QUAL vs. TBLL

Last updated Jun 13, 2026

QUAL (iShares MSCI USA Quality Factor ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, QUAL returned 11.97%/yr vs 3.38%/yr for TBLL. At a correlation of -0.06, they often move in opposite directions. QUAL charges 0.15%/yr vs 0.08%/yr for TBLL.

Performance

QUAL vs. TBLL - Performance Comparison

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

Returns By Period

In the year-to-date period, QUAL achieves a 9.44% return, which is significantly higher than TBLL's 1.55% return.

QUAL

• 1D: 0.47%
• 1M: 2.82%
• YTD: 9.44%
• 6M: 9.29%
• 1Y: 20.90%
• 3Y*: 19.30%
• 5Y*: 11.97%
• 10Y*: 14.46%

TBLL

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.55%
• 6M: 1.73%
• 1Y: 3.92%
• 3Y*: 4.64%
• 5Y*: 3.38%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

QUAL vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QUAL iShares MSCI USA Quality Factor ETF	9.44%	12.65%	22.29%	30.88%	-20.50%	26.94%	17.04%	33.89%	-5.70%	21.14%
TBLL Invesco Short Term Treasury ETF	1.55%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	2.20%	1.85%	0.62%

Correlation

The correlation between QUAL and TBLL is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017	-0.06

QUAL vs. TBLL - Sectors Allocation Comparison

Sectors	QUAL	TBLL
Technology	36.5%	-
Financial Services	11.5%	64.1%
Communication Services	11.1%	-
Consumer Cyclical	9.3%	-
Healthcare	9.0%	-
Industrials	8.2%	-
Consumer Defensive	4.9%	-
Energy	4.0%	-
Utilities	1.9%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

QUAL vs. TBLL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QUAL

QUAL Risk / Return Rank: 59
QUAL Sharpe Ratio Rank: 59
QUAL Sortino Ratio Rank: 60
QUAL Omega Ratio Rank: 56
QUAL Calmar Ratio Rank: 53
QUAL Martin Ratio Rank: 67

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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. TBLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) and Invesco Short Term Treasury ETF (TBLL). 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.

	QUAL	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	1.74	20.89	-19.16
Sortino ratio: Return per unit of downside risk	2.46	217.77	-215.31
Omega ratio: Gain probability vs. loss probability	1.31	102.67	-101.36
Calmar ratio: Return relative to maximum drawdown	2.32	415.79	-413.47
Martin ratio: Return relative to average drawdown	10.60	3,524.23	-3,513.63

QUAL vs. TBLL - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.74, which is lower than the TBLL Sharpe Ratio of 20.89. The chart below compares the historical Sharpe Ratios of QUAL and TBLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QUAL vs. TBLL - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for QUAL and TBLL.

Drawdown Indicators

	QUAL	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-34.06%	-0.63%	-33.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-0.01%	-9.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.00%	-0.36%	-17.64%
Max Drawdown (5Y) Largest decline over 5 years	-28.23%	-0.36%	-27.87%
Max Drawdown (10Y) Largest decline over 10 years	-34.06%	—	—
Current Drawdown Current decline from peak	-0.19%	0.00%	-0.19%
Average Drawdown Average peak-to-trough decline	-4.10%	-0.14%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	0.00%	+1.99%

Volatility

QUAL vs. TBLL - Volatility Comparison

iShares MSCI USA Quality Factor ETF (QUAL) has a higher volatility of 3.63% compared to Invesco Short Term Treasury ETF (TBLL) at 0.04%. This indicates that QUAL's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QUAL	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	0.04%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	0.12%	+9.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	0.19%	+11.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	0.45%	+16.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	0.56%	+17.55%

QUAL vs. TBLL - Expense Ratio Comparison

QUAL has a 0.15% expense ratio, which is higher than TBLL'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. TBLL - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.87%, less than TBLL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QUAL iShares MSCI USA Quality Factor ETF	0.87%	0.94%	1.02%	1.23%	1.59%	1.20%	1.39%	1.60%	2.00%	1.76%	1.96%	1.63%
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QUAL and TBLL in my portfolio?

QUAL and TBLL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QUAL or TBLL?

QUAL has higher volatility (3.63%) compared to TBLL (0.04%). In terms of maximum drawdown, QUAL dropped -34.06% vs TBLL's -0.63%.

Which ETF is better, QUAL or TBLL?

On 5-year performance, QUAL leads with 11.97% vs 3.38% for TBLL. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QUAL or TBLL?

Over the 5-year period, QUAL has performed better with a 11.97% return vs 3.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QUAL or TBLL?

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

Which ETF pays a higher dividend yield, QUAL or TBLL?

TBLL has the higher dividend yield at 3.81%, compared with 0.87% for QUAL.

What is the main difference between QUAL and TBLL?

QUAL is categorized as Large Cap Blend Equities, while TBLL is Ultrashort Bond. QUAL tracks MSCI USA Sector Neutral Quality Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for QUAL and 0.08% for TBLL.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.89 vs 1.74), 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.