QUAL vs VELO: Correlation
Measured on weekly returns over the past three years, iShares MSCI USA Quality Factor ETF (QUAL) and Velo3D, Inc. (VELO) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QUAL and VELO?
Across a 3-year window, the weekly returns of QUAL and VELO correlate at -0.16, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.22) runs above the 3-year figure (-0.16). Stretching to 5 years gives 0.01, with an annualized covariance of -557.9 %².
Within QUAL's tracked universe of 106 assets, VELO comes in at #100 by 3-year correlation. The last year tells two different stories: VELO led by 162.2 percentage points, +19.7% for QUAL against +181.9% for VELO. Note the risk asymmetry: VELO runs 17.8 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.
QUAL vs VELO: side by side
| QUAL (iShares MSCI USA Quality Factor ETF) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | +19.7% | +181.9% |
| 5-year return | +68.0% | -99.8% |
| Volatility (ann.) | 14.0% | 249.0% |
| Beta vs S&P 500 | 0.93 | -2.66 |
| Max drawdown (3Y) | -18.0% | -99.8% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.86% | 0.00% |
| Expense ratio | 0.15% | – |
| Assets under management | $46.5B | – |
| Sector / category | ETF · US Style | US Listed |
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 | QUAL | VELO |
|---|---|---|
| 2022 | -20.5% | -77.1% |
| 2023 | +30.9% | -77.8% |
| 2024 | +22.3% | -95.2% |
| 2025 | +12.7% | +35.7% |
| 2026 | +13.5% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QUAL and VELO good diversifiers for each other?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between QUAL and VELO?
The QUAL/VELO correlation stands at -0.16 on a 3-year window (1 year: 0.22, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is VELO a good diversifier for QUAL?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
What does a correlation of -0.16 mean?
A reading of -0.16 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/qual-vs-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qual-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QUAL correlations · VELO correlations
