CDW vs QUAL: Correlation
Measured on weekly returns over the past three years, CDW Corporation (CDW) and iShares MSCI USA Quality Factor ETF (QUAL) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDW and QUAL?
On 3 years of weekly data the CDW/QUAL correlation comes out at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.46 over 3 years. The 5-year figure is 0.53, and annualized covariance runs at 219.4 %².
Within CDW's tracked universe of 40 assets, QUAL comes in at #14 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QUAL ahead by 27.7 points (-8.0% versus +19.7%). The rolling one-year correlation moved between 0.24 and 0.69 over the past three years, a moderate range. Note the risk asymmetry: CDW runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CDW vs QUAL: side by side
| CDW (CDW Corporation) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | -8.0% | +19.7% |
| 5-year return | -20.5% | +68.0% |
| Volatility (ann.) | 34.2% | 14.0% |
| Beta vs S&P 500 | 1.01 | 0.93 |
| Max drawdown (3Y) | -60.4% | -18.0% |
| Market cap | $18.6B | – |
| P/E (trailing) | 17.0 | – |
| Dividend yield | 1.78% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | Information Technology | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | CDW | QUAL |
|---|---|---|
| 2022 | -11.7% | -20.5% |
| 2023 | +28.8% | +30.9% |
| 2024 | -22.6% | +22.3% |
| 2025 | -20.6% | +12.7% |
| 2026 | +11.1% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDW and QUAL good diversifiers for each other?
Reasonably. At 0.46, CDW and QUAL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CDW and QUAL?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.24 over the last year and 0.53 over 5 years.
Is QUAL a good diversifier for CDW?
Reasonably. At 0.46, CDW and QUAL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdw-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cdw-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CDW correlations · QUAL correlations
