ILCV vs QLC: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Northern Trust US Quality Large Cap ETF

QLCBCboe

Overlap

42.9%by weight

Expense ratio

ILCV −0.21pt a year

ILCV0.04%QLC0.25%

Avg volume · 30D

QLC 1.8×the volume

ILCV24.4KQLC43.3K

10Y return · a year

QLC +2.4pt

ILCV+12.3%QLC+14.7%

ILCV vs QLC Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+88.8%QLC

Expense ratio: ILCV 0.04%, better; QLC 0.25%
Fund size: ILCV $1.37B; QLC $1.13B
1Y total return: ILCV +21.0%, better; QLC +13.0%
Yield (12M): ILCV 1.51%, better; QLC 0.97%
Holdings: ILCV 375; QLC 159
Avg volume (30D): ILCV 24.4K sh; QLC 43.3K sh, better
NAV per share: ILCV $109.27; QLC $89.36
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, QLC, with each pillar’s weight
Pillar	ILCV	QLC
Cost30% weight	A99Higher	B63
Mission25% weight	A82	A94Higher
Risk15% weight	A90Higher	B62
Tradability15% weight	B64	B68Higher
Holdings10% weight	D39	D39
Durability5% weight	A82Higher	A70

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and QLC 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 ›

ILCV ranks 2nd and QLC 25th 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 25BJPUSJPMorgan Diversified Return U.S. Equity ETFScore 69
Rank 25BQLCNorthern Trust US Quality Large Cap ETFScore 69
Rank 28BIUSInvesco RAFI Strategic US ETFScore 68

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

QLCBNorthern Trust US Quality Large Cap ETF

In short

ILCV Value done the thorough way: roughly 400 large- and mid-cap US stocks screened on five separate value measures, not just cheap book value. Running since 2004 at four basis points, it's one of the cheapest tickets into the value factor.

QLC One optimizer, three factors. QLC chases quality, value and momentum together, then boxes its sector, industry and beta bets close to the large-cap universe. Running since 2015 on Northern Trust's in-house quality model.

Stated mandate

ILCV The fund seeks to track an index of U.S. large- and mid-cap stocks selected with value-oriented measures including forward earnings, book value, sales, cash flow, and dividend yield.

QLC The Fund seeks to track the price and yield performance of the Northern Trust Quality Large Cap Index before fees and expenses.

Why people hold it

ILCV Charges 0.04% a year against a 0.32% median for its factor peer group. Undercuts well-regarded rivals like VONV (0.06%) and FNDX (0.25%).
Value gets defined five ways: forward earnings, book value, sales, cash flow and dividend yield. Wider lens than a single price-to-book screen.ishares.com
Spreads the bet across about 400 large- and mid-cap names and distributes quarterly.
Trading since 2004 and now a multi-billion-dollar fund, it ranks among the strongest implementations in its factor cohort.

QLC Quality has a definition here: a proprietary Northern Trust model scores profitability, management efficiency and cash flow, then an optimizer blends it with value and momentum.northerntrust.com
Guardrails are written into the index rules: sector and industry weights within 3 points of the eligible universe, beta within 5%, turnover capped. The tilt stays a tilt.northerntrust.com
0.25% net of a waiver through March 1, 2027 (0.26% gross) sits near the category median, and the fund has hugged its index closely rather than drifting from it.
Live since 2015, a multi-billion-dollar fund paying quarterly, and one of the stronger builds in a crowded multifactor field.

Worth knowing

ILCV One of the quieter tickers in its category. Thin volume means spreads matter more here than on a mega-cap index fund, and limit orders are the usual tool.
Value-only by design. It skips the market's priciest growth leaders, so it moves differently from a total-market fund in both directions.ishares.com
Large and mid caps only. Small-cap value sits outside the mandate.

QLC Plain-vanilla factor rivals cost far less: VYM at 0.04%, VONV at 0.06%, LRGF at 0.08%. The spread is what the quality model costs.
Not one of the heavily traded names in its category, so spreads can run wider than the giants'. Order type matters more here.
About 160 stocks is a slimmer roster than a broad large-cap index, so individual names and the optimizer's choices carry more weight.northerntrust.com

Full ILCV profile⁠

Full QLC profile⁠

ILCV vs QLC Holdings

How ILCV and QLC differ

Overlap by weight

42.9%

Shared holdings make up 73.8% of QLC and 58.5% of ILCV.

