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QDF vs. XQLT.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QDF vs. XQLT.TO

Last updated Jun 14, 2026

QDF (FlexShares Quality Dividend Index Fund) and XQLT.TO (iShares MSCI USA Quality Factor Index ETF) are both exchange-traded funds - QDF is a Large Cap Value Equities fund tracking the Northern Trust Quality Dividend Index, while XQLT.TO is a Large Cap Growth Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, QDF returned 11.76%/yr vs 11.48%/yr for XQLT.TO. A 0.56 correlation means they provide meaningful diversification when combined. QDF charges 0.37%/yr vs 0.32%/yr for XQLT.TO.

Performance

QDF vs. XQLT.TO - 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 Index ETF (XQLT.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

QDF is traded in USD, while XQLT.TO is traded in CAD. To make them comparable, the XQLT.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, QDF achieves a 10.41% return, which is significantly higher than XQLT.TO's 8.99% return.

QDF

1D
0.84%
1M
1.63%
YTD
10.41%
6M
9.98%
1Y
27.46%
3Y*
18.28%
5Y*
11.76%
10Y*
12.30%

XQLT.TO

1D
0.30%
1M
2.77%
YTD
8.99%
6M
9.09%
1Y
22.57%
3Y*
19.13%
5Y*
11.48%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

QDF vs. XQLT.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
QDF
FlexShares Quality Dividend Index Fund		10.41%16.58%16.95%19.71%-12.13%26.65%4.86%7.50%
XQLT.TO
iShares MSCI USA Quality Factor Index ETF		8.99%12.21%22.03%31.20%-22.09%27.96%14.32%10.82%

Correlation

The correlation between QDF and XQLT.TO is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.65

Correlation (All Time)
Calculated using the full available price history since Sep 12, 2019

0.56

The correlation between QDF and XQLT.TO shifts across timeframes, from 0.56 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

QDF vs. XQLT.TO - Sectors Allocation Comparison

Sectors
QDF
XQLT.TO

Technology

39.5%
37.0%

Financial Services

11.5%
11.8%

Healthcare

9.6%
8.8%

Industrials

9.1%
7.9%

Communication Services

7.2%
11.0%

Consumer Cyclical

6.4%
9.3%

Consumer Defensive

5.7%
4.9%

Real Estate

5.4%
1.8%

Energy

3.4%
4.0%

Utilities

1.8%
1.8%

Basic Materials

0.4%
1.7%

Technology

QDF
39.5%
XQLT.TO
37.0%

Financial Services

QDF
11.5%
XQLT.TO
11.8%

Healthcare

QDF
9.6%
XQLT.TO
8.8%

Industrials

QDF
9.1%
XQLT.TO
7.9%

Communication Services

QDF
7.2%
XQLT.TO
11.0%

Consumer Cyclical

QDF
6.4%
XQLT.TO
9.3%

Consumer Defensive

QDF
5.7%
XQLT.TO
4.9%

Real Estate

QDF
5.4%
XQLT.TO
1.8%

Energy

QDF
3.4%
XQLT.TO
4.0%

Utilities

QDF
1.8%
XQLT.TO
1.8%

Basic Materials

QDF
0.4%
XQLT.TO
1.7%

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

iShares MSCI USA Quality Factor Index ETF

Often compared with QDF:
QDF vs. QDEFQDF vs. SCHDQDF vs. DGRWQDF vs. QQQQDF vs. FDVVQDF vs. SPHDQDF vs. VOO
Often compared with XQLT.TO:
XQLT.TO vs. XVLU.TOXQLT.TO vs. HYLD.TOXQLT.TO vs. VOOXQLT.TO vs. VFV.TOXQLT.TO vs. SPYXQLT.TO vs. ZSP.TOXQLT.TO vs. XGRO.TO

