QLV vs. XRLV

Last updated Jun 4, 2026

QLV (FlexShares US Quality Low Volatility Index Fund) and XRLV (Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF) are both exchange-traded funds - QLV is a Volatility Hedged Equity fund tracking the Northern Trust Quality Low Volatility Index, while XRLV is a S&P 500 fund tracking the S&P 500 Low Volatility Rate Response Index. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. QLV charges 0.22%/yr vs 0.25%/yr for XRLV.

Performance

QLV vs. XRLV - Performance Comparison

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

Returns By Period

QLV

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

XRLV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLV vs. XRLV - 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%
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF	6.34%	4.11%	14.11%	0.06%	-4.77%	27.39%	2.56%	5.56%

Correlation

The correlation between QLV and XRLV is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.83

Over the past year, the correlation between QLV and XRLV has dropped to 0.51 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

QLV vs. XRLV - Sectors Allocation Comparison

Sectors	QLV	XRLV
Technology	28.6%	5.6%
Healthcare	12.7%	8.4%
Financial Services	12.3%	16.3%
Consumer Defensive	8.5%	15.3%
Communication Services	8.4%	2.8%
Consumer Cyclical	6.8%	7.1%
Utilities	6.5%	21.5%
Industrials	6.3%	7.2%
Energy	5.8%	1.1%
Basic Materials	2.4%	3.1%
Real Estate	1.7%	11.6%

Return for Risk

QLV vs. XRLV — 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

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. XRLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Low Volatility Index Fund (QLV) and Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF (XRLV). 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	XRLV	Difference
Sharpe ratio: Return per unit of total volatility	1.85	—	—
Sortino ratio: Return per unit of downside risk	2.68	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.28	—	—
Martin ratio: Return relative to average drawdown	9.69	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QLV	XRLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	—	—

Drawdowns

Drawdown Indicators

	QLV	XRLV	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	—	—
Current Drawdown Current decline from peak	-0.81%	—	—
Average Drawdown Average peak-to-trough decline	-4.00%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	—	—

Volatility

Volatility by Period

	QLV	XRLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	—	—

QLV vs. XRLV - Expense Ratio Comparison

QLV has a 0.22% expense ratio, which is lower than XRLV's 0.25% expense ratio. Despite the difference, 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. XRLV - Dividend Comparison

QLV's dividend yield for the trailing twelve months is around 1.52%, which matches XRLV's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF	1.53%	2.15%	1.94%	2.57%	1.96%	1.26%	1.65%	1.66%	1.76%	1.39%	1.71%	1.07%

Frequently Asked Questions

Can I hold both QLV and XRLV in my portfolio?

QLV and XRLV have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QLV or XRLV?

On fees, QLV is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QLV or XRLV?

QLV is cheaper with a 0.22% expense ratio, compared with 0.25% for XRLV.

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

QLV and XRLV have nearly identical dividend yields, around 1.52%.

What is the main difference between QLV and XRLV?

QLV is categorized as Volatility Hedged Equity, while XRLV is S&P 500. QLV tracks Northern Trust Quality Low Volatility Index, while XRLV tracks S&P 500 Low Volatility Rate Response Index. They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.22% for QLV and 0.25% for XRLV.