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QUAL vs. DVY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. DVY

Last updated Aug 6, 2026
Documentation

QUAL (iShares MSCI USA Quality Factor ETF) and DVY (iShares Select Dividend ETF) are both exchange-traded funds - QUAL is a Quality Factor fund tracking the MSCI USA Sector Neutral Quality Index, while DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index. Both are passively managed. Over the past 10 years, QUAL returned 14.32%/yr vs 10.30%/yr for DVY. Their 0.70 correlation means they have sometimes moved together and sometimes differently. QUAL charges 0.15%/yr vs 0.39%/yr for DVY.

Performance

QUAL vs. DVY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality Factor ETF (QUAL) and iShares Select Dividend ETF (DVY). 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 DVY's 16.34% return. Over the past 10 years, QUAL has outperformed DVY with an annualized return of 14.32%, while DVY has yielded a comparatively lower 10.30% 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%

DVY

1D
-0.94%
1M
2.03%
6M
6.39%
YTD
16.34%
1Y
23.37%
3Y*
16.16%
5Y*
10.52%
10Y*
10.30%
ALL TIME*
9.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

DVY

iShares Select Dividend ETF
$64.11M$73.63M$71.23M

QUAL

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

QUAL vs. DVY - 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%
DVY
iShares Select Dividend ETF		16.34%11.60%16.24%1.12%1.80%31.70%-4.91%22.62%-6.36%14.82%

Correlation

The correlation between QUAL and DVY is 0.41, which is low. Their historical price movements had little consistent relationship.

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

0.41

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

0.50

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

0.61

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

0.68

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.70

Over the past year, the correlation between QUAL and DVY has dropped to 0.41 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

QUAL vs. DVY - Sectors Allocation Comparison

Sectors
QUAL
DVY

Technology

40.2%
3.7%

Financial Services

10.9%
26.1%

Communication Services

10.3%
5.2%

Healthcare

9.2%
5.2%

Consumer Cyclical

9.0%
10.1%

Industrials

7.4%
2.1%

Consumer Defensive

4.3%
13.5%

Energy

2.9%
8.2%

Utilities

2.1%
24.2%

Basic Materials

1.9%
1.8%

Real Estate

1.7%

-

Technology

QUAL
40.2%
DVY
3.7%

Financial Services

QUAL
10.9%
DVY
26.1%

Communication Services

QUAL
10.3%
DVY
5.2%

Healthcare

QUAL
9.2%
DVY
5.2%

Consumer Cyclical

QUAL
9.0%
DVY
10.1%

Industrials

QUAL
7.4%
DVY
2.1%

Consumer Defensive

QUAL
4.3%
DVY
13.5%

Energy

QUAL
2.9%
DVY
8.2%

Utilities

QUAL
2.1%
DVY
24.2%

Basic Materials

QUAL
1.9%
DVY
1.8%

Real Estate

QUAL
1.7%
DVY

-

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 Select Dividend ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD
Often compared with DVY:
DVY vs. SCHDDVY vs. HDVDVY vs. VYMDVY vs. DGRODVY vs. VIGDVY vs. SPYDDVY vs. VOO

Return for Risk

QUAL vs. DVY — 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
DVY
DVY Risk / Return Rank: 8181
Overall Rank
DVY Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
DVY Sortino Ratio Rank: 8484
Sortino Ratio Rank
DVY Omega Ratio Rank: 7575
Omega Ratio Rank
DVY Calmar Ratio Rank: 8282
Calmar Ratio Rank
DVY Martin Ratio Rank: 8181
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. DVY - Risk-Adjusted Trends Comparison

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

QUALDVYDifference
Sharpe ratioReturn per unit of total volatility
1.92
2.09

-0.16

Sortino ratioReturn per unit of downside risk
2.71
3.07

-0.36

Omega ratioGain probability vs. loss probability

1.34

1.35

-0.01

Calmar ratioReturn relative to maximum drawdown

2.60

3.41

-0.80

Martin ratioReturn relative to average drawdown

11.67

12.13

-0.46

QUAL vs. DVY - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.92, which is comparable to the DVY Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of QUAL and DVY, 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. DVY - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, smaller than the maximum DVY drawdown of -62.59%. Use the drawdown chart below to compare losses from any high point for QUAL and DVY.

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Drawdown Indicators

QUALDVYDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-62.59%

+28.53%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-6.89%

-2.14%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-16.00%

-2.00%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-17.54%

-10.69%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

-41.59%

+7.53%

Current Drawdown

Current decline from peak

0.00%

-2.27%

+2.27%

Average Drawdown

Average peak-to-trough decline

-4.06%

-8.73%

+4.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

1.93%

+0.08%

Volatility

QUAL vs. DVY - Volatility Comparison

The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 3.30%, while iShares Select Dividend ETF (DVY) has a volatility of 3.95%. This indicates that QUAL experiences smaller price fluctuations and is considered to be less risky than DVY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QUALDVYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.30%

3.95%

-0.65%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

7.99%

+1.70%

Volatility (1Y)

Calculated over the trailing 1-year period

12.27%

11.25%

+1.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.40%

15.11%

+2.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.10%

18.03%

+0.07%

QUAL vs. DVY - Expense Ratio Comparison

QUAL has a 0.15% expense ratio, which is lower than DVY's 0.39% expense ratio.

Dividends

QUAL vs. DVY - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.84%, less than DVY's 3.25% yield.

PositionTTM20252024202320222021202020192018201720162015
DVY
iShares Select Dividend ETF		3.25%3.65%3.65%3.82%3.43%3.12%3.66%3.41%3.58%3.00%3.04%3.45%
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 DVY have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DVY has higher volatility (3.95%) compared to QUAL (3.30%). In terms of maximum drawdown, QUAL dropped -34.06% vs DVY's -62.59%.

On 10-year performance, QUAL leads with 14.32% vs 10.30% for DVY. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 3.30%. 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 10.30%. 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 0.39% for DVY.

DVY has the higher dividend yield at 3.25%, compared with 0.84% for QUAL.

QUAL is categorized as Quality Factor, while DVY is Large Cap Value Equities. QUAL tracks MSCI USA Sector Neutral Quality Index, while DVY tracks Dow Jones U.S. Select Dividend Index. Their fees differ too: 0.15% for QUAL and 0.39% for DVY.

DVY currently has the higher Sharpe Ratio (2.09 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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