FQAL vs QUAL: Grades, Fees and Holdings Compared

Fidelity Quality Factor ETF

FQALANYSE Arca

iShares MSCI USA Quality Factor ETF

QUALACboe

Overlap

46.8%by weight

Expense ratio

FQAL0.15%QUAL0.15%

Avg volume · 30D

QUAL 17.6×the volume

FQAL58.6KQUAL1.03M

10Y return · a year

QUAL +0.2pt

FQAL+14.4%QUAL+14.6%

FQAL vs QUAL Performance

Oct 29, 2021 – Oct 30, 2026

+67.7%FQAL+66.2%QUAL

Expense ratio: FQAL 0.15%; QUAL 0.15%
Fund size: FQAL $1.41B; QUAL $48B
1Y total return: FQAL +12.2%; QUAL +14.4%, better
Yield (12M): FQAL 1.16%, better; QUAL 0.85%
Holdings: FQAL 138; QUAL 121
Avg volume (30D): FQAL 58.6K sh; QUAL 1.03M sh, better
NAV per share: FQAL $83.39; QUAL $222.43
52W range

ETF.net Grade

Pillar letters and Scores for FQAL, QUAL, with each pillar’s weight
Pillar	FQAL	QUAL
Cost30% weight	A84	A84
Mission25% weight	A89	A94Higher
Risk15% weight	A70Higher	B64
Tradability15% weight	C54	A96Higher
Holdings10% weight	C52Higher	D35
Durability5% weight	A76	A96Higher

Rank among US Quality Index funds

How we build Categories ›

Same Category. FQAL and QUAL are both graded against the same 26 US Quality Index funds, so their Grades compare head to head.

US Quality Index⁠

Category · 26 funds

See all 26 ›

QUAL ranks 1st and FQAL 3rd of 26 funds in the US Quality Index Category.

Rank 1AJQUAJPMorgan U.S. Quality Factor ETFScore 81
Rank 1AQUALiShares MSCI USA Quality Factor ETFScore 81
Rank 3AFQALFidelity Quality Factor ETFScore 75
Rank 4ASPHQInvesco S&P 500 Quality ETFScore 74

Our read on each fund

ETF.net Research

FQALAFidelity Quality Factor ETF

QUALAiShares MSCI USA Quality Factor ETF

In short

FQAL Fidelity's own quality screen, boxed into an ETF: roughly 130 U.S. companies picked for profitability, steady cash flow and clean balance sheets, at 0.15% a year, well under the typical fee in the quality-factor group.

QUAL QUAL screens US large and mid caps for high return on equity, low debt and steady earnings, then does it sector by sector, so the portfolio stays spread across the market instead of piling into whichever sector looks healthiest.

Stated mandate

FQAL The fund prioritizes U.S. companies exhibiting higher profitability, stable cash flows, and strong balance sheets.

QUAL The fund tracks an index of U.S. large- and mid-capitalization stocks selected for quality characteristics, including high return on equity, stable earnings, and low debt.

Why people hold it

FQAL Costs 0.15% a year, roughly half the typical fee among quality-factor ETFs. That puts it in the cheapest tier of the group, alongside JQUA, VFQY and QUAL.
The rulebook is Fidelity's own: the Fidelity U.S. Quality Factor Index, tracked tightly. One of the closer index implementations in its peer group.
Live since 2016 and now a multi-billion-dollar fund, so this is a settled product rather than a launch still finding its footing.
The screen is explicit about what it wants: higher profitability, stable cash flows, strong balance sheets. No vague 'quality' hand-waving.

QUAL At 0.15%, it undercuts the typical quality-factor fund, where the cohort median sits at 0.29%.
Sector neutral by design: companies are ranked on return on equity, leverage and earnings variability against rivals in their own GICS sector.msci.com ishares.com
Running since 2013, now a $25B-$100B fund that trades actively, with returns that stay close to its index.

Worth knowing

FQAL Roughly 130 stocks, not the whole market. A narrower bench means individual names and sector tilts carry more weight than in a total-market fund.
Trading volume is light next to the category's biggest quality funds, which can show up as wider bid-ask spreads.
Distributions come quarterly, but the screen hunts profitability and balance-sheet strength, not yield.

