CFA vs QLV: Grades, Fees and Holdings Compared

VictoryShares US 500 Volatility Wtd ETF

CFACNasdaq

Northern Trust US Quality Low Volatility ETF

QLVANYSE Arca

Overlap

20.3%by weight

Expense ratio

QLV −0.27pt a year

CFA0.35%QLV0.08%

Avg volume · 30D

QLV 1.5×the volume

CFA5.74KQLV8.83K

5Y return · a year

QLV +2.7pt

CFA+7.6%QLV+10.3%

CFA vs QLV Performance

Oct 29, 2021 – Oct 30, 2026

+44.4%CFA+63.3%QLV

Expense ratio: CFA 0.35%; QLV 0.08%, better
Fund size: CFA $535M; QLV $189M
1Y total return: CFA +13.8%; QLV +17.0%, better
Yield (12M): CFA 1.21%; QLV 1.43%, better
Holdings: CFA 501; QLV 122
Avg volume (30D): CFA 5.74K sh; QLV 8.83K sh, better
NAV per share: CFA $101.04; QLV $82.16
52W range

ETF.net Grade

Pillar letters and Scores for CFA, QLV, with each pillar’s weight
Pillar	CFA	QLV
Cost30% weight	F7	A100Higher
Mission25% weight	A92Higher	A76
Risk15% weight	C47	A86Higher
Tradability15% weight	C40	B67Higher
Holdings10% weight	A88Higher	D34
Durability5% weight	C54Higher	D31

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. CFA and QLV are both graded against the same 16 US Low Volatility Index funds, so their Grades compare head to head.

US Low Volatility Index⁠

Category · 16 funds

See all 16 ›

QLV ranks 2nd and CFA 10th of 16 funds in the US Low Volatility Index Category.

Rank 1ALGLVState Street SPDR US Large Cap Low Volatility Index ETFScore 78
Rank 2AQLVNorthern Trust US Quality Low Volatility ETFScore 76
Rank 3AUSMViShares MSCI USA Min Vol Factor ETFScore 75
Rank 9BVFMVVanguard U.S. Minimum Volatility ETFScore 55
Rank 10CCFAVictoryShares US 500 Volatility Wtd ETFScore 49
Rank 10CESMViShares ESG Optimized MSCI USA Min Vol Factor ETFScore 49

Our read on each fund

ETF.net Research

CFACVictoryShares US 500 Volatility Wtd ETF

QLVANorthern Trust US Quality Low Volatility ETF

In short

CFA CFA puts its low-volatility tilt in the weighting rather than a screen: roughly 500 US large caps, each sized by its own volatility instead of its market value. A 2014-vintage take on the factor.

QLV Low vol with a quality gate: the index cuts the weakest-scoring fifth of US large and mid caps, then optimizes what's left for calm. Fee is 0.08% net of a waiver through March 1, 2027.

Stated mandate

CFA The fund aims to track the performance of the CEMP US Large Cap 500 Volatility Weighted Index before accounting for fees and expenses.

QLV The fund seeks to track the Northern Trust Quality Low Volatility Index and provide exposure to U.S. companies selected for lower overall volatility and quality characteristics.

Why people hold it

CFA Sizes positions by volatility instead of market value, so the market's largest companies don't automatically become the fund's largest holdings.
Holds about 500 large caps rather than narrowing to a short list, so the calm-down effect comes from position sizing, not from what gets cut out.
Tracks its stated index closely, and the portfolio matches what the name advertises: broad US large-cap, volatility-weighted.
Running since 2014, with a monthly distribution cadence rather than the quarterly rhythm of most equity funds.

QLV The quality screen is the point: stocks are ranked on profitability, management efficiency and cash flow, and the bottom fifth is cut before the volatility work starts.sec.gov
0.08% net of a waiver through March 1, 2027: below the category median, and under USMV at 0.15% and LGLV at 0.12%.
Sector, industry and single-stock limits inside the optimization push back on the utilities-and-staples pileup typical of low vol. Roughly 120 holdings.sec.gov
Sits in the top quartile of its US low volatility peer group, and pays quarterly.

