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XQLT.TO vs. QDF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XQLT.TO vs. QDF

Last updated Jun 14, 2026

XQLT.TO (iShares MSCI USA Quality Factor Index ETF) and QDF (FlexShares Quality Dividend Index Fund) are both exchange-traded funds - XQLT.TO is a Large Cap Growth Equities fund tracking the MSCI USA Sector Neutral Quality Index, while QDF is a Large Cap Value Equities fund tracking the Northern Trust Quality Dividend Index. Both are passively managed. Over the past 5 years, XQLT.TO returned 14.75%/yr vs 15.04%/yr for QDF. A 0.54 correlation means they provide meaningful diversification when combined. XQLT.TO charges 0.32%/yr vs 0.37%/yr for QDF.

Performance

XQLT.TO vs. QDF - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI USA Quality Factor Index ETF (XQLT.TO) and FlexShares Quality Dividend Index Fund (QDF). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XQLT.TO is traded in CAD, while QDF is traded in USD. To make them comparable, the QDF values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XQLT.TO achieves a 11.20% return, which is significantly lower than QDF's 12.65% return.

XQLT.TO

1D
0.49%
1M
4.63%
YTD
11.20%
6M
10.64%
1Y
25.96%
3Y*
20.91%
5Y*
14.75%
10Y*
—

QDF

1D
1.03%
1M
3.47%
YTD
12.65%
6M
11.55%
1Y
30.98%
3Y*
20.05%
5Y*
15.04%
10Y*
13.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XQLT.TO vs. QDF - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XQLT.TO
iShares MSCI USA Quality Factor Index ETF		11.20%7.09%32.36%28.08%-17.15%27.90%11.61%9.78%
QDF
FlexShares Quality Dividend Index Fund		12.65%11.25%26.86%16.86%-6.56%26.58%2.37%6.81%

Correlation

The correlation between XQLT.TO and QDF 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

0.67

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

0.63

Correlation (All Time)
Calculated using the full available price history since Sep 12, 2019

0.54

Over the past year, XQLT.TO and QDF have become more correlated (0.75) than their long-term average of 0.54, meaning their price movements have been converging.

XQLT.TO vs. QDF - Sectors Allocation Comparison

Sectors
XQLT.TO
QDF

Technology

37.0%
39.5%

Financial Services

11.8%
11.5%

Communication Services

11.0%
7.2%

Consumer Cyclical

9.3%
6.4%

Healthcare

8.8%
9.6%

Industrials

7.9%
9.1%

Consumer Defensive

4.9%
5.7%

Energy

4.0%
3.4%

Utilities

1.8%
1.8%

Real Estate

1.8%
5.4%

Basic Materials

1.7%
0.4%

Technology

XQLT.TO
37.0%
QDF
39.5%

Financial Services

XQLT.TO
11.8%
QDF
11.5%

Communication Services

XQLT.TO
11.0%
QDF
7.2%

Consumer Cyclical

XQLT.TO
9.3%
QDF
6.4%

Healthcare

XQLT.TO
8.8%
QDF
9.6%

Industrials

XQLT.TO
7.9%
QDF
9.1%

Consumer Defensive

XQLT.TO
4.9%
QDF
5.7%

Energy

XQLT.TO
4.0%
QDF
3.4%

Utilities

XQLT.TO
1.8%
QDF
1.8%

Real Estate

XQLT.TO
1.8%
QDF
5.4%

Basic Materials

XQLT.TO
1.7%
QDF
0.4%

Compare stocks, funds, or ETFs

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iShares MSCI USA Quality Factor Index ETF

FlexShares Quality Dividend Index Fund

Often compared with XQLT.TO:
XQLT.TO vs. XVLU.TOXQLT.TO vs. HYLD.TOXQLT.TO vs. VOOXQLT.TO vs. VFV.TOXQLT.TO vs. SPYXQLT.TO vs. ZSP.TOXQLT.TO vs. XGRO.TO
Often compared with QDF:
QDF vs. QDEFQDF vs. SCHDQDF vs. DGRWQDF vs. QQQQDF vs. FDVVQDF vs. SPHDQDF vs. VOO

