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SIZE vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SIZE vs. QUAL

Last updated Jun 23, 2026

SIZE (iShares MSCI USA Size Factor ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size Index, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, SIZE returned 12.04%/yr vs 14.62%/yr for QUAL. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

SIZE vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) and iShares MSCI USA Quality Factor ETF (QUAL). 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 SIZE having a 9.23% return and QUAL slightly lower at 9.09%. Over the past 10 years, SIZE has underperformed QUAL with an annualized return of 12.04%, while QUAL has yielded a comparatively higher 14.62% annualized return.

SIZE

1D
-0.01%
1M
1.12%
YTD
9.23%
6M
7.56%
1Y
18.60%
3Y*
15.66%
5Y*
8.12%
10Y*
12.04%

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

SIZE vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SIZE
iShares MSCI USA Size Factor ETF		9.23%10.51%14.37%17.78%-15.86%25.05%16.26%28.97%-6.59%18.76%
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%

Correlation

The correlation between SIZE and QUAL is 0.82, 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

0.82

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

0.83

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

0.88

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

0.88

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

0.84

The correlation between SIZE and QUAL has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

SIZE vs. QUAL - Sectors Allocation Comparison

Sectors
SIZE
QUAL

Technology

20.0%
38.8%

Industrials

15.3%
7.2%

Financial Services

14.7%
10.8%

Consumer Cyclical

11.2%
9.3%

Healthcare

10.7%
8.7%

Utilities

5.4%
2.1%

Consumer Defensive

5.3%
4.4%

Real Estate

5.3%
1.8%

Basic Materials

4.3%
1.9%

Communication Services

3.9%
11.8%

Energy

3.7%
3.2%

Technology

SIZE
20.0%
QUAL
38.8%

Industrials

SIZE
15.3%
QUAL
7.2%

Financial Services

SIZE
14.7%
QUAL
10.8%

Consumer Cyclical

SIZE
11.2%
QUAL
9.3%

Healthcare

SIZE
10.7%
QUAL
8.7%

Utilities

SIZE
5.4%
QUAL
2.1%

Consumer Defensive

SIZE
5.3%
QUAL
4.4%

Real Estate

SIZE
5.3%
QUAL
1.8%

Basic Materials

SIZE
4.3%
QUAL
1.9%

Communication Services

SIZE
3.9%
QUAL
11.8%

Energy

SIZE
3.7%
QUAL
3.2%

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 Size Factor ETF

iShares MSCI USA Quality Factor ETF

Often compared with SIZE:
SIZE vs. XLGSIZE vs. SPYSIZE vs. QDVA.DESIZE vs. VIGSIZE vs. VOOSIZE vs. IJHSIZE vs. QGRO
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

SIZE vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SIZE
SIZE Risk / Return Rank: 4545
Overall Rank
SIZE Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
SIZE Sortino Ratio Rank: 4343
Sortino Ratio Rank
SIZE Omega Ratio Rank: 3939
Omega Ratio Rank
SIZE Calmar Ratio Rank: 4949
Calmar Ratio Rank
SIZE Martin Ratio Rank: 5454
Martin Ratio Rank
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
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.

SIZE vs. QUAL - Risk-Adjusted Trends Comparison

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

SIZEQUALDifference
Sharpe ratioReturn per unit of total volatility
1.44
2.00

-0.56

Sortino ratioReturn per unit of downside risk
2.11
2.82

-0.70

Omega ratioGain probability vs. loss probability

1.25

1.35

-0.10

Calmar ratioReturn relative to maximum drawdown

2.34

2.67

-0.33

Martin ratioReturn relative to average drawdown

9.07

12.20

-3.13

SIZE vs. QUAL - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.44, which is comparable to the QUAL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SIZE and QUAL, 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

SIZE vs. QUAL - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for SIZE and QUAL.

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Drawdown Indicators

SIZEQUALDifference

Max Drawdown

Largest peak-to-trough decline

-39.15%

-34.06%

-5.09%

Max Drawdown (1Y)

Largest decline over 1 year

-7.97%

-9.03%

+1.06%

Max Drawdown (3Y)

Largest decline over 3 years

-18.71%

-18.00%

-0.71%

Max Drawdown (5Y)

Largest decline over 5 years

-24.03%

-28.23%

+4.20%

Max Drawdown (10Y)

Largest decline over 10 years

-39.15%

-34.06%

-5.09%

Current Drawdown

Current decline from peak

-1.21%

-1.54%

+0.33%

Average Drawdown

Average peak-to-trough decline

-4.17%

-4.09%

-0.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

1.98%

+0.08%

Volatility

SIZE vs. QUAL - Volatility Comparison

iShares MSCI USA Size Factor ETF (SIZE) and iShares MSCI USA Quality Factor ETF (QUAL) have volatilities of 3.85% and 3.85%, 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

SIZEQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.85%

3.85%

0.00%

Volatility (6M)

Calculated over the trailing 6-month period

9.82%

9.56%

+0.26%

Volatility (1Y)

Calculated over the trailing 1-year period

13.00%

12.09%

+0.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.43%

17.38%

+0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.72%

18.13%

+0.59%

SIZE vs. QUAL - Expense Ratio Comparison

Both SIZE and QUAL 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

SIZE vs. QUAL - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.39%, more than QUAL's 0.87% 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%
SIZE
iShares MSCI USA Size Factor ETF		1.39%1.50%1.53%1.42%1.59%1.19%1.43%1.35%2.43%1.58%1.88%1.95%

Frequently Asked Questions

SIZE and QUAL have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QUAL has higher volatility (3.85%) compared to SIZE (3.85%). In terms of maximum drawdown, SIZE dropped -39.15% vs QUAL's -34.06%.

On 10-year performance, QUAL leads with 14.62% vs 12.04% for SIZE. 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 14.62% return vs 12.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SIZE has the higher dividend yield at 1.39%, compared with 0.87% for QUAL.

SIZE is categorized as Mid Cap Blend Equities, while QUAL is Large Cap Blend Equities. SIZE tracks MSCI USA Low Size Index, while QUAL tracks MSCI USA Sector Neutral Quality Index.

QUAL currently has the higher Sharpe Ratio (2.00 vs 1.44), 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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