QDF vs. SPLV

Last updated Jun 4, 2026

QDF (FlexShares Quality Dividend Index Fund) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - QDF is a Large Cap Value Equities fund tracking the Northern Trust Quality Dividend Index, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 10 years, QDF returned 12.18%/yr vs 8.01%/yr for SPLV. A 0.72 correlation means they provide meaningful diversification when combined. QDF charges 0.37%/yr vs 0.25%/yr for SPLV.

Performance

QDF vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Quality Dividend Index Fund (QDF) and Invesco S&P 500 Low Volatility ETF (SPLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDF achieves a 10.70% return, which is significantly higher than SPLV's 1.32% return. Over the past 10 years, QDF has outperformed SPLV with an annualized return of 12.18%, while SPLV has yielded a comparatively lower 8.01% annualized return.

QDF

• 1D: -0.56%
• 1M: 4.60%
• YTD: 10.70%
• 6M: 10.82%
• 1Y: 27.64%
• 3Y*: 19.21%
• 5Y*: 11.90%
• 10Y*: 12.18%

SPLV

• 1D: 0.08%
• 1M: -2.50%
• YTD: 1.32%
• 6M: 1.06%
• 1Y: -0.03%
• 3Y*: 7.54%
• 5Y*: 5.33%
• 10Y*: 8.01%

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

QDF vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QDF FlexShares Quality Dividend Index Fund	10.70%	16.58%	16.95%	19.71%	-12.13%	26.65%	4.86%	25.71%	-7.97%	17.42%
SPLV Invesco S&P 500 Low Volatility ETF	1.32%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%

Correlation

The correlation between QDF and SPLV is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 20, 2012	0.72

Over the past year, the correlation between QDF and SPLV has dropped to 0.33 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

QDF vs. SPLV - Sectors Allocation Comparison

Sectors	QDF	SPLV
Technology	38.3%	4.6%
Financial Services	13.2%	16.6%
Industrials	8.9%	10.1%
Healthcare	8.3%	6.8%
Consumer Cyclical	6.9%	5.7%
Communication Services	6.8%	0.9%
Consumer Defensive	5.5%	10.8%
Real Estate	5.4%	14.8%
Utilities	2.1%	26.8%
Basic Materials	1.6%	2.0%
Energy	0.9%	0.9%

Return for Risk

QDF vs. SPLV — Risk / Return Rank

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

QDF

QDF Risk / Return Rank: 73
QDF Sharpe Ratio Rank: 73
QDF Sortino Ratio Rank: 73
QDF Omega Ratio Rank: 73
QDF Calmar Ratio Rank: 70
QDF Martin Ratio Rank: 78

SPLV

SPLV Risk / Return Rank: 8
SPLV Sharpe Ratio Rank: 8
SPLV Sortino Ratio Rank: 8
SPLV Omega Ratio Rank: 8
SPLV Calmar Ratio Rank: 8
SPLV Martin Ratio Rank: 8

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. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Quality Dividend Index Fund (QDF) and Invesco S&P 500 Low Volatility ETF (SPLV). 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	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	2.40	-0.00	+2.40
Sortino ratio: Return per unit of downside risk	3.36	0.06	+3.29
Omega ratio: Gain probability vs. loss probability	1.44	1.01	+0.43
Calmar ratio: Return relative to maximum drawdown	3.52	-0.00	+3.52
Martin ratio: Return relative to average drawdown	15.37	-0.01	+15.38
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. SPLV - Sharpe Ratio Comparison

The current QDF Sharpe Ratio is 2.40, which is higher than the SPLV Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of QDF and SPLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QDF	SPLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	-0.00	+2.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.43	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.52	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.68	+0.11

Drawdowns

QDF vs. SPLV - Drawdown Comparison

The maximum QDF drawdown since its inception was -36.67%, roughly equal to the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for QDF and SPLV.

Drawdown Indicators

	QDF	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-36.67%	-36.26%	-0.41%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-7.41%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.01%	-9.64%	-8.37%
Max Drawdown (5Y) Largest decline over 5 years	-22.06%	-17.26%	-4.80%
Max Drawdown (10Y) Largest decline over 10 years	-36.67%	-36.26%	-0.41%
Current Drawdown Current decline from peak	-0.56%	-6.91%	+6.35%
Average Drawdown Average peak-to-trough decline	-3.65%	-3.55%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	3.05%	-1.25%

Volatility

QDF vs. SPLV - Volatility Comparison

FlexShares Quality Dividend Index Fund (QDF) and Invesco S&P 500 Low Volatility ETF (SPLV) have volatilities of 2.95% and 2.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDF	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	2.97%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	6.78%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	11.60%	9.78%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	12.45%	+3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.39%	15.36%	+2.03%

QDF vs. SPLV - Expense Ratio Comparison

QDF has a 0.37% expense ratio, which is higher than SPLV's 0.25% expense ratio.

Dividends

QDF vs. SPLV - Dividend Comparison

QDF's dividend yield for the trailing twelve months is around 1.50%, less than SPLV's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPLV Invesco S&P 500 Low Volatility ETF	2.22%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%

Frequently Asked Questions

Can I hold both QDF and SPLV in my portfolio?

QDF and SPLV have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QDF or SPLV?

SPLV has higher volatility (2.97%) compared to QDF (2.95%). In terms of maximum drawdown, QDF dropped -36.67% vs SPLV's -36.26%.

Which ETF is better, QDF or SPLV?

On 10-year performance, QDF leads with 12.18% vs 8.01% for SPLV. On fees, SPLV is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDF or SPLV?

Over the 10-year period, QDF has performed better with a 12.18% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDF or SPLV?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.37% for QDF.

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

SPLV has the higher dividend yield at 2.22%, compared with 1.50% for QDF.

What is the main difference between QDF and SPLV?

QDF is categorized as Large Cap Value Equities, while SPLV is S&P 500. QDF tracks Northern Trust Quality Dividend Index, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: FlexShares and Invesco. Their fees differ too: 0.37% for QDF and 0.25% for SPLV.

Which has better risk-adjusted returns?

QDF currently has the higher Sharpe Ratio (2.40 vs -0.00), 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.