QUAL vs VLUE: returns, risk and drawdowns compared
iShares MSCI USA Quality Factor ETF against iShares MSCI USA Value Factor ETF, over the same 6 years (July 2020 to October 2026) with dividends reinvested.
Data updated October 2026
From July 2020 to October 2026, QUAL returned 14.8% a year and VLUE 19.7% a year on average, so VLUE came out ahead by 4.9% a year. VLUE was the more volatile of the two (19.6% against 15.9% a year), and the deepest falls from a month-end high were 28.4% for QUAL and 23.5% for VLUE.
The correlation of monthly returns was 0.78: they usually moved together. Over 41 rolling 3-year periods, QUAL did better in 68% and VLUE in 32%.
Side by side
| QUAL | VLUE | |
|---|---|---|
| Annual return (CAGR) | +14.8% | +19.7% |
| Total return | +140% | +213% |
| Annual volatility | 15.9% | 19.6% |
| Maximum drawdown (month-end) | −28.4% | −23.5% |
| Worst month | −10.1% | −11.0% |
| Best month | +11.3% | +18.6% |
| Positive months | 66% | 58% |
| Best year | 2023: +29.5% | 2025: +32.7% |
| Worst year | 2022: −21.4% | 2022: −14.2% |
| 1-year return | +16.7% | +55.9% |
| 5 years, a year | +10.5% | +16.0% |
| 10 years, a year | +13.4% | — |
| Trading currency | USD | USD |
First nine rows: the same 76 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: QUAL vs VLUE
Returns by calendar year
| Year | QUAL | VLUE |
|---|---|---|
| 2025 | +11.8% | +32.7% |
| 2024 | +21.6% | +7.2% |
| 2023 | +29.5% | +14.3% |
| 2022 | −21.4% | −14.2% |
| 2021 | +25.7% | +28.9% |
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, QUAL or VLUE?
From July 2020 to October 2026, QUAL returned +14.8% a year and VLUE +19.7% a year, with dividends reinvested. Over rolling 3-year periods QUAL did better in 68% of cases. Past returns do not predict future returns.
Which is riskier, QUAL or VLUE?
Over the same months annual volatility was 15.9% for QUAL and 19.6% for VLUE; the deepest fall from a month-end high was 28.4% and 23.5%, and the worst single month −10.1% and −11.0%.
How correlated are QUAL and VLUE?
The correlation of their monthly returns was 0.78: they usually moved together. Combining them has historically given some diversification.
More comparisons
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.