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QLVE vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLVE vs. QUAL

Last updated Aug 2, 2026
Documentation

QLVE (FlexShares Emerging Markets Quality Low Volatility Index Fund) and QUAL (iShares MSCI USA Quality Factor ETF) are both Quality Factor funds - QLVE tracks the Northern Trust Emerging Markets Quality Low Volatility Index while QUAL tracks the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, QLVE returned 7.60%/yr vs 11.11%/yr for QUAL. Their 0.65 correlation means they have sometimes moved together and sometimes differently. QLVE charges 0.40%/yr vs 0.15%/yr for QUAL.

Performance

QLVE vs. QUAL - 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 iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QLVE achieves a 12.92% return, which is significantly higher than QUAL's 10.86% return.

QLVE

1D
-0.06%
1M
0.53%
6M
7.16%
YTD
12.92%
1Y
23.59%
3Y*
15.27%
5Y*
7.60%
10Y*
—
ALL TIME*
6.66%

QUAL

1D
0.18%
1M
0.41%
6M
8.77%
YTD
10.86%
1Y
21.43%
3Y*
17.38%
5Y*
11.11%
10Y*
14.15%
ALL TIME*
13.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

QLVE

FlexShares Emerging Markets Quality Low Volatility Index Fund
$2.76K$7.65K$20.86K

QUAL

iShares MSCI USA Quality Factor ETF
$216.39M$244.32M$382.94M

QLVE vs. QUAL - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
QLVE
FlexShares Emerging Markets Quality Low Volatility Index Fund		12.92%21.87%10.17%8.53%-13.10%0.90%4.16%4.77%
QUAL
iShares MSCI USA Quality Factor ETF		10.86%12.65%22.29%30.88%-20.50%26.94%17.04%8.61%

Correlation

The correlation between QLVE and QUAL is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.65

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

0.63

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

0.63

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

0.65

The correlation between QLVE and QUAL has been stable across timeframes, ranging from 0.63 to 0.65 - a consistent structural relationship.

QLVE vs. QUAL - Sectors Allocation Comparison

Sectors
QLVE
QUAL

Technology

35.7%
40.2%

Financial Services

14.3%
10.9%

Communication Services

10.0%
10.3%

Energy

6.3%
2.9%

Consumer Defensive

6.3%
4.3%

Consumer Cyclical

4.9%
9.0%

Healthcare

4.8%
9.2%

Industrials

3.3%
7.4%

Utilities

2.7%
2.1%

Basic Materials

1.9%
1.9%

Real Estate

0.7%
1.7%

Technology

QLVE
35.7%
QUAL
40.2%

Financial Services

QLVE
14.3%
QUAL
10.9%

Communication Services

QLVE
10.0%
QUAL
10.3%

Energy

QLVE
6.3%
QUAL
2.9%

Consumer Defensive

QLVE
6.3%
QUAL
4.3%

Consumer Cyclical

QLVE
4.9%
QUAL
9.0%

Healthcare

QLVE
4.8%
QUAL
9.2%

Industrials

QLVE
3.3%
QUAL
7.4%

Utilities

QLVE
2.7%
QUAL
2.1%

Basic Materials

QLVE
1.9%
QUAL
1.9%

Real Estate

QLVE
0.7%
QUAL
1.7%

Compare stocks, funds, or ETFs

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

FlexShares Emerging Markets Quality Low Volatility Index Fund

iShares MSCI USA Quality Factor ETF

Often compared with QLVE:
QLVE vs. FEMVXQLVE vs. IBDQLVE vs. GEMQLVE vs. FDEMQLVE vs. SCHYQLVE vs. SCHEQLVE vs. VWO
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

QLVE vs. QUAL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QLVE
QLVE Risk / Return Rank: 5252
Overall Rank
QLVE Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
QLVE Sortino Ratio Rank: 4747
Sortino Ratio Rank
QLVE Omega Ratio Rank: 5353
Omega Ratio Rank
QLVE Calmar Ratio Rank: 5555
Calmar Ratio Rank
QLVE Martin Ratio Rank: 5555
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 7272
Overall Rank
QUAL Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 7474
Sortino Ratio Rank
QUAL Omega Ratio Rank: 7171
Omega Ratio Rank
QUAL Calmar Ratio Rank: 6565
Calmar Ratio Rank
QUAL Martin Ratio Rank: 7979
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.

