ILCV vs QVML: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Invesco S&P 500 QVM Multi-factor ETF

QVMLANYSE Arca

Overlap

64.2%by weight

Expense ratio

ILCV −0.07pt a year

ILCV0.04%QVML0.11%

Avg volume · 30D

QVML 2.3×the volume

ILCV24.4KQVML54.8K

5Y return · a year

ILCV +0.3pt

ILCV+12.6%QVML+12.3%

ILCV vs QVML Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+78.4%QVML

Expense ratio: ILCV 0.04%, better; QVML 0.11%
Fund size: ILCV $1.37B; QVML $1.7B
1Y total return: ILCV +21.0%, better; QVML +13.3%
Yield (12M): ILCV 1.51%, better; QVML 1.00%
Holdings: ILCV 375; QVML 438
Avg volume (30D): ILCV 24.4K sh; QVML 54.8K sh, better
NAV per share: ILCV $109.27; QVML $44.93
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, QVML, with each pillar’s weight
Pillar	ILCV	QVML
Cost30% weight	A99Higher	A91
Mission25% weight	A82	A91Higher
Risk15% weight	A90Higher	B59
Tradability15% weight	B64Higher	C47
Holdings10% weight	D39Higher	D31
Durability5% weight	A82Higher	B61

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and QVML 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 QVML 17th 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 16AFSMDFidelity Small-Mid Multifactor ETFScore 74
Rank 17AQVMLInvesco S&P 500 QVM Multi-factor ETFScore 72
Rank 18AFLQLFranklin U.S. Large Cap Multifactor Index ETFScore 71

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

QVMLAInvesco S&P 500 QVM Multi-factor 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.

QVML Most multifactor funds tear the S&P 500 down and rebuild it. QVML just shaves off the bottom: it holds roughly 400 of the names, screened for quality, value and momentum, and charges 0.11% to do it.

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.

QVML The fund seeks exposure to a subset of S&P 500 securities selected for quality, value, and momentum characteristics through the S&P 500 Quality, Value & Momentum Top 90% Multi-factor Index.

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.

QVML 0.11% expense ratio, a fraction of what the typical multifactor large-cap fund charges.
The "Top 90%" index drops the weakest slice rather than rebuilding the market from scratch, leaving roughly 400 large caps on familiar S&P 500 ground.invesco.com
Three tilts in one ticker: quality, value and momentum, applied inside a single S&P 500 universe. No separate factor sleeves to juggle.invesco.com
An Invesco fund running since 2021, now in the multi-billion-dollar range, with quarterly distributions.

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.

QVML Thinly traded next to the household-name index funds. Spreads are worth a look, and limit orders do more work here.
Cutting only the bottom tenth keeps the portfolio close to the parent index. The factor tilt is deliberately mild, not a sharp break from the S&P 500.
Plain single-style peers go cheaper (VYM at 0.04%, VONV at 0.06%), so the fee buys the multi-factor screen, not the beta.

Full ILCV profile⁠

Full QVML profile⁠

ILCV vs QVML Holdings

How ILCV and QVML differ

Overlap by weight

64.2%

Shared holdings make up 86.4% of ILCV and 71.5% of QVML.

Level by level

Holdings297 in both64.2%
Sector11 Sectors80.4%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in ILCV and QVML, widest gap first
Sector	More in ILCVMore in QVML	ILCV	QVML
Technology	QVML +18.8 points	23.9%	42.7%
Financials	ILCV +5.3 points	17.7%	12.3%
Health Care	ILCV +3.9 points	13.4%	9.5%
Energy	ILCV +3.0 points	6.6%	3.6%
Consumer Staples	ILCV +2.8 points	7.3%	4.5%
Consumer Discretionary	ILCV +1.6 points	8.6%	7.0%
Communication	ILCV +1.6 points	8.8%	7.2%
Utilities	ILCV +1.0 points	3.0%	2.0%
Industrials	QVML +0.8 points	6.9%	7.7%
Materials	ILCV +0.2 points	2.1%	1.9%
Real Estate	Same weight	1.7%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and QVML, widest gap first
Country	More in ILCVMore in QVML	ILCV	QVML
United States	QVML +0.3 points	99.2%	99.5%
Switzerland	ILCV +0.1 points	0.4%	0.3%
Brazil	ILCV +0.1 points	0.1%	0.0%
China	Same weight	0.1%	0.1%
United Kingdom	ILCV +0.1 points	0.1%	0.0%
Ireland	ILCV +0.1 points	0.1%	0.0%
Mexico	QVML +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
QVML41.1%

