DFLV vs QVAL: Grades, Fees and Holdings Compared

Dimensional US Large Cap Value ETF

DFLVANYSE Arca

Alpha Architect U.S. Quantitative Value ETF

QVALANasdaq

Overlap

12.0%by weight

Expense ratio

DFLV −0.07pt a year

DFLV0.21%QVAL0.28%

Avg volume · 30D

DFLV 15.4×the volume

DFLV658KQVAL42.8K

3Y return · a year

QVAL +1.0pt

DFLV+21.8%QVAL+22.8%

DFLV vs QVAL Performance

Oct 31, 2025 – Nov 2, 2026

+29.6%DFLV+42.2%QVAL

Expense ratio: DFLV 0.21%, better; QVAL 0.28%
Fund size: DFLV $7.39B; QVAL $721M
1Y total return: DFLV +29.6%; QVAL +42.2%, better
Yield (12M): DFLV 1.35%; QVAL 1.36%, better
Holdings: DFLV 336; QVAL 52
Avg volume (30D): DFLV 658K sh, better; QVAL 42.8K sh
NAV per share: DFLV $41.86; QVAL $64.59
52W range

ETF.net Grade

Pillar letters and Scores for DFLV, QVAL, with each pillar’s weight
Pillar	DFLV	QVAL
Cost30% weight	A92Higher	A85
Mission25% weight	Not scored	C53
Risk15% weight	A72Higher	B58
Tradability15% weight	A82	A85Higher
Holdings10% weight	A78Higher	B68
Durability5% weight	A83	A84Higher

Rank among US Active Value funds

How we build Categories ›

Same Category. DFLV and QVAL are both graded against the same 64 US Active Value funds, so their Grades compare head to head.

US Active Value⁠

Category · 64 funds

See all 64 ›

DFLV ranks 4th and QVAL 7th of 64 funds in the US Active Value Category.

Rank 1AAVLVAvantis U.S. Large Cap Value ETFScore 86
Rank 2ASEIVSEI QiM U.S. Large Cap Value Active ETFScore 85
Rank 2AWTVWisdomTree U.S. Value FundScore 85
Rank 4ADFLVDimensional US Large Cap Value ETFScore 83
Rank 5AAVMVAvantis U.S. Mid Cap Value ETFScore 79
Rank 7AAVUVAvantis U.S. Small Cap Value ETFScore 77
Rank 7AQVALAlpha Architect U.S. Quantitative Value ETFScore 77
Rank 9BAIVLWisdomTree U.S. AI Enhanced Value FundScore 70

Our read on each fund

ETF.net Research

DFLVADimensional US Large Cap Value ETF

QVALAAlpha Architect U.S. Quantitative Value ETF

In short

DFLV Dimensional's value playbook in an ETF wrapper: large-cap value that also screens for profitability, spread across roughly 300 names, run by research rather than an index. Active by design, index-fund cheap in practice.

QVAL Deep value with no hedging: about 50 US stocks chosen by a rules-based quality-and-value screen, run by a boutique quant shop since 2014, at roughly half the fee of the typical active value fund.

Stated mandate

DFLV The ETF seeks long-term capital appreciation. Its investment approach combines research, portfolio design, portfolio management, and trading, emphasizing long-term expected-return drivers and broad diversification.

QVAL The fund aims to grow investors' capital over the long term.

Why people hold it

DFLV Costs 0.21% a year, well under half the 0.55% median for US value funds in its peer group. Active management without the active price tag.
Cheap alone doesn't get you in. The portfolio screens on value and profitability together, a filter aimed at cut-rate stocks that actually earn money.
No index to shadow. Dimensional can trade on its own schedule and spreads the money across about 300 large-cap names instead of a handful of bets.
Sits in the top tier of the US value funds we grade, and it is a multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part.

QVAL 0.28% a year against a 0.55% median for active US value funds. Cheap for a specialist quant strategy.
About 50 names, screened on cheapness and quality together. A real bet, not a closet index in value clothing.
Live since 2014, so the record spans value's long drought and its recoveries rather than a backtest.
Top quartile of its US value peer group in our review, and it undercuts ITAN, the other fund drawn from the same Solactive US 1000 universe, on fee.

Worth knowing

DFLV Not the cheapest seat in the room: AVLV and SEIV run 0.15%, WTV 0.12%. You're paying a bit more for Dimensional's process.
Being benchmark-free cuts both ways. With no index to measure against, there is no tracking-error scoreboard, and outcomes ride on the manager's judgment.
Launched in December 2022, so the ETF's own record is short, and a value tilt behaves differently from the broad market. It pays quarterly.