Worth knowing

CFA At 0.39% a year it costs roughly double the typical US low-volatility fund. Rivals like LGLV and QLV charge a fraction of that for the same broad idea.
Thinly traded next to the giants of the category, which can mean wider bid-ask spreads at the moment you transact.
Volatility weighting reshuffles risk, it doesn't remove it. The fund stays fully invested in large-cap stocks and moves with them in a selloff.

QLV One of the less-traded funds in the category, so the bid-ask spread can matter more at the point of trade than the expense ratio.
Assets stay modest next to the category's multi-billion-dollar incumbents.
Low volatility here is relative, not absolute: the aim is calmer than the Northern Trust 1250 parent index, not shelter from a broad selloff.sec.gov

Full CFA profile⁠

Full QLV profile⁠

CFA vs QLV Holdings

How CFA and QLV differ

Overlap by weight

20.3%

Shared holdings make up 82.9% of QLV and 21.5% of CFA.

Level by level

Holdings84 in both20.3%
Sector11 Sectors71.8%
Countryby domicile98.1%
Asset classEquity100%

Sector

Sector weights in CFA and QLV, widest gap first
Sector	More in CFAMore in QLV	CFA	QLV
Technology	QLV +18.6 points	13.6%	32.2%
Industrials	CFA +11.9 points	17.6%	5.7%
Financials	CFA +7.1 points	19.2%	12.1%
Communication	QLV +3.3 points	3.2%	6.5%
Materials	CFA +3.2 points	3.9%	0.7%
Consumer Discretionary	CFA +3.1 points	9.9%	6.8%
Utilities	CFA +3.0 points	8.7%	5.7%
Health Care	QLV +2.1 points	11.6%	13.7%
Energy	QLV +1.7 points	5.5%	7.2%
Consumer Staples	QLV +1.6 points	6.5%	8.1%
Real Estate	QLV +1.0 points	0.3%	1.3%

Country, concentration and asset class

Country by domicile

Country weights in CFA and QLV, widest gap first
Country	More in CFAMore in QLV	CFA	QLV
United States	CFA +1.8 points	99.0%	97.2%
Canada	QLV +0.6 points	0.0%	0.6%
Israel	QLV +0.6 points	0.0%	0.6%
Other countries (4)	QLV +0.6 points	1.0%	1.6%

Concentration

Weight in the 10 largest Holdings

CFA4.1%
QLV35.9%

Securities held

CFA500
QLV119

Asset class

CFA: Equity
QLV: Equity

Holdings

Only in CFA416
In both84
Only in QLV35

Only in CFA

416 securities, 78.2% of CFA by weight

Atmos Energy Corp0.42%
Firstenergy Corp.0.39%
Loews Corp0.39%
Aflac Inc0.39%
Centerpoint Energy Inc.0.39%
Nisource Inc.0.39%
Cms Energy Corp.0.37%
Ppl Corp.0.36%
Republic Services Inc.0.36%
Public Service Enterprise0.36%
Xcel Energy Inc.0.35%
New Linde PLC0.34%
Markel Group Inc0.34%
Waste Management Inc.0.34%
Sempra Energy0.33%
Cincinnati Financial Corp0.32%
Pfizer Inc.0.32%
Kinder Morgan Inc0.32%
Entergy Corp.0.31%
Ecolab Inc.0.31%
Nextera Energy Inc.0.31%
Hartford Insurance Group0.31%
Church & Dwight Co Inc0.30%
Principal Finl Group Inc0.30%
Reinsurance Group of Ame0.30%
Hilton Worldwide Hld0.30%
American Water Works Co.0.30%
Otis Worldwide Corp0.30%
Csx Corp.0.30%
Eversource Energy0.30%
Illinois Tool Works Inc0.29%
Idex Corp0.29%
East West Bancorp Inc.0.29%
American Intl Group Inc.0.29%
Colgate-Palmolive Co0.29%
Cintas Corp.0.29%
Reliance Inc0.28%
Globe Life Inc0.28%
Pnc Finl Services Group0.28%
M&T Bank Corp0.28%
Keycorp0.28%
Metlife Inc0.28%
Ametek Inc.0.28%
Walmart Inc.0.28%
Us Bancorp0.28%
Medtronic PLC0.28%
Nordson Corp0.28%
Keurig Dr Pepper Inc0.28%
Unum Group0.27%
Prudential Financial Inc0.27%

