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QLVD vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLVD vs. EFAV

Last updated Aug 2, 2026
Documentation

QLVD (FlexShares Developed Markets ex-US Quality Low Volatility Index Fund) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both exchange-traded funds - QLVD is a Quality Factor fund tracking the Northern Trust Developed Markets ex US Quality Low Volatility Index, while EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 5 years, QLVD returned 7.19%/yr vs 6.86%/yr for EFAV. Their correlation of 0.94 means they have usually moved in the same direction. QLVD charges 0.32%/yr vs 0.20%/yr for EFAV.

Performance

QLVD vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (QLVD) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with QLVD having a 9.60% return and EFAV slightly higher at 9.79%.

QLVD

1D
-0.82%
1M
3.92%
6M
7.11%
YTD
9.60%
1Y
16.16%
3Y*
13.56%
5Y*
7.19%
10Y*
—
ALL TIME*
7.53%

EFAV

1D
-1.09%
1M
4.40%
6M
6.21%
YTD
9.79%
1Y
16.01%
3Y*
14.35%
5Y*
6.86%
10Y*
6.38%
ALL TIME*
7.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EFAV

iShares MSCI EAFE Min Vol Factor ETF
$54.17M$49.40M$45.31M

QLVD

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund
$72.57K$53.92K$58.06K

QLVD vs. EFAV - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
QLVD
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		9.60%24.21%4.67%11.57%-12.09%9.04%3.00%6.26%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		9.79%26.00%5.30%12.52%-15.11%7.20%-0.06%4.58%

Correlation

The correlation between QLVD and EFAV is 0.91, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.91

Correlation (3Y)
Balances recent behavior with more history.

0.92

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.94

Correlation (All Time)
Calculated using the full available price history since Jul 16, 2019

0.94

The correlation between QLVD and EFAV has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

QLVD vs. EFAV - Sectors Allocation Comparison

Sectors
QLVD
EFAV

Financial Services

23.5%
19.7%

Industrials

14.7%
15.7%

Consumer Defensive

11.3%
12.6%

Healthcare

9.5%
12.2%

Utilities

7.3%
9.0%

Technology

6.7%
4.4%

Energy

5.4%
7.7%

Communication Services

5.3%
9.1%

Real Estate

5.0%
2.9%

Consumer Cyclical

4.3%
5.1%

Basic Materials

3.9%
1.6%

Financial Services

QLVD
23.5%
EFAV
19.7%

Industrials

QLVD
14.7%
EFAV
15.7%

Consumer Defensive

QLVD
11.3%
EFAV
12.6%

Healthcare

QLVD
9.5%
EFAV
12.2%

Utilities

QLVD
7.3%
EFAV
9.0%

Technology

QLVD
6.7%
EFAV
4.4%

Energy

QLVD
5.4%
EFAV
7.7%

Communication Services

QLVD
5.3%
EFAV
9.1%

Real Estate

QLVD
5.0%
EFAV
2.9%

Consumer Cyclical

QLVD
4.3%
EFAV
5.1%

Basic Materials

QLVD
3.9%
EFAV
1.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund

iShares MSCI EAFE Min Vol Factor ETF

Often compared with QLVD:
QLVD vs. IDLVQLVD vs. DEEFQLVD vs. JEPIQLVD vs. LVHIQLVD vs. LGLVQLVD vs. SCHYQLVD vs. HDMV
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

QLVD vs. EFAV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QLVD
QLVD Risk / Return Rank: 6565
Overall Rank
QLVD Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
QLVD Sortino Ratio Rank: 7373
Sortino Ratio Rank
QLVD Omega Ratio Rank: 7171
Omega Ratio Rank
QLVD Calmar Ratio Rank: 6060
Calmar Ratio Rank
QLVD Martin Ratio Rank: 4848
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 6969
Overall Rank
EFAV Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 7373
Sortino Ratio Rank
EFAV Omega Ratio Rank: 7373
Omega Ratio Rank
EFAV Calmar Ratio Rank: 7575
Calmar Ratio Rank
EFAV Martin Ratio Rank: 5252
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QLVD vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (QLVD) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

QLVDEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.63
1.64

-0.01

Sortino ratioReturn per unit of downside risk
2.36
2.35

0.00

Omega ratioGain probability vs. loss probability

1.30

1.30

0.00

Calmar ratioReturn relative to maximum drawdown

2.12

2.62

-0.51

Martin ratioReturn relative to average drawdown

5.52

6.10

-0.58

QLVD vs. EFAV - Sharpe Ratio Comparison

The current QLVD Sharpe Ratio is 1.63, which is comparable to the EFAV Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of QLVD and EFAV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

QLVD vs. EFAV - Drawdown Comparison

The maximum QLVD drawdown since its inception was -28.20%, roughly equal to the maximum EFAV drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for QLVD and EFAV.

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Drawdown Indicators

QLVDEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-28.20%

-27.56%

-0.64%

Max Drawdown (1Y)

Largest decline over 1 year

-8.15%

-6.66%

-1.49%

Max Drawdown (3Y)

Largest decline over 3 years

-9.18%

-8.65%

-0.53%

Max Drawdown (5Y)

Largest decline over 5 years

-23.99%

-27.46%

+3.47%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.56%

—

Current Drawdown

Current decline from peak

-0.82%

-1.09%

+0.27%

Average Drawdown

Average peak-to-trough decline

-5.20%

-4.76%

-0.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

2.86%

+0.26%

Volatility

QLVD vs. EFAV - Volatility Comparison

The current volatility for FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (QLVD) is 2.93%, while iShares MSCI EAFE Min Vol Factor ETF (EFAV) has a volatility of 3.28%. This indicates that QLVD experiences smaller price fluctuations and is considered to be less risky than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QLVDEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.93%

3.28%

-0.35%

Volatility (6M)

Calculated over the trailing 6-month period

8.77%

8.85%

-0.08%

Volatility (1Y)

Calculated over the trailing 1-year period

10.60%

10.67%

-0.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.77%

11.88%

-0.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.90%

13.03%

+0.87%

QLVD vs. EFAV - Expense Ratio Comparison

QLVD has a 0.32% expense ratio, which is higher than EFAV's 0.20% expense ratio.

Dividends

QLVD vs. EFAV - Dividend Comparison

QLVD's dividend yield for the trailing twelve months is around 2.93%, less than EFAV's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.07%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
QLVD
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		2.93%2.87%3.01%3.33%2.47%3.06%1.78%1.06%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.91, QLVD and EFAV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

EFAV has higher volatility (3.28%) compared to QLVD (2.93%). In terms of maximum drawdown, QLVD dropped -28.20% vs EFAV's -27.56%.

On 5-year performance, QLVD leads with 7.19% vs 6.86% for EFAV. On fees, EFAV is cheaper at 0.20% per year. On volatility, QLVD has been the lower-risk option at 2.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, QLVD has performed better with a 7.19% return vs 6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFAV is cheaper with a 0.20% expense ratio, compared with 0.32% for QLVD.

EFAV has the higher dividend yield at 3.07%, compared with 2.93% for QLVD.

QLVD is categorized as Quality Factor, while EFAV is Foreign Large Cap Equities. QLVD tracks Northern Trust Developed Markets ex US Quality Low Volatility Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.32% for QLVD and 0.20% for EFAV.

EFAV currently has the higher Sharpe Ratio (1.64 vs 1.63), 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.

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