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QUAL vs. QUS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. QUS

Last updated Aug 4, 2026
Documentation

QUAL (iShares MSCI USA Quality Factor ETF) and QUS (State Street SPDR MSCI USA StrategicFactors ETF) are both exchange-traded funds - QUAL is a Quality Factor fund tracking the MSCI USA Sector Neutral Quality Index, while QUS is a Large Cap Blend Equities fund tracking the MSCI USA Factor Mix A-Series Capped Index. Both are passively managed. Over the past 10 years, QUAL returned 14.16%/yr vs 13.54%/yr for QUS. Their correlation of 0.88 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.

Performance

QUAL vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality Factor ETF (QUAL) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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 12.08% return, which is significantly higher than QUS's 10.23% return. Both investments have delivered pretty close results over the past 10 years, with QUAL having a 14.16% annualized return and QUS not far behind at 13.54%.

QUAL

1D
1.10%
1M
1.52%
6M
9.27%
YTD
12.08%
1Y
22.77%
3Y*
18.73%
5Y*
11.26%
10Y*
14.16%
ALL TIME*
13.75%

QUS

1D
0.83%
1M
1.29%
6M
7.60%
YTD
10.23%
1Y
19.80%
3Y*
17.10%
5Y*
10.91%
10Y*
13.54%
ALL TIME*
12.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

QUAL

iShares MSCI USA Quality Factor ETF
$217.13M$238.90M$384.89M

QUS

State Street SPDR MSCI USA StrategicFactors ETF
$3.01M$4.81M$3.43M

QUAL vs. QUS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUAL
iShares MSCI USA Quality Factor ETF		12.08%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%
QUS
State Street SPDR MSCI USA StrategicFactors ETF		10.23%14.13%18.99%21.78%-14.15%26.72%12.40%32.45%-3.66%21.67%

Correlation

The correlation between QUAL and QUS is 0.90, meaning they have usually moved in the same direction, including during past declines.

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

0.90

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

0.93

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

0.95

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

0.94

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2015

0.88

The correlation between QUAL and QUS has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

QUAL vs. QUS - Sectors Allocation Comparison

Sectors
QUAL
QUS

Technology

40.2%
28.4%

Financial Services

10.9%
15.7%

Communication Services

10.3%
8.2%

Healthcare

9.2%
14.4%

Consumer Cyclical

9.0%
5.7%

Industrials

7.4%
8.1%

Consumer Defensive

4.3%
8.3%

Energy

2.9%
3.3%

Utilities

2.1%
3.9%

Basic Materials

1.9%
2.2%

Real Estate

1.7%
1.6%

Technology

QUAL
40.2%
QUS
28.4%

Financial Services

QUAL
10.9%
QUS
15.7%

Communication Services

QUAL
10.3%
QUS
8.2%

Healthcare

QUAL
9.2%
QUS
14.4%

Consumer Cyclical

QUAL
9.0%
QUS
5.7%

Industrials

QUAL
7.4%
QUS
8.1%

Consumer Defensive

QUAL
4.3%
QUS
8.3%

Energy

QUAL
2.9%
QUS
3.3%

Utilities

QUAL
2.1%
QUS
3.9%

Basic Materials

QUAL
1.9%
QUS
2.2%

Real Estate

QUAL
1.7%
QUS
1.6%

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

State Street SPDR MSCI USA StrategicFactors ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD
Often compared with QUS:
QUS vs. IVVQUS vs. JQUAQUS vs. SPYQUS vs. VOOQUS vs. DGTQUS vs. BERZQUS vs. QVML

Return for Risk

QUAL vs. QUS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QUAL
QUAL Risk / Return Rank: 7878
Overall Rank
QUAL Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 8080
Sortino Ratio Rank
QUAL Omega Ratio Rank: 7878
Omega Ratio Rank
QUAL Calmar Ratio Rank: 7171
Calmar Ratio Rank
QUAL Martin Ratio Rank: 8383
Martin Ratio Rank
QUS
QUS Risk / Return Rank: 8585
Overall Rank
QUS Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
QUS Sortino Ratio Rank: 8888
Sortino Ratio Rank
QUS Omega Ratio Rank: 8686
Omega Ratio Rank
QUS Calmar Ratio Rank: 7878
Calmar Ratio Rank
QUS Martin Ratio Rank: 8686
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. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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.

QUALQUSDifference
Sharpe ratioReturn per unit of total volatility
1.86
2.16

-0.30

Sortino ratioReturn per unit of downside risk
2.63
3.05

-0.42

Omega ratioGain probability vs. loss probability

1.33

1.39

-0.06

Calmar ratioReturn relative to maximum drawdown

2.53

2.90

-0.37

Martin ratioReturn relative to average drawdown

11.33

12.95

-1.62

QUAL vs. QUS - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.86, which is comparable to the QUS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of QUAL and QUS, 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. QUS - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, roughly equal to the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for QUAL and QUS.

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Drawdown Indicators

QUALQUSDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-33.78%

-0.28%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-6.85%

-2.18%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-13.94%

-4.06%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-22.30%

-5.93%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

-33.78%

-0.28%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.07%

-3.66%

-0.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

1.53%

+0.48%

Volatility

QUAL vs. QUS - Volatility Comparison

iShares MSCI USA Quality Factor ETF (QUAL) has a higher volatility of 3.07% compared to State Street SPDR MSCI USA StrategicFactors ETF (QUS) at 2.42%. This indicates that QUAL's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QUALQUSDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.07%

2.42%

+0.65%

Volatility (6M)

Calculated over the trailing 6-month period

9.70%

6.97%

+2.73%

Volatility (1Y)

Calculated over the trailing 1-year period

12.33%

9.22%

+3.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.39%

14.32%

+3.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.10%

16.40%

+1.70%

QUAL vs. QUS - Expense Ratio Comparison

Both QUAL and QUS have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

QUAL vs. QUS - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.85%, less than QUS's 1.27% yield.

PositionTTM20252024202320222021202020192018201720162015
QUAL
iShares MSCI USA Quality Factor ETF		0.85%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%
QUS
State Street SPDR MSCI USA StrategicFactors ETF		1.27%1.38%1.49%1.57%1.68%1.27%1.73%1.81%2.12%1.86%2.07%1.48%

Frequently Asked Questions

With a correlation of 0.90, QUAL and QUS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

QUAL has higher volatility (3.07%) compared to QUS (2.42%). In terms of maximum drawdown, QUAL dropped -34.06% vs QUS's -33.78%.

On 10-year performance, QUAL leads with 14.16% vs 13.54% for QUS. Both ETFs have the same 0.15% expense ratio. On volatility, QUS has been the lower-risk option at 2.42%. 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 14.16% return vs 13.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL and QUS have the same expense ratio: 0.15% per year.

QUS has the higher dividend yield at 1.27%, compared with 0.85% for QUAL.

QUAL is categorized as Quality Factor, while QUS is Large Cap Blend Equities. QUAL tracks MSCI USA Sector Neutral Quality Index, while QUS tracks MSCI USA Factor Mix A-Series Capped Index. They also come from different issuers: iShares and State Street.

QUS currently has the higher Sharpe Ratio (2.16 vs 1.86), 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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