Level by level

Holdings118 in both42.9%
Sector11 Sectors82.7%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in ILCV and QLC, widest gap first
Sector	More in ILCVMore in QLC	ILCV	QLC
Technology	QLC +14.1 points	23.9%	38.0%
Financials	ILCV +5.1 points	17.7%	12.6%
Consumer Staples	ILCV +3.7 points	7.3%	3.6%
Energy	ILCV +2.9 points	6.6%	3.7%
Health Care	ILCV +2.9 points	13.4%	10.5%
Communication	QLC +2.6 points	8.8%	11.4%
Consumer Discretionary	ILCV +1.2 points	8.6%	7.4%
Utilities	ILCV +0.8 points	3.0%	2.2%
Materials	QLC +0.5 points	2.1%	2.6%
Industrials	ILCV +0.4 points	6.9%	6.5%
Real Estate	ILCV +0.2 points	1.7%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and QLC, widest gap first
Country	More in ILCVMore in QLC	ILCV	QLC
United States	QLC +0.8 points	99.2%	100.0%
Other countries (5)	ILCV +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
QLC34.4%

Securities held

ILCV372
QLC156

Asset class

ILCV: Equity
QLC: Equity

Holdings

Only in ILCV254
In both118
Only in QLC38

Only in ILCV

254 securities, 41.3% of ILCV by weight

Exxonmobil Holdings Corp2.14%
Chevron1.23%
Procter & Gamble1.06%
UnitedHealth Group1.05%
Coca-Cola1.03%
Visa Class A1.00%
Philip Morris International0.92%
Walmart0.91%
Rtx0.76%
Thermo Fisher Scientific0.75%
Costco Wholesale Corp0.71%
International Business Machines Co0.69%
Linde PLC0.66%
Mastercard Class A0.63%
Walt Disney0.54%
Pepsico0.52%
Mcdonalds Corp0.52%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Conocophillips0.51%
Union Pacific0.51%
Nextera Energy0.49%
BlackRock0.46%
Texas Instrument0.45%
Danaher0.43%
Accenture PLC Class A0.43%
Progressive0.38%
Chubb0.36%
Capital One Financial Corp0.36%
Medtronic PLC0.35%
American Express0.35%
Oracle0.35%
Prologis Reit0.35%
Southern0.30%
Cme Group Class A0.30%
Duke Energy Corp0.28%
Tjx0.28%
Vertex Pharmaceuticals0.27%
Charles Schwab0.27%
Us Bancorp0.27%
Eaton PLC0.26%
S&P Global0.26%
Pnc Financial Services Group0.26%
Intercontinental Exchange Inc0.26%
Elevance Health Inc0.25%
Deere0.25%
American Tower Reit0.25%
Waste Management Inc0.24%
Mckesson Corp0.24%
Travelers Companies0.24%

Only in QLC

38 securities, 25.2% of QLC by weight

NVIDIA Corp Common Stock USD 0.0017.31%
Broadcom Inc Common Stock USD2.48%
Eli Lilly and Company1.39%
General Electric Co1.02%
Kla Corp Common Stock USD 0.0010.94%
Applied Materials Inc Common Stock USD 0.010.89%
Lam Research Corp Common Stock USD 0.0010.79%
Advanced Micro Devices Inc Common Stock USD 0.010.70%
Seagate Technology Holdings PLC Common Stock USD0.66%
Hf Sinclair Corp Common Stock USD0.65%
Host Hotels & Resorts Inc Reit USD 0.010.59%
Best Buy Co Inc Common Stock USD 0.10.58%
Lyondellbasell Industries NV Common Stock USD 0.040.56%
Stanley Black & Decker Inc Common Stock USD 2.50.56%
Emcor Group Inc Common Stock USD 0.010.48%
Western Digital Corp Common Stock USD 0.010.47%
Jazz Pharmaceuticals PLC Common Stock USD 0.00010.46%
Palantir Technologies Inc Common Stock USD 0.0010.45%
Jabil Inc Common Stock USD 0.0010.44%
Accenture PLC Common Stock USD 0.00002250.37%
Netflix Inc Common Stock USD 0.0010.36%
Arista Networks Inc Common Stock USD 0.00010.36%
Medpace Holdings Inc Common Stock USD 0.010.35%
Ch Robinson Worldwide Inc Common Stock USD 0.10.33%
Cummins Inc Common Stock USD 2.50.31%
Fortinet Inc Common Stock USD 0.0010.28%
Spotify Technology SA Common Stock USD 0.0006250.26%
Ge Vernova Inc Common Stock USD 0.010.23%
Carlisle Cos Inc Common Stock USD 10.22%
Masco Corp Common Stock USD 10.18%
Twilio Inc Common Stock USD 0.0010.14%
Applovin Corp Common Stock USD 0.000030.11%
Fiserv Inc Common Stock USD 0.010.08%
Airbnb Inc Common Stock USD 0.00010.06%
Jones Lang Lasalle Inc Common Stock USD 0.010.03%
Fair Isaac Corp Common Stock USD 0.010.03%
Omega Healthcare Investors Inc Reit USD 0.10.03%
Reinsurance Group of America Inc Common Stock USD0.02%

Weight gaps

The 100 widest of 118 Holdings in both funds.

