DFEV vs QLVE: Grades, Fees and Holdings Compared

Dimensional Emerging Markets Value ETF

DFEVBNYSE Arca

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Overlap

17.2%by weight

Expense ratio

QLVE −0.25pt a year

DFEV0.43%QLVE0.18%

Avg volume · 30D

DFEV 702.9×the volume

DFEV284KQLVE404

3Y return · a year

DFEV +6.5pt

DFEV+23.9%QLVE+17.4%

DFEV vs QLVE Performance

Oct 31, 2025 – Oct 30, 2026

+21.7%DFEV+11.2%QLVE

Expense ratio: DFEV 0.43%; QLVE 0.18%, better
Fund size: DFEV $2.14B; QLVE $16M
1Y total return: DFEV +21.7%, better; QLVE +11.2%
Yield (12M): DFEV 2.25%; QLVE 3.17%, better
Holdings: DFEV 3533; QLVE 155
Avg volume (30D): DFEV 284K sh, better; QLVE 404 sh
NAV per share: DFEV $39.73; QLVE $32.48
52W range

ETF.net Grade

Pillar letters and Scores for DFEV, QLVE, with each pillar’s weight
Pillar	DFEV	QLVE
Cost30% weight	C53	A100Higher
Mission25% weight	Not scored	A93
Risk15% weight	B56	B66Higher
Tradability15% weight	A82Higher	F11
Holdings10% weight	A73Higher	D32
Durability5% weight	A70Higher	D33

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. DFEV and QLVE are both graded against the same 20 Emerging Markets Multifactor funds, so their Grades compare head to head.

Emerging Markets Multifactor⁠

Category · 20 funds

See all 20 ›

DFEV ranks 5th and QLVE 7th of 20 funds in the Emerging Markets Multifactor Category.

Rank 4BQEMMState Street SPDR MSCI Emerging Markets StrategicFactors ETFScore 64
Rank 5BDFEVDimensional Emerging Markets Value ETFScore 63
Rank 6BJPEMJPMorgan Diversified Return Emerging Markets Equity ETFScore 62
Rank 7BQLVENorthern Trust Emerging Markets Quality Low Volatility ETFScore 61
Rank 8BROAMHartford Multifactor Emerging Markets ETFScore 60

Our read on each fund

ETF.net Research

DFEVBDimensional Emerging Markets Value ETF

QLVEBNorthern Trust Emerging Markets Quality Low Volatility ETF

In short

DFEV Dimensional's value take on emerging markets: roughly 3,200 cheap stocks spread across countries and sectors, picked actively rather than copied from an index. Fee is 0.43% net of a waiver through February 28, 2027.

QLVE Most emerging-markets factor funds chase value. QLVE goes the other way: cut the weakest fifth on quality, then optimize what is left toward lower volatility. Cost is 0.18% net of a waiver through March 1, 2027.

Stated mandate

DFEV The ETF seeks long-term capital appreciation. It uses an integrated, actively managed approach to invest in emerging-market equity securities selected for value characteristics while diversifying across countries, sectors, and companies.

QLVE The Fund is designed for investors seeking emerging-markets exposure with an emphasis on quality and low volatility. It seeks to match, before fees and expenses, the performance of the Northern Trust Emerging Markets Quality Low Volatility Index.

Why people hold it

DFEV Roughly 3,200 holdings across emerging-market countries, sectors and companies, so no single stock or country steers the whole portfolio.
Active by design: the team buys stocks it judges to be low relative price, instead of waiting on an index committee's reset calendar.
Since its 2022 launch it has grown into a multi-billion-dollar fund that trades at moderate volume, and it pays shareholders quarterly.
One of the stronger implementations in the emerging-market factor peer group, which is crowded with funds chasing the same cheap-stock premium.

QLVE At 0.18% net of a waiver through March 1, 2027, it undercuts every top-scoring fund in its peer group, including EMGF at 0.26% and FDEM at 0.25%.
The index cuts the lowest-quality fifth of emerging-markets large and mid caps on profitability, cash flow and capital deployment, then optimizes the rest for lower volatility.flexshares.com northerntrust.com
Sector, industry and country weights are held within set bands of the parent benchmark and turnover is capped near 12% a rebalance, curbing the sector drift low-vol screens invite.northerntrust.com sec.gov
Sits in the upper half of its emerging-markets factor peer group and has stayed close to its stated index.

Worth knowing

DFEV 0.43% net of a waiver through February 28, 2027 (0.46% gross) sits near the category median, but above factor rivals AVES at 0.36% and EMGF at 0.26%.
The value tilt is the whole point, which means the portfolio can look and behave very differently from a standard emerging-markets index.
Emerging-market equity carries currency, political and liquidity risk; wide diversification spreads single-name risk, not the asset class's own.

