QUAL vs WHLR: Correlation
iShares MSCI USA Quality Factor ETF (QUAL) and Wheeler Real Estate Investment Trust, Inc. (WHLR) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QUAL and WHLR?
Across a 3-year window, the weekly returns of QUAL and WHLR correlate at -0.16, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.05) than the 3-year average (-0.16). Stretching to 5 years gives -0.09, with an annualized covariance of -1235.7 %².
Within QUAL's tracked universe of 106 assets, WHLR comes in at #101 by 3-year correlation. The last year tells two different stories: QUAL led by 119.7 percentage points, +19.7% for QUAL against -100.0% for WHLR. Risk is not evenly split, since WHLR carries 38.9 times the volatility of the other side.
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 WHLR: side by side
| QUAL (iShares MSCI USA Quality Factor ETF) | WHLR (Wheeler Real Estate Investment Trust, Inc.) | |
|---|---|---|
| 1-year return | +19.7% | -100.0% |
| 5-year return | +68.0% | -100.0% |
| Volatility (ann.) | 14.0% | 545.0% |
| Beta vs S&P 500 | 0.93 | -5.84 |
| Max drawdown (3Y) | -18.0% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | 0.0 |
| Dividend yield | 0.86% | 0.00% |
| 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 | WHLR |
|---|---|---|
| 2022 | -20.5% | -28.0% |
| 2023 | +30.9% | -98.4% |
| 2024 | +22.3% | -98.4% |
| 2025 | +12.7% | -100.0% |
| 2026 | +13.5% | -99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QUAL and WHLR good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QUAL and WHLR?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with 0.05 over the last year and -0.09 over 5 years.
Is WHLR a good diversifier for QUAL?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qual-vs-whlr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qual-vs-whlr/)
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Related comparisons
Hubs: QUAL correlations · WHLR correlations
