VMVFX vs. QLV

Last updated Aug 4, 2026

VMVFX (Vanguard Global Minimum Volatility Fund Investor Shares) and QLV (FlexShares US Quality Low Volatility Index Fund) are both funds - VMVFX is a Global Equities fund managed by Vanguard, while QLV is a Quality Factor fund tracking the Northern Trust Quality Low Volatility Index. Over the past 5 years, VMVFX returned 10.64%/yr vs 10.05%/yr for QLV. Their correlation of 0.89 means they have usually moved in the same direction. VMVFX charges 0.21%/yr vs 0.22%/yr for QLV.

Performance

VMVFX vs. QLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) and FlexShares US Quality Low Volatility Index Fund (QLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMVFX achieves a 10.34% return, which is significantly higher than QLV's 9.55% return.

VMVFX

• 1D: 0.17%
• 1M: 0.64%
• 6M: 6.03%
• YTD: 10.34%
• 1Y: 15.54%
• 3Y*: 13.44%
• 5Y*: 10.64%
• 10Y*: 9.29%
• ALL TIME*: 9.81%

QLV

• 1D: 0.50%
• 1M: 1.91%
• 6M: 6.89%
• YTD: 9.55%
• 1Y: 16.70%
• 3Y*: 15.60%
• 5Y*: 10.05%
• 10Y*: —
• ALL TIME*: 11.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QLV FlexShares US Quality Low Volatility Index Fund	$571.44K	$481.55K	$516.78K
VMVFX Vanguard Global Minimum Volatility Fund Investor Shares	$0.00	$0.00	$0.00

VMVFX vs. QLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VMVFX Vanguard Global Minimum Volatility Fund Investor Shares	10.34%	12.74%	13.38%	7.82%	-4.48%	23.74%	-3.99%	4.94%
QLV FlexShares US Quality Low Volatility Index Fund	9.55%	12.28%	18.08%	13.71%	-9.97%	26.08%	9.63%	5.97%

Correlation

The correlation between VMVFX and QLV is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.89

The correlation between VMVFX and QLV shifts across timeframes, from 0.76 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

VMVFX vs. QLV - Sectors Allocation Comparison

Sectors	VMVFX	QLV
Technology	20.9%	30.2%
Financial Services	12.8%	12.3%
Healthcare	12.8%	14.1%
Industrials	11.4%	6.3%
Consumer Defensive	10.1%	7.8%
Communication Services	9.8%	7.4%
Consumer Cyclical	7.9%	6.4%
Utilities	7.1%	6.4%
Energy	4.3%	6.5%
Real Estate	2.8%	1.4%
Basic Materials	0.2%	1.3%

Return for Risk

VMVFX vs. QLV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VMVFX

VMVFX Risk / Return Rank: 80
VMVFX Sharpe Ratio Rank: 88
VMVFX Sortino Ratio Rank: 86
VMVFX Omega Ratio Rank: 83
VMVFX Calmar Ratio Rank: 72
VMVFX Martin Ratio Rank: 73

QLV

QLV Risk / Return Rank: 83
QLV Sharpe Ratio Rank: 86
QLV Sortino Ratio Rank: 89
QLV Omega Ratio Rank: 85
QLV Calmar Ratio Rank: 74
QLV Martin Ratio Rank: 81

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.

VMVFX vs. QLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) and FlexShares US Quality Low Volatility Index Fund (QLV). 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.

	VMVFX	QLV	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.13	+0.08
Sortino ratio: Return per unit of downside risk	3.17	3.13	+0.04
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	2.44	2.71	-0.26
Martin ratio: Return relative to average drawdown	9.44	11.17	-1.73

VMVFX vs. QLV - Sharpe Ratio Comparison

The current VMVFX Sharpe Ratio is 2.21, which is comparable to the QLV Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of VMVFX and QLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VMVFX vs. QLV - Drawdown Comparison

The maximum VMVFX drawdown since its inception was -33.09%, roughly equal to the maximum QLV drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for VMVFX and QLV.

Drawdown Indicators

	VMVFX	QLV	Difference
Max Drawdown Largest peak-to-trough decline	-33.09%	-33.71%	+0.62%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-6.19%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-7.96%	-12.05%	+4.09%
Max Drawdown (5Y) Largest decline over 5 years	-13.02%	-17.93%	+4.91%
Max Drawdown (10Y) Largest decline over 10 years	-33.09%	—	—
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-2.80%	-3.93%	+1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.50%	+0.12%

Volatility

VMVFX vs. QLV - Volatility Comparison

The current volatility for Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) is 1.90%, while FlexShares US Quality Low Volatility Index Fund (QLV) has a volatility of 2.30%. This indicates that VMVFX experiences smaller price fluctuations and is considered to be less risky than QLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMVFX	QLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	2.30%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	5.55%	5.98%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	6.97%	7.88%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.76%	12.64%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.43%	16.43%	-4.00%

VMVFX vs. QLV - Expense Ratio Comparison

VMVFX has a 0.21% expense ratio, which is lower than QLV's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VMVFX vs. QLV - Dividend Comparison

VMVFX's dividend yield for the trailing twelve months is around 9.04%, more than QLV's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLV FlexShares US Quality Low Volatility Index Fund	1.52%	1.60%	1.66%	1.60%	1.74%	0.96%	1.24%	0.58%	0.00%	0.00%	0.00%	0.00%
VMVFX Vanguard Global Minimum Volatility Fund Investor Shares	9.04%	9.98%	3.77%	3.05%	4.96%	12.73%	2.02%	5.12%	7.27%	2.30%	2.71%	3.22%

Frequently Asked Questions

Can I hold both VMVFX and QLV in my portfolio?

VMVFX and QLV have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMVFX or QLV?

QLV has higher volatility (2.30%) compared to VMVFX (1.90%). In terms of maximum drawdown, VMVFX dropped -33.09% vs QLV's -33.71%.

Which has better risk-adjusted returns?

VMVFX currently has the higher Sharpe Ratio (2.21 vs 2.13), 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.