Securities held

ILCV372
QVML436

Asset class

ILCV: Equity
QVML: Equity

Holdings

Only in ILCV75
In both297
Only in QVML139

Only in ILCV

75 securities, 13.4% of ILCV by weight

Meta Platforms Class A2.50%
Alphabet Class C1.65%
AbbVie1.46%
Tesla Inc1.24%
Philip Morris International0.92%
Gilead Sciences0.58%
Mcdonalds Corp0.52%
Oracle0.35%
Lowes Companies Inc0.33%
Booking Holdings0.32%
Elevance Health Inc0.25%
American Tower Reit0.25%
Cheniere Energy0.19%
Starbucks Corp0.17%
Becton Dickinson0.15%
Marriott International Class A0.15%
Strategy Inc Class A0.15%
Mercadolibre0.12%
Crown Castle Inc0.11%
Synopsys0.10%
Kkr and Co Inc0.10%
Fiserv Inc0.07%
Royalty Pharma PLC Class A0.07%
Zoom Communications Class A0.07%
Revolution Medicines0.06%
Tenet Healthcare Corp0.06%
Keycorp0.06%
Sunbelt Rentals Holdings Inc0.06%
Ovintiv0.06%
Permian Resources Class A0.06%
Southern Copper Corp0.05%
Otis Worldwide0.05%
East West Bancorp0.05%
Ss and C Technologies Holdings0.05%
American Water Works0.05%
Illumina Inc0.05%
Performance Food Group0.04%
Coeur Mining0.04%
W. P. Carey Reit0.04%
Yum Brands0.04%
Mid America Apartment Communities0.04%
Annaly Capital Management Reit0.04%
First Citizens Bancshares Class A0.04%
Td Synnex0.03%
Roivant Sciences Ltd0.03%
Sba Communications Reit Corp Class0.03%
Wesco International0.03%
Us Foods Holding0.03%
Reliance Steel & Aluminum0.03%
Verisk Analytics0.03%

Only in QVML

139 securities, 28.4% of QVML by weight

NVIDIA Corp8.46%
Broadcom Inc2.76%
Eli Lilly & Co1.86%
Advanced Micro Devices Inc1.39%
Intel Corp0.64%
Palo Alto Networks Inc0.60%
General Electric Co0.56%
Applied Materials Inc0.55%
Lam Research Corp0.52%
Crowdstrike Holdings Inc0.50%
Netflix Inc0.48%
GE Vernova Inc0.38%
KLA Corp0.35%
Amphenol Corp0.33%
Arista Networks Inc0.33%
Intuitive Surgical Inc0.29%
Marvell Technology Inc0.29%
Welltower Inc0.29%
Seagate Technology Holdings PLC0.25%
Western Digital Corp0.22%
Cadence Design Systems Inc0.20%
Freeport-McMoRan Inc0.17%
Fortinet Inc0.17%
Quanta Services Inc0.16%
Elevance Health Inc0.16%
Vertiv Holdings Co0.16%
Howmet Aerospace Inc0.15%
Corning Inc0.15%
Johnson Controls International plc0.15%
Ecolab Inc0.15%
Cintas Corp0.14%
Moody's Corp0.14%
Airbnb Inc0.14%
Royal Caribbean Cruises Ltd0.14%
Monster Beverage Corp0.14%
AppLovin Corp0.12%
Cummins Inc0.12%
Cencora Inc0.12%
Autodesk Inc0.12%
Becton Dickinson & Co0.11%
Lumentum Holdings Inc0.11%
Edwards Lifesciences Corp0.11%
Aon PLC0.10%
IDEXX Laboratories Inc0.10%
Reddit Inc0.10%
Monolithic Power Systems Inc0.10%
Keysight Technologies Inc0.10%
Ciena Corp0.10%
Baker Hughes Co0.09%
AMETEK Inc0.09%

Weight gaps

The 100 widest of 297 Holdings in both funds.

