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QVAL vs. IWS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QVAL vs. IWS

Last updated Jun 24, 2026

QVAL (Alpha Architect U.S. Quantitative Value ETF) and IWS (iShares Russell Mid-Cap Value ETF) are both Mid Cap Value Equities funds. QVAL is actively managed, while IWS is passively managed. Over the past 10 years, QVAL returned 11.91%/yr vs 10.56%/yr for IWS. Their correlation of 0.85 suggests significant overlap in exposure. QVAL charges 0.28%/yr vs 0.23%/yr for IWS.

Performance

QVAL vs. IWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect U.S. Quantitative Value ETF (QVAL) and iShares Russell Mid-Cap Value ETF (IWS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QVAL achieves a 14.09% return, which is significantly lower than IWS's 15.78% return. Over the past 10 years, QVAL has outperformed IWS with an annualized return of 11.91%, while IWS has yielded a comparatively lower 10.56% annualized return.

QVAL

1D
0.01%
1M
0.88%
YTD
14.09%
6M
12.60%
1Y
28.74%
3Y*
20.50%
5Y*
12.15%
10Y*
11.91%

IWS

1D
-1.08%
1M
2.64%
YTD
15.78%
6M
14.47%
1Y
26.77%
3Y*
17.23%
5Y*
8.94%
10Y*
10.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QVAL vs. IWS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QVAL
Alpha Architect U.S. Quantitative Value ETF		14.09%10.98%12.21%28.40%-11.80%34.40%-5.93%24.06%-17.28%25.59%
IWS
iShares Russell Mid-Cap Value ETF		15.78%10.82%12.91%12.52%-12.29%28.10%4.83%26.73%-12.43%13.14%

Correlation

The correlation between QVAL and IWS is 0.84, 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

0.84

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

0.88

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

0.87

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

0.86

Correlation (All Time)
Calculated using the full available price history since Jan 4, 2016

0.85

The correlation between QVAL and IWS has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

QVAL vs. IWS - Sectors Allocation Comparison

Sectors
QVAL
IWS

Consumer Cyclical

23.8%
8.5%

Energy

16.1%
7.4%

Industrials

14.1%
16.2%

Healthcare

13.9%
7.6%

Consumer Defensive

9.8%
4.7%

Technology

8.3%
18.7%

Communication Services

6.0%
3.1%

Basic Materials

6.0%
5.3%

Utilities

2.0%
6.6%

Real Estate

2.0%
8.3%

Financial Services

-

13.7%

Consumer Cyclical

QVAL
23.8%
IWS
8.5%

Energy

QVAL
16.1%
IWS
7.4%

Industrials

QVAL
14.1%
IWS
16.2%

Healthcare

QVAL
13.9%
IWS
7.6%

Consumer Defensive

QVAL
9.8%
IWS
4.7%

Technology

QVAL
8.3%
IWS
18.7%

Communication Services

QVAL
6.0%
IWS
3.1%

Basic Materials

QVAL
6.0%
IWS
5.3%

Utilities

QVAL
2.0%
IWS
6.6%

Real Estate

QVAL
2.0%
IWS
8.3%

Financial Services

QVAL

-

IWS
13.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Alpha Architect U.S. Quantitative Value ETF

iShares Russell Mid-Cap Value ETF

Often compared with QVAL:
QVAL vs. AVUVQVAL vs. VLUEQVAL vs. QQQQVAL vs. SNPEQVAL vs. VTVQVAL vs. VFLOQVAL vs. VBR
Often compared with IWS:
IWS vs. IWPIWS vs. IWNIWS vs. IMCVIWS vs. IWDIWS vs. FIMVXIWS vs. IVVIWS vs. VBR

Return for Risk

QVAL vs. IWS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QVAL
QVAL Risk / Return Rank: 7070
Overall Rank
QVAL Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
QVAL Sortino Ratio Rank: 7171
Sortino Ratio Rank
QVAL Omega Ratio Rank: 5656
Omega Ratio Rank
QVAL Calmar Ratio Rank: 8787
Calmar Ratio Rank
QVAL Martin Ratio Rank: 7474
Martin Ratio Rank
IWS
IWS Risk / Return Rank: 6767
Overall Rank
IWS Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
IWS Sortino Ratio Rank: 6565
Sortino Ratio Rank
IWS Omega Ratio Rank: 5959
Omega Ratio Rank
IWS Calmar Ratio Rank: 7474
Calmar Ratio Rank
IWS Martin Ratio Rank: 7575
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.

