DVOL vs IMCV: Grades, Fees and Holdings Compared

First Trust Dorsey Wright Momentum & Low Volatility ETF

DVOLDNasdaq

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Overlap

7.2%by weight

Expense ratio

IMCV −0.54pt a year

DVOL0.60%IMCV0.06%

Avg volume · 30D

IMCV 6.0×the volume

DVOL6.5KIMCV38.9K

5Y return · a year

IMCV +5.9pt

DVOL+5.1%IMCV+11.0%

DVOL vs IMCV Performance

Oct 29, 2021 – Oct 30, 2026

+28.1%DVOL+68.3%IMCV

Expense ratio: DVOL 0.60%; IMCV 0.06%, better
Fund size: DVOL $75M; IMCV $1.27B
1Y total return: DVOL +6.1%; IMCV +27.0%, better
Yield (12M): DVOL 0.81%; IMCV 1.84%, better
Holdings: DVOL 51; IMCV 271
Avg volume (30D): DVOL 6.5K sh; IMCV 38.9K sh, better
NAV per share: DVOL $36.35; IMCV $99.16
52W range

ETF.net Grade

Pillar letters and Scores for DVOL, IMCV, with each pillar’s weight
Pillar	DVOL	IMCV
Cost30% weight	F15	A96Higher
Mission25% weight	Not scored	A76
Risk15% weight	C50	A77Higher
Tradability15% weight	C42	B69Higher
Holdings10% weight	D37	B69Higher
Durability5% weight	C46	A77Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. DVOL and IMCV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

IMCV ranks 4th and DVOL 91st of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 2AVYMVanguard High Dividend Yield ETFScore 81
Rank 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 5ADCORU.S. Core Equity 1 Portfolio ETF Class SharesScore 79
Rank 91DBRNYBurney U.S. Factor Rotation ETFScore 32
Rank 91DDVOLFirst Trust Dorsey Wright Momentum & Low Volatility ETFScore 32
Rank 93DFDLSInspire Fidelis Multi Factor ETFScore 29

Our read on each fund

ETF.net Research

DVOLDFirst Trust Dorsey Wright Momentum & Low Volatility ETF

IMCVAiShares Morningstar Mid-Cap Value ETF

In short

DVOL Momentum and low volatility usually pull in opposite directions. DVOL runs both screens through a Dorsey Wright index and lands on roughly 50 stocks that are climbing without much drama. A niche recipe, priced like one at 0.60%.

IMCV No data

Stated mandate

DVOL The Fund seeks to track, before fees and expenses, the price and yield performance of the Dorsey Wright Momentum Plus Low VolatilityTM Index.

IMCV No data

Why people hold it

DVOL Two factors, one ticket: the index screens for momentum and low volatility together instead of asking you to own a fund for each and hope they blend.ftportfolios.com
Roughly 50 names, not 500. The factor tilt actually shows up in the portfolio instead of being watered down by hundreds of index leftovers.
Live since 2018, so the rules have traded through real market shocks rather than existing only as a backtest.
A published index calls the shots and cash goes out quarterly. No manager improvising between rebalances.ftportfolios.com

IMCV No data

Worth knowing

DVOL The 0.60% fee sits well above the typical multifactor fund. Large peers like VONV and FNDX charge a fraction of that, and the gap comes straight out of results.
Volume is light for the category, so spreads and trade timing matter more here than with a mega-cap index fund.
With about 50 holdings, individual names and whichever sectors currently clear the screen carry real weight versus a broad-market fund.

IMCV No data

Full DVOL profile⁠

Full IMCV profile⁠

DVOL vs IMCV Holdings

How DVOL and IMCV differ

Overlap by weight

7.2%

Shared holdings make up 33.0% of DVOL and 7.6% of IMCV.

