QLVE vs. VSMV

Last updated Jun 25, 2026

QLVE (FlexShares Emerging Markets Quality Low Volatility Index Fund) and VSMV (VictoryShares US Multi-Factor Minimum Volatility ETF) are both Volatility Hedged Equity funds - QLVE tracks the Northern Trust Emerging Markets Quality Low Volatility Index while VSMV tracks the Nasdaq Victory Multi-Factor Minimum Volatility Index. Both are passively managed. Over the past 5 years, QLVE returned 6.83%/yr vs 10.96%/yr for VSMV. A 0.52 correlation means they provide meaningful diversification when combined. QLVE charges 0.40%/yr vs 0.35%/yr for VSMV.

Performance

QLVE vs. VSMV - 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 VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLVE achieves a 14.69% return, which is significantly higher than VSMV's 7.13% return.

QLVE

• 1D: 0.17%
• 1M: 2.29%
• YTD: 14.69%
• 6M: 15.11%
• 1Y: 26.17%
• 3Y*: 17.20%
• 5Y*: 6.83%
• 10Y*: —

VSMV

• 1D: -0.41%
• 1M: -2.76%
• YTD: 7.13%
• 6M: 6.21%
• 1Y: 22.36%
• 3Y*: 15.58%
• 5Y*: 10.96%
• 10Y*: —

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

QLVE vs. VSMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	14.69%	21.87%	10.17%	8.53%	-13.10%	0.90%	4.16%	4.77%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	7.13%	16.77%	15.79%	12.34%	-7.56%	25.66%	5.05%	5.38%

Correlation

The correlation between QLVE and VSMV is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.52

The correlation between QLVE and VSMV has been stable across timeframes, ranging from 0.47 to 0.52 - a consistent structural relationship.

QLVE vs. VSMV - Sectors Allocation Comparison

Sectors	QLVE	VSMV
Technology	37.3%	38.1%
Financial Services	15.9%	7.8%
Communication Services	10.7%	5.1%
Consumer Cyclical	6.7%	4.9%
Industrials	6.3%	8.2%
Consumer Defensive	6.2%	16.1%
Healthcare	4.6%	14.1%
Energy	4.4%	4.1%
Utilities	4.4%	0.0%
Basic Materials	3.4%	1.6%
Real Estate	0.1%	0.0%

Return for Risk

QLVE vs. VSMV — Risk / Return Rank

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

QLVE

QLVE Risk / Return Rank: 51
QLVE Sharpe Ratio Rank: 46
QLVE Sortino Ratio Rank: 45
QLVE Omega Ratio Rank: 54
QLVE Calmar Ratio Rank: 52
QLVE Martin Ratio Rank: 56

VSMV

VSMV Risk / Return Rank: 85
VSMV Sharpe Ratio Rank: 84
VSMV Sortino Ratio Rank: 87
VSMV Omega Ratio Rank: 83
VSMV Calmar Ratio Rank: 86
VSMV Martin Ratio Rank: 85

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. VSMV - 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 VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV). 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.

	QLVE	VSMV	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.42	-0.98
Sortino ratio: Return per unit of downside risk	2.04	3.52	-1.48
Omega ratio: Gain probability vs. loss probability	1.30	1.44	-0.14
Calmar ratio: Return relative to maximum drawdown	2.27	4.33	-2.07
Martin ratio: Return relative to average drawdown	8.65	15.91	-7.26

QLVE vs. VSMV - Sharpe Ratio Comparison

The current QLVE Sharpe Ratio is 1.44, which is lower than the VSMV Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of QLVE and VSMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QLVE vs. VSMV - Drawdown Comparison

The maximum QLVE drawdown since its inception was -29.96%, roughly equal to the maximum VSMV drawdown of -31.33%. Use the drawdown chart below to compare losses from any high point for QLVE and VSMV.

Drawdown Indicators

	QLVE	VSMV	Difference
Max Drawdown Largest peak-to-trough decline	-29.96%	-31.33%	+1.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-5.18%	-6.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-13.22%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-23.86%	-17.96%	-5.90%
Current Drawdown Current decline from peak	-4.10%	-2.99%	-1.11%
Average Drawdown Average peak-to-trough decline	-8.25%	-3.40%	-4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	1.41%	+1.62%

Volatility

QLVE vs. VSMV - Volatility Comparison

FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) has a higher volatility of 9.47% compared to VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) at 3.00%. This indicates that QLVE's price experiences larger fluctuations and is considered to be riskier than VSMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLVE	VSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.47%	3.00%	+6.47%
Volatility (6M) Calculated over the trailing 6-month period	16.96%	6.72%	+10.24%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	9.29%	+9.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.96%	12.88%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.04%	15.02%	+1.02%

QLVE vs. VSMV - Expense Ratio Comparison

QLVE has a 0.40% expense ratio, which is higher than VSMV's 0.35% expense ratio.

Dividends

QLVE vs. VSMV - Dividend Comparison

QLVE's dividend yield for the trailing twelve months is around 2.64%, more than VSMV's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	2.64%	3.14%	3.11%	3.00%	2.48%	2.57%	1.66%	1.27%	0.00%	0.00%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	1.38%	1.35%	1.36%	1.77%	1.99%	1.36%	2.01%	2.00%	2.42%	1.11%

Frequently Asked Questions

Can I hold both QLVE and VSMV in my portfolio?

QLVE and VSMV have a correlation of 0.50, 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 VSMV?

QLVE has higher volatility (9.47%) compared to VSMV (3.00%). In terms of maximum drawdown, QLVE dropped -29.96% vs VSMV's -31.33%.

Which ETF is better, QLVE or VSMV?

On 5-year performance, VSMV leads with 10.96% vs 6.83% for QLVE. On fees, VSMV is cheaper at 0.35% per year. On volatility, VSMV has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLVE or VSMV?

Over the 5-year period, VSMV has performed better with a 10.96% return vs 6.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLVE or VSMV?

VSMV is cheaper with a 0.35% expense ratio, compared with 0.40% for QLVE.

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

QLVE has the higher dividend yield at 2.64%, compared with 1.38% for VSMV.

What is the main difference between QLVE and VSMV?

QLVE tracks Northern Trust Emerging Markets Quality Low Volatility Index, while VSMV tracks Nasdaq Victory Multi-Factor Minimum Volatility Index. They also come from different issuers: Northern Trust and Crestview. Their fees differ too: 0.40% for QLVE and 0.35% for VSMV.

Which has better risk-adjusted returns?

VSMV currently has the higher Sharpe Ratio (2.42 vs 1.44), 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.