QUAL About 120 large and mid caps, leaning on the same familiar giants as a broad US index fund. This is a tilt on core equity, not new ground.
Sector neutrality cuts both ways: it keeps a foot in every sector rather than stepping away from ones with weak fundamentals.msci.com
Cheap, not cheapest. JQUA (0.12%) and VFQY (0.13%) shave a basis point or three off the fee.

Full FQAL profile⁠

Full QUAL profile⁠

FQAL vs QUAL Holdings

How FQAL and QUAL differ

Overlap by weight

46.8%

Shared holdings make up 73.2% of QUAL and 53.8% of FQAL.

Level by level

Holdings49 in both46.8%
Sector11 Sectors98.0%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in FQAL and QUAL, widest gap first
Sector	More in FQALMore in QUAL	FQAL	QUAL
Technology	FQAL +1.0 points	37.9%	36.9%
Consumer Discretionary	QUAL +0.9 points	8.4%	9.3%
Industrials	FQAL +0.4 points	9.1%	8.7%
Financials	QUAL +0.4 points	11.9%	12.3%
Real Estate	FQAL +0.4 points	1.9%	1.5%
Communication	QUAL +0.2 points	9.2%	9.4%
Materials	FQAL +0.2 points	2.0%	1.8%
Consumer Staples	QUAL +0.2 points	4.3%	4.5%
Utilities	QUAL +0.2 points	1.9%	2.1%
Energy	Same weight	3.6%	3.6%
Health Care	QUAL +0.1 points	9.8%	9.9%

Country, concentration and asset class

Country by domicile

Country weights in FQAL and QUAL, widest gap first
Country	More in FQALMore in QUAL	FQAL	QUAL
United States	FQAL +0.8 points	99.6%	98.8%
Switzerland	QUAL +0.8 points	0.4%	1.2%

Concentration

Weight in the 10 largest Holdings

FQAL38.9%
QUAL44.8%

Securities held

FQAL135
QUAL118

Asset class

FQAL: Equity
QUAL: Equity

Holdings

Only in FQAL86
In both49
Only in QUAL69

Only in FQAL

86 securities, 42.6% of FQAL by weight

Broadcom Inc2.71%
Micron Technology Inc2.11%
JPMorgan Chase & Co1.78%
Palantir Technologies Inc1.43%
Cisco Systems Inc1.16%
AbbVie Inc1.11%
Qualcomm Inc1.02%
UnitedHealth Group Inc0.85%
Chevron Corp0.78%
Home Depot Inc0.77%
Thermo Fisher Scientific Inc0.77%
Seagate Techn Holdings PLC0.75%
Philip Morris Intl Inc0.74%
Amgen Inc0.74%
Verisign Inc0.73%
Ge Aerospace0.70%
Msci Inc0.70%
Caterpillar Inc0.64%
Ge Vernova Inc0.61%
Mcdonalds Corp0.60%
East West Bancorp Inc0.60%
Union Pacific Corp0.58%
Kinsale Capital Group Inc0.57%
Mckesson Corp0.56%
Cullen Frost Bankers Inc0.56%
Marriott International Inc A0.54%
Popular Inc0.53%
Zions Bancorp0.53%
Hilton Worldwide Holdings Inc0.53%
Axos Financial Inc0.52%
Hasbro Inc0.52%
Airbnb Inc Class A0.50%
Bristol-Myers Squibb Co0.50%
Lowes Cos Inc0.50%
Altria Group Inc0.48%
Fair Isaac Corp0.48%
Mettler-Toledo Intl Inc0.47%
Conocophillips0.45%
Yum Brands Inc0.45%
O'reilly Automotive Inc0.45%
Parker Hannifin Corp0.45%
Autozone Inc0.44%
Linde PLC0.43%
The Booking Holdings Inc0.43%
Paycom Software Inc0.43%
Colgate-Palmolive Co0.42%
Vertiv Holdings Co0.42%
Nextera Energy0.40%
Otis Worldwide Corp0.38%
Verisk Analytics Inc0.38%