Holding weights in ILCV and QVML, widest gap first
Holding	More in ILCVMore in QVML	ILCV	QVML
MicrosoftMSFT	ILCV +1.68 points	8.45%	6.77%
Alphabet Class AGOOGL	QVML +1.67 points	2.04%	3.71%
AppleAAPL	QVML +1.28 points	7.24%	8.52%
Berkshire Hathaway Inc Class BBRK.B	ILCV +1.16 points	2.84%	1.68%
Amazon.com IncAMZN	QVML +1.08 points	3.08%	4.16%
JPMorgan Chase & CoJPM	ILCV +1.06 points	2.60%	1.54%
Exxonmobil Holdings CorpXOM	ILCV +0.89 points	2.14%	1.25%
Johnson & JohnsonJNJ	ILCV +0.78 points	1.89%	1.11%
ChevronCVX	ILCV +0.52 points	1.23%	0.71%
Cisco Systems IncCSCO	ILCV +0.50 points	1.22%	0.72%
Merck & Co IncMRK	ILCV +0.42 points	1.03%	0.61%
UnitedHealth GroupUNH	ILCV +0.41 points	1.05%	0.64%
Coca-ColaKO	ILCV +0.41 points	1.03%	0.62%
Bank of AmericaBAC	ILCV +0.38 points	0.94%	0.56%
Procter & GamblePG	ILCV +0.37 points	1.06%	0.69%
Home DepotHD	ILCV +0.34 points	0.93%	0.59%
Mastercard Class AMA	QVML +0.31 points	0.63%	0.94%
Wells FargoWFC	ILCV +0.32 points	0.73%	0.41%
International Business Machines CoIBM	ILCV +0.30 points	0.69%	0.39%
Thermo Fisher ScientificTMO	ILCV +0.30 points	0.75%	0.45%
Goldman Sachs GroupGS	ILCV +0.30 points	0.77%	0.47%
RtxRTX	ILCV +0.29 points	0.76%	0.47%
Micron TechnologyMU	QVML +0.28 points	1.35%	1.63%
CitigroupC	ILCV +0.25 points	0.60%	0.35%
QualcommQCOM	ILCV +0.24 points	0.56%	0.32%
Amgen IncAMGN	ILCV +0.25 points	0.71%	0.46%
Linde PLCLIN	ILCV +0.24 points	0.66%	0.42%
Morgan StanleyMS	ILCV +0.24 points	0.64%	0.40%
ConocophillipsCOP	ILCV +0.23 points	0.51%	0.28%
Visa Class AV	QVML +0.22 points	1.00%	1.22%
PepsicoPEP	ILCV +0.21 points	0.52%	0.31%
Union PacificUNP	ILCV +0.20 points	0.51%	0.31%
Abbott LaboratoriesABT	ILCV +0.19 points	0.51%	0.32%
Verizon Communications IncVZ	ILCV +0.20 points	0.52%	0.32%
PfizerPFE	ILCV +0.19 points	0.49%	0.30%
SalesforceCRM	ILCV +0.18 points	0.52%	0.34%
DanaherDHR	ILCV +0.18 points	0.43%	0.25%
Accenture PLC Class AACN	ILCV +0.18 points	0.43%	0.25%
Nextera EnergyNEE	ILCV +0.17 points	0.49%	0.32%
ProgressivePGR	ILCV +0.17 points	0.38%	0.21%
Altria Group IncMO	ILCV +0.15 points	0.36%	0.21%
AT&TT	ILCV +0.16 points	0.41%	0.25%
Walt DisneyDIS	ILCV +0.15 points	0.54%	0.39%
Phillips 66PSX	ILCV +0.14 points	0.31%	0.17%
Valero Energy CorpVLO	ILCV +0.13 points	0.31%	0.18%
Medtronic PLCMDT	ILCV +0.13 points	0.35%	0.22%
ChubbCB	ILCV +0.13 points	0.36%	0.23%
Bristol Myers SquibbBMY	ILCV +0.14 points	0.36%	0.22%
Lockheed MartinLMT	ILCV +0.13 points	0.36%	0.23%
BlackRockBLK	ILCV +0.13 points	0.46%	0.33%
NewmontNEM	ILCV +0.12 points	0.33%	0.20%
Cvs HealthCVS	ILCV +0.13 points	0.33%	0.20%
Cme Group Class ACME	ILCV +0.12 points	0.30%	0.18%
3MMMM	ILCV +0.12 points	0.26%	0.14%
Honeywell International IncHON	ILCV +0.12 points	0.20%	0.08%
Pnc Financial Services GroupPNC	ILCV +0.11 points	0.26%	0.15%
Caterpillar IncCAT	QVML +0.12 points	0.38%	0.50%
T Mobile Us IncTMUS	ILCV +0.11 points	0.20%	0.09%
Eog ResourcesEOG	ILCV +0.11 points	0.24%	0.13%
Hewlett Packard EnterpriseHPE	ILCV +0.11 points	0.22%	0.11%
Automatic Data Processing IncADP	ILCV +0.11 points	0.32%	0.21%
Prologis ReitPLD	ILCV +0.11 points	0.35%	0.24%
Capital One Financial CorpCOF	ILCV +0.10 points	0.36%	0.26%
