QLV vs. ^GSPC

Last updated Jun 4, 2026

QLV (FlexShares US Quality Low Volatility Index Fund) is Volatility Hedged Equity fund tracking the Northern Trust Quality Low Volatility Index, while ^GSPC (S&P 500 Index) is an index. Over the past 5 years, QLV returned 10.73%/yr vs 12.30%/yr for ^GSPC. Their correlation of 0.89 suggests significant overlap in exposure.

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.

Returns By Period

In the year-to-date period, QLV achieves a 5.48% return, which is significantly lower than ^GSPC's 10.35% return.

QLV

• 1D: -0.51%
• 1M: 2.14%
• YTD: 5.48%
• 6M: 5.38%
• 1Y: 14.06%
• 3Y*: 15.15%
• 5Y*: 10.73%
• 10Y*: —

^GSPC

• 1D: -0.74%
• 1M: 4.90%
• YTD: 10.35%
• 6M: 10.28%
• 1Y: 26.52%
• 3Y*: 20.83%
• 5Y*: 12.30%
• 10Y*: 13.66%

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

QLV vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QLV FlexShares US Quality Low Volatility Index Fund	5.48%	12.28%	18.08%	13.71%	-9.97%	26.08%	9.63%	6.24%
^GSPC S&P 500 Index	10.35%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	7.55%

Correlation

The correlation between QLV and ^GSPC is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.89

The correlation between QLV and ^GSPC shifts across timeframes, from 0.74 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

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: 53
QLV Sharpe Ratio Rank: 54
QLV Sortino Ratio Rank: 56
QLV Omega Ratio Rank: 51
QLV Calmar Ratio Rank: 46
QLV Martin Ratio Rank: 56

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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	1.85	2.24	-0.40
Sortino ratio Return per unit of downside risk	2.68	3.07	-0.39
Omega ratio Gain probability vs. loss probability	1.32	1.41	-0.08
Calmar ratio Return relative to maximum drawdown	2.28	2.93	-0.65
Martin ratio Return relative to average drawdown	9.69	13.52	-3.83
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 1.85, which is comparable to the ^GSPC Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of QLV and ^GSPC, 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

	QLV	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.24	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.73	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.47	+0.22

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	-6.19%	-9.10%	+2.91%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-18.90%	+6.85%
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	-0.81%	-0.74%	-0.07%
Average Drawdown Average peak-to-trough decline	-4.00%	-10.72%	+6.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	1.97%	-0.52%

Volatility

QLV vs. ^GSPC - Volatility Comparison

The current volatility for FlexShares US Quality Low Volatility Index Fund (QLV) is 1.61%, while S&P 500 Index (^GSPC) has a volatility of 2.93%. 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	1.61%	2.93%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	5.34%	8.99%	-3.65%
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	11.89%	-4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	16.90%	-4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	18.06%	-1.49%

Frequently Asked Questions

Can I hold both QLV and ^GSPC in my portfolio?

QLV and ^GSPC have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLV or ^GSPC?

^GSPC has higher volatility (2.93%) compared to QLV (1.61%). In terms of maximum drawdown, QLV dropped -33.71% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.24 vs 1.85), 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.