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QDF vs. QDEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QDF vs. QDEF

Last updated Aug 2, 2026
Documentation

QDF (FlexShares Quality Dividend Index Fund) and QDEF (FlexShares Quality Dividend Defensive Index Fund) are both Quality Factor 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 12.04%/yr vs 12.14%/yr for QDEF. Their correlation of 0.94 means they have usually moved in the same direction. 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.

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Returns By Period

In the year-to-date period, QDF achieves a 12.96% return, which is significantly higher than QDEF's 10.48% return. Both investments have delivered pretty close results over the past 10 years, with QDF having a 12.04% annualized return and QDEF not far ahead at 12.14%.

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%

QDEF

1D
-0.05%
1M
1.68%
6M
8.64%
YTD
10.48%
1Y
20.97%
3Y*
17.66%
5Y*
12.34%
10Y*
12.14%
ALL TIME*
12.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

QDEF

FlexShares Quality Dividend Defensive Index Fund
$546.87K$522.47K$732.31K

QDF

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

QDF vs. QDEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QDF
FlexShares Quality Dividend Index Fund		12.96%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		10.48%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, 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.

0.95

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

0.96

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

0.97

Correlation (10Y)
Provides a long-term view across more market conditions.

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

37.0%
35.6%

Financial Services

14.8%
11.7%

Healthcare

9.1%
10.5%

Industrials

8.7%
5.5%

Consumer Cyclical

7.1%
7.3%

Consumer Defensive

5.7%
7.3%

Real Estate

5.6%
3.9%

Communication Services

5.4%
5.8%

Utilities

2.2%
3.6%

Basic Materials

1.5%
3.5%

Energy

0.9%
4.2%

Technology

QDF
37.0%
QDEF
35.6%

Financial Services

QDF
14.8%
QDEF
11.7%

Healthcare

QDF
9.1%
QDEF
10.5%

Industrials

QDF
8.7%
QDEF
5.5%

Consumer Cyclical

QDF
7.1%
QDEF
7.3%

Consumer Defensive

QDF
5.7%
QDEF
7.3%

Real Estate

QDF
5.6%
QDEF
3.9%

Communication Services

QDF
5.4%
QDEF
5.8%

Utilities

QDF
2.2%
QDEF
3.6%

Basic Materials

QDF
1.5%
QDEF
3.5%

Energy

QDF
0.9%
QDEF
4.2%

Compare stocks, funds, or ETFs

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

FlexShares Quality Dividend Index Fund

FlexShares Quality Dividend Defensive Index Fund

Often compared with QDF:
QDF vs. SCHDQDF vs. DGRWQDF vs. QQQQDF vs. FDVVQDF vs. VOOQDF vs. SPHDQDF vs. COWZ
Often compared with QDEF:
QDEF vs. SCHDQDEF vs. DGRWQDEF vs. ^SP500TRQDEF vs. QDIVQDEF vs. SCHBQDEF vs. COWZQDEF vs. USMV

Return for Risk

QDF vs. QDEF — 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
QDEF
QDEF Risk / Return Rank: 8585
Overall Rank
QDEF Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
QDEF Sortino Ratio Rank: 8787
Sortino Ratio Rank
QDEF Omega Ratio Rank: 8787
Omega Ratio Rank
QDEF Calmar Ratio Rank: 8181
Calmar Ratio Rank
QDEF Martin Ratio Rank: 8686
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. 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.

QDFQDEFDifference
Sharpe ratioReturn per unit of total volatility
1.91
2.07

-0.16

Sortino ratioReturn per unit of downside risk
2.69
2.94

-0.25

Omega ratioGain probability vs. loss probability

1.35

1.38

-0.04

Calmar ratioReturn relative to maximum drawdown

2.95

2.93

+0.03

Martin ratioReturn relative to average drawdown

12.68

12.20

+0.48

QDF vs. QDEF - Sharpe Ratio Comparison

The current QDF Sharpe Ratio is 1.91, which is comparable to the QDEF Sharpe Ratio of 2.07. 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.

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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.

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Drawdown Indicators

QDFQDEFDifference

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

-0.72%

-0.58%

-0.14%

Average Drawdown

Average peak-to-trough decline

-3.61%

-3.27%

-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 2.96% compared to FlexShares Quality Dividend Defensive Index Fund (QDEF) at 2.29%. 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.

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Volatility by Period

QDFQDEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.96%

2.29%

+0.67%

Volatility (6M)

Calculated over the trailing 6-month period

9.43%

7.47%

+1.96%

Volatility (1Y)

Calculated over the trailing 1-year period

12.20%

9.85%

+2.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.64%

13.77%

+1.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.37%

16.14%

+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 1.48%, less than QDEF's 1.58% yield.

PositionTTM20252024202320222021202020192018201720162015
QDEF
FlexShares Quality Dividend Defensive Index Fund		1.58%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		1.48%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

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.

QDF has higher volatility (2.96%) compared to QDEF (2.29%). In terms of maximum drawdown, QDF dropped -36.67% vs QDEF's -35.74%.

On 10-year performance, QDEF leads with 12.14% vs 12.04% for QDF. Both ETFs have the same 0.37% expense ratio. On volatility, QDEF has been the lower-risk option at 2.29%. 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 12.14% return vs 12.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

QDEF has the higher dividend yield at 1.58%, compared with 1.48% for QDF.

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

QDEF currently has the higher Sharpe Ratio (2.07 vs 1.91), 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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