Level by level

Holdings17 in both7.2%
Sector11 Sectors68.4%
Countryby domicile98.9%
Asset classEquity100%

Sector

Sector weights in DVOL and IMCV, widest gap first
Sector	More in DVOLMore in IMCV	DVOL	IMCV
Industrials	DVOL +10.9 points	25.1%	14.2%
Energy	IMCV +8.9 points	4.5%	13.4%
Real Estate	DVOL +8.0 points	12.6%	4.6%
Financials	DVOL +7.8 points	26.3%	18.5%
Health Care	IMCV +7.1 points	5.1%	12.2%
Utilities	IMCV +6.9 points	2.1%	9.0%
Consumer Staples	IMCV +5.9 points	2.8%	8.7%
Consumer Discretionary	DVOL +3.3 points	10.2%	6.9%
Communication	DVOL +1.5 points	2.6%	1.1%
Materials	IMCV +1.5 points	3.5%	5.0%
Technology	IMCV +1.4 points	5.1%	6.5%

Country, concentration and asset class

Country by domicile

Country weights in DVOL and IMCV, widest gap first
Country	More in DVOLMore in IMCV	DVOL	IMCV
Switzerland	DVOL +0.7 points	0.9%	0.2%
Other countries (4)	IMCV +0.7 points	99.1%	99.8%

Concentration

Weight in the 10 largest Holdings

DVOL30.6%
IMCV13.2%

Securities held

DVOL50
IMCV268

Asset class

DVOL: Equity
IMCV: Equity

Holdings

Only in DVOL33
In both17
Only in IMCV251

Only in DVOL

33 securities, 66.8% of DVOL by weight

Cullen/Frost Bankers, Inc.3.10%
Chevron Corporation3.03%
Cintas Corporation3.02%
Primerica, Inc.3.00%
Hilton Worldwide Holdings Inc.2.96%
Welltower Inc.2.88%
W.W. Grainger, Inc.2.86%
JPMorgan Chase & Co.2.84%
Apple Inc.2.68%
Popular, Inc.2.57%
AMETEK, Inc.2.54%
CareTrust REIT, Inc.2.51%
American Healthcare REIT, Inc.2.37%
Old National Bancorp2.34%
The Charles Schwab Corporation2.20%
The Progressive Corporation2.01%
Wabtec Corporation1.98%
Aramark1.93%
Applied Industrial Technologies, Inc.1.83%
Amgen Inc.1.78%
Encompass Health Corporation1.74%
Morgan Stanley1.65%
Hasbro, Inc.1.60%
Merck & Co., Inc.1.52%
Citigroup Inc.1.33%
Live Nation Entertainment, Inc.1.23%
Johnson Controls International Plc1.19%
Capital One Financial Corporation1.14%
West Pharmaceutical Services, Inc.1.09%
Deere & Company1.02%
Affiliated Managers Group, Inc.1.01%
Crane Company1.01%
Invesco Ltd.0.86%

Only in IMCV

251 securities, 92.2% of IMCV by weight

Automatic Data Processing Inc1.60%
Valero Energy Corp1.57%
Us Bancorp1.27%
Regeneron Pharmaceuticals1.25%
Pnc Financial Services Group1.24%
3M1.23%
Elevance Health Inc1.20%
Eog Resources1.19%
Mondelez International Class A1.14%
United Parcel Service Inc Class B1.11%
Slb1.09%
Moderna1.08%
General Motors1.05%
Cigna1.04%
Hewlett Packard Enterprise1.00%
Target Corp0.96%
Kinder Morgan0.91%
Marathon Petroleum0.88%
Oneok0.83%
Truist Financial0.82%
Marsh0.82%
Devon Energy0.78%
Sempra0.77%
Dominion Energy0.77%
Aflac0.76%
Becton Dickinson0.74%
Metlife0.73%
Williams0.72%
Delta Air Lines0.72%
Paccar Inc0.69%
Colgate-Palmolive0.69%
Xcel Energy Inc0.68%
PayPal Holdings0.67%
Keurig Dr Pepper Inc0.66%
Ford Motor Co0.66%
Strategy Inc Class A0.65%
Exelon Corp0.65%
Northrop Grumman Corp0.64%
Occidental Petroleum Corp0.64%
Nike Class B0.62%
Iqvia Holdings Inc0.60%
Consolidated Edison0.59%
Norfolk Southern Corp0.59%
American Electric Power Inc0.56%
American International Group0.56%
Prudential Financial Inc0.55%
Sysco0.54%
Crh Public Limited PLC0.53%
Workday Class A0.53%
Diamondback Energy0.53%