QVAL Thinly traded next to the category's giants, so spreads can widen and limit orders matter more than with a mega-fund.
Concentration cuts both ways. Roughly 50 deep-value names can drift far from the broad market, in either direction, for long stretches.
The stated goal is long-term capital growth, with distributions paid quarterly rather than monthly.

Full DFLV profile⁠

Full QVAL profile⁠

DFLV vs QVAL Holdings

How DFLV and QVAL differ

Overlap by weight

12.0%

Shared holdings make up 64.9% of QVAL and 12.0% of DFLV.

Level by level

Holdings33 in both12.0%
Sector11 Sectors69.1%
Countryby domicile98.0%
Asset classEquity100%

Sector

Sector weights in DFLV and QVAL, widest gap first
Sector	More in DFLVMore in QVAL	DFLV	QVAL
Financials	DFLV +21.7 points	21.7%	0.0%
Consumer Discretionary	QVAL +15.5 points	8.4%	23.9%
Energy	QVAL +11.0 points	14.9%	25.9%
Industrials	DFLV +4.9 points	12.9%	8.0%
Communication	DFLV +3.0 points	7.0%	4.0%
Utilities	QVAL +2.1 points	0.0%	2.0%
Consumer Staples	QVAL +1.2 points	4.8%	6.0%
Materials	QVAL +1.1 points	6.8%	7.9%
Technology	DFLV +0.9 points	9.1%	8.2%
Real Estate	DFLV +0.4 points	0.4%	0.0%
Health Care	QVAL +0.1 points	14.0%	14.1%

Country, concentration and asset class

Country by domicile

Country weights in DFLV and QVAL, widest gap first
Country	More in DFLVMore in QVAL	DFLV	QVAL
United States	QVAL +2.0 points	98.0%	100.0%
Switzerland	DFLV +0.8 points	0.8%	0.0%
China	DFLV +0.8 points	0.8%	0.0%
Other countries (3)	DFLV +0.4 points	0.4%	0.0%

Concentration

Weight in the 10 largest Holdings

DFLV25.0%
QVAL23.7%

Securities held

DFLV335
QVAL51

Asset class

DFLV: Equity
QVAL: Equity

Holdings

Only in DFLV302
In both33
Only in QVAL18

Only in DFLV

302 securities, 87.9% of DFLV by weight

Amazon.com Inc.4.62%
JPMorgan Chase & Co4.44%
Exxonmobil Holdings Corp4.20%
Chevron Corp.2.17%
Meta Platforms Inc2.05%
Berkshire Hathaway Cl-B2.02%
UnitedHealth Group Inc.1.59%
Procter & Gamble Co/The1.33%
New Linde PLC1.33%
Goldman Sachs Group Inc.1.30%
Rtx Corp1.10%
Verizon Communications1.09%
Johnson & Johnson1.07%
Thermo Fisher Scientific.1.05%
Wells Fargo & Co.1.03%
Morgan Stanley0.93%
Pfizer Inc.0.93%
Travelers Companies Inc.0.92%
Hewlett-Packard Enterpris0.90%
General Motors0.89%
Norfolk Southern Corp.0.88%
Deere & Co.0.83%
Csx Corp0.79%
Merck & Company Inc0.79%
Slb Ltd0.78%
Fedex Corp0.77%
Te Connectivity PLC0.75%
Analog Devices Inc.0.75%
Salesforce Inc0.75%
Abbott Laboratories0.73%
Target Corp.0.73%
Allstate Corp.0.73%
Bank of America Corp0.71%
Alphabet Inc - Class A0.67%
Republic Services Inc0.67%
Nxp Semiconductors NV0.66%
Occidental Petroleum Corp0.66%
Freeport-Mcmoran Inc.0.65%
Metlife Inc.0.64%
Intel Corp0.63%
Emerson Elec Co0.62%
United Rentals Inc.0.60%
Northrop Grumman Corp.0.58%
Alphabet Inc0.57%
Baker Hughes Co0.57%
Crh PLC0.57%
Nucor Corp.0.56%
Oneok Inc0.56%
Mondelez Intl0.56%
Cummins Inc0.54%

Only in QVAL

18 securities, 35.0% of QVAL by weight

ADT Inc2.90%
Range Resources Corp2.64%
APA Corp2.24%
Abercrombie & Fitch Co2.23%
Urban Outfitters Inc2.16%
Masco Corp2.14%
Altria Group Inc2.05%
Edison International2.02%
Expedia Group Inc1.98%
Adobe Inc1.95%
Crh PLC1.95%
Elevance Health Inc1.92%
Macy's Inc1.87%
Gap Inc/The1.74%
HP Inc1.67%
Booking Holdings Inc1.64%
Anglogold Ashanti Plc1.52%
First American Government Obligations Fund 12/01/20310.37%

Weight gaps

All 33 Holdings in both funds, largest gap first.

