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QUAL vs. VLUE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. VLUE

Last updated Jun 23, 2026

QUAL (iShares MSCI USA Quality Factor ETF) and VLUE (iShares MSCI USA Value Factor ETF) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index, while VLUE is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Index. Both are passively managed. Over the past 10 years, QUAL returned 14.62%/yr vs 15.97%/yr for VLUE. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

QUAL vs. VLUE - 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 Value Factor ETF (VLUE). 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 9.09% return, which is significantly lower than VLUE's 50.50% return. Over the past 10 years, QUAL has underperformed VLUE with an annualized return of 14.62%, while VLUE has yielded a comparatively higher 15.97% annualized return.

QUAL

1D
-0.03%
1M
0.86%
YTD
9.09%
6M
8.41%
1Y
24.05%
3Y*
19.05%
5Y*
11.96%
10Y*
14.62%

VLUE

1D
2.13%
1M
9.37%
YTD
50.50%
6M
49.56%
1Y
89.78%
3Y*
34.06%
5Y*
17.54%
10Y*
15.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QUAL vs. VLUE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUAL
iShares MSCI USA Quality Factor ETF		9.09%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%
VLUE
iShares MSCI USA Value Factor ETF		50.50%32.67%7.25%14.26%-14.17%28.93%-0.23%27.20%-11.13%21.95%

Correlation

The correlation between QUAL and VLUE is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.75

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

0.74

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

0.80

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

0.82

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

0.81

The correlation between QUAL and VLUE has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

QUAL vs. VLUE - Sectors Allocation Comparison

Sectors
QUAL
VLUE

Technology

38.8%
40.7%

Communication Services

11.8%
9.5%

Financial Services

10.8%
10.5%

Consumer Cyclical

9.3%
10.1%

Healthcare

8.7%
7.9%

Industrials

7.2%
8.0%

Consumer Defensive

4.4%
4.4%

Energy

3.2%
3.5%

Utilities

2.1%
2.0%

Basic Materials

1.9%
1.3%

Real Estate

1.8%
1.8%

Technology

QUAL
38.8%
VLUE
40.7%

Communication Services

QUAL
11.8%
VLUE
9.5%

Financial Services

QUAL
10.8%
VLUE
10.5%

Consumer Cyclical

QUAL
9.3%
VLUE
10.1%

Healthcare

QUAL
8.7%
VLUE
7.9%

Industrials

QUAL
7.2%
VLUE
8.0%

Consumer Defensive

QUAL
4.4%
VLUE
4.4%

Energy

QUAL
3.2%
VLUE
3.5%

Utilities

QUAL
2.1%
VLUE
2.0%

Basic Materials

QUAL
1.9%
VLUE
1.3%

Real Estate

QUAL
1.8%
VLUE
1.8%

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 Value Factor ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD
Often compared with VLUE:
VLUE vs. AVLVVLUE vs. VLUVLUE vs. VOOVLUE vs. IUSVVLUE vs. QVALVLUE vs. SCHVVLUE vs. SCHD

Return for Risk

QUAL vs. VLUE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QUAL
QUAL Risk / Return Rank: 6262
Overall Rank
QUAL Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6363
Sortino Ratio Rank
QUAL Omega Ratio Rank: 6060
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5656
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6868
Martin Ratio Rank
VLUE
VLUE Risk / Return Rank: 9797
Overall Rank
VLUE Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
VLUE Sortino Ratio Rank: 9797
Sortino Ratio Rank
VLUE Omega Ratio Rank: 9696
Omega Ratio Rank
VLUE Calmar Ratio Rank: 9797
Calmar Ratio Rank
VLUE Martin Ratio Rank: 9797
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. VLUE - 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 Value Factor ETF (VLUE). 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.

QUALVLUEDifference
Sharpe ratioReturn per unit of total volatility
2.00
4.83

-2.82

Sortino ratioReturn per unit of downside risk
2.82
6.02

-3.21

Omega ratioGain probability vs. loss probability

1.35

1.81

-0.46

Calmar ratioReturn relative to maximum drawdown

2.67

9.99

-7.31

Martin ratioReturn relative to average drawdown

12.20

41.99

-29.80

QUAL vs. VLUE - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 2.00, which is lower than the VLUE Sharpe Ratio of 4.83. The chart below compares the historical Sharpe Ratios of QUAL and VLUE, 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. VLUE - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, smaller than the maximum VLUE drawdown of -39.47%. Use the drawdown chart below to compare losses from any high point for QUAL and VLUE.

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Drawdown Indicators

QUALVLUEDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-39.47%

+5.41%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-9.04%

+0.01%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-17.89%

-0.11%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-27.12%

-1.11%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

-39.47%

+5.41%

Current Drawdown

Current decline from peak

-1.54%

0.00%

-1.54%

Average Drawdown

Average peak-to-trough decline

-4.09%

-6.00%

+1.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

2.15%

-0.17%

Volatility

QUAL vs. VLUE - Volatility Comparison

The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 3.85%, while iShares MSCI USA Value Factor ETF (VLUE) has a volatility of 8.92%. This indicates that QUAL experiences smaller price fluctuations and is considered to be less risky than VLUE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QUALVLUEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.85%

8.92%

-5.07%

Volatility (6M)

Calculated over the trailing 6-month period

9.56%

15.67%

-6.11%

Volatility (1Y)

Calculated over the trailing 1-year period

12.09%

18.74%

-6.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.38%

18.05%

-0.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.13%

19.96%

-1.83%

QUAL vs. VLUE - Expense Ratio Comparison

Both QUAL and VLUE 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. VLUE - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.87%, less than VLUE's 1.37% 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%
VLUE
iShares MSCI USA Value Factor ETF		1.37%2.11%2.73%2.66%3.18%2.22%2.42%2.61%2.70%2.14%2.07%2.39%

Frequently Asked Questions

QUAL and VLUE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VLUE has higher volatility (8.92%) compared to QUAL (3.85%). In terms of maximum drawdown, QUAL dropped -34.06% vs VLUE's -39.47%.

On 10-year performance, VLUE leads with 15.97% vs 14.62% for QUAL. Both ETFs have the same 0.15% expense ratio. On volatility, QUAL has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VLUE has performed better with a 15.97% return vs 14.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

VLUE has the higher dividend yield at 1.37%, compared with 0.87% for QUAL.

QUAL is categorized as Large Cap Blend Equities, while VLUE is Large Cap Value Equities. QUAL tracks MSCI USA Sector Neutral Quality Index, while VLUE tracks MSCI USA Enhanced Value Index.

VLUE currently has the higher Sharpe Ratio (4.83 vs 2.00), 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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