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QUAL vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. USMV

Last updated Jul 30, 2026
Documentation

QUAL (iShares MSCI USA Quality Factor ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - QUAL is a Quality Factor fund tracking the MSCI USA Sector Neutral Quality Index, while USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, QUAL returned 13.92%/yr vs 9.65%/yr for USMV. Their correlation of 0.83 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.

Performance

QUAL vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality Factor ETF (QUAL) and iShares MSCI USA Min Vol Factor ETF (USMV). 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 9.17% return, which is significantly higher than USMV's 5.21% return. Over the past 10 years, QUAL has outperformed USMV with an annualized return of 13.92%, while USMV has yielded a comparatively lower 9.65% annualized return.

QUAL

1D
-1.14%
1M
-0.60%
6M
6.15%
YTD
9.17%
1Y
17.20%
3Y*
16.80%
5Y*
10.77%
10Y*
13.92%
ALL TIME*
13.54%

USMV

1D
-0.21%
1M
2.28%
6M
4.10%
YTD
5.21%
1Y
6.48%
3Y*
11.09%
5Y*
6.96%
10Y*
9.65%
ALL TIME*
11.69%
*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
$201.28M$249.94M$381.51M

USMV

iShares MSCI USA Min Vol Factor ETF
$208.70M$213.41M$214.42M

QUAL vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUAL
iShares MSCI USA Quality Factor ETF		9.17%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%
USMV
iShares MSCI USA Min Vol Factor ETF		5.21%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between QUAL and USMV is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.58

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

0.68

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

0.78

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

0.82

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

0.83

Over the past year, the correlation between QUAL and USMV has dropped to 0.58 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

QUAL vs. USMV - Sectors Allocation Comparison

Sectors
QUAL
USMV

Technology

40.2%
33.0%

Financial Services

10.9%
11.8%

Communication Services

10.3%
5.7%

Healthcare

9.2%
13.4%

Consumer Cyclical

9.0%
5.8%

Industrials

7.4%
6.4%

Consumer Defensive

4.3%
9.3%

Energy

2.9%
2.6%

Utilities

2.1%
7.2%

Basic Materials

1.9%
2.2%

Real Estate

1.7%
2.6%

Technology

QUAL
40.2%
USMV
33.0%

Financial Services

QUAL
10.9%
USMV
11.8%

Communication Services

QUAL
10.3%
USMV
5.7%

Healthcare

QUAL
9.2%
USMV
13.4%

Consumer Cyclical

QUAL
9.0%
USMV
5.8%

Industrials

QUAL
7.4%
USMV
6.4%

Consumer Defensive

QUAL
4.3%
USMV
9.3%

Energy

QUAL
2.9%
USMV
2.6%

Utilities

QUAL
2.1%
USMV
7.2%

Basic Materials

QUAL
1.9%
USMV
2.2%

Real Estate

QUAL
1.7%
USMV
2.6%

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

iShares MSCI USA Min Vol Factor ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHDQUAL vs. GARP
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTIUSMV vs. SPMV

Return for Risk

QUAL vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QUAL
QUAL Risk / Return Rank: 6060
Overall Rank
QUAL Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6060
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5757
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5454
Calmar Ratio Rank
QUAL Martin Ratio Rank: 7070
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2929
Overall Rank
USMV Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2828
Sortino Ratio Rank
USMV Omega Ratio Rank: 2626
Omega Ratio Rank
USMV Calmar Ratio Rank: 2929
Calmar Ratio Rank
USMV Martin Ratio Rank: 3333
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. USMV - Risk-Adjusted Trends Comparison

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

QUALUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.41
0.76

+0.65

Sortino ratioReturn per unit of downside risk
2.03
1.14

+0.90

Omega ratioGain probability vs. loss probability

1.25

1.13

+0.12

Calmar ratioReturn relative to maximum drawdown

1.91

1.01

+0.90

Martin ratioReturn relative to average drawdown

8.55

3.29

+5.27

QUAL vs. USMV - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.41, which is higher than the USMV Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of QUAL and USMV, 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. USMV - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, roughly equal to the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for QUAL and USMV.

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Drawdown Indicators

QUALUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-33.10%

-0.96%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-6.46%

-2.57%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-9.36%

-8.64%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-17.93%

-10.30%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

-33.10%

-0.96%

Current Drawdown

Current decline from peak

-2.12%

-0.21%

-1.91%

Average Drawdown

Average peak-to-trough decline

-4.07%

-2.86%

-1.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.02%

1.98%

+0.04%

Volatility

QUAL vs. USMV - Volatility Comparison

iShares MSCI USA Quality Factor ETF (QUAL) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.72% and 2.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QUALUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.72%

2.77%

-0.05%

Volatility (6M)

Calculated over the trailing 6-month period

9.64%

6.45%

+3.19%

Volatility (1Y)

Calculated over the trailing 1-year period

12.28%

8.56%

+3.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.38%

12.38%

+5.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.09%

14.50%

+3.59%

QUAL vs. USMV - Expense Ratio Comparison

Both QUAL and USMV 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. USMV - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.87%, less than USMV's 1.47% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
USMV
iShares MSCI USA Min Vol Factor ETF		1.47%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

QUAL and USMV have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USMV has higher volatility (2.77%) compared to QUAL (2.72%). In terms of maximum drawdown, QUAL dropped -34.06% vs USMV's -33.10%.

On 10-year performance, QUAL leads with 13.92% vs 9.65% for USMV. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. 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 13.92% return vs 9.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

USMV has the higher dividend yield at 1.47%, compared with 0.87% for QUAL.

QUAL is categorized as Quality Factor, while USMV is Low Volatility. QUAL tracks MSCI USA Sector Neutral Quality Index, while USMV tracks MSCI USA Minimum Volatility Index.

QUAL currently has the higher Sharpe Ratio (1.41 vs 0.76), 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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