QLVE vs. QUAL - 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 iShares MSCI USA Quality Factor ETF (QUAL). 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.

QLVEQUALDifference
Sharpe ratioReturn per unit of total volatility
1.18
1.65

-0.47

Sortino ratioReturn per unit of downside risk
1.73
2.36

-0.63

Omega ratioGain probability vs. loss probability

1.24

1.29

-0.05

Calmar ratioReturn relative to maximum drawdown

1.98

2.25

-0.28

Martin ratioReturn relative to average drawdown

6.52

10.08

-3.56

QLVE vs. QUAL - Sharpe Ratio Comparison

The current QLVE Sharpe Ratio is 1.18, which is comparable to the QUAL Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of QLVE and QUAL, 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

QLVE vs. QUAL - Drawdown Comparison

The maximum QLVE drawdown since its inception was -29.96%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for QLVE and QUAL.

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Drawdown Indicators

QLVEQUALDifference

Max Drawdown

Largest peak-to-trough decline

-29.96%

-34.06%

+4.10%

Max Drawdown (1Y)

Largest decline over 1 year

-11.60%

-9.03%

-2.57%

Max Drawdown (3Y)

Largest decline over 3 years

-13.29%

-18.00%

+4.71%

Max Drawdown (5Y)

Largest decline over 5 years

-23.60%

-28.23%

+4.63%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.06%

—

Current Drawdown

Current decline from peak

-5.59%

-0.61%

-4.98%

Average Drawdown

Average peak-to-trough decline

-8.21%

-4.07%

-4.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.51%

2.01%

+1.50%

Volatility

QLVE vs. QUAL - Volatility Comparison

FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) has a higher volatility of 6.73% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 2.88%. This indicates that QLVE's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QLVEQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.73%

2.88%

+3.85%

Volatility (6M)

Calculated over the trailing 6-month period

17.12%

9.72%

+7.40%

Volatility (1Y)

Calculated over the trailing 1-year period

19.46%

12.33%

+7.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.20%

17.38%

-3.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.14%

18.09%

-1.95%

QLVE vs. QUAL - Expense Ratio Comparison

QLVE has a 0.40% expense ratio, which is higher than QUAL's 0.15% expense ratio.

Dividends

QLVE vs. QUAL - Dividend Comparison

QLVE's dividend yield for the trailing twelve months is around 2.68%, more than QUAL's 0.86% yield.

PositionTTM20252024202320222021202020192018201720162015
QLVE
FlexShares Emerging Markets Quality Low Volatility Index Fund		2.68%3.14%3.11%3.00%2.48%2.57%1.66%1.27%0.00%0.00%0.00%0.00%
QUAL
iShares MSCI USA Quality Factor ETF		0.86%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

QLVE and QUAL have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QLVE has higher volatility (6.73%) compared to QUAL (2.88%). In terms of maximum drawdown, QLVE dropped -29.96% vs QUAL's -34.06%.

On 5-year performance, QUAL leads with 11.11% vs 7.60% for QLVE. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, QUAL has performed better with a 11.11% return vs 7.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 0.40% for QLVE.

QLVE has the higher dividend yield at 2.68%, compared with 0.86% for QUAL.

QLVE tracks Northern Trust Emerging Markets Quality Low Volatility Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.40% for QLVE and 0.15% for QUAL.

QUAL currently has the higher Sharpe Ratio (1.65 vs 1.18), 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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