HROW vs QUAL: Correlation
How closely do Harrow, Inc. (HROW) and iShares MSCI USA Quality Factor ETF (QUAL) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HROW and QUAL?
Over the past 3 years, HROW and QUAL moved with a correlation of 0.42, which is moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 434.9 %².
Among the 11 assets we track against HROW, QUAL ranks #4 by 3-year correlation. The last year tells two different stories: QUAL led by 20.3 percentage points, -0.6% for HROW against +19.7% for QUAL. One caveat on sizing: HROW is 5.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HROW vs QUAL: side by side
| HROW (Harrow, Inc.) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | -0.6% | +19.7% |
| 5-year return | +288.9% | +68.0% |
| Volatility (ann.) | 75.0% | 14.0% |
| Beta vs S&P 500 | 1.98 | 0.93 |
| Max drawdown (3Y) | -61.4% | -18.0% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | US Listed | 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 | HROW | QUAL |
|---|---|---|
| 2022 | +70.8% | -20.5% |
| 2023 | -24.1% | +30.9% |
| 2024 | +199.6% | +22.3% |
| 2025 | +46.1% | +12.7% |
| 2026 | -21.3% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HROW and QUAL good diversifiers for each other?
Reasonably. At 0.42, HROW and QUAL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HROW and QUAL?
The HROW/QUAL correlation stands at 0.42 on a 3-year window (1 year: 0.49, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is QUAL a good diversifier for HROW?
Reasonably. At 0.42, HROW and QUAL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hrow-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hrow-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HROW correlations · QUAL correlations
