ILCV vs QVMT: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Invesco S&P 500 Concentrated QVM ETF

QVMTBNYSE Arca

Overlap

18.2%by weight

Expense ratio

ILCV −0.09pt a year

ILCV0.04%QVMT0.13%

Avg volume · 30D

ILCV 2.7×the volume

ILCV24.4KQVMT8.95K

ILCV vs QVMT Performance

Jul 31, 2026 – Oct 30, 2026

+4.2%ILCV−2.9%QVMT

Expense ratio: ILCV 0.04%, better; QVMT 0.13%
Fund size: ILCV $1.37B; QVMT $123M
1Y total return: ILCV +21.0%; QVMT No data
Yield (12M): ILCV 1.51%; QVMT 1.74%, better
Holdings: ILCV 375; QVMT 102
Avg volume (30D): ILCV 24.4K sh, better; QVMT 8.95K sh
NAV per share: ILCV $109.27; QVMT $62.99
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, QVMT, with each pillar’s weight
Pillar	ILCV	QVMT
Cost30% weight	A99Higher	A89
Mission25% weight	A82Higher	B55
Risk15% weight	A90Higher	D31
Tradability15% weight	B64Higher	D39
Holdings10% weight	D39Higher	D34
Durability5% weight	A82Higher	C54

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and QVMT 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 QVMT 44th 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 44BQVMMInvesco S&P MidCap 400 QVM Multi-factor ETFScore 57
Rank 44BQVMTInvesco S&P 500 Concentrated QVM ETFScore 57
Rank 44BVALQAmerican Century STOXX U.S. Quality Value ETFScore 57

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

QVMTBInvesco S&P 500 Concentrated QVM 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.

QVMT Three factor bets in one ticker. QVMT screens the S&P 500 for quality, value and momentum together, then keeps only about 100 names, at a fee well under the typical multi-factor fund.

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.

QVMT The fund seeks to track an index applying quality, value, and momentum factors to 100 stocks selected from the S&P 500.

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.

QVMT 0.13% a year, well below the typical multi-factor peer. The tilt doesn't start in a fee hole.
Quality, value and momentum are screened in one rules-based index instead of stitched together from three separate funds.
Roughly 100 stocks, all pulled from the S&P 500, so the factor tilts actually show up in the portfolio rather than washing out.
Live since 2015 with a published index behind it and cash paid out quarterly.

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.

QVMT Thinly traded and small next to the giants in its group, so the spread you pay at the screen can matter more than the yearly fee.
Concentration cuts both ways: about 100 names moves differently, and sometimes harder, than the full 500.
Broad-market peers like VYM and IUSG charge less and hold more; this is the narrower, more opinionated build.

Full ILCV profile⁠

Full QVMT profile⁠

ILCV vs QVMT Holdings

How ILCV and QVMT differ

Overlap by weight

18.2%

Shared holdings make up 74.3% of QVMT and 19.4% of ILCV.

Level by level

Holdings69 in both18.2%
Countryby domicile98.6%
Asset classEquity100%

Sector

No Sector split for QVMT.

Country, concentration and asset class

Country by domicile

Country weights in ILCV and QVMT, widest gap first
Country	More in ILCVMore in QVMT	ILCV	QVMT
Switzerland	QVMT +1.4 points	0.4%	1.8%
United States	ILCV +1.0 points	99.2%	98.2%
Other countries (4)	ILCV +0.4 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
QVMT41.6%

Securities held

ILCV372
QVMT101

Asset class

ILCV: Equity
QVMT: Equity

Holdings

Only in ILCV303
In both69
Only in QVMT32

Only in ILCV

303 securities, 80.4% of ILCV by weight

Microsoft8.45%
Amazon.com Inc3.08%
Berkshire Hathaway Inc Class B2.84%
JPMorgan Chase & Co2.60%
Meta Platforms Class A2.50%
Alphabet Class A2.04%
Johnson & Johnson1.89%
Alphabet Class C1.65%
AbbVie1.46%
Micron Technology1.35%
Tesla Inc1.24%
Chevron1.23%
Procter & Gamble1.06%
UnitedHealth Group1.05%
Coca-Cola1.03%
Merck & Co Inc1.03%
Visa Class A1.00%
Bank of America0.94%
Home Depot0.93%
Philip Morris International0.92%
Walmart0.91%
Goldman Sachs Group0.77%
Rtx0.76%
Thermo Fisher Scientific0.75%
Wells Fargo0.73%
Amgen Inc0.71%
Costco Wholesale Corp0.71%
International Business Machines Co0.69%
Linde PLC0.66%
Morgan Stanley0.64%
Mastercard Class A0.63%
Citigroup0.60%
Gilead Sciences0.58%
Qualcomm0.56%
Walt Disney0.54%
Salesforce0.52%
Pepsico0.52%
Mcdonalds Corp0.52%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Union Pacific0.51%
Nextera Energy0.49%
Pfizer0.49%
BlackRock0.46%
Texas Instrument0.45%
Danaher0.43%
Accenture PLC Class A0.43%
Altria Group Inc0.36%
Capital One Financial Corp0.36%
Lockheed Martin0.36%