QLVE Thinly traded with a small asset base, so spreads can run wider than the category heavyweights and limit orders matter more.
Roughly 160 holdings with meaningful weight in the largest names, so it is more top-heavy than a broad emerging-markets index fund.
Lower volatility is the design goal, not an outcome the fund controls: the index aims to be calmer than its parent, and the fund tracks it either way.sec.gov flexshares.com

Full DFEV profile⁠

Full QLVE profile⁠

DFEV vs QLVE Holdings

How DFEV and QLVE differ

Overlap by weight

17.2%

Shared holdings make up 58.6% of QLVE and 23.4% of DFEV.

Level by level

Holdings57 in both17.2%
Sector11 Sectors74.5%
Countryby domicile83.8%
Asset classEquity100%

Sector

Sector weights in DFEV and QLVE, widest gap first
Sector	More in DFEVMore in QLVE	DFEV	QLVE
Technology	QLVE +8.4 points	31.4%	39.8%
Communication	QLVE +7.9 points	2.4%	10.3%
Financials	DFEV +7.7 points	24.8%	17.1%
Industrials	DFEV +7.0 points	9.8%	2.8%
Materials	DFEV +6.4 points	9.1%	2.7%
Utilities	QLVE +3.5 points	0.8%	4.3%
Consumer Staples	QLVE +3.4 points	2.6%	6.0%
Consumer Discretionary	DFEV +2.7 points	7.0%	4.3%
Real Estate	DFEV +1.8 points	2.3%	0.5%
Health Care	QLVE +1.5 points	2.4%	3.9%
Energy	QLVE +0.6 points	7.6%	8.2%

Country, concentration and asset class

Country by domicile

Country weights in DFEV and QLVE, widest gap first
Country	More in DFEVMore in QLVE	DFEV	QLVE
China	DFEV +5.3 points	19.9%	14.6%
India	QLVE +5.1 points	11.7%	16.8%
Taiwan	DFEV +4.4 points	32.2%	27.8%
Malaysia	QLVE +4.3 points	1.1%	5.4%
Brazil	QLVE +3.1 points	3.6%	6.7%
South Korea	DFEV +1.7 points	20.4%	18.7%
Philippines	QLVE +1.2 points	0.3%	1.5%
Poland	DFEV +1.2 points	1.4%	0.2%
Other countries (12)	DFEV +1.2 points	9.5%	8.3%

Outside the US: DFEV 0% developed, 100% emerging. QLVE 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

DFEV17.6%
QLVE37.9%

Securities held

DFEV3,504
QLVE137

Asset class

DFEV: Equity
QLVE: Equity

Holdings

Only in DFEV3,447
In both57
Only in QLVE80

Only in DFEV

3,447 securities, 76.7% of DFEV by weight

Samsung Electronics Co Lt1.47%
Fubon Financial Holding C1.00%
Ase Technology Holding Co0.90%
Ase Technology Holding Co0.78%
Axis Bank Ltd0.77%
Ctbc Financial Holding Co0.76%
Emaar Properties Pjsc0.74%
Orlen SA0.73%
Nan Ya Plastics Corp0.70%
Hdfc Bank Ltd0.70%
Quanta Computer Inc0.66%
Alibaba Group Holding Ltd0.65%
Cathay Financial Holding0.61%
Ping An Insurance Group C0.59%
United Microelectronics C0.57%
State Bank of India0.56%
Yageo Corp0.55%
Kb Financial Group Inc0.55%
Yuanta Financial Holding0.55%
Hyundai Motor Co0.54%
The Saudi National Bank0.52%
Petroleo Brasileiro SA0.51%
Naspers Npv0.51%
Petroleo Brasileiro SA0.50%
Hana Financial Group Inc0.50%
Ts Financial Holding Co0.49%
China Merchants Bank Co L0.48%
Vale SA0.47%
Agricultural Bank of Chin0.45%
Wistron Corp0.45%
Tata Steel Ltd0.45%
Nanya Technology Corp0.44%
Kgi Financial Holding Co0.43%
Sasol Ltd0.42%
Lite-On Technology Corp0.41%
Trip.com Group Ltd0.41%
Hindalco Industries Ltd0.40%
Asustek Computer Inc0.40%
Samsung Sdi Co Ltd0.40%
China Petroleum & Chemica0.40%
Celltrion Inc0.39%
E.sun Financial Holding C0.36%
Winbond Electronics Corp0.35%
Sk Inc0.34%
Impala Platinum Holdings0.31%
Lg Electronics Inc0.31%
Absa Group Ltd0.30%
Uni-President Enterprises0.30%
Sinopac Financial Holding0.30%
China Resources Land Ltd0.30%