Holding weights in ILCV and QLC, widest gap first
Holding	More in ILCVMore in QLC	ILCV	QLC
MicrosoftMSFT	ILCV +4.27 points	8.45%	4.18%
Berkshire Hathaway Inc Class BBRK.B	ILCV +1.46 points	2.84%	1.38%
Alphabet Class CGOOG	QLC +1.22 points	1.65%	2.87%
AbbVieABBV	ILCV +1.22 points	1.46%	0.24%
Alphabet Class AGOOGL	QLC +1.20 points	2.04%	3.24%
AppleAAPL	ILCV +1.02 points	7.24%	6.22%
Meta Platforms Class AMETA	ILCV +0.94 points	2.50%	1.56%
Merck & Co IncMRK	ILCV +0.91 points	1.03%	0.12%
CitigroupC	QLC +0.90 points	0.60%	1.50%
Tesla IncTSLA	ILCV +0.90 points	1.24%	0.34%
Marathon PetroleumMPC	QLC +0.79 points	0.18%	0.97%
Home DepotHD	ILCV +0.78 points	0.93%	0.15%
Goldman Sachs GroupGS	QLC +0.74 points	0.77%	1.51%
Amazon.com IncAMZN	ILCV +0.71 points	3.08%	2.37%
JPMorgan Chase & CoJPM	ILCV +0.69 points	2.60%	1.91%
Dell Technologies Inc Class CDELL	QLC +0.68 points	0.11%	0.79%
Bank of New York Mellon CorpBNY	QLC +0.64 points	0.11%	0.75%
Lockheed MartinLMT	QLC +0.63 points	0.36%	0.99%
Altria Group IncMO	QLC +0.63 points	0.36%	0.99%
Bristol Myers SquibbBMY	QLC +0.60 points	0.36%	0.96%
EbayEBAY	QLC +0.60 points	0.09%	0.69%
Valero Energy CorpVLO	QLC +0.56 points	0.31%	0.87%
Centene CorpCNC	QLC +0.55 points	0.05%	0.60%
Expeditors International of WashinEXPD	QLC +0.55 points	0.03%	0.58%
Micron TechnologyMU	QLC +0.54 points	1.35%	1.89%
DowDOW	QLC +0.53 points	0.07%	0.60%
Cvs HealthCVS	QLC +0.51 points	0.33%	0.84%
Cf Industries Holdings IncCF	QLC +0.52 points	0.05%	0.57%
Netapp IncNTAP	QLC +0.51 points	0.08%	0.59%
NewmontNEM	QLC +0.51 points	0.33%	0.84%
Consolidated EdisonED	QLC +0.49 points	0.12%	0.61%
Adobe IncADBE	QLC +0.48 points	0.28%	0.76%
State StreetSTT	QLC +0.46 points	0.08%	0.54%
Expedia GroupEXPE	QLC +0.47 points	0.04%	0.51%
Kraft HeinzKHC	QLC +0.46 points	0.06%	0.52%
Eog ResourcesEOG	QLC +0.46 points	0.24%	0.70%
Royalty Pharma PLC Class ARPRX	QLC +0.46 points	0.07%	0.53%
Simon Property Group Reit IncSPG	QLC +0.45 points	0.10%	0.55%
Illinois Tool IncITW	QLC +0.45 points	0.11%	0.56%
Synchrony FinancialSYF	QLC +0.45 points	0.07%	0.52%
T Rowe Price GroupTROW	QLC +0.45 points	0.06%	0.51%
Occidental Petroleum CorpOXY	QLC +0.44 points	0.13%	0.57%
Exelon CorpEXC	QLC +0.45 points	0.13%	0.58%
TapestryTPR	QLC +0.44 points	0.02%	0.46%
Ameriprise Finance IncAMP	QLC +0.43 points	0.07%	0.50%
General MotorsGM	QLC +0.43 points	0.21%	0.64%
Broadridge Financial Solutions IncBR	QLC +0.43 points	0.06%	0.49%
American International GroupAIG	QLC +0.42 points	0.11%	0.53%
Target CorpTGT	QLC +0.41 points	0.20%	0.60%
Omnicom Group IncOMC	QLC +0.41 points	0.06%	0.47%
Cardinal HealthCAH	QLC +0.40 points	0.07%	0.47%
ResmedRMD	QLC +0.39 points	0.05%	0.44%
Cisco Systems IncCSCO	ILCV +0.39 points	1.22%	0.83%
Edison InternationalEIX	QLC +0.39 points	0.06%	0.45%
PfizerPFE	ILCV +0.39 points	0.49%	0.10%
SalesforceCRM	ILCV +0.38 points	0.52%	0.14%
Vici Pptys IncVICI	QLC +0.37 points	0.08%	0.45%
Ford Motor CoF	QLC +0.37 points	0.14%	0.51%
Wells FargoWFC	ILCV +0.36 points	0.73%	0.37%
AflacAFL	QLC +0.33 points	0.16%	0.49%
Incyte CorpINCY	QLC +0.33 points	0.03%	0.36%
Lowes Companies IncLOW	ILCV +0.31 points	0.33%	0.02%
CignaCI	QLC +0.30 points	0.22%	0.52%
