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QOWZ vs QUAL

Invesco Nasdaq Free Cash Flow Achievers ETF

QOWZCNasdaq

iShares MSCI USA Quality Factor ETF

QUALACboe

Overlap

Expense ratio

QUAL −0.24pt a year

QOWZ0.39%QUAL0.15%

Avg volume · 30D

QUAL 566.1×the volume

QOWZ1.83KQUAL1.03M

QOWZ vs QUAL Performance

Oct 31, 2025 – Oct 30, 2026

+1.6%QOWZ+14.4%QUAL

Oct 31, 2025 to Oct 30, 2026. QOWZ +1.6%. QUAL +14.4%. Use the arrow keys to read each point.−15%−10%−5%10%Oct 2025Apr 2026Oct 2026
Expense ratio
QOWZ 0.39%
QUAL 0.15%, better
Fund size
QOWZ $10M
QUAL $48B
1Y total return
QOWZ +1.6%
QUAL +14.4%, better
Yield (12M)
QOWZ 0.24%
QUAL 0.85%, better
Holdings
QOWZ 53
QUAL 121
Avg volume (30D)
QOWZ 1.83K sh
QUAL 1.03M sh, better
NAV per share
QOWZ $36.97
QUAL $222.43
52W range

ETF.net Grade

QOWZ: Cost 44, Risk 21, Mission 81, Tradability 49, Holdings 37, Durability 40. QUAL: Cost 84, Risk 64, Mission 94, Tradability 96, Holdings 35, Durability 96.
Pillar letters and Scores for QOWZ, QUAL, with each pillar’s weight
PillarQOWZQUAL
Cost30% weightC44A84Higher
Mission25% weightA81A94Higher
Risk15% weightF21B64Higher
Tradability15% weightC49A96Higher
Holdings10% weightD37HigherD35
Durability5% weightC40A96Higher

Rank among US Quality Index funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. QOWZ 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 QOWZ 17th of 26 funds in the US Quality Index Category.

  1. Rank 1AJQUAJPMorgan U.S. Quality Factor ETFScore 81
  2. Rank 1AQUALiShares MSCI USA Quality Factor ETFScore 81
  3. Rank 3AFQALFidelity Quality Factor ETFScore 75
  4. Rank 16CLCOWPacer S&P 500 Quality FCF Aristocrats ETFScore 51
  5. Rank 17CQOWZInvesco Nasdaq Free Cash Flow Achievers ETFScore 49
  6. Rank 17CSFLOVictoryShares Small Cap Free Cash Flow ETFScore 49

Our read on each fund

ETF.net Research

QOWZCInvesco Nasdaq Free Cash Flow Achievers ETF

QUALAiShares MSCI USA Quality Factor ETF

In short

QOWZ Most growth funds rank stocks by how fast sales climb. QOWZ starts with cash, tracking a Nasdaq index that picks roughly 50 US companies on the free cash flow they actually generate. A quality filter wearing a growth label.

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

QOWZ The Fund seeks to track, before fees and expenses, the Nasdaq US Free Cash Flow Achievers Index. It invests at least 90% of total assets in securities comprising that Index.

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

  • QOWZ One rule, written down: track the Nasdaq US Free Cash Flow Achievers Index and keep at least 90% of assets in its components. No manager hunches.invesco.com
  • Free cash flow is a hard number, not a story. Screening on it puts a quality test in front of the usual growth metrics.
  • Concentrated by design at roughly 50 names, so the cash screen shows up in the portfolio instead of being diluted across hundreds of positions.
  • Invesco launched it in December 2023 and billed it as a first-to-market strategy in its smart beta lineup. Distributions come quarterly.invesco.com
  • 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.comishares.com
  • Running since 2013, now a $25B-$100B fund that trades actively, with returns that stay close to its index.

Worth knowing

  • QOWZ It charges 0.39% a year. Plain large-cap growth index funds like VUG and SCHG run 0.03% to 0.04%, so the screen carries a real cost to justify.
  • One of the smaller, thinner-traded funds in the growth aisle, which can mean wider bid-ask spreads than the household-name trackers.
  • Live only since late 2023, so its record is short next to the decades-old index funds sitting beside it on the shelf.
  • 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 QOWZ profile⁠

Full QUAL profile⁠

QOWZ vs 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.

