QLVE vs. DVSP

Last updated Jun 4, 2026

QLVE (FlexShares Emerging Markets Quality Low Volatility Index Fund) and DVSP (WEBs SPY Defined Volatility ETF) are both exchange-traded funds - QLVE is a Volatility Hedged Equity fund tracking the Northern Trust Emerging Markets Quality Low Volatility Index, while DVSP is a Large Cap Blend Equities fund tracking the Syntax Defined Volatility US Large Cap 500 Index. Both are passively managed. Over the past year, QLVE returned 34.41% vs 35.36% for DVSP. A 0.66 correlation means they provide meaningful diversification when combined. QLVE charges 0.40%/yr vs 0.89%/yr for DVSP.

Performance

QLVE vs. DVSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) and WEBs SPY Defined Volatility ETF (DVSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLVE achieves a 18.06% return, which is significantly higher than DVSP's 9.88% return.

QLVE

• 1D: -1.29%
• 1M: 7.29%
• YTD: 18.06%
• 6M: 19.74%
• 1Y: 34.41%
• 3Y*: 18.46%
• 5Y*: 7.43%
• 10Y*: —

DVSP

• 1D: -1.34%
• 1M: 8.93%
• YTD: 9.88%
• 6M: 9.36%
• 1Y: 35.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLVE vs. DVSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	18.06%	21.87%	-0.99%
DVSP WEBs SPY Defined Volatility ETF	9.88%	15.57%	-5.59%

Correlation

The correlation between QLVE and DVSP is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.66

The correlation between QLVE and DVSP has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

QLVE vs. DVSP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QLVE

QLVE Risk / Return Rank: 64
QLVE Sharpe Ratio Rank: 62
QLVE Sortino Ratio Rank: 64
QLVE Omega Ratio Rank: 70
QLVE Calmar Ratio Rank: 60
QLVE Martin Ratio Rank: 66

DVSP

DVSP Risk / Return Rank: 50
DVSP Sharpe Ratio Rank: 53
DVSP Sortino Ratio Rank: 49
DVSP Omega Ratio Rank: 50
DVSP Calmar Ratio Rank: 47
DVSP Martin Ratio Rank: 53

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.

QLVE vs. DVSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) and WEBs SPY Defined Volatility ETF (DVSP). 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.

	QLVE	DVSP	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.78	+0.32
Sortino ratio: Return per unit of downside risk	2.99	2.36	+0.63
Omega ratio: Gain probability vs. loss probability	1.42	1.31	+0.11
Calmar ratio: Return relative to maximum drawdown	2.98	2.28	+0.70
Martin ratio: Return relative to average drawdown	11.97	8.94	+3.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLVE vs. DVSP - Sharpe Ratio Comparison

The current QLVE Sharpe Ratio is 2.10, which is comparable to the DVSP Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of QLVE and DVSP, 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

	QLVE	DVSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.78	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.61	-0.13

Drawdowns

QLVE vs. DVSP - Drawdown Comparison

The maximum QLVE drawdown since its inception was -29.96%, which is greater than DVSP's maximum drawdown of -22.67%. Use the drawdown chart below to compare losses from any high point for QLVE and DVSP.

Drawdown Indicators

	QLVE	DVSP	Difference
Max Drawdown Largest peak-to-trough decline	-29.96%	-22.67%	-7.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-15.56%	+3.96%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.94%	—	—
Current Drawdown Current decline from peak	-1.29%	-1.34%	+0.05%
Average Drawdown Average peak-to-trough decline	-8.29%	-5.54%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	3.96%	-1.08%

Volatility

QLVE vs. DVSP - Volatility Comparison

FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) has a higher volatility of 6.82% compared to WEBs SPY Defined Volatility ETF (DVSP) at 4.93%. This indicates that QLVE's price experiences larger fluctuations and is considered to be riskier than DVSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLVE	DVSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	4.93%	+1.89%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	14.56%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	16.46%	19.94%	-3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.48%	21.85%	-8.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	21.85%	-6.06%

QLVE vs. DVSP - Expense Ratio Comparison

QLVE has a 0.40% expense ratio, which is lower than DVSP's 0.89% expense ratio.

Dividends

QLVE vs. DVSP - Dividend Comparison

QLVE's dividend yield for the trailing twelve months is around 2.42%, more than DVSP's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DVSP WEBs SPY Defined Volatility ETF	0.25%	0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	2.42%	3.14%	3.11%	3.00%	2.48%	2.57%	1.66%	1.27%

Frequently Asked Questions

Can I hold both QLVE and DVSP in my portfolio?

QLVE and DVSP have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLVE or DVSP?

QLVE has higher volatility (6.82%) compared to DVSP (4.93%). In terms of maximum drawdown, QLVE dropped -29.96% vs DVSP's -22.67%.

Which ETF is better, QLVE or DVSP?

On 1-year performance, DVSP leads with 35.36% vs 34.41% for QLVE. On fees, QLVE is cheaper at 0.40% per year. On volatility, DVSP has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLVE or DVSP?

Over the 1-year period, DVSP has performed better with a 35.36% return vs 34.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLVE or DVSP?

QLVE is cheaper with a 0.40% expense ratio, compared with 0.89% for DVSP.

Which ETF pays a higher dividend yield, QLVE or DVSP?

QLVE has the higher dividend yield at 2.42%, compared with 0.25% for DVSP.

What is the main difference between QLVE and DVSP?

QLVE is categorized as Volatility Hedged Equity, while DVSP is Large Cap Blend Equities. QLVE tracks Northern Trust Emerging Markets Quality Low Volatility Index, while DVSP tracks Syntax Defined Volatility US Large Cap 500 Index. They also come from different issuers: Northern Trust and WEBs. Their fees differ too: 0.40% for QLVE and 0.89% for DVSP.

Which has better risk-adjusted returns?

QLVE currently has the higher Sharpe Ratio (2.10 vs 1.78), 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.