iShares MSCI Qatar ETF (QAT) Performance
QAT total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −16.5% since Dec 31, 2025
- 1 year
- −17.5% total return
- 5 years
- −2.1% a year
- 10 years
- +1.5% a year
- Since first price
- −0.2% a year since 2014
QAT trailing returns vs SPY, QQQ, AGG
| Period | QAT total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −9.7% | −9.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −13.2% | −13.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −17.8% | −20.6% | +7.8% | +8.4% | −1.5% |
| YTD | −16.5% | −19.3% | +12.3% | +15.1% | −1.0% |
| 1 year | −17.5% | −21.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +4.6%+1.5%/yr | −8.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −10.1%−2.1%/yr | −27.4% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +16.4%+1.5%/yr | −21.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionMay 1, 2014 | −2.3%−0.2%/yr | −38.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: QAT vs SPY
From May 1, 2014: QAT grew to $9,768, SPY to $49,713.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
QAT returns by calendar year
7 of 11 full years positive. Best 2018 (+20.0%), worst 2015 (−16.4%). 2026 is year to date.
QAT annual returns table
| Year | QAT | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −16.5% | −21.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +8.8% | −9.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.2% | −9.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +2.7% | −17.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −7.2% | −25.5% | −18.2% | −32.6% | −13.0% |
| 2021 | +14.4% | −8.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +6.9% | −26.7% | +18.3% | +48.6% | +7.5% |
| 2019 | −0.4% | −15.1% | +31.2% | +39.0% | +8.5% |
| 2018 | +20.0% | −11.3% | −4.6% | −0.1% | +0.1% |
| 2017 | −11.7% | −32.3% | +21.7% | +32.7% | +3.6% |
| 2016 | +2.5% | −15.1% | +12.0% | +7.1% | +2.4% |
| 2015 | −16.4% | −25.4% | +1.2% | +9.4% | +0.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
QAT largest drawdowns
Now 26.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 30, 2014 | −45.2% | Nov 21, 2017 | Nov 9, 2021 | 3.5 years | 7.4 years |
| Apr 11, 2022 | −33.2% | Oct 27, 2023 | not yet | 1.5 years | 4.5 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
QAT risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2014 |
|---|---|---|---|---|
| Annualized return | +2.3% | −0.1% | +2.2% | −0.4% |
| Volatility (annualized) | 12.4% | 13.7% | 15.6% | 17.3% |
| Sharpe ratio | -0.11 | -0.20 | 0.07 | -0.04 |
| Sortino ratio | -0.16 | -0.26 | 0.10 | -0.05 |
| Best month | +6.9% | +7.8% | +16.7% | +16.7% |
| Worst month | −6.6% | −9.7% | −11.8% | −19.5% |
| Best 12 months | +19.8% | +19.8% | +45.8% | +45.8% |
| Worst 12 months | −12.7% | −21.2% | −21.2% | −24.1% |
| Positive months | 56% | 55% | 57% | 55% |
| Beta vs S&P 500 | 0.49 | 0.41 | 0.48 | — |
| Correlation with S&P 500 | 0.49 | 0.47 | 0.47 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
QAT rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 138 | −24.1% | +2.6% | +45.8% | 54% |
| 3-year (a year) | 114 | −15.5% | +2.4% | +13.4% | 73% |
| 5-year (a year) | 90 | −5.3% | +4.0% | +11.9% | 79% |
| 10-year (a year) | 30 | −1.6% | +2.0% | +5.2% | 97% |
Every holding period starting at a month-end since 2014. Returns for 3 years and longer are annualized.
QAT performance overview
iShares MSCI Qatar ETF (QAT) returned −17.5% over the past year and +1.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2014 it has returned −0.2% a year, turning $10,000 into about $9,768. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −45.2%, from May 30, 2014 to Nov 21, 2017, and it took 4.0 years to get back to the old high. QAT finished 7 of its 11 full calendar years with a gain; the best year was 2018 (+20.0%) and the worst 2015 (−16.4%). Volatility has been 17.3% a year.
Related: QAT chart, QAT holdings, QAT dividends. See the QAT overview for the latest quote and fund facts.
QAT performance FAQ
What is the QAT return over the past year?
QAT returned −17.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 21.2%.
What is the average annual return of QAT?
QAT has returned −2.1% a year over 5 years, +1.5% a year over 10 years, −0.2% a year since May 1, 2014 (total return, distributions reinvested).
How much would $10,000 invested in QAT be worth?
$10,000 invested in QAT at its first recorded close on May 1, 2014 would be worth about $9,768 on October 23, 2026 with distributions reinvested.
What was the worst year for QAT?
The worst calendar year was 2015, with a total return of −16.4%. The best was 2018 at +20.0%.
What is the biggest drawdown of QAT?
The largest peak-to-trough decline was −45.2% between May 30, 2014 and November 21, 2017. It recovered to the old high on November 9, 2021, 4.0 years after the bottom.
How volatile is QAT?
Over the past 3 years QAT had an annualized volatility of 12.4% and a Sharpe ratio of -0.11 (excess return over 1–3 month T-bills per unit of risk).