Only in QUAL

69 securities, 26.6% of QUAL by weight

Kla2.12%
Berkshire Hathaway Inc Class B1.94%
Arista Networks1.28%
Alphabet Class C1.26%
Costco Wholesale Corp1.17%
Walmart1.08%
Linde PLC1.08%
Accenture PLC Class A1.05%
Lockheed Martin1.04%
Ulta Beauty Inc0.61%
Howmet Aerospace0.58%
Intuit0.57%
Cadence Design Systems0.54%
Xcel Energy Inc0.53%
Consolidated Edison0.51%
BlackRock0.50%
Vertex Pharmaceuticals0.49%
Motorola Solutions Inc0.45%
Atmos Energy0.43%
Pultegroup0.41%
Charles Schwab0.40%
S&P Global0.40%
Best Buy0.38%
Autodesk0.37%
Chubb0.35%
Pepsico0.35%
Nvr0.34%
Ameren0.34%
Slb0.31%
American Water Works0.31%
Marsh0.29%
Deckers Outdoor0.29%
Vivmark Residential0.28%
Teradyne0.26%
Netapp Inc0.26%
Emcor Group0.25%
Old Dominion Freight Line0.24%
Cbre Group Class A0.23%
Jabil0.21%
Devon Energy0.20%
Cognizant Technology Solutions Cla0.19%
PayPal Holdings0.16%
Aflac0.16%
Edwards Lifesciences0.16%
Waters Corp0.15%
Zoetis Inc Class A0.15%
F50.12%
Cboe Global Markets0.12%
Hartford Insurance Group0.12%
Lennox International0.12%

Weight gaps

All 49 Holdings in both funds, largest gap first.

Holding weights in FQAL and QUAL, widest gap first
Holding	More in FQALMore in QUAL	FQAL	QUAL
Tjx Companies Inc NewTJX	QUAL +2.98 points	0.54%	3.52%
Eli Lilly & CoLLY	QUAL +2.62 points	1.86%	4.48%
Alphabet Inc Class AGOOGL	FQAL +2.21 points	3.81%	1.60%
Microsoft CorpMSFT	QUAL +2.02 points	5.95%	7.97%
Meta Platforms Inc Class AMETA	QUAL +2.01 points	2.03%	4.04%
Visa Inc Class AV	QUAL +2.00 points	1.55%	3.55%
Lam Research CorpLRCX	QUAL +1.88 points	0.95%	2.83%
NVIDIA CorpNVDA	FQAL +1.62 points	7.54%	5.92%
Applied Materials IncAMAT	QUAL +1.41 points	0.96%	2.37%
Exxonmobil Holdings CorpXOM	QUAL +1.39 points	1.22%	2.61%
Mastercard Inc Class AMA	QUAL +1.17 points	1.35%	2.52%
Netflix IncNFLX	QUAL +0.99 points	0.48%	1.47%
Ross Stores IncROST	QUAL +0.96 points	0.44%	1.40%
Johnson & JohnsonJNJ	QUAL +0.91 points	1.27%	2.18%
Automatic Data Processing IncADP	QUAL +0.79 points	0.50%	1.29%
Merck & Co Inc NewMRK	QUAL +0.53 points	0.89%	1.42%
Prologis Inc ReitPLD	QUAL +0.50 points	0.24%	0.74%
3M CoMMM	QUAL +0.47 points	0.44%	0.91%
Travelers Companies IncTRV	FQAL +0.44 points	0.70%	0.26%
Chipotle Mexican Grill IncCMG	QUAL +0.44 points	0.40%	0.84%
Cme Group Inc Class ACME	FQAL +0.43 points	0.79%	0.36%
Garmin LtdGRMN	QUAL +0.43 points	0.41%	0.84%
Moodys CorpMCO	FQAL +0.39 points	0.70%	0.31%
Progressive Corp OhioPGR	FQAL +0.36 points	0.79%	0.43%
Ameriprise Financial IncAMP	FQAL +0.36 points	0.57%	0.21%
Williams-Sonoma IncWSM	QUAL +0.34 points	0.42%	0.76%
Illinois Tool Works IncITW	QUAL +0.31 points	0.44%	0.75%
Trane Technologies PLCTT	QUAL +0.28 points	0.42%	0.70%
Fortinet IncFTNT	QUAL +0.26 points	0.70%	0.96%
Applovin CorpAPP	QUAL +0.23 points	0.20%	0.43%
Apple IncAAPL	FQAL +0.22 points	7.57%	7.35%
Hershey Co (The)HSY	FQAL +0.22 points	0.27%	0.05%
Adobe IncADBE	QUAL +0.21 points	0.76%	0.97%
Expeditors Intl of Wash IncEXPD	FQAL +0.20 points	0.43%	0.23%
Cintas CorpCTAS	QUAL +0.20 points	0.48%	0.68%
Monster Beverage CorpMNST	FQAL +0.19 points	0.36%	0.17%
Public StoragePSA	QUAL +0.17 points	0.15%	0.32%
Sherwin Williams CoSHW	QUAL +0.15 points	0.20%	0.35%
Comfort Systems Usa IncFIX	QUAL +0.12 points	0.31%	0.43%
Fastenal CoFAST	QUAL +0.12 points	0.43%	0.55%
Idexx Labs IncIDXX	FQAL +0.12 points	0.40%	0.28%
Procter & Gamble CoPG	QUAL +0.11 points	0.80%	0.91%
Ecolab IncECL	QUAL +0.10 points	0.22%	0.32%
Ww Grainger IncGWW	QUAL +0.08 points	0.45%	0.53%
Gilead Sciences IncGILD	QUAL +0.08 points	0.72%	0.80%
Texas Pacific Land CorpTPL	FQAL +0.08 points	0.18%	0.10%
Paychex IncPAYX	FQAL +0.07 points	0.35%	0.28%
Coca Cola CoKO	QUAL +0.06 points	0.80%	0.86%
Eog Resources IncEOG	QUAL +0.04 points	0.31%	0.35%

