QUAL vs USA: Correlation
How closely do iShares MSCI USA Quality Factor ETF (QUAL) and Liberty All-Star Equity Fund (USA) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QUAL and USA?
Over the past 3 years, QUAL and USA moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.85) sits close to the 3-year figure. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 180.6 %².
Among the 106 assets we track against QUAL, USA ranks #18 by 3-year correlation. The last year tells two different stories: QUAL led by 18.1 percentage points, +19.7% for QUAL against +1.6% for USA.
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.
QUAL vs USA: side by side
| QUAL (iShares MSCI USA Quality Factor ETF) | USA (Liberty All-Star Equity Fund) | |
|---|---|---|
| 1-year return | +19.7% | +1.6% |
| 5-year return | +68.0% | +18.1% |
| Volatility (ann.) | 14.0% | 15.2% |
| Beta vs S&P 500 | 0.93 | 0.89 |
| Max drawdown (3Y) | -18.0% | -17.7% |
| Market cap | – | – |
| P/E (trailing) | – | 10.7 |
| Dividend yield | 0.86% | 11.19% |
| Expense ratio | 0.15% | – |
| Assets under management | $46.5B | – |
| Sector / category | ETF · US Style | US Listed |
On the fund side, QUAL sits in the Large Blend category at iShares, with $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | QUAL | USA |
|---|---|---|
| 2022 | -20.5% | -25.2% |
| 2023 | +30.9% | +23.2% |
| 2024 | +22.3% | +20.8% |
| 2025 | +12.7% | +0.1% |
| 2026 | +13.5% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QUAL and USA good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between QUAL and USA?
As of 2026-08-27, the correlation of weekly returns between QUAL and USA is 0.85 over 3 years, 0.85 over 1 year and 0.85 over 5 years.
Is USA a good diversifier for QUAL?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: QUAL correlations · USA correlations
