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QUAL vs. USPX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. USPX

Last updated Jul 15, 2026
Documentation

QUAL (iShares MSCI USA Quality Factor ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds - QUAL tracks the MSCI USA Sector Neutral Quality Index while USPX tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 10 years, QUAL returned 14.14%/yr vs 12.34%/yr for USPX. Their correlation of 0.85 suggests significant overlap in exposure. QUAL charges 0.15%/yr vs 0.03%/yr for USPX.

Performance

QUAL vs. USPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality Factor ETF (QUAL) and Franklin U.S. Equity Index ETF (USPX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with QUAL having a 10.81% return and USPX slightly lower at 10.58%. Over the past 10 years, QUAL has outperformed USPX with an annualized return of 14.14%, while USPX has yielded a comparatively lower 12.34% annualized return.

QUAL

1D
0.27%
1M
1.25%
6M
8.14%
YTD
10.81%
1Y
20.35%
3Y*
18.14%
5Y*
11.48%
10Y*
14.14%

USPX

1D
0.39%
1M
1.71%
6M
8.69%
YTD
10.58%
1Y
21.21%
3Y*
20.25%
5Y*
12.14%
10Y*
12.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QUAL vs. USPX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUAL
iShares MSCI USA Quality Factor ETF		10.81%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%
USPX
Franklin U.S. Equity Index ETF		10.58%17.78%24.97%27.07%-18.88%19.53%9.72%26.60%-7.78%23.80%

Correlation

The correlation between QUAL and USPX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.93

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

0.95

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

0.94

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

0.85

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2016

0.85

The correlation between QUAL and USPX has been stable across timeframes, ranging from 0.85 to 0.95 - a consistent structural relationship.

QUAL vs. USPX - Sectors Allocation Comparison

Sectors
QUAL
USPX

Technology

38.8%
37.7%

Communication Services

11.8%
9.8%

Financial Services

10.8%
12.1%

Consumer Cyclical

9.3%
9.4%

Healthcare

8.7%
9.2%

Industrials

7.2%
8.0%

Consumer Defensive

4.4%
4.5%

Energy

3.2%
2.2%

Utilities

2.1%
2.7%

Basic Materials

1.9%
1.7%

Real Estate

1.8%
1.7%

Technology

QUAL
38.8%
USPX
37.7%

Communication Services

QUAL
11.8%
USPX
9.8%

Financial Services

QUAL
10.8%
USPX
12.1%

Consumer Cyclical

QUAL
9.3%
USPX
9.4%

Healthcare

QUAL
8.7%
USPX
9.2%

Industrials

QUAL
7.2%
USPX
8.0%

Consumer Defensive

QUAL
4.4%
USPX
4.5%

Energy

QUAL
3.2%
USPX
2.2%

Utilities

QUAL
2.1%
USPX
2.7%

Basic Materials

QUAL
1.9%
USPX
1.7%

Real Estate

QUAL
1.8%
USPX
1.7%

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

Franklin U.S. Equity Index ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD
Often compared with USPX:
USPX vs. JPEFUSPX vs. VOOUSPX vs. IVVUSPX vs. BBUSUSPX vs. BDGSUSPX vs. SPTMUSPX vs. VUAG.L

Return for Risk

QUAL vs. USPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QUAL
QUAL Risk / Return Rank: 6464
Overall Rank
QUAL Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6666
Sortino Ratio Rank
QUAL Omega Ratio Rank: 6262
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5656
Calmar Ratio Rank
QUAL Martin Ratio Rank: 7171
Martin Ratio Rank
USPX
USPX Risk / Return Rank: 6363
Overall Rank
USPX Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
USPX Sortino Ratio Rank: 6262
Sortino Ratio Rank
USPX Omega Ratio Rank: 6262
Omega Ratio Rank
USPX Calmar Ratio Rank: 5858
Calmar Ratio Rank
USPX Martin Ratio Rank: 6969
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. USPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) and Franklin U.S. Equity Index ETF (USPX). 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.

QUALUSPXDifference
Sharpe ratioReturn per unit of total volatility
1.68
1.67

+0.01

Sortino ratioReturn per unit of downside risk
2.41
2.32

+0.09

Omega ratioGain probability vs. loss probability

1.30

1.30

0.00

Calmar ratioReturn relative to maximum drawdown

2.26

2.33

-0.07

Martin ratioReturn relative to average drawdown

10.17

9.98

+0.19

QUAL vs. USPX - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.68, which is comparable to the USPX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of QUAL and USPX, 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. USPX - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, which is greater than USPX's maximum drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for QUAL and USPX.

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Drawdown Indicators

QUALUSPXDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-31.21%

-2.85%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-9.15%

+0.12%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-19.21%

+1.21%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-24.60%

-3.63%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

-31.21%

-2.85%

Current Drawdown

Current decline from peak

-0.20%

-0.80%

+0.60%

Average Drawdown

Average peak-to-trough decline

-4.08%

-4.42%

+0.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

2.13%

-0.12%

Volatility

QUAL vs. USPX - Volatility Comparison

iShares MSCI USA Quality Factor ETF (QUAL) and Franklin U.S. Equity Index ETF (USPX) have volatilities of 3.53% and 3.62%, 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

QUALUSPXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.53%

3.62%

-0.09%

Volatility (6M)

Calculated over the trailing 6-month period

9.70%

10.13%

-0.43%

Volatility (1Y)

Calculated over the trailing 1-year period

12.15%

12.72%

-0.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.39%

16.28%

+1.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.08%

15.95%

+2.13%

QUAL vs. USPX - Expense Ratio Comparison

QUAL has a 0.15% expense ratio, which is higher than USPX's 0.03% 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. USPX - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.86%, less than USPX's 1.08% yield.

PositionTTM20252024202320222021202020192018201720162015
QUAL
iShares MSCI USA Quality Factor ETF		0.86%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%
USPX
Franklin U.S. Equity Index ETF		1.08%1.07%1.23%1.35%2.21%2.40%2.51%3.07%2.91%2.60%4.89%0.00%

Frequently Asked Questions

With a correlation of 0.93, QUAL and USPX 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.

USPX has higher volatility (3.62%) compared to QUAL (3.53%). In terms of maximum drawdown, QUAL dropped -34.06% vs USPX's -31.21%.

On 10-year performance, QUAL leads with 14.14% vs 12.34% for USPX. On fees, USPX is cheaper at 0.03% per year. 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 14.14% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USPX is cheaper with a 0.03% expense ratio, compared with 0.15% for QUAL.

USPX has the higher dividend yield at 1.08%, compared with 0.86% for QUAL.

QUAL tracks MSCI USA Sector Neutral Quality Index, while USPX tracks Morningstar US Target Market Exposure Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.15% for QUAL and 0.03% for USPX.

QUAL currently has the higher Sharpe Ratio (1.68 vs 1.67), 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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