Return for Risk

QDF vs. XQLT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QDF
QDF Risk / Return Rank: 7777
Overall Rank
QDF Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
QDF Sortino Ratio Rank: 7878
Sortino Ratio Rank
QDF Omega Ratio Rank: 7777
Omega Ratio Rank
QDF Calmar Ratio Rank: 7373
Calmar Ratio Rank
QDF Martin Ratio Rank: 8181
Martin Ratio Rank
XQLT.TO
XQLT.TO Risk / Return Rank: 6868
Overall Rank
XQLT.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
XQLT.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
XQLT.TO Omega Ratio Rank: 6868
Omega Ratio Rank
XQLT.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
XQLT.TO Martin Ratio Rank: 6767
Martin Ratio Rank
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. XQLT.TO - 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 Index ETF (XQLT.TO). 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.

QDFXQLT.TODifference
Sharpe ratioReturn per unit of total volatility
2.16
1.63

+0.53

Sortino ratioReturn per unit of downside risk
3.01
2.35

+0.66

Omega ratioGain probability vs. loss probability

1.39

1.29

+0.10

Calmar ratioReturn relative to maximum drawdown

3.29

2.42

+0.87

Martin ratioReturn relative to average drawdown

14.15

10.52

+3.63

QDF vs. XQLT.TO - Sharpe Ratio Comparison

The current QDF Sharpe Ratio is 2.16, which is higher than the XQLT.TO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of QDF and XQLT.TO, 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. XQLT.TO - Drawdown Comparison

The maximum QDF drawdown since its inception was -36.67%, which is greater than XQLT.TO's maximum drawdown of -30.79%. Use the drawdown chart below to compare losses from any high point for QDF and XQLT.TO.

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Drawdown Indicators

QDFXQLT.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.67%

-30.79%

-5.88%

Max Drawdown (1Y)

Largest decline over 1 year

-7.90%

-8.71%

+0.81%

Max Drawdown (3Y)

Largest decline over 3 years

-18.01%

-18.76%

+0.75%

Max Drawdown (5Y)

Largest decline over 5 years

-22.06%

-29.57%

+7.51%

Max Drawdown (10Y)

Largest decline over 10 years

-36.67%

—

—

Current Drawdown

Current decline from peak

-0.81%

-1.36%

+0.55%

Average Drawdown

Average peak-to-trough decline

-3.64%

-6.14%

+2.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.84%

2.01%

-0.17%

Volatility

QDF vs. XQLT.TO - Volatility Comparison

The current volatility for FlexShares Quality Dividend Index Fund (QDF) is 4.16%, while iShares MSCI USA Quality Factor Index ETF (XQLT.TO) has a volatility of 4.56%. This indicates that QDF experiences smaller price fluctuations and is considered to be less risky than XQLT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QDFXQLT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.16%

4.56%

-0.40%

Volatility (6M)

Calculated over the trailing 6-month period

9.32%

10.12%

-0.80%

Volatility (1Y)

Calculated over the trailing 1-year period

12.03%

12.94%

-0.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.66%

16.92%

-1.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.41%

17.99%

-0.58%

QDF vs. XQLT.TO - Expense Ratio Comparison

QDF has a 0.37% expense ratio, which is higher than XQLT.TO's 0.32% expense ratio.

Dividends

QDF vs. XQLT.TO - Dividend Comparison

QDF's dividend yield for the trailing twelve months is around 1.50%, more than XQLT.TO's 0.63% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XQLT.TO
iShares MSCI USA Quality Factor Index ETF		0.63%0.69%0.72%0.94%1.21%0.87%1.11%1.23%0.00%0.00%0.00%0.00%

Frequently Asked Questions

QDF and XQLT.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XQLT.TO is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XQLT.TO is cheaper with a 0.32% expense ratio, compared with 0.37% for QDF.

QDF is categorized as Large Cap Value Equities, while XQLT.TO is Large Cap Growth Equities. QDF tracks Northern Trust Quality Dividend Index, while XQLT.TO tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: FlexShares and iShares. Their fees differ too: 0.37% for QDF and 0.32% for XQLT.TO.

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