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QUAL vs SPHQ

iShares MSCI USA Quality Factor ETF

QUALACboe

Invesco S&P 500 Quality ETF

SPHQANYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

QUAL0.15%SPHQ0.15%

Avg volume · 30D

SPHQ 1.3×the volume

QUAL1.03MSPHQ1.35M

10Y return · a year

Same figure. Both funds show the same value, so neither comes out ahead.

QUAL+14.6%SPHQ+14.6%

QUAL vs SPHQ Performance

Oct 29, 2021 – Oct 30, 2026

+66.2%QUAL+72.5%SPHQ

Oct 29, 2021 to Oct 30, 2026. QUAL +66.2%. SPHQ +72.5%. Use the arrow keys to read each point.−25%0%25%Oct 2021Apr 2024Oct 2026
Expense ratio
QUAL 0.15%
SPHQ 0.15%
Fund size
QUAL $48B
SPHQ $18.5B
1Y total return
QUAL +14.4%, better
SPHQ +13.2%
Yield (12M)
QUAL 0.85%
SPHQ 1.05%, better
Holdings
QUAL 121
SPHQ 102
Avg volume (30D)
QUAL 1.03M sh
SPHQ 1.35M sh, better
NAV per share
QUAL $222.43
SPHQ $82.92
52W range

ETF.net Grade

QUAL: Cost 84, Risk 64, Mission 94, Tradability 96, Holdings 35, Durability 96. SPHQ: Cost 84, Risk 62, Mission 69, Tradability 95, Holdings 38, Durability 91.
Pillar letters and Scores for QUAL, SPHQ, with each pillar’s weight
PillarQUALSPHQ
Cost30% weightA84A84
Mission25% weightA94HigherB69
Risk15% weightB64HigherB62
Tradability15% weightA96HigherA95
Holdings10% weightD35D38Higher
Durability5% weightA96HigherA91

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. QUAL and SPHQ 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 SPHQ 4th 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 4ASPHQInvesco S&P 500 Quality ETFScore 74
  5. Rank 5AVFQYVanguard U.S. Quality Factor ETFScore 70

Our read on each fund

ETF.net Research

QUALAiShares MSCI USA Quality Factor ETF

SPHQAInvesco S&P 500 Quality ETF

In short

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.

SPHQ Live since 2005, SPHQ is an elder statesman of quality investing: rank the S&P 500 on profitability, earnings quality and balance-sheet strength, hold the top 100, charge 0.15% net of a waiver through August 31, 2028.

Stated mandate

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.

SPHQ The fund seeks exposure to the S&P 500 Quality Index and normally invests at least 90% of assets in common stocks included in that index.

Why people hold it

  • 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.
  • SPHQ 0.15% net of a waiver through August 31, 2028 (0.20% gross), below the median for quality factor funds and level with QUAL and FQAL at 0.15%.
  • The rules are published and mechanical: score the S&P 500 on return on equity, accruals ratio and financial leverage ratio, take the top 100, weight by quality score times market cap.spglobal.com
  • Universe discipline: candidates come only from the S&P 500, so every holding is an established large cap rather than a smaller name screened in from a broader pool.spglobal.com
  • A multi-billion-dollar fund that trades actively, pays quarterly, and has run since 2005. It sits in the stronger tier of quality factor ETFs.

Worth knowing

  • 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.
  • SPHQ About 100 stocks, weighted by quality score times market cap, so the biggest high-scorers carry real weight. Narrower than owning the full S&P 500.spglobal.com
  • The index rebalances semiannually, so a company whose fundamentals slip mid-period stays in the portfolio until the next reshuffle.spglobal.com
  • Two peers undercut it on fee: JQUA at 0.12% and VFQY at 0.13%.

Full QUAL profile⁠

Full SPHQ profile⁠

QUAL vs SPHQ 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.

QUAL vs SPHQ Cost

Same expense ratio

$3,137

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

  • QUAL 0.15%

    $3,137

  • SPHQ 0.15%

    $3,137

$10,000
30 years

Cost over time

  • QUAL 0.15%
  • SPHQ 0.15%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530QUAL $3,137SPHQ $3,137

Year by year

YearQUALSPHQ
10$274$274
20$1,071$1,071
30$3,137$3,137

Expense ratio

  • 0.15%QUAL
  • 0.15%SPHQ
  • Middle half of US Quality Index funds
  • Median 0.39%

QUAL 3rd cheapest of 26 funds

SPHQ 3rd cheapest of 26 funds

QUAL vs SPHQ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QUAL 0.85%
SPHQ 1.05%, better
Payout (12M)
QUAL $1.89
SPHQ $0.87
Last payment
QUAL $0.47
SPHQ $0.15
Ex-dividend
QUAL Sep 15, 2026
SPHQ Sep 21, 2026
Paid on
QUAL Sep 18, 2026
SPHQ Sep 25, 2026
Frequency
QUAL Quarterly
SPHQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

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
SPHQQuarterly · 39 paymentsAll SPHQ payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 17, 2017 $0.02; Jun 16, 2017 $0.11; Sep 18, 2017 $0.19; Dec 18, 2017 $0.16; Mar 19, 2018 $0.10; Jun 18, 2018 $0.11; Sep 24, 2018 $0.16; Dec 24, 2018 $0.14; Mar 18, 2019 $0.08; Jun 24, 2019 $0.14; Sep 23, 2019 $0.16; Dec 23, 2019 $0.17; Mar 23, 2020 $0.17; Jun 22, 2020 $0.16; Sep 21, 2020 $0.14; Dec 21, 2020 $0.18; Mar 22, 2021 $0.14; Jun 21, 2021 $0.14; Sep 20, 2021 $0.17; Dec 20, 2021 $0.17; Mar 21, 2022 $0.17; Jun 21, 2022 $0.20; Sep 19, 2022 $0.21; Dec 19, 2022 $0.23; Mar 20, 2023 $0.20; Jun 20, 2023 $0.19; Sep 18, 2023 $0.18; Dec 18, 2023 $0.20; Mar 18, 2024 $0.21; Jun 24, 2024 $0.18; Sep 23, 2024 $0.19; Dec 23, 2024 $0.19; Mar 24, 2025 $0.20; Jun 23, 2025 $0.17; Sep 22, 2025 $0.22; Dec 22, 2025 $0.23; Mar 23, 2026 $0.28; Jun 22, 2026 $0.20; Sep 21, 2026 $0.15. Use the arrow keys to read each point.$0$0.502017202020232026YTD

QUAL vs SPHQ Risk

Fall from peak · 5 years

  • QUAL
  • SPHQ
Oct 29, 2021 to Oct 30, 2026. Worst fall: QUAL −28.2% · Oct 2022. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
QUAL 11.7%, betterSPHQ 12.5%
Return per unit of riskSharpe ratio, 3 years
QUAL 1.32, betterSPHQ 1.23
Worst fallMax drawdown, 5 years
QUAL −28.2%SPHQ −25.1%, better
Market sensitivityBeta, 5 years
QUAL 0.90SPHQ 0.81

QUAL and SPHQ in the news

All news⁠

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