Only in QLV

35 securities, 16.0% of QLV by weight

Alphabet Inc-Cl C - Common Stock USD 0.0011.16%
Gilead Sciences Inc Common Stock USD 0.0010.97%
Qualys Inc Common Stock USD 0.0010.89%
International Seaways Inc Common Stock USD 00.82%
Amdocs Ltd0.77%
Chemed Corp Common Stock USD 10.75%
Dolby Laboratories Inc Common Stock USD 0.0010.73%
Kraft Heinz Co/The Common Stock USD 0.010.72%
Cirrus Logic Inc Common Stock USD 0.0010.69%
Fti Consulting Inc Common Stock USD 0.010.58%
Agnico Eagle Mines Ltd Common Stock Cad 00.58%
Check Point Software Technologies Ltd Common Stock0.57%
Encompass Health Corp Common Stock USD 0.010.56%
Hanover Insurance Group Inc/The Common Stock USD0.55%
Coca-Cola Europacific Partners PLC Common Stock0.55%
Aercap Holdings NV Common Stock USD 0.010.49%
Essex Property Trust Inc Reit USD 0.00010.47%
Omega Healthcare Investors Inc Reit USD 0.10.47%
Murphy Usa Inc Common Stock USD 0.010.47%
Landstar System Inc Common Stock USD 0.010.46%
Pinnacle West Capital Corp Common Stock USD 00.39%
Appfolio Inc Common Stock USD 0.00010.37%
Nova Ltd Common Stock USD 0.010.32%
Dropbox Inc Common Stock USD 0.000010.29%
Agree Realty Corp Reit USD 0.00010.28%
Aci Worldwide Inc Common Stock USD 0.0050.20%
Kulicke & Soffa Industries Inc Common Stock USD 00.19%
Chord Energy Corp Common Stock USD0.16%
Royalty Pharma PLC Common Stock USD0.16%
Box Inc Common Stock USD 0.00010.15%
The Campbell's Company0.09%
Marex Group Ltd Common Stock USD0.07%
United States of America Bill Zero Cpn 25/MAR/20270.04%
Trimble Inc Common Stock USD 0.0010.04%
Texas Roadhouse Inc Common Stock USD 0.0010.04%

Weight gaps

All 84 Holdings in both funds, largest gap first.

