QUAL: iShares MSCI USA Quality Factor ETF returns, drawdowns and risk
Funds that select stocks by a single characteristic: low volatility, quality, momentum, value or durable competitive advantages.
Data updated October 2026
QUAL · US exchange · USDCategory: Factor ETFs (min vol, quality, momentum, value)Data from July 2013
From July 2013 to October 2026 QUAL returned 12.4% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $47,262.
Its deepest fall was 34.1%, from February 2020 to March 2020, and it took about 6 months to get back to the previous high. Annual volatility was 17.0%; at the last close it was 1.1% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 159 months both have data, the correlation of monthly returns was 0.98: they moved almost in lockstep. Beta was 1.00. In months when SPY rose, QUAL moved 96% as much on average; in months when SPY fell, 101% as much.
Key figures
- Annual return (CAGR)
- +12.4%
- 1-year return
- +16.7%
- 5 years, a year
- +10.5%
- 10 years, a year
- +13.4%
- Annual volatility
- 17.0%
- Maximum drawdown
- −34.1%
- Sharpe ratio
- 0.67
- Worst year
- 2022: −21.4%
Trailing returns
| Period | QUAL | SPY |
|---|---|---|
| 1 year | +16.7% | +16.6% |
| 3 years, a year | +19.6% | +23.1% |
| 5 years, a year | +10.5% | +12.7% |
| 10 years, a year | +13.4% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: QUAL vs SPY
Month-end values from August 2013, the first month both funds have data.
QUAL drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | QUAL | SPY |
|---|---|---|
| 2026(partial) | +13.6% | +13.3% |
| 2025 | +11.8% | +17.7% |
| 2024 | +21.6% | +24.9% |
| 2023 | +29.5% | +26.2% |
| 2022 | −21.4% | −18.2% |
| 2021 | +25.7% | +28.7% |
| 2020 | +15.6% | +18.3% |
| 2019 | +32.1% | +31.2% |
| 2018 | −7.0% | −4.6% |
| 2017 | +20.5% | +21.7% |
| 2016 | +7.6% | +12.0% |
| 2015 | +4.2% | +1.2% |
| 2014 | +10.5% | +13.5% |
| 2013(partial) | +12.9% | — |
QUAL compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of QUAL?
From July 2013 to October 2026 QUAL returned 12.4% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +10.5% a year. Over the last 12 months: +16.7%.
What was the worst drawdown of QUAL?
34.1%, from February 2020 to March 2020; it took about 6 months from the previous high to get back to it.
How volatile is QUAL?
Annual volatility was 17.0% over the period. Its worst month was −11.7% and 65% of months were positive. Worst calendar year: 2022 (−21.4%).
How closely does QUAL follow SPY?
Over 159 months the correlation of monthly returns was 0.98, so they moved almost in lockstep, with a beta of 1.00.
Use QUAL in a free tool
Other Factor ETFs (min vol, quality, momentum, value)
- All Factor ETFs (min vol, quality, momentum, value)Returns and risk side by side
- USMV — iShares MSCI USA Min Vol Factor ETFCAGR +9.8%
- MTUM — iShares MSCI USA Momentum Factor ETFCAGR +15.2%
- SPLV — Invesco S&P 500 Low Volatility ETFCAGR +8.3%
- VLUE — iShares MSCI USA Value Factor ETFCAGR +19.4%
- MOAT — VanEck Morningstar Wide Moat ETFCAGR +13.7%
- XDEM — Xtrackers MSCI World Momentum UCITS ETF 1CCAGR +11.4%
- XDEV — Xtrackers MSCI World Value UCITS ETF 1CCAGR +9.1%
- XDEQ — Xtrackers MSCI World Quality UCITS ETF 1CCAGR +9.8%
- IWVL — iShares Edge MSCI World Value Factor UCITS ETFCAGR +10.1%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.