Only in QVMT

32 securities, 25.6% of QVMT by weight

GE Vernova Inc4.60%
Lam Research Corp3.97%
Western Digital Corp3.03%
KLA Corp2.83%
Johnson Controls International plc1.44%
Elevance Health Inc1.17%
AppLovin Corp1.13%
Cummins Inc1.01%
Baker Hughes Co0.77%
Comfort Systems USA Inc0.71%
Jabil Inc0.44%
ON Semiconductor Corp0.43%
EMCOR Group Inc0.42%
APA Corp0.38%
Best Buy Co Inc0.29%
Everest Group Ltd0.25%
JB Hunt Transport Services Inc0.25%
CH Robinson Worldwide Inc0.24%
Nordson Corp0.23%
Host Hotels & Resorts Inc0.21%
Ralph Lauren Corp0.21%
Stanley Black & Decker Inc0.21%
Assurant Inc0.21%
Huntington Ingalls Industries Inc0.20%
Skyworks Solutions Inc0.18%
Solventum Corp0.18%
Globe Life Inc0.18%
Universal Health Services Inc0.15%
Franklin Templeton Inc0.14%
Aptiv PLC0.12%
Invesco Government & Agency Portfolio0.04%
Securities Lending - Bnym0.00%

Weight gaps

All 69 Holdings in both funds, largest gap first.

Holding weights in ILCV and QVMT, widest gap first
Holding	More in ILCVMore in QVMT	ILCV	QVMT
Exxonmobil Holdings CorpXOM	QVMT +3.97 points	2.14%	6.11%
SandiskSNDK	QVMT +3.70 points	0.29%	3.99%
Caterpillar IncCAT	QVMT +3.42 points	0.38%	3.80%
Cisco Systems IncCSCO	QVMT +3.37 points	1.22%	4.59%
NewmontNEM	QVMT +2.31 points	0.33%	2.64%
ConocophillipsCOP	QVMT +2.09 points	0.51%	2.60%
Valero Energy CorpVLO	QVMT +1.83 points	0.31%	2.14%
Marathon PetroleumMPC	QVMT +1.60 points	0.18%	1.78%
AT&TT	QVMT +1.51 points	0.41%	1.92%
Phillips 66PSX	QVMT +1.43 points	0.31%	1.74%
ChubbCB	QVMT +1.42 points	0.36%	1.78%
Cvs HealthCVS	QVMT +1.31 points	0.33%	1.64%
AppleAAPL	ILCV +1.23 points	7.24%	6.01%
Travelers CompaniesTRV	QVMT +1.16 points	0.24%	1.40%
ProgressivePGR	QVMT +1.14 points	0.38%	1.52%
Allstate CorpALL	QVMT +1.10 points	0.09%	1.19%
Fedex CorpFDX	QVMT +1.09 points	0.19%	1.28%
General MotorsGM	QVMT +1.09 points	0.21%	1.30%
General Dynamics CorpGD	QVMT +0.94 points	0.26%	1.20%
Ross Stores IncROST	QVMT +0.93 points	0.06%	0.99%
Us BancorpUSB	QVMT +0.91 points	0.27%	1.18%
Comcast Class ACMCSA	QVMT +0.90 points	0.22%	1.12%
CignaCI	QVMT +0.84 points	0.22%	1.06%
Target CorpTGT	QVMT +0.82 points	0.20%	1.02%
NucorNUE	QVMT +0.79 points	0.07%	0.86%
Devon EnergyDVN	QVMT +0.79 points	0.16%	0.95%
Delta Air LinesDAL	QVMT +0.74 points	0.15%	0.89%
L3HARRIS TechnologiesLHX	QVMT +0.69 points	0.05%	0.74%
EbayEBAY	QVMT +0.66 points	0.09%	0.75%
Truist FinancialTFC	QVMT +0.63 points	0.17%	0.80%
Ameriprise Finance IncAMP	QVMT +0.62 points	0.07%	0.69%
Archer Daniels MidlandADM	QVMT +0.56 points	0.10%	0.66%
Netapp IncNTAP	QVMT +0.54 points	0.08%	0.62%
Hartford Insurance GroupHIG	QVMT +0.50 points	0.10%	0.60%
Arch Capital GroupACGL	QVMT +0.49 points	0.10%	0.59%
HumanaHUM	QVMT +0.45 points	0.08%	0.53%
D R HortonDHI	QVMT +0.44 points	0.10%	0.54%
Expedia GroupEXPE	QVMT +0.43 points	0.04%	0.47%
EqtEQT	QVMT +0.43 points	0.06%	0.49%
Cincinnati FinancialCINF	QVMT +0.41 points	0.04%	0.45%
United Airlines HoldingsUAL	QVMT +0.40 points	0.10%	0.50%
Citizens Financial Group IncCFG	QVMT +0.39 points	0.04%	0.43%
BiogenBIIB	QVMT +0.40 points	0.10%	0.49%
HalliburtonHAL	QVMT +0.38 points	0.09%	0.47%
M&T BankMTB	QVMT +0.36 points	0.09%	0.45%
Synchrony FinancialSYF	QVMT +0.36 points	0.07%	0.43%
Expand EnergyEXE	QVMT +0.34 points	0.02%	0.36%
TapestryTPR	QVMT +0.34 points	0.02%	0.36%
Expeditors International of WashinEXPD	QVMT +0.33 points	0.03%	0.36%
Dupont De NemoursDD	QVMT +0.32 points	0.05%	0.37%
Dollar General CorpDG	QVMT +0.31 points	0.08%	0.39%
Raymond JamesRJF	QVMT +0.30 points	0.04%	0.34%
Regions FinancialRF	QVMT +0.30 points	0.07%	0.37%
T Rowe Price GroupTROW	QVMT +0.28 points	0.06%	0.34%
PultegroupPHM	QVMT +0.27 points	0.07%	0.34%
LoewsL	QVMT +0.26 points	0.03%	0.29%
Cf Industries Holdings IncCF	QVMT +0.26 points	0.05%	0.31%
Lennar A Class ALEN	QVMT +0.25 points	0.05%	0.30%
International Flavors & FragrancesIFF	QVMT +0.25 points	0.07%	0.32%
Principal Financial Group IncPFG	QVMT +0.25 points	0.07%	0.32%
Incyte CorpINCY	QVMT +0.23 points	0.03%	0.26%
Edison InternationalEIX	QVMT +0.23 points	0.06%	0.29%
Tyson Foods Inc Class ATSN	QVMT +0.22 points	0.05%	0.27%
FortiveFTV	QVMT +0.21 points	0.06%	0.27%
KeycorpKEY	QVMT +0.20 points	0.06%	0.26%
Snap On IncSNA	QVMT +0.20 points	0.03%	0.23%
Textron IncTXT	QVMT +0.18 points	0.03%	0.21%
Fox Class AFOXA	QVMT +0.13 points	0.04%	0.17%
Bunge Global SABG	QVMT +0.13 points	0.04%	0.17%