Holding weights in CFA and QLV, widest gap first
Holding	More in CFAMore in QLV	CFA	QLV
Microsoft CorpMSFT	QLV +6.21 points	0.18%	6.39%
Apple IncAAPL	QLV +5.80 points	0.27%	6.07%
NVIDIA Corp.NVDA	QLV +5.68 points	0.15%	5.83%
Johnson & JohnsonJNJ	QLV +3.97 points	0.33%	4.30%
Exxonmobil Holdings CorpXOM	QLV +2.33 points	0.27%	2.60%
Amazon.com IncAMZN	QLV +2.10 points	0.17%	2.27%
Visa Inc Class AV	QLV +2.06 points	0.30%	2.36%
Costco Wholesale CorpCOST	QLV +2.03 points	0.34%	2.37%
Broadcom IncAVGO	QLV +1.52 points	0.12%	1.64%
Berkshire Hathaway Inc BBRK.B	QLV +1.48 points	0.46%	1.94%
AbbVie Inc.ABBV	QLV +1.48 points	0.28%	1.76%
Mastercard Inc. - Class AMA	QLV +1.44 points	0.29%	1.73%
Alphabet Inc - Class AGOOGL	QLV +1.36 points	0.17%	1.53%
Eli Lilly & CoLLY	QLV +1.30 points	0.21%	1.51%
Merck & Co Inc.MRK	QLV +1.03 points	0.22%	1.25%
Pepsico Inc.PEP	QLV +0.97 points	0.29%	1.26%
Procter & Gamble Co.PG	QLV +0.92 points	0.35%	1.27%
Coca-Cola Co/TheKO	QLV +0.88 points	0.35%	1.23%
Palo Alto Networks IncPANW	QLV +0.88 points	0.13%	1.01%
International Business MaIBM	QLV +0.73 points	0.13%	0.86%
Progressive Corp.PGR	QLV +0.72 points	0.24%	0.96%
Lockheed Martin CorpLMT	QLV +0.72 points	0.24%	0.96%
Meta Platforms IncMETA	QLV +0.69 points	0.17%	0.86%
Verisign Inc.VRSN	QLV +0.64 points	0.22%	0.86%
Cigna Group/TheCI	QLV +0.64 points	0.26%	0.90%
Chevron CorpCVX	QLV +0.63 points	0.29%	0.92%
Texas Instruments Inc.TXN	QLV +0.61 points	0.16%	0.77%
ConocophillipsCOP	QLV +0.59 points	0.24%	0.83%
Allstate Corp/TheALL	QLV +0.56 points	0.25%	0.81%
Tjx Cos Inc.TJX	QLV +0.53 points	0.31%	0.84%
Rtx CorpRTX	QLV +0.50 points	0.23%	0.73%
Duke Energy Corp.DUK	QLV +0.48 points	0.41%	0.89%
Verizon CommunicationsVZ	QLV +0.47 points	0.22%	0.69%
Hershey Co/TheHSY	QLV +0.46 points	0.21%	0.67%
Consolidated Edison Inc.ED	QLV +0.45 points	0.40%	0.85%
Cheniere Energy IncLNG	QLV +0.43 points	0.24%	0.67%
Eog Resources IncEOG	QLV +0.42 points	0.24%	0.66%
Travelers Companies IncTRV	QLV +0.41 points	0.32%	0.73%
Mcdonald's CorpMCD	QLV +0.39 points	0.33%	0.72%
Snap-On Inc.SNA	QLV +0.40 points	0.29%	0.69%
Kla CorpKLAC	QLV +0.39 points	0.09%	0.48%
Dte Energy Co.DTE	QLV +0.39 points	0.36%	0.75%
Roper Technologies IncROP	QLV +0.38 points	0.23%	0.61%
Micron Technology Inc.MU	QLV +0.36 points	0.07%	0.43%
AT&T IncT	QLV +0.36 points	0.20%	0.56%
Cme Group Inc.CME	QLV +0.36 points	0.26%	0.62%
T-Mobile Us IncTMUS	QLV +0.34 points	0.18%	0.52%
Chubb Limited	QLV +0.35 points	0.34%	0.69%
Northrop Grumman CorpNOC	QLV +0.34 points	0.23%	0.57%
Tesla IncTSLA	QLV +0.33 points	0.15%	0.48%
General Dynamics Corp.GD	QLV +0.31 points	0.27%	0.58%
Arch Capital Group LtdACGL	CFA +0.31 points	0.33%	0.02%
Neurocrine Biosciences InNBIX	QLV +0.29 points	0.18%	0.47%
Targa Resources CorpTRGP	QLV +0.29 points	0.24%	0.53%
Quest Diagnostics Inc.DGX	QLV +0.27 points	0.28%	0.55%
Renaissancere Holdings LtRNR	QLV +0.26 points	0.28%	0.54%
Southern CoSO	QLV +0.26 points	0.38%	0.64%
Assurant Inc.AIZ	QLV +0.25 points	0.29%	0.54%
Everest Group Ltd	QLV +0.25 points	0.33%	0.58%
Autozone Inc.AZO	QLV +0.24 points	0.22%	0.46%
Netapp IncNTAP	QLV +0.23 points	0.15%	0.38%
Diamondback Energy IncFANG	QLV +0.23 points	0.20%	0.43%
Mckesson Corp.MCK	CFA +0.20 points	0.22%	0.02%
Wr Berkley Corp.WRB	QLV +0.20 points	0.33%	0.53%
Ameren Corp.AEE	QLV +0.16 points	0.37%	0.53%
Ptc Inc.PTC	QLV +0.15 points	0.22%	0.37%
Wec Energy GroupWEC	QLV +0.14 points	0.43%	0.57%
Cencora IncCOR	CFA +0.14 points	0.20%	0.06%
Vertex PharmaceuticalsVRTX	QLV +0.13 points	0.22%	0.35%
Exelon Corp.EXC	CFA +0.13 points	0.34%	0.21%
Darden Restaurants Inc.DRI	QLV +0.12 points	0.24%	0.36%
Evergy IncEVRG	QLV +0.12 points	0.41%	0.53%
Cadence Design Sys. IncCDNS	CFA +0.12 points	0.15%	0.03%
United Therapeutics CorpUTHR	CFA +0.11 points	0.23%	0.12%
Marathon Petroleum Corp.MPC	QLV +0.07 points	0.21%	0.28%
Veralto CorpVLTO	CFA +0.05 points	0.30%	0.25%
Advanced Micro DevicesAMD	CFA +0.05 points	0.10%	0.05%
Labcorp Holdings IncLH	CFA +0.05 points	0.31%	0.26%
Alliant Energy Corp.LNT	QLV +0.03 points	0.40%	0.43%
American Electric Power CAEP	CFA +0.03 points	0.36%	0.33%
Jazz Pharmaceuticals PLCJAZZ	QLV +0.03 points	0.17%	0.20%
JPMorgan Chase & CoJPM	QLV +0.02 points	0.27%	0.29%
Kroger Co/TheKR	CFA +0.01 points	0.25%	0.24%
Home Depot Inc/TheHD	QLV +0.01 points	0.25%	0.26%