Only in QLVE

80 securities, 40.5% of QLVE by weight

Tencent Holdings Ltd Common Stock Hkd 0.000022.39%
Samsung Electronics Co Ltd Preference Krw 1002.02%
Infosys Ltd Common Stock Inr 51.10%
Chunghwa Telecom Co Ltd Common Stock Twd 101.05%
Tata Consultancy Services Ltd Common Stock Inr 11.03%
Bb Seguridade Participacoes SA Common Stock Brl0.93%
Emirates Integrated Telecommunications Co Pjsc0.89%
Caixa Seguridade Participacoes S/A Common Stock0.88%
Jarir Marketing Co Common Stock Sar 10.87%
Sun Pharmaceutical Industries Ltd Common Stock Inr0.86%
Bharti Airtel Ltd Common Stock Inr 50.84%
Bangkok Dusit Medical Services Pcl Nvdr Thb 0.10.83%
Hcl Technologies Ltd Common Stock Inr 20.78%
Asian Paints Ltd Common Stock Inr 10.77%
Hindustan Unilever Ltd Common Stock Inr 10.76%
Eicher Motors Ltd Common Stock Inr 10.75%
Guangdong Investment Ltd Common Stock Hkd 00.75%
Marico Ltd Common Stock Inr 10.73%
Ecopetrol SA Common Stock Cop 2500.72%
Tingyi Cayman Islands Holding Corp Common Stock0.69%
Public Bank Bhd Common Stock Myr 00.67%
Saudi Aramco Base Oil Co Common Stock Sar 100.66%
Pidilite Industries Ltd Common Stock Inr 10.64%
Cipla Ltd/India Common Stock Inr 20.63%
Korea Electric Power Corp Common Stock Krw 50000.63%
Britannia Industries Ltd Common Stock Inr 10.62%
Manila Electric Co Common Stock Php 100.61%
Fertiglobe PLC Common Stock0.60%
Petronas Gas Bhd Common Stock Myr 00.56%
Petronas Dagangan Bhd Common Stock Myr 00.54%
Malayan Banking Bhd Common Stock Myr 00.54%
Misc Bhd Common Stock Myr 00.52%
Cez As Common Stock Czk 1000.52%
Aselsan Elektronik Sanayi Ve Ticaret As Common0.51%
Abu Dhabi National Oil Co For Distribution Pjsc0.51%
Telekom Malaysia Bhd Common Stock Myr 00.50%
Telefonica Brasil SA Common Stock Brl 00.50%
Delta Electronics Inc Common Stock Twd 100.49%
Itc Ltd Common Stock Inr 10.49%
Divi's Laboratories Ltd Common Stock Inr 20.49%
Msci Emgmkt Equity Index 18/DEC/2026 MESZ6 Index0.48%
Dr Sulaiman Al Habib Medical Services Group Co0.47%
Ihh Healthcare Bhd Common Stock Myr 00.45%
Quinenco SA Common Stock Clp 00.44%
Muthoot Finance Ltd Common Stock Inr 100.44%
Want Want China Holdings Ltd Common Stock Hkd 0.020.44%
Huaneng Power International Inc Common Stock Hkd 10.43%
Qatar International Islamic Bank Qsc Common Stock0.42%
Bdo Unibank Inc Common Stock Php 100.41%
Nestle India Ltd Common Stock Inr 10.41%

Weight gaps

All 57 Holdings in both funds, largest gap first.

