QLC vs. AFOS

Last updated Jul 16, 2026

QLC (FlexShares US Quality Large Cap Index Fund) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. Over the past year, QLC returned 29.23% vs 70.74% for AFOS. Their correlation of 0.81 suggests significant overlap in exposure. QLC charges 0.25%/yr vs 0.45%/yr for AFOS.

Performance

QLC vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares US Quality Large Cap Index Fund (QLC) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLC achieves a 13.18% return, which is significantly lower than AFOS's 29.85% return.

QLC

• 1D: 0.51%
• 1M: 1.08%
• 6M: 11.73%
• YTD: 13.18%
• 1Y: 29.23%
• 3Y*: 23.84%
• 5Y*: 15.13%
• 10Y*: 14.70%

AFOS

• 1D: -0.87%
• 1M: -2.71%
• 6M: 22.22%
• YTD: 29.85%
• 1Y: 70.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLC vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
QLC FlexShares US Quality Large Cap Index Fund	13.18%	16.87%
AFOS ARS Focused Opportunities Strategy ETF	29.85%	37.10%

Correlation

The correlation between QLC and AFOS is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.81

The correlation between QLC and AFOS has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

Return for Risk

QLC vs. AFOS — Risk / Return Rank

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

QLC

QLC Risk / Return Rank: 85
QLC Sharpe Ratio Rank: 87
QLC Sortino Ratio Rank: 86
QLC Omega Ratio Rank: 85
QLC Calmar Ratio Rank: 79
QLC Martin Ratio Rank: 88

AFOS

AFOS Risk / Return Rank: 95
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 94
AFOS Omega Ratio Rank: 93
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

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.

QLC vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Large Cap Index Fund (QLC) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	QLC	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	2.26	3.21	-0.95
Sortino ratio: Return per unit of downside risk	3.12	3.90	-0.79
Omega ratio: Gain probability vs. loss probability	1.41	1.52	-0.11
Calmar ratio: Return relative to maximum drawdown	3.32	6.17	-2.85
Martin ratio: Return relative to average drawdown	14.94	26.63	-11.69

QLC vs. AFOS - Sharpe Ratio Comparison

The current QLC Sharpe Ratio is 2.26, which is comparable to the AFOS Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of QLC and AFOS, 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

QLC vs. AFOS - Drawdown Comparison

The maximum QLC drawdown since its inception was -35.86%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for QLC and AFOS.

Drawdown Indicators

	QLC	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-35.86%	-11.52%	-24.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.84%	-11.52%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.86%	—	—
Current Drawdown Current decline from peak	0.00%	-5.07%	+5.07%
Average Drawdown Average peak-to-trough decline	-4.50%	-1.55%	-2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	2.66%	-0.70%

Volatility

QLC vs. AFOS - Volatility Comparison

The current volatility for FlexShares US Quality Large Cap Index Fund (QLC) is 3.47%, while ARS Focused Opportunities Strategy ETF (AFOS) has a volatility of 8.34%. This indicates that QLC experiences smaller price fluctuations and is considered to be less risky than AFOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLC	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	8.34%	-4.87%
Volatility (6M) Calculated over the trailing 6-month period	10.35%	18.39%	-8.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	22.15%	-9.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	21.73%	-4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	21.73%	-3.35%

QLC vs. AFOS - Expense Ratio Comparison

QLC has a 0.25% expense ratio, which is lower than AFOS's 0.45% expense ratio.

Dividends

QLC vs. AFOS - Dividend Comparison

QLC's dividend yield for the trailing twelve months is around 0.92%, more than AFOS's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLC FlexShares US Quality Large Cap Index Fund	0.92%	0.94%	1.03%	1.26%	1.46%	0.96%	1.40%	1.91%	1.82%	1.29%	1.80%	0.64%

Frequently Asked Questions

Can I hold both QLC and AFOS in my portfolio?

QLC and AFOS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLC or AFOS?

AFOS has higher volatility (8.34%) compared to QLC (3.47%). In terms of maximum drawdown, QLC dropped -35.86% vs AFOS's -11.52%.

Which ETF is better, QLC or AFOS?

On 1-year performance, AFOS leads with 70.74% vs 29.23% for QLC. On fees, QLC is cheaper at 0.25% per year. On volatility, QLC has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLC or AFOS?

Over the 1-year period, AFOS has performed better with a 70.74% return vs 29.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLC or AFOS?

QLC is cheaper with a 0.25% expense ratio, compared with 0.45% for AFOS.

Which ETF pays a higher dividend yield, QLC or AFOS?

QLC has the higher dividend yield at 0.92%, compared with 0.23% for AFOS.

What is the main difference between QLC and AFOS?

They also come from different issuers: Northern Trust and ARS Investment Partners. Their fees differ too: 0.25% for QLC and 0.45% for AFOS.

Which has better risk-adjusted returns?

AFOS currently has the higher Sharpe Ratio (3.21 vs 2.26), 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.