Weight gaps

All 17 Holdings in both funds, largest gap first.

Holding weights in DVOL and IMCV, widest gap first
Holding	More in DVOLMore in IMCV	DVOL	IMCV
Simon Property Group, Inc.SPG	DVOL +3.05 points	3.52%	0.47%
Reliance Inc.RS	DVOL +2.66 points	2.80%	0.14%
Principal Financial Group, Inc.PFG	DVOL +2.47 points	2.80%	0.33%
The Bank of New York Mellon CorporationBNY	DVOL +2.43 points	2.95%	0.52%
The Travelers Companies, Inc.TRV	DVOL +2.13 points	3.26%	1.13%
State Street CorporationSTT	DVOL +2.12 points	2.48%	0.36%
Ross Stores, Inc.ROST	DVOL +1.68 points	1.95%	0.27%
Citizens Financial Group, Inc.CFG	DVOL +1.59 points	1.77%	0.18%
US Foods Holding Corp.USFD	DVOL +1.25 points	1.40%	0.15%
Targa Resources Corp.TRGP	DVOL +1.16 points	1.64%	0.48%
Cardinal Health, Inc.CAH	DVOL +1.09 points	1.45%	0.36%
Cheniere Energy, Inc.LNG	DVOL +1.05 points	1.98%	0.93%
Expeditors International of Washington, Inc.EXPD	DVOL +1.03 points	1.20%	0.17%
Williams-Sonoma, Inc.WSM	DVOL +0.77 points	1.00%	0.23%
Garmin Ltd.GRMN	DVOL +0.69 points	0.89%	0.20%
TD SYNNEX CorporationSNX	DVOL +0.61 points	0.76%	0.15%
Phillips 66PSX	IMCV +0.36 points	1.18%	1.54%

All 50 DVOL holdings⁠All 268 IMCV 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.

DVOL vs IMCV Cost

Overpaying DVOL vs IMCV

$10,547

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

DVOL 0.60%
$11,817
IMCV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

DVOL 0.60%
IMCV 0.06%
Overpaying

Year by year

Year	DVOL	IMCV	Overpaying
10	$1,076	$110	$966
20	$4,116	$432	$3,684
30	$11,817	$1,270	$10,547

Expense ratio

0.60%DVOL
0.06%IMCV, cheaper

IMCV0.06%DVOL0.60%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

DVOL 82nd cheapest of 99 funds

DVOL vs IMCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DVOL 0.81%; IMCV 1.84%, better
Payout (12M): DVOL $0.29; IMCV $1.83
Last payment: DVOL $0.07; IMCV $0.52
Ex-dividend: DVOL Sep 24, 2026; IMCV Sep 15, 2026
Paid on: DVOL Sep 30, 2026; IMCV Sep 18, 2026
Frequency: DVOL Quarterly; IMCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DVOLQuarterly · 32 paymentsAll DVOL payments⁠

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

DVOL vs IMCV Risk

Fall from peak · 5 years

DVOL
IMCV

Risk facts

VolatilityStd dev, 3 years: DVOL 12.6%, betterIMCV 13.6%
Return per unit of riskSharpe ratio, 3 years: DVOL 0.79IMCV 1.22, better
Worst fallMax drawdown, 5 years: DVOL −24.6%IMCV −19.9%, better
Market sensitivityBeta, 5 years: DVOL 0.69IMCV 0.88; Market = 1

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