All 502 CFA holdings⁠All 123 QLV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CFA vs QLV Cost

Overpaying CFA vs QLV

$5,437

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CFA 0.35%
$7,126
QLV 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

CFA 0.35%
QLV 0.08%
Overpaying

Year by year

Year	CFA	QLV	Overpaying
10	$634	$147	$487
20	$2,454	$575	$1,879
30	$7,126	$1,689	$5,437

Expense ratio

0.35%CFA
0.08%QLV, cheaper

QLV0.08%CFA0.35%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

QLV cheapest of 16 funds

CFA 14th cheapest of 16 funds

CFA vs QLV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CFA 1.21%; QLV 1.43%, better
Payout (12M): CFA $1.22; QLV $1.18
Last payment: CFA $0.10; QLV $0.28
Ex-dividend: CFA Oct 8, 2026; QLV Sep 18, 2026
Paid on: CFA Oct 9, 2026; QLV Sep 24, 2026
Frequency: CFA Monthly; QLV Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

CFAMonthly · 46 paymentsAll CFA payments⁠

QLVQuarterly · 16 paymentsAll QLV payments⁠

CFA vs QLV Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: CFA 12.0%QLV 8.6%, better
Return per unit of riskSharpe ratio, 3 years: CFA 1.00QLV 1.56, better
Worst fallMax drawdown, 5 years: CFA −20.9%QLV −17.9%, better
Market sensitivityBeta, 5 years: CFA 0.86QLV 0.58; Market = 1

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