QLV vs. MGV

Last updated Jun 4, 2026

QLV (FlexShares US Quality Low Volatility Index Fund) and MGV (Vanguard Mega Cap Value ETF) are both exchange-traded funds - QLV is a Volatility Hedged Equity fund tracking the Northern Trust Quality Low Volatility Index, while MGV is a Large Cap Value Equities fund tracking the CRSP US Mega Cap Value Index. Both are passively managed. Over the past 5 years, QLV returned 10.73%/yr vs 11.92%/yr for MGV. Their correlation of 0.82 suggests significant overlap in exposure. QLV charges 0.22%/yr vs 0.05%/yr for MGV.

Performance

QLV vs. MGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares US Quality Low Volatility Index Fund (QLV) and Vanguard Mega Cap Value ETF (MGV). 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 MGV's 13.14% return.

QLV

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

MGV

• 1D: 0.08%
• 1M: 5.09%
• YTD: 13.14%
• 6M: 13.88%
• 1Y: 26.98%
• 3Y*: 18.87%
• 5Y*: 11.92%
• 10Y*: 12.82%

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

QLV vs. MGV - 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%
MGV Vanguard Mega Cap Value ETF	13.14%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	8.07%

Correlation

The correlation between QLV and MGV is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.81
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 MGV has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

QLV vs. MGV - Sectors Allocation Comparison

Sectors	QLV	MGV
Technology	28.6%	14.2%
Healthcare	12.7%	16.6%
Financial Services	12.3%	23.9%
Consumer Defensive	8.5%	11.9%
Communication Services	8.4%	3.4%
Consumer Cyclical	6.8%	3.7%
Utilities	6.5%	2.6%
Industrials	6.3%	13.7%
Energy	5.8%	6.6%
Basic Materials	2.4%	2.4%
Real Estate	1.7%	1.2%

Return for Risk

QLV vs. MGV — 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

MGV

MGV Risk / Return Rank: 82
MGV Sharpe Ratio Rank: 83
MGV Sortino Ratio Rank: 85
MGV Omega Ratio Rank: 81
MGV Calmar Ratio Rank: 80
MGV Martin Ratio Rank: 80

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. MGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Low Volatility Index Fund (QLV) and Vanguard Mega Cap Value ETF (MGV). 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	MGV	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.76	-0.91
Sortino ratio: Return per unit of downside risk	2.68	3.93	-1.25
Omega ratio: Gain probability vs. loss probability	1.32	1.50	-0.17
Calmar ratio: Return relative to maximum drawdown	2.28	4.22	-1.94
Martin ratio: Return relative to average drawdown	9.69	16.07	-6.38
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. MGV - Sharpe Ratio Comparison

The current QLV Sharpe Ratio is 1.85, which is lower than the MGV Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of QLV and MGV, 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	MGV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.76	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.88	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.48	+0.21

Drawdowns

QLV vs. MGV - Drawdown Comparison

The maximum QLV drawdown since its inception was -33.71%, smaller than the maximum MGV drawdown of -55.87%. Use the drawdown chart below to compare losses from any high point for QLV and MGV.

Drawdown Indicators

	QLV	MGV	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-55.87%	+22.16%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-6.42%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-13.18%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-16.54%	-1.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.41%	—
Current Drawdown Current decline from peak	-0.81%	0.00%	-0.81%
Average Drawdown Average peak-to-trough decline	-4.00%	-7.70%	+3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	1.68%	-0.23%

Volatility

QLV vs. MGV - Volatility Comparison

The current volatility for FlexShares US Quality Low Volatility Index Fund (QLV) is 1.61%, while Vanguard Mega Cap Value ETF (MGV) has a volatility of 2.46%. This indicates that QLV experiences smaller price fluctuations and is considered to be less risky than MGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLV	MGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	2.46%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	5.34%	7.46%	-2.12%
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	9.83%	-2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	13.56%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	16.33%	+0.24%

QLV vs. MGV - Expense Ratio Comparison

QLV has a 0.22% expense ratio, which is higher than MGV's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QLV vs. MGV - Dividend Comparison

QLV's dividend yield for the trailing twelve months is around 1.52%, less than MGV's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGV Vanguard Mega Cap Value ETF	1.88%	2.04%	2.31%	2.48%	2.45%	2.17%	2.47%	2.69%	2.65%	2.34%	2.53%	2.59%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLV and MGV in my portfolio?

QLV and MGV have a correlation of 0.76, 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 MGV?

MGV has higher volatility (2.46%) compared to QLV (1.61%). In terms of maximum drawdown, QLV dropped -33.71% vs MGV's -55.87%.

Which ETF is better, QLV or MGV?

On 5-year performance, MGV leads with 11.92% vs 10.73% for QLV. On fees, MGV is cheaper at 0.05% 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 MGV?

Over the 5-year period, MGV has performed better with a 11.92% return vs 10.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLV or MGV?

MGV is cheaper with a 0.05% expense ratio, compared with 0.22% for QLV.

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

MGV has the higher dividend yield at 1.88%, compared with 1.52% for QLV.

What is the main difference between QLV and MGV?

QLV is categorized as Volatility Hedged Equity, while MGV is Large Cap Value Equities. QLV tracks Northern Trust Quality Low Volatility Index, while MGV tracks CRSP US Mega Cap Value Index. They also come from different issuers: Northern Trust and Vanguard. Their fees differ too: 0.22% for QLV and 0.05% for MGV.

Which has better risk-adjusted returns?

MGV currently has the higher Sharpe Ratio (2.76 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.