QDF vs. QDEF

Last updated Jul 14, 2026

QDF (FlexShares Quality Dividend Index Fund) and QDEF (FlexShares Quality Dividend Defensive Index Fund) are both Large Cap Value Equities funds from FlexShares - QDF tracks the Northern Trust Quality Dividend Index while QDEF tracks the Northern Trust Quality Dividend Defensive Index. Both are passively managed. Over the past 10 years, QDF returned 11.88%/yr vs 11.91%/yr for QDEF. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.37% expense ratio.

Performance

QDF vs. QDEF - Performance Comparison

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

Returns By Period

In the year-to-date period, QDF achieves a 11.99% return, which is significantly higher than QDEF's 9.23% return. Both investments have delivered pretty close results over the past 10 years, with QDF having a 11.88% annualized return and QDEF not far ahead at 11.91%.

QDF

• 1D: -0.80%
• 1M: 1.42%
• 6M: 10.03%
• YTD: 11.99%
• 1Y: 23.23%
• 3Y*: 17.55%
• 5Y*: 11.84%
• 10Y*: 11.88%

QDEF

• 1D: -0.29%
• 1M: 0.97%
• 6M: 7.64%
• YTD: 9.23%
• 1Y: 19.43%
• 3Y*: 18.10%
• 5Y*: 12.22%
• 10Y*: 11.91%

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

QDF vs. QDEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QDF FlexShares Quality Dividend Index Fund	11.99%	16.58%	16.95%	19.71%	-12.13%	26.65%	4.86%	25.71%	-7.97%	17.42%
QDEF FlexShares Quality Dividend Defensive Index Fund	9.23%	17.43%	21.19%	17.48%	-10.94%	26.04%	3.15%	24.90%	-4.10%	17.04%

Correlation

The correlation between QDF and QDEF is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
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 QDF and QDEF has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

QDF vs. QDEF - Sectors Allocation Comparison

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

Return for Risk

QDF vs. QDEF — Risk / Return Rank

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

QDF

QDF Risk / Return Rank: 77
QDF Sharpe Ratio Rank: 76
QDF Sortino Ratio Rank: 77
QDF Omega Ratio Rank: 76
QDF Calmar Ratio Rank: 73
QDF Martin Ratio Rank: 82

QDEF

QDEF Risk / Return Rank: 78
QDEF Sharpe Ratio Rank: 79
QDEF Sortino Ratio Rank: 81
QDEF Omega Ratio Rank: 80
QDEF Calmar Ratio Rank: 70
QDEF Martin Ratio Rank: 78

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.

QDF vs. QDEF - Risk-Adjusted Trends Comparison

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

	QDF	QDEF	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.01	-0.07
Sortino ratio: Return per unit of downside risk	2.74	2.86	-0.12
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	2.95	2.81	+0.15
Martin ratio: Return relative to average drawdown	12.67	11.67	+1.01

QDF vs. QDEF - Sharpe Ratio Comparison

The current QDF Sharpe Ratio is 1.93, which is comparable to the QDEF Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of QDF and QDEF, 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

QDF vs. QDEF - Drawdown Comparison

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

Drawdown Indicators

	QDF	QDEF	Difference
Max Drawdown Largest peak-to-trough decline	-36.67%	-35.74%	-0.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-6.95%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.01%	-14.43%	-3.58%
Max Drawdown (5Y) Largest decline over 5 years	-22.06%	-21.37%	-0.69%
Max Drawdown (10Y) Largest decline over 10 years	-36.67%	-35.74%	-0.93%
Current Drawdown Current decline from peak	-0.80%	-0.29%	-0.51%
Average Drawdown Average peak-to-trough decline	-3.62%	-3.28%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	1.67%	+0.17%

Volatility

QDF vs. QDEF - Volatility Comparison

FlexShares Quality Dividend Index Fund (QDF) has a higher volatility of 3.76% compared to FlexShares Quality Dividend Defensive Index Fund (QDEF) at 2.70%. This indicates that QDF's price experiences larger fluctuations and is considered to be riskier than QDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDF	QDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	2.70%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	9.54%	7.57%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	9.75%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	13.79%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	16.13%	+1.23%

QDF vs. QDEF - Expense Ratio Comparison

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

Dividends

QDF vs. QDEF - Dividend Comparison

QDF's dividend yield for the trailing twelve months is around 1.50%, less than QDEF's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QDEF FlexShares Quality Dividend Defensive Index Fund	1.60%	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	1.50%	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 QDF and QDEF in my portfolio?

With a correlation of 0.95, QDF and QDEF 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, QDF or QDEF?

QDF has higher volatility (3.76%) compared to QDEF (2.70%). In terms of maximum drawdown, QDF dropped -36.67% vs QDEF's -35.74%.

Which ETF is better, QDF or QDEF?

On 10-year performance, QDEF leads with 11.91% vs 11.88% for QDF. Both ETFs have the same 0.37% expense ratio. On volatility, QDEF has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDF or QDEF?

Over the 10-year period, QDEF has performed better with a 11.91% return vs 11.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDF or QDEF?

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

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

QDEF has the higher dividend yield at 1.60%, compared with 1.50% for QDF.

What is the main difference between QDF and QDEF?

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

Which has better risk-adjusted returns?

QDEF currently has the higher Sharpe Ratio (2.01 vs 1.93), 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.