QLV vs. DVOL

Last updated Jun 4, 2026

QLV (FlexShares US Quality Low Volatility Index Fund) and DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) are both exchange-traded funds - QLV is a Volatility Hedged Equity fund tracking the Northern Trust Quality Low Volatility Index, while DVOL is a Momentum fund tracking the Dorsey Wright Momentum Plus Low Volatility Index. Both are passively managed. Over the past 5 years, QLV returned 10.73%/yr vs 6.82%/yr for DVOL. Their correlation of 0.82 suggests significant overlap in exposure. QLV charges 0.22%/yr vs 0.60%/yr for DVOL.

Performance

QLV vs. DVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares US Quality Low Volatility Index Fund (QLV) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). 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 higher than DVOL's 1.61% return.

QLV

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

DVOL

• 1D: 0.41%
• 1M: -3.19%
• YTD: 1.61%
• 6M: 2.02%
• 1Y: 0.82%
• 3Y*: 12.78%
• 5Y*: 6.82%
• 10Y*: —

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

QLV vs. DVOL - 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%
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	1.61%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	2.39%

Correlation

The correlation between QLV and DVOL is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.82

The correlation between QLV and DVOL shifts across timeframes, from 0.67 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

QLV vs. DVOL - Sectors Allocation Comparison

Sectors	QLV	DVOL
Technology	28.6%	4.7%
Healthcare	12.7%	3.7%
Financial Services	12.3%	18.8%
Consumer Defensive	8.5%	8.2%
Communication Services	8.4%	3.6%
Consumer Cyclical	6.8%	9.4%
Utilities	6.5%	3.0%
Industrials	6.3%	16.6%
Energy	5.8%	14.0%
Basic Materials	2.4%	6.0%
Real Estate	1.7%	12.1%

Return for Risk

QLV vs. DVOL — 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

DVOL

DVOL Risk / Return Rank: 9
DVOL Sharpe Ratio Rank: 9
DVOL Sortino Ratio Rank: 9
DVOL Omega Ratio Rank: 9
DVOL Calmar Ratio Rank: 10
DVOL Martin Ratio Rank: 10

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. DVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Low Volatility Index Fund (QLV) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). 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	DVOL	Difference
Sharpe ratio Return per unit of total volatility	1.85	0.07	+1.78
Sortino ratio Return per unit of downside risk	2.68	0.19	+2.49
Omega ratio Gain probability vs. loss probability	1.32	1.02	+0.30
Calmar ratio Return relative to maximum drawdown	2.28	0.08	+2.20
Martin ratio Return relative to average drawdown	9.69	0.30	+9.39
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. DVOL - Sharpe Ratio Comparison

The current QLV Sharpe Ratio is 1.85, which is higher than the DVOL Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of QLV and DVOL, 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	DVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	0.07	+1.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.48	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.50	+0.19

Drawdowns

QLV vs. DVOL - Drawdown Comparison

The maximum QLV drawdown since its inception was -33.71%, smaller than the maximum DVOL drawdown of -38.26%. Use the drawdown chart below to compare losses from any high point for QLV and DVOL.

Drawdown Indicators

	QLV	DVOL	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-38.26%	+4.55%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-9.82%	+3.63%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-11.66%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-24.65%	+6.72%
Current Drawdown Current decline from peak	-0.81%	-4.85%	+4.04%
Average Drawdown Average peak-to-trough decline	-4.00%	-7.17%	+3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	2.87%	-1.42%

Volatility

QLV vs. DVOL - Volatility Comparison

The current volatility for FlexShares US Quality Low Volatility Index Fund (QLV) is 1.61%, while First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) has a volatility of 2.91%. This indicates that QLV experiences smaller price fluctuations and is considered to be less risky than DVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLV	DVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	2.91%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	5.34%	9.35%	-4.01%
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	11.79%	-4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	14.40%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	17.72%	-1.15%

QLV vs. DVOL - Expense Ratio Comparison

QLV has a 0.22% expense ratio, which is lower than DVOL's 0.60% expense ratio.

Dividends

QLV vs. DVOL - Dividend Comparison

QLV's dividend yield for the trailing twelve months is around 1.52%, more than DVOL's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.68%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%
QLV FlexShares US Quality Low Volatility Index Fund	1.52%	1.60%	1.66%	1.60%	1.74%	0.96%	1.24%	0.58%	0.00%

Frequently Asked Questions

Can I hold both QLV and DVOL in my portfolio?

QLV and DVOL 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, QLV or DVOL?

DVOL has higher volatility (2.91%) compared to QLV (1.61%). In terms of maximum drawdown, QLV dropped -33.71% vs DVOL's -38.26%.

Which ETF is better, QLV or DVOL?

On 5-year performance, QLV leads with 10.73% vs 6.82% for DVOL. On fees, QLV is cheaper at 0.22% per year. On volatility, QLV has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLV or DVOL?

Over the 5-year period, QLV has performed better with a 10.73% return vs 6.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLV or DVOL?

QLV is cheaper with a 0.22% expense ratio, compared with 0.60% for DVOL.

Which ETF pays a higher dividend yield, QLV or DVOL?

QLV has the higher dividend yield at 1.52%, compared with 0.68% for DVOL.

What is the main difference between QLV and DVOL?

QLV is categorized as Volatility Hedged Equity, while DVOL is Momentum. QLV tracks Northern Trust Quality Low Volatility Index, while DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index. They also come from different issuers: Northern Trust and First Trust. Their fees differ too: 0.22% for QLV and 0.60% for DVOL.

Which has better risk-adjusted returns?

QLV currently has the higher Sharpe Ratio (1.85 vs 0.07), 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.