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QUAL vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. EFAV

Last updated Jun 16, 2026

QUAL (iShares MSCI USA Quality Factor ETF) and EFAV (iShares Edge MSCI Min Vol EAFE ETF) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index, while EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility Index. Both are passively managed. Over the past 10 years, QUAL returned 14.62%/yr vs 6.30%/yr for EFAV. A 0.67 correlation means they provide meaningful diversification when combined. QUAL charges 0.15%/yr vs 0.20%/yr for EFAV.

Performance

QUAL vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality Factor ETF (QUAL) and iShares Edge MSCI Min Vol EAFE ETF (EFAV). 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 10.79% return, which is significantly higher than EFAV's 4.26% return. Over the past 10 years, QUAL has outperformed EFAV with an annualized return of 14.62%, while EFAV has yielded a comparatively lower 6.30% annualized return.

QUAL

1D
1.24%
1M
4.34%
YTD
10.79%
6M
10.54%
1Y
24.39%
3Y*
19.23%
5Y*
12.44%
10Y*
14.62%

EFAV

1D
-1.03%
1M
-0.36%
YTD
4.26%
6M
4.77%
1Y
9.52%
3Y*
12.45%
5Y*
6.05%
10Y*
6.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QUAL vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUAL
iShares MSCI USA Quality Factor ETF		10.79%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%
EFAV
iShares Edge MSCI Min Vol EAFE ETF		4.26%26.00%5.30%12.52%-15.11%7.20%-0.06%16.67%-5.74%22.24%

Correlation

The correlation between QUAL and EFAV is 0.51, 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

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.60

Correlation (10Y)
Calculated over the trailing 10-year period

0.65

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

0.67

The correlation between QUAL and EFAV shifts across timeframes, from 0.50 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.

QUAL vs. EFAV - Sectors Allocation Comparison

Sectors
QUAL
EFAV

Technology

38.8%
4.6%

Communication Services

11.8%
9.6%

Financial Services

10.8%
19.4%

Consumer Cyclical

9.3%
5.0%

Healthcare

8.7%
12.0%

Industrials

7.2%
15.9%

Consumer Defensive

4.4%
11.9%

Energy

3.2%
8.3%

Utilities

2.1%
8.8%

Basic Materials

1.9%
1.5%

Real Estate

1.8%
3.0%

Technology

QUAL
38.8%
EFAV
4.6%

Communication Services

QUAL
11.8%
EFAV
9.6%

Financial Services

QUAL
10.8%
EFAV
19.4%

Consumer Cyclical

QUAL
9.3%
EFAV
5.0%

Healthcare

QUAL
8.7%
EFAV
12.0%

Industrials

QUAL
7.2%
EFAV
15.9%

Consumer Defensive

QUAL
4.4%
EFAV
11.9%

Energy

QUAL
3.2%
EFAV
8.3%

Utilities

QUAL
2.1%
EFAV
8.8%

Basic Materials

QUAL
1.9%
EFAV
1.5%

Real Estate

QUAL
1.8%
EFAV
3.0%

Compare stocks, funds, or ETFs

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iShares MSCI USA Quality Factor ETF

iShares Edge MSCI Min Vol EAFE ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

QUAL vs. EFAV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QUAL
QUAL Risk / Return Rank: 6868
Overall Rank
QUAL Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 7171
Sortino Ratio Rank
QUAL Omega Ratio Rank: 6767
Omega Ratio Rank
QUAL Calmar Ratio Rank: 6060
Calmar Ratio Rank
QUAL Martin Ratio Rank: 7373
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 2929
Overall Rank
EFAV Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 2626
Sortino Ratio Rank
EFAV Omega Ratio Rank: 2626
Omega Ratio Rank
EFAV Calmar Ratio Rank: 3333
Calmar Ratio Rank
EFAV Martin Ratio Rank: 3030
Martin Ratio Rank
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.

QUAL vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) and iShares Edge MSCI Min Vol EAFE ETF (EFAV). 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.

QUALEFAVDifference
Sharpe ratioReturn per unit of total volatility
2.04
0.91

+1.13

Sortino ratioReturn per unit of downside risk
2.87
1.33

+1.55

Omega ratioGain probability vs. loss probability

1.36

1.17

+0.19

Calmar ratioReturn relative to maximum drawdown

2.71

1.48

+1.23

Martin ratioReturn relative to average drawdown

12.37

3.86

+8.51

QUAL vs. EFAV - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 2.04, which is higher than the EFAV Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of QUAL and EFAV, 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. EFAV - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for QUAL and EFAV.

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Drawdown Indicators

QUALEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-27.56%

-6.50%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-6.46%

-2.57%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-8.75%

-9.25%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-27.46%

-0.77%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

-27.56%

-6.50%

Current Drawdown

Current decline from peak

0.00%

-5.21%

+5.21%

Average Drawdown

Average peak-to-trough decline

-4.10%

-4.77%

+0.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

2.47%

-0.49%

Volatility

QUAL vs. EFAV - Volatility Comparison

iShares MSCI USA Quality Factor ETF (QUAL) has a higher volatility of 3.76% compared to iShares Edge MSCI Min Vol EAFE ETF (EFAV) at 3.50%. This indicates that QUAL's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QUALEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.76%

3.50%

+0.26%

Volatility (6M)

Calculated over the trailing 6-month period

9.47%

8.47%

+1.00%

Volatility (1Y)

Calculated over the trailing 1-year period

12.06%

10.56%

+1.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.38%

11.84%

+5.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.12%

13.20%

+4.92%

QUAL vs. EFAV - Expense Ratio Comparison

QUAL has a 0.15% expense ratio, which is lower than EFAV's 0.20% expense ratio. Despite the difference, 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. EFAV - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 1.04%, less than EFAV's 5.04% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares Edge MSCI Min Vol EAFE ETF		5.04%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
QUAL
iShares MSCI USA Quality Factor ETF		1.04%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 EFAV have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QUAL has higher volatility (3.76%) compared to EFAV (3.50%). In terms of maximum drawdown, QUAL dropped -34.06% vs EFAV's -27.56%.

On 10-year performance, QUAL leads with 14.62% vs 6.30% for EFAV. On fees, QUAL is cheaper at 0.15% per year. On volatility, EFAV has been the lower-risk option at 3.50%. 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 14.62% return vs 6.30%. 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 0.20% for EFAV.

EFAV has the higher dividend yield at 5.04%, compared with 1.04% for QUAL.

QUAL is categorized as Large Cap Blend Equities, while EFAV is Foreign Large Cap Equities. QUAL tracks MSCI USA Sector Neutral Quality Index, while EFAV tracks MSCI EAFE Minimum Volatility Index. Their fees differ too: 0.15% for QUAL and 0.20% for EFAV.

QUAL currently has the higher Sharpe Ratio (2.04 vs 0.91), 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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