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TILT vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TILT vs. QUAL

Last updated Aug 2, 2026
Documentation

TILT (FlexShares Morningstar US Market Factor Tilt Index Fund) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - TILT is a Large Cap Blend Equities fund tracking the Morningstar US Market Factor Tilt Index, while QUAL is a Quality Factor fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, TILT returned 13.76%/yr vs 14.15%/yr for QUAL. Their correlation of 0.92 means they have usually moved in the same direction. TILT charges 0.25%/yr vs 0.15%/yr for QUAL.

Performance

TILT vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) 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

In the year-to-date period, TILT achieves a 11.94% return, which is significantly higher than QUAL's 10.86% return. Both investments have delivered pretty close results over the past 10 years, with TILT having a 13.76% annualized return and QUAL not far ahead at 14.15%.

TILT

1D
0.48%
1M
0.57%
6M
9.63%
YTD
11.94%
1Y
24.72%
3Y*
17.95%
5Y*
11.57%
10Y*
13.76%
ALL TIME*
14.47%

QUAL

1D
0.18%
1M
0.41%
6M
8.77%
YTD
10.86%
1Y
21.43%
3Y*
17.38%
5Y*
11.11%
10Y*
14.15%
ALL TIME*
13.66%
*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
$216.39M$244.32M$382.94M

TILT

FlexShares Morningstar US Market Factor Tilt Index Fund
$630.91K$1.40M$1.78M

TILT vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TILT
FlexShares Morningstar US Market Factor Tilt Index Fund		11.94%16.59%19.88%24.70%-17.25%27.61%16.05%29.01%-8.93%18.33%
QUAL
iShares MSCI USA Quality Factor ETF		10.86%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%

Correlation

The correlation between TILT and QUAL is 0.94, meaning they have usually moved in the same direction, including during past declines.

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

0.94

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

0.92

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

0.94

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

0.92

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

0.92

The correlation between TILT and QUAL has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

TILT vs. QUAL - Sectors Allocation Comparison

Sectors
TILT
QUAL

Technology

29.8%
40.2%

Financial Services

16.3%
10.9%

Consumer Cyclical

10.5%
9.0%

Industrials

9.9%
7.4%

Healthcare

9.8%
9.2%

Communication Services

8.0%
10.3%

Consumer Defensive

4.6%
4.3%

Energy

3.9%
2.9%

Real Estate

2.9%
1.7%

Utilities

2.3%
2.1%

Basic Materials

2.1%
1.9%

Technology

TILT
29.8%
QUAL
40.2%

Financial Services

TILT
16.3%
QUAL
10.9%

Consumer Cyclical

TILT
10.5%
QUAL
9.0%

Industrials

TILT
9.9%
QUAL
7.4%

Healthcare

TILT
9.8%
QUAL
9.2%

Communication Services

TILT
8.0%
QUAL
10.3%

Consumer Defensive

TILT
4.6%
QUAL
4.3%

Energy

TILT
3.9%
QUAL
2.9%

Real Estate

TILT
2.9%
QUAL
1.7%

Utilities

TILT
2.3%
QUAL
2.1%

Basic Materials

TILT
2.1%
QUAL
1.9%

Compare stocks, funds, or ETFs

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

FlexShares Morningstar US Market Factor Tilt Index Fund

iShares MSCI USA Quality Factor ETF

Often compared with TILT:
TILT vs. VTITILT vs. VOOTILT vs. SPYTILT vs. AVUVTILT vs. FVTILT vs. SPYVTILT vs. QYLD
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

TILT vs. QUAL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
TILT
TILT Risk / Return Rank: 7878
Overall Rank
TILT Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
TILT Sortino Ratio Rank: 7777
Sortino Ratio Rank
TILT Omega Ratio Rank: 7777
Omega Ratio Rank
TILT Calmar Ratio Rank: 7676
Calmar Ratio Rank
TILT Martin Ratio Rank: 8484
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 7272
Overall Rank
QUAL Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 7474
Sortino Ratio Rank
QUAL Omega Ratio Rank: 7171
Omega Ratio Rank
QUAL Calmar Ratio Rank: 6565
Calmar Ratio Rank
QUAL Martin Ratio Rank: 7979
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TILT vs. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) 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.

TILTQUALDifference
Sharpe ratioReturn per unit of total volatility
1.79
1.65

+0.14

Sortino ratioReturn per unit of downside risk
2.49
2.36

+0.13

Omega ratioGain probability vs. loss probability

1.32

1.29

+0.03

Calmar ratioReturn relative to maximum drawdown

2.68

2.25

+0.43

Martin ratioReturn relative to average drawdown

11.54

10.08

+1.47

TILT vs. QUAL - Sharpe Ratio Comparison

The current TILT Sharpe Ratio is 1.79, which is comparable to the QUAL Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of TILT 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

TILT vs. QUAL - Drawdown Comparison

The maximum TILT drawdown since its inception was -38.46%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for TILT and QUAL.

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Drawdown Indicators

TILTQUALDifference

Max Drawdown

Largest peak-to-trough decline

-38.46%

-34.06%

-4.40%

Max Drawdown (1Y)

Largest decline over 1 year

-8.51%

-9.03%

+0.52%

Max Drawdown (3Y)

Largest decline over 3 years

-19.85%

-18.00%

-1.85%

Max Drawdown (5Y)

Largest decline over 5 years

-24.12%

-28.23%

+4.11%

Max Drawdown (10Y)

Largest decline over 10 years

-38.46%

-34.06%

-4.40%

Current Drawdown

Current decline from peak

-0.36%

-0.61%

+0.25%

Average Drawdown

Average peak-to-trough decline

-4.19%

-4.07%

-0.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

2.01%

-0.04%

Volatility

TILT vs. QUAL - Volatility Comparison

FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) has a higher volatility of 3.08% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 2.88%. This indicates that TILT's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TILTQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.08%

2.88%

+0.20%

Volatility (6M)

Calculated over the trailing 6-month period

9.55%

9.72%

-0.17%

Volatility (1Y)

Calculated over the trailing 1-year period

12.77%

12.33%

+0.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.40%

17.38%

+0.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.70%

18.09%

+0.61%

TILT vs. QUAL - Expense Ratio Comparison

TILT has a 0.25% expense ratio, which is higher than QUAL's 0.15% 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

TILT vs. QUAL - Dividend Comparison

TILT's dividend yield for the trailing twelve months is around 1.07%, more than QUAL's 0.86% 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%
TILT
FlexShares Morningstar US Market Factor Tilt Index Fund		1.07%1.15%1.23%1.44%1.60%1.16%1.49%1.54%1.97%1.55%1.60%1.98%

Frequently Asked Questions

With a correlation of 0.94, TILT and QUAL 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.

TILT has higher volatility (3.08%) compared to QUAL (2.88%). In terms of maximum drawdown, TILT dropped -38.46% vs QUAL's -34.06%.

On 10-year performance, QUAL leads with 14.15% vs 13.76% for TILT. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 2.88%. 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 14.15% return vs 13.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 0.25% for TILT.

TILT has the higher dividend yield at 1.07%, compared with 0.86% for QUAL.

TILT is categorized as Large Cap Blend Equities, while QUAL is Quality Factor. TILT tracks Morningstar US Market Factor Tilt Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: FlexShares and iShares. Their fees differ too: 0.25% for TILT and 0.15% for QUAL.

TILT currently has the higher Sharpe Ratio (1.79 vs 1.65), 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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