Holding weights in DFEV and QLVE, widest gap first
Holding	More in DFEVMore in QLVE	DFEV	QLVE
Taiwan Semiconductor Manu	QLVE +14.63 points	0.55%	15.18%
Samsung Electronics Co	QLVE +5.61 points	0.93%	6.54%
Hon Hai Precision Industr	DFEV +1.73 points	1.82%	0.09%
China Construction Bank C	DFEV +1.59 points	2.47%	0.88%
Reliance Industries Ltd	DFEV +1.39 points	1.43%	0.04%
Hdfc Bank Ltd	QLVE +1.24 points	0.04%	1.28%
Industrial & Commercial B	QLVE +0.98 points	1.42%	2.40%
Petroleo Brasileiro SA	QLVE +0.93 points	0.40%	1.33%
Ptt Exploration & Product	QLVE +0.89 points	0.01%	0.90%
First Financial Holding C	QLVE +0.82 points	0.22%	1.04%
Chongqing Rural Commercia	QLVE +0.77 points	0.05%	0.82%
Novatek Microelectronics	QLVE +0.76 points	0.25%	1.01%
Far Eastone Telecommunica	QLVE +0.76 points	0.15%	0.91%
Promotora Y Operadora De	QLVE +0.75 points	0.09%	0.84%
United Microelectronics C	QLVE +0.68 points	0.35%	1.03%
Saudi Investment Bank/The	QLVE +0.64 points	0.04%	0.68%
Unimicron Technology Corp	DFEV +0.61 points	0.73%	0.12%
Samsung Sds Co Ltd	QLVE +0.60 points	0.14%	0.74%
Petroleo Brasileiro SA	QLVE +0.60 points	0.35%	0.95%
Sk Hynix Inc	DFEV +0.54 points	4.95%	4.41%
Saudi Basic Industries Co	QLVE +0.50 points	0.18%	0.68%
Metropolitan Bank & TrustMTPOF	QLVE +0.50 points	0.04%	0.54%
Tupras Turkiye Petrol Raf	QLVE +0.46 points	0.11%	0.57%
KT&G Corp	QLVE +0.46 points	0.33%	0.79%
China Shenhua Energy Co L	QLVE +0.45 points	0.13%	0.58%
China Citic Bank Corp Ltd	QLVE +0.45 points	0.18%	0.63%
Saci Falabella	QLVE +0.44 points	0.04%	0.48%
Largan Precision Co Ltd	QLVE +0.42 points	0.35%	0.77%
Kunlun Energy Co Ltd	QLVE +0.42 points	0.11%	0.53%
Maruti Suzuki India Ltd	QLVE +0.40 points	<0.01%	0.41%
Dar Al Arkan Real Estate	QLVE +0.40 points	0.06%	0.46%
Taiwan Mobile Co Ltd	QLVE +0.37 points	0.21%	0.58%
Mobile Telecommunications	QLVE +0.37 points	0.13%	0.50%
Rhb Bank Bhd	QLVE +0.37 points	0.10%	0.47%
Icici Bank Ltd	QLVE +0.37 points	<0.01%	0.37%
Gruma Sab De Cv	QLVE +0.36 points	0.02%	0.38%
Posco Daewoo Corp	QLVE +0.36 points	0.04%	0.40%
Mega Financial Holding Co	QLVE +0.35 points	0.35%	0.70%
Krafton Inc	QLVE +0.32 points	0.10%	0.42%
Realtek Semiconductor Cor	QLVE +0.30 points	0.26%	0.56%
China Tower Corp Ltd	QLVE +0.29 points	0.15%	0.44%
Koc Holding As	QLVE +0.27 points	0.07%	0.34%
Petro Rio SA	QLVE +0.26 points	0.02%	0.28%
Petrochina Co Ltd	QLVE +0.26 points	0.75%	1.01%
Lupin Ltd	QLVE +0.24 points	0.03%	0.27%
President Chain Store Cor	QLVE +0.22 points	0.09%	0.31%
Bank of China Ltd	QLVE +0.22 points	0.95%	1.17%
Petronas Chemicals Group	QLVE +0.21 points	0.07%	0.28%
Hero Motocorp Ltd	QLVE +0.19 points	0.03%	0.22%
Naver Corp	DFEV +0.18 points	0.31%	0.13%
Meritz Financial Group In	QLVE +0.18 points	0.07%	0.25%
Posco Holdings Inc	QLVE +0.12 points	0.12%	0.24%
Picc Property & Casualty	DFEV +0.11 points	0.21%	0.10%
Grupo Mexico Sab De Cv	QLVE +0.05 points	0.00%	0.05%
Taiwan Cooperative Financ	DFEV +0.05 points	0.10%	0.05%
Vale SA	QLVE +0.03 points	0.07%	0.10%
Mediatek Inc	QLVE +0.02 points	1.20%	1.22%

All 3,164 DFEV holdings⁠All 166 QLVE 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.

DFEV vs QLVE Cost

Overpaying DFEV vs QLVE

$4,913

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

DFEV 0.43%
$8,662
QLVE 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

DFEV 0.43%
QLVE 0.18%
Overpaying

Year by year

Year	DFEV	QLVE	Overpaying
10	$776	$328	$448
20	$2,994	$1,281	$1,713
30	$8,662	$3,749	$4,913

Expense ratio

0.43%DFEV
0.18%QLVE, cheaper

QLVE0.18%DFEV0.43%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

DFEV 9th cheapest of 20 funds

DFEV vs QLVE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFEV 2.25%; QLVE 3.17%, better
Payout (12M): DFEV $0.89; QLVE $1.02
Last payment: DFEV $0.42; QLVE $0.34
Ex-dividend: DFEV Sep 22, 2026; QLVE Sep 18, 2026
Paid on: DFEV Sep 24, 2026; QLVE Sep 24, 2026
Frequency: DFEV Quarterly; QLVE Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

DFEVQuarterly · 17 paymentsAll DFEV payments⁠

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

DFEV vs QLVE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFEV 15.3%QLVE 11.0%, better
Return per unit of riskSharpe ratio, 3 years: DFEV 1.19, betterQLVE 1.11
Worst fallMax drawdown, 5 years: DFEV −18.5%since Apr 2022QLVE −23.6%
Market sensitivityBeta, 5 years: DFEV 1.06QLVE 0.83; Market = 1

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