP ETF		0.27%0.31%0.38%0.75%1.85%0.67%0.75%0.00%0.00%0.00%0.00%0.00%
QDF
FlexShares Quality Dividend Index Fund		1.48%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

QDF and GARP have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GARP has higher volatility (5.68%) compared to QDF (2.96%). In terms of maximum drawdown, QDF dropped -36.67% vs GARP's -31.34%.

On 5-year performance, GARP leads with 17.48% vs 11.93% for QDF. On fees, GARP is cheaper at 0.15% per year. On volatility, QDF has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, GARP has performed better with a 17.48% return vs 11.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GARP is cheaper with a 0.15% expense ratio, compared with 0.37% for QDF.

QDF has the higher dividend yield at 1.48%, compared with 0.27% for GARP.

QDF tracks Northern Trust Quality Dividend Index, while GARP tracks MSCI USA Quality GARP Select Index. They also come from different issuers: FlexShares and iShares. Their fees differ too: 0.37% for QDF and 0.15% for GARP.

QDF currently has the higher Sharpe Ratio (1.91 vs 1.50), 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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