All 130 FQAL holdings⁠All 118 QUAL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FQAL vs QUAL Cost

Same expense ratio

$3,137

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FQAL 0.15%
$3,137
QUAL 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

FQAL 0.15%
QUAL 0.15%

Year by year

Year	FQAL	QUAL
10	$274	$274
20	$1,071	$1,071
30	$3,137	$3,137

Expense ratio

0.15%FQAL
0.15%QUAL

FQAL0.15%QUAL0.15%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

FQAL 3rd cheapest of 26 funds

QUAL 3rd cheapest of 26 funds

FQAL vs QUAL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FQAL 1.16%, better; QUAL 0.85%
Payout (12M): FQAL $0.97; QUAL $1.89
Last payment: FQAL $0.24; QUAL $0.47
Ex-dividend: FQAL Sep 18, 2026; QUAL Sep 15, 2026
Paid on: FQAL Sep 22, 2026; QUAL Sep 18, 2026
Frequency: FQAL Quarterly; QUAL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FQALQuarterly · 39 paymentsAll FQAL payments⁠

QUALQuarterly · 40 paymentsAll QUAL payments⁠

FQAL vs QUAL Risk

Fall from peak · 5 years

FQAL
QUAL

Risk facts

VolatilityStd dev, 3 years: FQAL 11.0%, betterQUAL 11.7%
Return per unit of riskSharpe ratio, 3 years: FQAL 1.45, betterQUAL 1.32
Worst fallMax drawdown, 5 years: FQAL −25.5%, betterQUAL −28.2%
Market sensitivityBeta, 5 years: FQAL 0.95QUAL 0.90; Market = 1

FQAL and QUAL in the news

All news⁠

Category Review
Cash-flow quality returned 42% while QUAL returned 17%
Updated Sep 22, 2026FQALQUAL
New ETFs
Two old strategies got ETF tickers. Jensen's new one lets a rule pick the stocks.
Oct 5, 2026QUAL
New ETFs
Jensen's first passive ETF charges 0.25% for a 10-year profit test
Oct 5, 2026QUAL

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