QDF vs. QUAL

Last updated Apr 1, 2026

Compare and contrast key facts about FlexShares Quality Dividend Index Fund (QDF) and iShares MSCI USA Quality Factor ETF (QUAL).

QDF and QUAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QDF is a passively managed fund by FlexShares that tracks the performance of the Northern Trust Quality Dividend Index. It was launched on Dec 14, 2012. QUAL is a passively managed fund by iShares that tracks the performance of the MSCI USA Sector Neutral Quality Index. It was launched on Jul 18, 2013. Both QDF and QUAL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

QDF vs. QUAL - 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 Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

QDF vs. QUAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QDF FlexShares Quality Dividend Index Fund	-1.88%	16.58%	16.95%	19.71%	-12.13%	26.65%	4.86%	25.71%	-7.97%	17.42%
QUAL iShares MSCI USA Quality Factor ETF	-3.22%	12.65%	22.29%	30.88%	-20.50%	26.94%	17.04%	33.89%	-5.70%	22.26%

Returns By Period

In the year-to-date period, QDF achieves a -1.88% return, which is significantly higher than QUAL's -3.22% return. Over the past 10 years, QDF has underperformed QUAL with an annualized return of 11.00%, while QUAL has yielded a comparatively higher 12.94% annualized return.

QDF

• 1D: 2.43%
• 1M: -4.83%
• YTD: -1.88%
• 6M: 0.44%
• 1Y: 17.72%
• 3Y*: 15.49%
• 5Y*: 10.28%
• 10Y*: 11.00%

QUAL

• 1D: 2.85%
• 1M: -6.17%
• YTD: -3.22%
• 6M: -0.87%
• 1Y: 13.35%
• 3Y*: 16.91%
• 5Y*: 10.60%
• 10Y*: 12.94%

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

QDF vs. QUAL - Expense Ratio Comparison

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

QDF

FlexShares Quality Dividend Index Fund

QUAL

iShares MSCI USA Quality Factor ETF

Return for Risk

QDF vs. QUAL — Risk / Return Rank

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

QDF

QDF Risk / Return Rank: 63
QDF Sharpe Ratio Rank: 59
QDF Sortino Ratio Rank: 60
QDF Omega Ratio Rank: 64
QDF Calmar Ratio Rank: 60
QDF Martin Ratio Rank: 71

QUAL

QUAL Risk / Return Rank: 51
QUAL Sharpe Ratio Rank: 45
QUAL Sortino Ratio Rank: 48
QUAL Omega Ratio Rank: 48
QUAL Calmar Ratio Rank: 54
QUAL Martin Ratio Rank: 62

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. QUAL - 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 Factor ETF (QUAL). 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.

	QDF	QUAL	Difference
Sharpe ratio Return per unit of total volatility	1.01	0.77	+0.24
Sortino ratio Return per unit of downside risk	1.52	1.22	+0.30
Omega ratio Gain probability vs. loss probability	1.23	1.17	+0.06
Calmar ratio Return relative to maximum drawdown	1.47	1.23	+0.23
Martin ratio Return relative to average drawdown	7.12	5.67	+1.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QDF vs. QUAL - Sharpe Ratio Comparison

The current QDF Sharpe Ratio is 1.01, which is higher than the QUAL Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of QDF and QUAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QDF	QUAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	0.77	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.61	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.72	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.75	-0.02

Correlation

The correlation between QDF and QUAL is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QDF vs. QUAL - Dividend Comparison

QDF's dividend yield for the trailing twelve months is around 1.69%, more than QUAL's 0.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QDF FlexShares Quality Dividend Index Fund	1.69%	1.65%	1.93%	2.19%	2.45%	1.90%	2.38%	3.05%	4.29%	2.70%	3.07%	3.04%
QUAL iShares MSCI USA Quality Factor ETF	0.98%	0.94%	1.02%	1.23%	1.59%	1.20%	1.39%	1.60%	2.00%	1.76%	1.96%	1.63%

Drawdowns

QDF vs. QUAL - Drawdown Comparison

The maximum QDF drawdown since its inception was -36.67%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for QDF and QUAL.

Drawdown Indicators

	QDF	QUAL	Difference
Max Drawdown Largest peak-to-trough decline	-36.67%	-34.06%	-2.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.83%	-11.52%	-1.31%
Max Drawdown (5Y) Largest decline over 5 years	-22.06%	-28.23%	+6.17%
Max Drawdown (10Y) Largest decline over 10 years	-36.67%	-34.06%	-2.61%
Current Drawdown Current decline from peak	-5.66%	-6.44%	+0.78%
Average Drawdown Average peak-to-trough decline	-3.68%	-4.15%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.50%	+0.14%

Volatility

QDF vs. QUAL - Volatility Comparison

The current volatility for FlexShares Quality Dividend Index Fund (QDF) is 4.79%, while iShares MSCI USA Quality Factor ETF (QUAL) has a volatility of 5.37%. This indicates that QDF experiences smaller price fluctuations and is considered to be less risky than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDF	QUAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	5.37%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	9.12%	9.30%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	17.63%	17.47%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	17.34%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	18.08%	-0.70%