QLV vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about FlexShares US Quality Low Volatility Index Fund (QLV) and S&P 500 Index (^GSPC).

QLV is a passively managed fund by Northern Trust that tracks the performance of the Northern Trust Quality Low Volatility Index. It was launched on Jul 15, 2019.

Performance

QLV vs. ^GSPC - Performance Comparison

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

QLV vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QLV FlexShares US Quality Low Volatility Index Fund	0.29%	12.28%	18.08%	13.71%	-9.97%	26.08%	9.63%	6.24%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	7.55%

Returns By Period

In the year-to-date period, QLV achieves a 0.29% return, which is significantly higher than ^GSPC's -3.95% return.

QLV

• 1D: 0.19%
• 1M: -4.10%
• YTD: 0.29%
• 6M: 0.78%
• 1Y: 11.23%
• 3Y*: 13.83%
• 5Y*: 10.56%
• 10Y*: —

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

QLV vs. ^GSPC — Risk / Return Rank

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

QLV

QLV Risk / Return Rank: 48
QLV Sharpe Ratio Rank: 45
QLV Sortino Ratio Rank: 47
QLV Omega Ratio Rank: 50
QLV Calmar Ratio Rank: 41
QLV Martin Ratio Rank: 56

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

QLV vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Low Volatility Index Fund (QLV) and S&P 500 Index (^GSPC). 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.

	QLV	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.89	0.92	-0.03
Sortino ratio Return per unit of downside risk	1.35	1.41	-0.07
Omega ratio Gain probability vs. loss probability	1.20	1.21	-0.01
Calmar ratio Return relative to maximum drawdown	1.14	1.41	-0.28
Martin ratio Return relative to average drawdown	5.85	6.61	-0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLV vs. ^GSPC - Sharpe Ratio Comparison

The current QLV Sharpe Ratio is 0.89, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of QLV and ^GSPC, 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

	QLV	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.92	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.61	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.46	+0.19

Correlation

The correlation between QLV and ^GSPC is 0.90, 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.

Drawdowns

QLV vs. ^GSPC - Drawdown Comparison

The maximum QLV drawdown since its inception was -33.71%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for QLV and ^GSPC.

Drawdown Indicators

	QLV	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-56.78%	+23.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.75%	-12.14%	+2.39%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-25.43%	+7.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-4.10%	-5.78%	+1.68%
Average Drawdown Average peak-to-trough decline	-4.08%	-10.75%	+6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	2.60%	-0.71%

Volatility

QLV vs. ^GSPC - Volatility Comparison

The current volatility for FlexShares US Quality Low Volatility Index Fund (QLV) is 3.18%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that QLV experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLV	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	5.37%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	9.55%	-3.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	18.33%	-5.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.73%	16.90%	-4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	18.05%	-1.31%