Return for Risk

XQLT.TO vs. QDF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XQLT.TO
XQLT.TO Risk / Return Rank: 6868
Overall Rank
XQLT.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
XQLT.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
XQLT.TO Omega Ratio Rank: 6868
Omega Ratio Rank
XQLT.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
XQLT.TO Martin Ratio Rank: 6767
Martin Ratio Rank
QDF
QDF Risk / Return Rank: 7777
Overall Rank
QDF Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
QDF Sortino Ratio Rank: 7878
Sortino Ratio Rank
QDF Omega Ratio Rank: 7777
Omega Ratio Rank
QDF Calmar Ratio Rank: 7373
Calmar Ratio Rank
QDF Martin Ratio Rank: 8181
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.

XQLT.TO vs. QDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor Index ETF (XQLT.TO) and FlexShares Quality Dividend Index Fund (QDF). 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.

XQLT.TOQDFDifference
Sharpe ratioReturn per unit of total volatility
1.97
2.30

-0.34

Sortino ratioReturn per unit of downside risk
2.83
3.24

-0.41

Omega ratioGain probability vs. loss probability

1.35

1.40

-0.05

Calmar ratioReturn relative to maximum drawdown

2.85

4.35

-1.49

Martin ratioReturn relative to average drawdown

10.88

16.40

-5.52

XQLT.TO vs. QDF - Sharpe Ratio Comparison

The current XQLT.TO Sharpe Ratio is 1.97, which is comparable to the QDF Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of XQLT.TO and QDF, 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

XQLT.TO vs. QDF - Drawdown Comparison

The maximum XQLT.TO drawdown since its inception was -25.12%, smaller than the maximum QDF drawdown of -31.10%. Use the drawdown chart below to compare losses from any high point for XQLT.TO and QDF.

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Drawdown Indicators

XQLT.TOQDFDifference

Max Drawdown

Largest peak-to-trough decline

-25.12%

-31.10%

+5.98%

Max Drawdown (1Y)

Largest decline over 1 year

-8.35%

-6.63%

-1.72%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-18.64%

-0.31%

Max Drawdown (5Y)

Largest decline over 5 years

-25.12%

-18.64%

-6.48%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.10%

—

Current Drawdown

Current decline from peak

-0.14%

-0.08%

-0.06%

Average Drawdown

Average peak-to-trough decline

-5.18%

-3.30%

-1.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.20%

1.76%

+0.44%

Volatility

XQLT.TO vs. QDF - Volatility Comparison

iShares MSCI USA Quality Factor Index ETF (XQLT.TO) has a higher volatility of 4.62% compared to FlexShares Quality Dividend Index Fund (QDF) at 4.33%. This indicates that XQLT.TO's price experiences larger fluctuations and is considered to be riskier than QDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XQLT.TOQDFDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.62%

4.33%

+0.29%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

9.81%

-0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

12.11%

12.51%

-0.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.62%

16.69%

-1.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.44%

18.45%

-2.01%

XQLT.TO vs. QDF - Expense Ratio Comparison

XQLT.TO has a 0.32% expense ratio, which is lower than QDF's 0.37% expense ratio.

Dividends

XQLT.TO vs. QDF - Dividend Comparison

XQLT.TO's dividend yield for the trailing twelve months is around 0.63%, less than QDF's 1.50% yield.

PositionTTM20252024202320222021202020192018201720162015
QDF
FlexShares Quality Dividend Index Fund		1.50%1.65%1.93%2.19%2.45%1.90%2.38%3.05%4.29%2.70%3.07%3.04%
XQLT.TO
iShares MSCI USA Quality Factor Index ETF		0.63%0.69%0.72%0.94%1.21%0.87%1.11%1.23%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XQLT.TO and QDF 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.

On fees, XQLT.TO is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XQLT.TO is cheaper with a 0.32% expense ratio, compared with 0.37% for QDF.

XQLT.TO is categorized as Large Cap Growth Equities, while QDF is Large Cap Value Equities. XQLT.TO tracks MSCI USA Sector Neutral Quality Index, while QDF tracks Northern Trust Quality Dividend Index. They also come from different issuers: iShares and FlexShares. Their fees differ too: 0.32% for XQLT.TO and 0.37% for QDF.

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