FlexShares Quality Dividend Defensive Index Fund (QDEF) Performance
QDEF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +13.1% since Dec 31, 2025
- 1 year
- +15.4% total return
- 5 years
- +12.4% a year
- 10 years
- +12.5% a year
- Since first price
- +12.7% a year since 2012
QDEF trailing returns vs SPY, QQQ, AGG
| Period | QDEF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.2% | +1.2% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.8% | +3.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +8.2% | +7.4% | +7.8% | +8.4% | −1.5% |
| YTD | +13.1% | +12.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +15.4% | +13.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +79.1%+21.4%/yr | +69.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +79.6%+12.4%/yr | +62.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +225.7%+12.5%/yr | +145.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionDec 19, 2012 | +421.6%+12.7%/yr | +255.5% | — | — | — |
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: QDEF vs SPY
From Dec 19, 2012: QDEF grew to $52,159, SPY to $66,959.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
QDEF returns by calendar year
10 of 13 full years positive. Best 2013 (+33.5%), worst 2022 (−10.9%). 2026 is year to date.
QDEF annual returns table
| Year | QDEF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +13.1% | −7.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +17.4% | −14.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +21.2% | −5.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +17.5% | −9.0% | +26.2% | +54.9% | +5.7% |
| 2022 | −10.9% | −21.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +26.0% | −5.6% | +28.7% | +27.4% | −1.8% |
| 2020 | +3.2% | −35.7% | +18.3% | +48.6% | +7.5% |
| 2019 | +24.9% | −6.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −4.1% | −16.9% | −4.6% | −0.1% | +0.1% |
| 2017 | +17.0% | −2.7% | +21.7% | +32.7% | +3.6% |
| 2016 | +15.4% | −7.2% | +12.0% | +7.1% | +2.4% |
| 2015 | −0.6% | −11.4% | +1.2% | +9.4% | +0.5% |
| 2014 | +14.1% | −6.1% | +13.5% | +19.2% | +6.0% |
| 2013 | +33.5% | −5.2% | +32.3% | +36.6% | −2.0% |
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.
QDEF largest drawdowns
Now 1.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 12, 2020 | −35.7% | Mar 23, 2020 | Dec 17, 2020 | 40 days | 10 months |
| Dec 29, 2021 | −21.4% | Sep 30, 2022 | Jul 19, 2023 | 9 months | 1.6 years |
| Sep 21, 2018 | −16.9% | Dec 24, 2018 | Apr 1, 2019 | 3 months | 6 months |
| Dec 2, 2024 | −14.4% | Apr 8, 2025 | Jun 12, 2025 | 4 months | 6 months |
| May 21, 2015 | −12.0% | Jan 20, 2016 | Mar 31, 2016 | 8 months | 10 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
QDEF risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2012 |
|---|---|---|---|---|
| Annualized return | +20.3% | +13.1% | +12.1% | +12.8% |
| Volatility (annualized) | 10.1% | 13.6% | 14.0% | 13.0% |
| Sharpe ratio | 1.47 | 0.72 | 0.73 | 0.87 |
| Sortino ratio | 2.61 | 1.13 | 1.09 | 1.35 |
| Best month | +7.0% | +10.2% | +11.6% | +11.6% |
| Worst month | −4.6% | −9.2% | −13.7% | −13.7% |
| Best 12 months | +35.1% | +35.1% | +44.0% | +44.0% |
| Worst 12 months | +11.0% | −11.6% | −15.5% | −15.5% |
| Positive months | 72% | 63% | 69% | 68% |
| Beta vs S&P 500 | 0.74 | 0.82 | 0.87 | — |
| Correlation with S&P 500 | 0.91 | 0.94 | 0.96 | — |
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.
QDEF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 155 | −15.5% | +13.9% | +44.0% | 86% |
| 3-year (a year) | 131 | +1.2% | +10.7% | +22.8% | 100% |
| 5-year (a year) | 107 | +3.9% | +10.8% | +16.5% | 100% |
| 10-year (a year) | 47 | +8.8% | +10.6% | +12.8% | 100% |
Every holding period starting at a month-end since 2012. Returns for 3 years and longer are annualized.
QDEF performance overview
FlexShares Quality Dividend Defensive Index Fund (QDEF) returned +15.4% over the past year and +12.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2012 it has returned +12.7% a year, turning $10,000 into about $52,159. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −35.7%, from Feb 12, 2020 to Mar 23, 2020, and it took 9 months to get back to the old high. QDEF finished 10 of its 13 full calendar years with a gain; the best year was 2013 (+33.5%) and the worst 2022 (−10.9%). Volatility has been 13.0% a year.
Related: QDEF chart, QDEF holdings, QDEF dividends, QDEF valuation. See the QDEF overview for the latest quote and fund facts.
QDEF performance FAQ
What is the QDEF return over the past year?
QDEF returned +15.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.4%.
What is the average annual return of QDEF?
QDEF has returned +12.4% a year over 5 years, +12.5% a year over 10 years, +12.7% a year since December 19, 2012 (total return, distributions reinvested).
How much would $10,000 invested in QDEF be worth?
$10,000 invested in QDEF at its first recorded close on December 19, 2012 would be worth about $52,159 on October 23, 2026 with distributions reinvested.
What was the worst year for QDEF?
The worst calendar year was 2022, with a total return of −10.9%. The best was 2013 at +33.5%.
What is the biggest drawdown of QDEF?
The largest peak-to-trough decline was −35.7% between February 12, 2020 and March 23, 2020. It recovered to the old high on December 17, 2020, 9 months after the bottom.
How volatile is QDEF?
Over the past 3 years QDEF had an annualized volatility of 10.1% and a Sharpe ratio of 1.47 (excess return over 1–3 month T-bills per unit of risk).