Williams Sonoma IncWSM	QLC +0.30 points	0.05%	0.35%
Zoom Communications Class AZM	QLC +0.29 points	0.07%	0.36%
Public Service Enterprise GroupPEG	QLC +0.29 points	0.07%	0.36%
KrogerKR	QLC +0.29 points	0.11%	0.40%
Las Vegas SandsLVS	QLC +0.28 points	0.01%	0.29%
Dollar Tree IncDLTR	QLC +0.26 points	0.07%	0.33%
Uber TechnologiesUBER	ILCV +0.25 points	0.27%	0.02%
Ulta Beauty IncULTA	QLC +0.26 points	0.03%	0.29%
Bank of AmericaBAC	QLC +0.25 points	0.94%	1.19%
PtcPTC	QLC +0.24 points	0.02%	0.26%
Tyson Foods Inc Class ATSN	QLC +0.22 points	0.05%	0.27%
EvergyEVRG	QLC +0.22 points	0.06%	0.28%
Dupont De NemoursDD	QLC +0.20 points	0.05%	0.25%
FortiveFTV	QLC +0.19 points	0.06%	0.25%
Regeneron PharmaceuticalsREGN	QLC +0.18 points	0.23%	0.41%
General Dynamics CorpGD	ILCV +0.18 points	0.26%	0.08%
Tenet Healthcare CorpTHC	QLC +0.17 points	0.06%	0.23%
United TherapeuticsUTHR	QLC +0.16 points	0.03%	0.19%
Kimberly ClarkKMB	QLC +0.15 points	0.10%	0.25%
Caterpillar IncCAT	QLC +0.15 points	0.38%	0.53%
IntuitINTU	QLC +0.14 points	0.25%	0.39%
Booking HoldingsBKNG	QLC +0.14 points	0.32%	0.46%
AT&TT	QLC +0.13 points	0.41%	0.54%
Cognizant Technology Solutions ClaCTSH	QLC +0.13 points	0.08%	0.21%
3MMMM	QLC +0.12 points	0.26%	0.38%
SandiskSNDK	QLC +0.12 points	0.29%	0.41%
Archer Daniels MidlandADM	QLC +0.11 points	0.10%	0.21%
Colgate-PalmoliveCL	QLC +0.11 points	0.14%	0.25%
Charter Communications Class ACHTR	QLC +0.10 points	0.03%	0.13%
Firstenergy CorpFE	QLC +0.10 points	0.07%	0.17%
QualcommQCOM	ILCV +0.08 points	0.56%	0.48%
Analog DevicesADI	ILCV +0.08 points	0.28%	0.20%
PayPal HoldingsPYPL	QLC +0.07 points	0.14%	0.21%
Fidelity National Information ServFIS	QLC +0.07 points	0.05%	0.12%
F5FFIV	QLC +0.06 points	0.03%	0.09%
Automatic Data Processing IncADP	ILCV +0.06 points	0.32%	0.26%
Dollar General CorpDG	QLC +0.06 points	0.08%	0.14%

All 372 ILCV holdings⁠All 162 QLC 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.

ILCV vs QLC Cost

Overpaying QLC vs ILCV

$4,310

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

ILCV 0.04%
$849
QLC 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
QLC 0.25%
Overpaying

Year by year

Year	ILCV	QLC	Overpaying
10	$73	$455	$382
20	$288	$1,769	$1,481
30	$849	$5,159	$4,310

Expense ratio

0.04%ILCV, cheaper
0.25%QLC

ILCV0.04%QLC0.25%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

QLC 36th cheapest of 99 funds

ILCV vs QLC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%, better; QLC 0.97%
Payout (12M): ILCV $1.65; QLC $0.87
Last payment: ILCV $0.42; QLC $0.22
Ex-dividend: ILCV Sep 15, 2026; QLC Sep 18, 2026
Paid on: ILCV Sep 18, 2026; QLC Sep 24, 2026
Frequency: ILCV Quarterly; QLC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

QLCQuarterly · 39 paymentsAll QLC payments⁠

ILCV vs QLC Risk

Fall from peak · 5 years

ILCV
QLC

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterQLC 12.1%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57QLC 1.59, better
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterQLC −23.8%
Market sensitivityBeta, 5 years: ILCV 0.82QLC 0.99; Market = 1

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