QOWZ vs QUAL Cost

Overpaying QOWZ vs QUAL

$4,761

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

  • QOWZ 0.39%

    $7,898

  • QUAL 0.15%

    $3,137

$10,000
30 years

Cost over time

  • QOWZ 0.39%
  • QUAL 0.15%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530QOWZ $7,898QUAL $3,137

Year by year

YearQOWZQUALOverpaying
10$705$274$431
20$2,725$1,071$1,654
30$7,898$3,137$4,761

Expense ratio

  • 0.39%QOWZ
  • 0.15%QUAL, cheaper
  • Middle half of US Quality Index funds
  • Median 0.39%

QUAL 3rd cheapest of 26 funds

QOWZ 14th cheapest of 26 funds

QOWZ vs QUAL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QOWZ 0.24%
QUAL 0.85%, better
Payout (12M)
QOWZ $0.09
QUAL $1.89
Last payment
QOWZ $0.02
QUAL $0.47
Ex-dividend
QOWZ Sep 21, 2026
QUAL Sep 15, 2026
Paid on
QOWZ Sep 25, 2026
QUAL Sep 18, 2026
Frequency
QOWZ Quarterly
QUAL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QOWZQuarterly · 11 paymentsAll QOWZ payments⁠
One bar per payment. 11 payments from 2017 to 2026 YTD. Mar 18, 2024 $0.03; Jun 24, 2024 $0.03; Sep 23, 2024 $0.06; Dec 23, 2024 $0.09; Mar 24, 2025 $0.03; Jun 23, 2025 $0.04; Sep 22, 2025 $0.02; Dec 22, 2025 $0.02; Mar 23, 2026 $0.02; Jun 22, 2026 $0.03; Sep 21, 2026 $0.02. Use the arrow keys to read each point.$0$0.502017202020232026YTD
QUALQuarterly · 40 paymentsAll QUAL payments⁠
One bar per payment. 40 payments from 2017 to 2026 YTD. Mar 24, 2017 $0.35; Jun 27, 2017 $0.39; Sep 26, 2017 $0.34; Dec 21, 2017 $0.38; Mar 22, 2018 $0.38; Jun 26, 2018 $0.38; Sep 26, 2018 $0.37; Dec 17, 2018 $0.41; Mar 20, 2019 $0.35; Jun 17, 2019 $0.45; Sep 24, 2019 $0.37; Dec 16, 2019 $0.44; Mar 25, 2020 $0.41; Jun 15, 2020 $0.36; Sep 23, 2020 $0.44; Dec 14, 2020 $0.41; Mar 25, 2021 $0.54; Jun 10, 2021 $0.38; Sep 24, 2021 $0.42; Dec 13, 2021 $0.41; Mar 24, 2022 $0.38; Jun 9, 2022 $0.42; Sep 26, 2022 $0.53; Dec 13, 2022 $0.48; Mar 23, 2023 $0.37; Jun 7, 2023 $0.38; Sep 26, 2023 $0.51; Dec 20, 2023 $0.45; Dec 28, 2023 $0.10; Mar 21, 2024 $0.37; Jun 11, 2024 $0.35; Sep 25, 2024 $0.54; Dec 17, 2024 $0.55; Mar 18, 2025 $0.39; Jun 16, 2025 $0.39; Sep 16, 2025 $0.47; Dec 16, 2025 $0.61; Mar 17, 2026 $0.42; Jun 15, 2026 $0.39; Sep 15, 2026 $0.47. Use the arrow keys to read each point.$0$0.502017202020232026YTD

QOWZ vs QUAL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
QOWZ 14.4%since Jan 2024QUAL 11.7%
Return per unit of riskSharpe ratio, 3 years
QOWZ 0.73since Jan 2024QUAL 1.32
Worst fallMax drawdown, 5 years
QOWZ −20.4%since Dec 2023QUAL −28.2%
Market sensitivityBeta, 5 years
QOWZ 1.02QUAL 0.90

QOWZ and QUAL in the news

All news⁠

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