USMV vs QUAL: returns, risk and drawdowns compared
iShares MSCI USA Min Vol Factor ETF against iShares MSCI USA Quality 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, USMV returned 10.1% a year and QUAL 14.8% a year on average, so QUAL came out ahead by 4.7% a year. QUAL was the more volatile of the two (15.9% against 12.3% a year), and the deepest falls from a month-end high were 17.4% for USMV and 28.4% for QUAL.
The correlation of monthly returns was 0.87: they usually moved together. Over 41 rolling 3-year periods, USMV did better in 0% and QUAL in 100%.
Side by side
| USMV | QUAL | |
|---|---|---|
| Annual return (CAGR) | +10.1% | +14.8% |
| Total return | +84% | +140% |
| Annual volatility | 12.3% | 15.9% |
| Maximum drawdown (month-end) | −17.4% | −28.4% |
| Worst month | −7.1% | −10.1% |
| Best month | +8.1% | +11.3% |
| Positive months | 62% | 66% |
| Best year | 2021: +20.8% | 2023: +29.5% |
| Worst year | 2022: −9.4% | 2022: −21.4% |
| 1-year return | +8.9% | +16.7% |
| 5 years, a year | +7.5% | +10.5% |
| 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: USMV vs QUAL
Returns by calendar year
| Year | USMV | QUAL |
|---|---|---|
| 2025 | +7.6% | +11.8% |
| 2024 | +15.7% | +21.6% |
| 2023 | +10.3% | +29.5% |
| 2022 | −9.4% | −21.4% |
| 2021 | +20.8% | +25.7% |
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, USMV or QUAL?
From July 2020 to October 2026, USMV returned +10.1% a year and QUAL +14.8% a year, with dividends reinvested. Over rolling 3-year periods USMV did better in 0% of cases. Past returns do not predict future returns.
Which is riskier, USMV or QUAL?
Over the same months annual volatility was 12.3% for USMV and 15.9% for QUAL; the deepest fall from a month-end high was 17.4% and 28.4%, and the worst single month −7.1% and −10.1%.
How correlated are USMV and QUAL?
The correlation of their monthly returns was 0.87: 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.