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QUAL vs. DGRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. DGRO

Last updated Aug 6, 2026
Documentation

QUAL (iShares MSCI USA Quality Factor ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - QUAL is a Quality Factor fund tracking the MSCI USA Sector Neutral Quality Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, QUAL returned 14.32%/yr vs 13.52%/yr for DGRO. Their correlation of 0.88 means they have usually moved in the same direction. QUAL charges 0.15%/yr vs 0.08%/yr for DGRO.

Performance

QUAL vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality Factor ETF (QUAL) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QUAL achieves a 13.64% return, which is significantly lower than DGRO's 15.18% return. Over the past 10 years, QUAL has outperformed DGRO with an annualized return of 14.32%, while DGRO has yielded a comparatively lower 13.52% annualized return.

QUAL

1D
0.00%
1M
2.90%
6M
11.95%
YTD
13.64%
1Y
23.43%
3Y*
19.28%
5Y*
11.42%
10Y*
14.32%
ALL TIME*
13.87%

DGRO

1D
0.14%
1M
2.55%
6M
9.44%
YTD
15.18%
1Y
25.02%
3Y*
17.57%
5Y*
11.25%
10Y*
13.52%
ALL TIME*
12.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

DGRO

iShares Core Dividend Growth ETF
$109.45M$102.77M$110.18M

QUAL

iShares MSCI USA Quality Factor ETF
$231.95M$239.34M$386.30M

QUAL vs. DGRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUAL
iShares MSCI USA Quality Factor ETF		13.64%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%
DGRO
iShares Core Dividend Growth ETF		15.18%15.69%16.62%10.47%-7.91%26.64%9.50%29.87%-2.38%23.00%

Correlation

The correlation between QUAL and DGRO is 0.68, 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.

0.68

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

0.75

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

0.83

Correlation (10Y)
Provides a long-term view across more market conditions.

0.87

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.88

Over the past year, the correlation between QUAL and DGRO has dropped to 0.68 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

QUAL vs. DGRO - Sectors Allocation Comparison

Sectors
QUAL
DGRO

Technology

40.2%
17.3%

Financial Services

10.9%
20.4%

Communication Services

10.3%
0.1%

Healthcare

9.2%
17.9%

Consumer Cyclical

9.0%
6.5%

Industrials

7.4%
11.3%

Consumer Defensive

4.3%
11.9%

Energy

2.9%
4.8%

Utilities

2.1%
7.3%

Basic Materials

1.9%
2.5%

Real Estate

1.7%

-

Technology

QUAL
40.2%
DGRO
17.3%

Financial Services

QUAL
10.9%
DGRO
20.4%

Communication Services

QUAL
10.3%
DGRO
0.1%

Healthcare

QUAL
9.2%
DGRO
17.9%

Consumer Cyclical

QUAL
9.0%
DGRO
6.5%

Industrials

QUAL
7.4%
DGRO
11.3%

Consumer Defensive

QUAL
4.3%
DGRO
11.9%

Energy

QUAL
2.9%
DGRO
4.8%

Utilities

QUAL
2.1%
DGRO
7.3%

Basic Materials

QUAL
1.9%
DGRO
2.5%

Real Estate

QUAL
1.7%
DGRO

-

Compare stocks, funds, or ETFs

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

iShares MSCI USA Quality Factor ETF

iShares Core Dividend Growth ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD
Often compared with DGRO:
DGRO vs. SCHDDGRO vs. VIGDGRO vs. VYMDGRO vs. VOODGRO vs. DGRWDGRO vs. DIVODGRO vs. HDV

Return for Risk

QUAL vs. DGRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QUAL
QUAL Risk / Return Rank: 7373
Overall Rank
QUAL Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 7474
Sortino Ratio Rank
QUAL Omega Ratio Rank: 7272
Omega Ratio Rank
QUAL Calmar Ratio Rank: 6565
Calmar Ratio Rank
QUAL Martin Ratio Rank: 7979
Martin Ratio Rank
DGRO
DGRO Risk / Return Rank: 9191
Overall Rank
DGRO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
DGRO Sortino Ratio Rank: 9393
Sortino Ratio Rank
DGRO Omega Ratio Rank: 9292
Omega Ratio Rank
DGRO Calmar Ratio Rank: 8888
Calmar Ratio Rank
DGRO Martin Ratio Rank: 8989
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.

QUAL vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) and iShares Core Dividend Growth ETF (DGRO). 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.

QUALDGRODifference
Sharpe ratioReturn per unit of total volatility
1.92
2.64

-0.72

Sortino ratioReturn per unit of downside risk
2.71
3.83

-1.12

Omega ratioGain probability vs. loss probability

1.34

1.49

-0.15

Calmar ratioReturn relative to maximum drawdown

2.60

3.88

-1.28

Martin ratioReturn relative to average drawdown

11.67

15.14

-3.47

QUAL vs. DGRO - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.92, which is comparable to the DGRO Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of QUAL and DGRO, 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

QUAL vs. DGRO - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, roughly equal to the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for QUAL and DGRO.

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Drawdown Indicators

QUALDGRODifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-35.10%

+1.04%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-6.47%

-2.56%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-14.03%

-3.97%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-19.31%

-8.92%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

-35.10%

+1.04%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.06%

-3.40%

-0.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

1.66%

+0.35%

Volatility

QUAL vs. DGRO - Volatility Comparison

iShares MSCI USA Quality Factor ETF (QUAL) has a higher volatility of 3.30% compared to iShares Core Dividend Growth ETF (DGRO) at 3.03%. This indicates that QUAL's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QUALDGRODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.30%

3.03%

+0.27%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

7.16%

+2.53%

Volatility (1Y)

Calculated over the trailing 1-year period

12.27%

9.52%

+2.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.40%

13.80%

+3.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.10%

16.58%

+1.52%

QUAL vs. DGRO - Expense Ratio Comparison

QUAL has a 0.15% expense ratio, which is higher than DGRO's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QUAL vs. DGRO - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.84%, less than DGRO's 1.86% yield.

PositionTTM20252024202320222021202020192018201720162015
DGRO
iShares Core Dividend Growth ETF		1.86%2.09%2.26%2.45%2.34%1.93%2.30%2.21%2.44%2.03%2.27%2.52%
QUAL
iShares MSCI USA Quality Factor ETF		0.84%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

QUAL and DGRO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QUAL has higher volatility (3.30%) compared to DGRO (3.03%). In terms of maximum drawdown, QUAL dropped -34.06% vs DGRO's -35.10%.

On 10-year performance, QUAL leads with 14.32% vs 13.52% for DGRO. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUAL has performed better with a 14.32% return vs 13.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DGRO is cheaper with a 0.08% expense ratio, compared with 0.15% for QUAL.

DGRO has the higher dividend yield at 1.86%, compared with 0.84% for QUAL.

QUAL is categorized as Quality Factor, while DGRO is Large Cap Growth Equities. QUAL tracks MSCI USA Sector Neutral Quality Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.15% for QUAL and 0.08% for DGRO.

DGRO currently has the higher Sharpe Ratio (2.64 vs 1.92), 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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