All 372 ILCV holdings⁠All 100 QVMT 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 QVMT Cost

Overpaying QVMT vs ILCV

$1,877

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

ILCV 0.04%
$849
QVMT 0.13%
$2,726

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
QVMT 0.13%
Overpaying

Year by year

Year	ILCV	QVMT	Overpaying
10	$73	$238	$165
20	$288	$930	$642
30	$849	$2,726	$1,877

Expense ratio

0.04%ILCV, cheaper
0.13%QVMT

ILCV0.04%QVMT0.13%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

QVMT 11th cheapest of 99 funds

ILCV vs QVMT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%; QVMT 1.74%, better
Payout (12M): ILCV $1.65; QVMT $1.09
Last payment: ILCV $0.42; QVMT $0.22
Ex-dividend: ILCV Sep 15, 2026; QVMT Sep 21, 2026
Paid on: ILCV Sep 18, 2026; QVMT Sep 25, 2026
Frequency: ILCV Quarterly; QVMT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

QVMTQuarterly · 39 paymentsAll QVMT payments⁠

ILCV vs QVMT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%QVMT No data
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57QVMT No data
Worst fallMax drawdown, 5 years: ILCV −18.6%QVMT No data
Market sensitivityBeta, 5 years: ILCV 0.82QVMT 0.86; Market = 1

Popular comparisons

ILCVAvsVONVA
iShares Morningstar Value ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.04% · 0.06%
Category
QVMTBvsVONVA
Invesco S&P 500 Concentrated QVM ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.13% · 0.06%
Category
ILCVAvsVYMA
iShares Morningstar Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.04% · 0.04%
Category
QVMTBvsVYMA
Invesco S&P 500 Concentrated QVM ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.13% · 0.04%
Category
ILCVAvsIMCVA
iShares Morningstar Value ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.04% · 0.06%
Category
QVMTBvsIMCVA
Invesco S&P 500 Concentrated QVM ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.13% · 0.06%
Category