Us BancorpUSB	ILCV +0.11 points	0.27%	0.16%
SouthernSO	ILCV +0.10 points	0.30%	0.20%
Waste Management IncWM	ILCV +0.10 points	0.24%	0.14%
Intercontinental Exchange IncICE	ILCV +0.10 points	0.26%	0.16%
Travelers CompaniesTRV	ILCV +0.10 points	0.24%	0.14%
Regeneron PharmaceuticalsREGN	ILCV +0.09 points	0.23%	0.14%
OneokOKE	ILCV +0.09 points	0.17%	0.08%
Bank of New York Mellon CorpBNY	QVML +0.09 points	0.11%	0.20%
Truist FinancialTFC	ILCV +0.09 points	0.17%	0.08%
SlbSLB	ILCV +0.09 points	0.23%	0.14%
Costco Wholesale CorpCOST	QVML +0.08 points	0.71%	0.79%
Dell Technologies Inc Class CDELL	QVML +0.09 points	0.11%	0.20%
ModernaMRNA	ILCV +0.08 points	0.22%	0.14%
General Dynamics CorpGD	ILCV +0.08 points	0.26%	0.18%
Duke Energy CorpDUK	ILCV +0.08 points	0.28%	0.20%
AflacAFL	ILCV +0.08 points	0.16%	0.08%
Mondelez International Class AMDLZ	ILCV +0.08 points	0.23%	0.15%
IntuitINTU	ILCV +0.07 points	0.25%	0.18%
Kinder MorganKMI	ILCV +0.08 points	0.19%	0.11%
Hca HealthcareHCA	ILCV +0.08 points	0.20%	0.12%
Target CorpTGT	ILCV +0.08 points	0.20%	0.12%
Occidental Petroleum CorpOXY	ILCV +0.07 points	0.13%	0.06%
Ross Stores IncROST	QVML +0.07 points	0.06%	0.13%
Delta Air LinesDAL	ILCV +0.07 points	0.15%	0.08%
CignaCI	ILCV +0.08 points	0.22%	0.14%
Adobe IncADBE	ILCV +0.07 points	0.28%	0.21%
Analog DevicesADI	QVML +0.07 points	0.28%	0.35%
EbayEBAY	QVML +0.07 points	0.09%	0.16%
CsxCSX	QVML +0.07 points	0.09%	0.16%
Comcast Class ACMCSA	ILCV +0.06 points	0.22%	0.16%
United Parcel Service Inc Class BUPS	ILCV +0.07 points	0.23%	0.16%
KrogerKR	ILCV +0.07 points	0.11%	0.04%
Devon EnergyDVN	ILCV +0.07 points	0.16%	0.09%
SempraSRE	ILCV +0.07 points	0.16%	0.09%
M&T BankMTB	ILCV +0.06 points	0.09%	0.03%
Emerson ElectricEMR	QVML +0.06 points	0.11%	0.17%
Boston ScientificBSX	ILCV +0.07 points	0.18%	0.11%

All 372 ILCV holdings⁠All 436 QVML 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 QVML Cost

Overpaying QVML vs ILCV

$1,464

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

ILCV 0.04%
$849
QVML 0.11%
$2,313

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
QVML 0.11%
Overpaying

Year by year

Year	ILCV	QVML	Overpaying
10	$73	$201	$128
20	$288	$788	$500
30	$849	$2,313	$1,464

Expense ratio

0.04%ILCV, cheaper
0.11%QVML

ILCV0.04%QVML0.11%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

QVML 9th cheapest of 99 funds

ILCV vs QVML Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%, better; QVML 1.00%
Payout (12M): ILCV $1.65; QVML $0.45
Last payment: ILCV $0.42; QVML $0.11
Ex-dividend: ILCV Sep 15, 2026; QVML Sep 21, 2026
Paid on: ILCV Sep 18, 2026; QVML Sep 25, 2026
Frequency: ILCV Quarterly; QVML Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

QVMLQuarterly · 21 paymentsAll QVML payments⁠

ILCV vs QVML Risk

Fall from peak · 5 years

ILCV
QVML

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterQVML 12.0%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterQVML 1.48
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterQVML −23.5%
Market sensitivityBeta, 5 years: ILCV 0.82QVML 0.89; Market = 1

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