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QUAL vs. ROE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. ROE

Last updated Aug 4, 2026
Documentation

QUAL (iShares MSCI USA Quality Factor ETF) and ROE (Astoria US Equal Weight Quality Kings ETF) are both Quality Factor funds. QUAL is passively managed, while ROE is actively managed. Over the past 3 years, QUAL returned 18.73%/yr vs 21.23%/yr for ROE. Their correlation of 0.87 means they have usually moved in the same direction. QUAL charges 0.15%/yr vs 0.49%/yr for ROE.

Performance

QUAL vs. ROE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality Factor ETF (QUAL) and Astoria US Equal Weight Quality Kings ETF (ROE). 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 lower than ROE's 21.52% return.

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%

ROE

1D
0.98%
1M
1.61%
6M
15.98%
YTD
21.52%
1Y
34.66%
3Y*
21.23%
5Y*
—
10Y*
—
ALL TIME*
20.65%
*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

ROE

Astoria US Equal Weight Quality Kings ETF
$1.14M$1.17M$931.17K

QUAL vs. ROE - Yearly Performance Comparison

2026 (YTD)202520242023
QUAL
iShares MSCI USA Quality Factor ETF		12.08%12.65%22.29%5.92%
ROE
Astoria US Equal Weight Quality Kings ETF		21.52%17.20%18.34%4.31%

Correlation

The correlation between QUAL and ROE is 0.85, 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.

0.85

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

0.87

Correlation (All Time)
Calculated using the full available price history since Aug 1, 2023

0.87

The correlation between QUAL and ROE has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

QUAL vs. ROE - Sectors Allocation Comparison

Sectors
QUAL
ROE

Technology

40.2%
33.9%

Financial Services

10.9%
11.9%

Communication Services

10.3%
11.1%

Healthcare

9.2%
10.2%

Consumer Cyclical

9.0%
11.0%

Industrials

7.4%
9.0%

Consumer Defensive

4.3%
4.9%

Energy

2.9%
2.9%

Utilities

2.1%
2.0%

Basic Materials

1.9%
1.0%

Real Estate

1.7%
2.0%

Technology

QUAL
40.2%
ROE
33.9%

Financial Services

QUAL
10.9%
ROE
11.9%

Communication Services

QUAL
10.3%
ROE
11.1%

Healthcare

QUAL
9.2%
ROE
10.2%

Consumer Cyclical

QUAL
9.0%
ROE
11.0%

Industrials

QUAL
7.4%
ROE
9.0%

Consumer Defensive

QUAL
4.3%
ROE
4.9%

Energy

QUAL
2.9%
ROE
2.9%

Utilities

QUAL
2.1%
ROE
2.0%

Basic Materials

QUAL
1.9%
ROE
1.0%

Real Estate

QUAL
1.7%
ROE
2.0%

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

Astoria US Equal Weight Quality Kings ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD
Often compared with ROE:
ROE vs. VOOROE vs. SPYROE vs. MTUMROE vs. QQQEROE vs. PAVEROE vs. EUSAROE vs. DUHP

Return for Risk

QUAL vs. ROE — 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
ROE
ROE Risk / Return Rank: 9090
Overall Rank
ROE Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
ROE Sortino Ratio Rank: 8888
Sortino Ratio Rank
ROE Omega Ratio Rank: 8787
Omega Ratio Rank
ROE Calmar Ratio Rank: 9090
Calmar Ratio Rank
ROE Martin Ratio Rank: 9393
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. ROE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) and Astoria US Equal Weight Quality Kings ETF (ROE). 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.

QUALROEDifference
Sharpe ratioReturn per unit of total volatility
1.86
2.32

-0.46

Sortino ratioReturn per unit of downside risk
2.63
3.09

-0.46

Omega ratioGain probability vs. loss probability

1.33

1.40

-0.07

Calmar ratioReturn relative to maximum drawdown

2.53

4.02

-1.49

Martin ratioReturn relative to average drawdown

11.33

17.11

-5.78

QUAL vs. ROE - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.86, which is comparable to the ROE Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of QUAL and ROE, 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. ROE - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, which is greater than ROE's maximum drawdown of -19.10%. Use the drawdown chart below to compare losses from any high point for QUAL and ROE.

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Drawdown Indicators

QUALROEDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-19.10%

-14.96%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-8.66%

-0.37%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-19.10%

+1.10%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.34%

+0.34%

Average Drawdown

Average peak-to-trough decline

-4.07%

-2.54%

-1.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

2.03%

-0.02%

Volatility

QUAL vs. ROE - Volatility Comparison

The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 3.07%, while Astoria US Equal Weight Quality Kings ETF (ROE) has a volatility of 3.61%. This indicates that QUAL experiences smaller price fluctuations and is considered to be less risky than ROE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QUALROEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.07%

3.61%

-0.54%

Volatility (6M)

Calculated over the trailing 6-month period

9.70%

11.74%

-2.04%

Volatility (1Y)

Calculated over the trailing 1-year period

12.33%

15.05%

-2.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.39%

15.87%

+1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.10%

15.87%

+2.23%

QUAL vs. ROE - Expense Ratio Comparison

QUAL has a 0.15% expense ratio, which is lower than ROE's 0.49% expense ratio.

Dividends

QUAL vs. ROE - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.85%, less than ROE's 1.00% 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%
ROE
Astoria US Equal Weight Quality Kings ETF		1.00%0.97%1.18%0.68%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

QUAL and ROE have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ROE has higher volatility (3.61%) compared to QUAL (3.07%). In terms of maximum drawdown, QUAL dropped -34.06% vs ROE's -19.10%.

On 3-year performance, ROE leads with 21.23% vs 18.73% for QUAL. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, ROE has performed better with a 21.23% return vs 18.73%. 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 0.49% for ROE.

ROE has the higher dividend yield at 1.00%, compared with 0.85% for QUAL.

They also come from different issuers: iShares and Astoria. Their fees differ too: 0.15% for QUAL and 0.49% for ROE.

ROE currently has the higher Sharpe Ratio (2.32 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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