QDF vs. SQLV

Last updated Aug 2, 2026

QDF (FlexShares Quality Dividend Index Fund) and SQLV (Royce Quant Small-Cap Quality Value ETF) are both Quality Factor funds. QDF is passively managed, while SQLV is actively managed. Over the past 5 years, QDF returned 11.93%/yr vs 8.18%/yr for SQLV. Their 0.64 correlation means they have sometimes moved together and sometimes differently. QDF charges 0.37%/yr vs 0.60%/yr for SQLV.

Performance

QDF vs. SQLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Quality Dividend Index Fund (QDF) and Royce Quant Small-Cap Quality Value ETF (SQLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDF achieves a 12.96% return, which is significantly lower than SQLV's 23.57% 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%

SQLV

• 1D: -0.45%
• 1M: 1.00%
• 6M: 18.55%
• YTD: 23.57%
• 1Y: 37.64%
• 3Y*: 12.11%
• 5Y*: 8.18%
• 10Y*: —
• ALL TIME*: 9.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QDF FlexShares Quality Dividend Index Fund	$1.70M	$2.15M	$2.21M
SQLV Royce Quant Small-Cap Quality Value ETF	$1.18M	$614.27K	$248.07K

QDF vs. SQLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QDF FlexShares Quality Dividend Index Fund	12.96%	16.58%	16.95%	19.71%	-12.13%	26.65%	4.86%	25.71%	-7.97%	11.18%
SQLV Royce Quant Small-Cap Quality Value ETF	23.57%	2.50%	4.76%	21.21%	-12.86%	37.14%	7.13%	17.41%	-10.55%	8.84%

Correlation

The correlation between QDF and SQLV is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017	0.64

The correlation between QDF and SQLV shifts across timeframes, from 0.64 (all time) to 0.77 (5 years), reflecting how their relationship changes across market environments.

QDF vs. SQLV - Sectors Allocation Comparison

Sectors	QDF	SQLV
Technology	37.0%	15.9%
Financial Services	14.8%	19.0%
Healthcare	9.1%	18.7%
Industrials	8.7%	10.3%
Consumer Cyclical	7.1%	13.8%
Consumer Defensive	5.7%	7.4%
Real Estate	5.6%	0.9%
Communication Services	5.4%	6.0%
Utilities	2.2%	0.2%
Basic Materials	1.5%	3.8%
Energy	0.9%	4.0%

Return for Risk

QDF vs. SQLV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QDF

QDF Risk / Return Rank: 83
QDF Sharpe Ratio Rank: 83
QDF Sortino Ratio Rank: 82
QDF Omega Ratio Rank: 82
QDF Calmar Ratio Rank: 81
QDF Martin Ratio Rank: 87

SQLV

SQLV Risk / Return Rank: 86
SQLV Sharpe Ratio Rank: 86
SQLV Sortino Ratio Rank: 88
SQLV Omega Ratio Rank: 81
SQLV Calmar Ratio Rank: 90
SQLV Martin Ratio Rank: 86

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. SQLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Quality Dividend Index Fund (QDF) and Royce Quant Small-Cap Quality Value ETF (SQLV). 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	SQLV	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.02	-0.11
Sortino ratio: Return per unit of downside risk	2.69	2.97	-0.27
Omega ratio: Gain probability vs. loss probability	1.35	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	2.95	3.95	-1.00
Martin ratio: Return relative to average drawdown	12.68	12.39	+0.29

QDF vs. SQLV - Sharpe Ratio Comparison

The current QDF Sharpe Ratio is 1.91, which is comparable to the SQLV Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of QDF and SQLV, 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. SQLV - Drawdown Comparison

The maximum QDF drawdown since its inception was -36.67%, smaller than the maximum SQLV drawdown of -48.34%. Use the drawdown chart below to compare losses from any high point for QDF and SQLV.

Drawdown Indicators

	QDF	SQLV	Difference
Max Drawdown Largest peak-to-trough decline	-36.67%	-48.34%	+11.67%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-8.84%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.01%	-26.86%	+8.85%
Max Drawdown (5Y) Largest decline over 5 years	-22.06%	-26.86%	+4.80%
Max Drawdown (10Y) Largest decline over 10 years	-36.67%	—	—
Current Drawdown Current decline from peak	-0.72%	-1.74%	+1.02%
Average Drawdown Average peak-to-trough decline	-3.61%	-8.80%	+5.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	2.81%	-0.97%

Volatility

QDF vs. SQLV - Volatility Comparison

The current volatility for FlexShares Quality Dividend Index Fund (QDF) is 2.96%, while Royce Quant Small-Cap Quality Value ETF (SQLV) has a volatility of 4.34%. This indicates that QDF experiences smaller price fluctuations and is considered to be less risky than SQLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDF	SQLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	4.34%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	11.60%	-2.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	17.33%	-5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	20.87%	-5.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.37%	23.24%	-5.87%

QDF vs. SQLV - Expense Ratio Comparison

QDF has a 0.37% expense ratio, which is lower than SQLV's 0.60% expense ratio.

Dividends

QDF vs. SQLV - Dividend Comparison

QDF's dividend yield for the trailing twelve months is around 1.48%, more than SQLV's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SQLV Royce Quant Small-Cap Quality Value ETF	0.95%	1.15%	1.11%	1.09%	1.24%	1.12%	1.22%	1.20%	1.08%	0.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QDF and SQLV in my portfolio?

QDF and SQLV have a correlation of 0.67, 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 SQLV?

SQLV has higher volatility (4.34%) compared to QDF (2.96%). In terms of maximum drawdown, QDF dropped -36.67% vs SQLV's -48.34%.

Which ETF is better, QDF or SQLV?

On 5-year performance, QDF leads with 11.93% vs 8.18% for SQLV. On fees, QDF is cheaper at 0.37% 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.

Which ETF has performed better, QDF or SQLV?

Over the 5-year period, QDF has performed better with a 11.93% return vs 8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDF or SQLV?

QDF is cheaper with a 0.37% expense ratio, compared with 0.60% for SQLV.

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

QDF has the higher dividend yield at 1.48%, compared with 0.95% for SQLV.

What is the main difference between QDF and SQLV?

They also come from different issuers: FlexShares and Franklin Templeton. Their fees differ too: 0.37% for QDF and 0.60% for SQLV.

Which has better risk-adjusted returns?

SQLV currently has the higher Sharpe Ratio (2.02 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.