Holding weights in DFLV and QVAL, widest gap first
Holding	More in DFLVMore in QVAL	DFLV	QVAL
Accenture PLCACN	QVAL +2.29 points	0.36%	2.65%
Cheniere Energy IncLNG	QVAL +2.11 points	0.10%	2.21%
United Therapeutics CorpUTHR	QVAL +2.06 points	0.19%	2.25%
Marathon Petroleum Corp.MPC	QVAL +2.04 points	<0.01%	2.04%
Dollar Tree IncDLTR	QVAL +2.02 points	0.10%	2.12%
Crown Holdings IncCCK	QVAL +2.01 points	<0.01%	2.02%
Constellation Brands Inc.STZ	QVAL +1.98 points	0.19%	2.17%
Hf Sinclair CorpDINO	QVAL +1.92 points	0.03%	1.95%
Best Buy Co. Inc.BBY	QVAL +1.91 points	0.03%	1.94%
Deckers Outdoor CorpDECK	QVAL +1.89 points	<0.01%	1.89%
Eqt CorpEQT	QVAL +1.81 points	0.22%	2.03%
Cf Industries HoldingsCF	QVAL +1.78 points	0.12%	1.90%
Halliburton CoHAL	QVAL +1.77 points	0.27%	2.04%
Expand Energy CorpEXE	QVAL +1.76 points	0.17%	1.93%
Tenet Healthcare Corp.THC	QVAL +1.76 points	0.17%	1.93%
Carnival Corp LtdCCL	QVAL +1.73 points	0.35%	2.08%
Pulte Group Inc.PHM	QVAL +1.67 points	0.23%	1.90%
First Solar Inc.FSLR	QVAL +1.66 points	0.14%	1.80%
Humana IncorporatedHUM	QVAL +1.61 points	0.32%	1.93%
D.r. Horton Inc.DHI	QVAL +1.59 points	0.30%	1.89%
Incyte CorpINCY	QVAL +1.56 points	0.21%	1.77%
Devon Energy Corp.DVN	QVAL +1.53 points	0.48%	2.01%
Comcast Corp New Class ACMCSA	QVAL +1.32 points	0.62%	1.94%
United Airlines HoldingsUAL	QVAL +1.32 points	0.36%	1.68%
Phillips 66PSX	QVAL +1.30 points	0.72%	2.02%
Cigna Group/TheCI	QVAL +1.26 points	0.69%	1.95%
Valero Energy CorpVLO	QVAL +1.24 points	0.61%	1.85%
Eog Resources Inc.EOG	QVAL +1.20 points	0.93%	2.13%
Delta Air Lines Inc.DAL	QVAL +1.10 points	0.62%	1.72%
ConocophillipsCOP	QVAL +1.08 points	1.12%	2.20%
Bristol-Myers Squibb Co.BMY	QVAL +1.01 points	0.76%	1.77%
AT&T Inc.T	QVAL +0.82 points	0.74%	1.56%
Newmont CorpNEM	QVAL +0.80 points	0.84%	1.64%

All 343 DFLV holdings⁠All 50 QVAL 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.

DFLV vs QVAL Cost

Overpaying QVAL vs DFLV

$1,398

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

DFLV 0.21%
$4,357
QVAL 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

DFLV 0.21%
QVAL 0.28%
Overpaying

Year by year

Year	DFLV	QVAL	Overpaying
10	$383	$509	$126
20	$1,491	$1,976	$485
30	$4,357	$5,755	$1,398

Expense ratio

0.21%DFLV, cheaper
0.28%QVAL

DFLV0.21%QVAL0.28%

0.12%1.25%

Middle half of US Active Value funds
Median 0.55%

DFLV 6th cheapest of 64 funds

QVAL 9th cheapest of 64 funds

DFLV vs QVAL Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DFLV 1.35%; QVAL 1.36%, better
Payout (12M): DFLV $0.57; QVAL $0.88
Last payment: DFLV $0.16; QVAL $0.24
Ex-dividend: DFLV Sep 22, 2026; QVAL Sep 28, 2026
Paid on: DFLV Sep 24, 2026; QVAL Sep 30, 2026
Frequency: DFLV Quarterly; QVAL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DFLVQuarterly · 16 paymentsAll DFLV payments⁠

QVALQuarterly · 39 paymentsAll QVAL payments⁠

DFLV vs QVAL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFLV 12.3%, betterQVAL 14.9%
Return per unit of riskSharpe ratio, 3 years: DFLV 1.38, betterQVAL 1.25
Worst fallMax drawdown, 5 years: DFLV −16.8%since Dec 2022QVAL −27.1%
Market sensitivityBeta, 5 years: DFLV 0.80QVAL 0.69; Market = 1

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