QVAL vs. IWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect U.S. Quantitative Value ETF (QVAL) and iShares Russell Mid-Cap Value ETF (IWS). 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.

QVALIWSDifference
Sharpe ratioReturn per unit of total volatility
1.96
1.98

-0.02

Sortino ratioReturn per unit of downside risk
3.03
2.83

+0.20

Omega ratioGain probability vs. loss probability

1.33

1.34

-0.01

Calmar ratioReturn relative to maximum drawdown

4.78

3.57

+1.21

Martin ratioReturn relative to average drawdown

13.37

13.39

-0.01

QVAL vs. IWS - Sharpe Ratio Comparison

The current QVAL Sharpe Ratio is 1.96, which is comparable to the IWS Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of QVAL and IWS, 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

QVAL vs. IWS - Drawdown Comparison

The maximum QVAL drawdown since its inception was -51.49%, smaller than the maximum IWS drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for QVAL and IWS.

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Drawdown Indicators

QVALIWSDifference

Max Drawdown

Largest peak-to-trough decline

-51.49%

-62.40%

+10.91%

Max Drawdown (1Y)

Largest decline over 1 year

-6.04%

-7.53%

+1.49%

Max Drawdown (3Y)

Largest decline over 3 years

-21.41%

-20.57%

-0.84%

Max Drawdown (5Y)

Largest decline over 5 years

-27.17%

-21.23%

-5.94%

Max Drawdown (10Y)

Largest decline over 10 years

-51.49%

-43.83%

-7.66%

Current Drawdown

Current decline from peak

-2.47%

-1.24%

-1.23%

Average Drawdown

Average peak-to-trough decline

-7.76%

-8.00%

+0.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.15%

2.00%

+0.15%

Volatility

QVAL vs. IWS - Volatility Comparison

The current volatility for Alpha Architect U.S. Quantitative Value ETF (QVAL) is 3.95%, while iShares Russell Mid-Cap Value ETF (IWS) has a volatility of 4.37%. This indicates that QVAL experiences smaller price fluctuations and is considered to be less risky than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QVALIWSDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.95%

4.37%

-0.42%

Volatility (6M)

Calculated over the trailing 6-month period

10.21%

10.12%

+0.09%

Volatility (1Y)

Calculated over the trailing 1-year period

14.71%

13.57%

+1.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.64%

17.33%

+4.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.78%

19.35%

+3.43%

QVAL vs. IWS - Expense Ratio Comparison

QVAL has a 0.28% expense ratio, which is higher than IWS's 0.23% expense ratio.

Dividends

QVAL vs. IWS - Dividend Comparison

QVAL's dividend yield for the trailing twelve months is around 1.16%, less than IWS's 1.34% yield.

PositionTTM20252024202320222021202020192018201720162015
IWS
iShares Russell Mid-Cap Value ETF		1.34%1.53%1.50%1.76%1.93%1.39%1.87%1.97%2.53%1.96%2.10%2.14%
QVAL
Alpha Architect U.S. Quantitative Value ETF		1.16%1.44%1.72%1.76%2.00%1.23%1.86%1.99%1.64%1.08%1.30%0.00%

Frequently Asked Questions

QVAL and IWS have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWS has higher volatility (4.37%) compared to QVAL (3.95%). In terms of maximum drawdown, QVAL dropped -51.49% vs IWS's -62.40%.

On 10-year performance, QVAL leads with 11.91% vs 10.56% for IWS. On fees, IWS is cheaper at 0.23% per year. On volatility, QVAL has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QVAL has performed better with a 11.91% return vs 10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWS is cheaper with a 0.23% expense ratio, compared with 0.28% for QVAL.

IWS has the higher dividend yield at 1.34%, compared with 1.16% for QVAL.

They also come from different issuers: Alpha Architect and iShares. Their fees differ too: 0.28% for QVAL and 0.23% for IWS.

IWS currently has the higher Sharpe Ratio (1.98 vs 1.96), 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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