IMCV vs QLC: Grades, Fees and Holdings Compared

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Northern Trust US Quality Large Cap ETF

QLCBCboe

Overlap

22.6%by weight

Expense ratio

IMCV −0.19pt a year

IMCV0.06%QLC0.25%

Avg volume · 30D

QLC 1.1×the volume

IMCV38.9KQLC43.3K

10Y return · a year

QLC +3.6pt

IMCV+11.1%QLC+14.7%

IMCV vs QLC Performance

Oct 29, 2021 – Oct 30, 2026

+68.3%IMCV+88.8%QLC

Expense ratio: IMCV 0.06%, better; QLC 0.25%
Fund size: IMCV $1.27B; QLC $1.13B
1Y total return: IMCV +27.0%, better; QLC +13.0%
Yield (12M): IMCV 1.84%, better; QLC 0.97%
Holdings: IMCV 271; QLC 159
Avg volume (30D): IMCV 38.9K sh; QLC 43.3K sh, better
NAV per share: IMCV $99.16; QLC $89.36
52W range

ETF.net Grade

Pillar letters and Scores for IMCV, QLC, with each pillar’s weight
Pillar	IMCV	QLC
Cost30% weight	A96Higher	B63
Mission25% weight	A76	A94Higher
Risk15% weight	A77Higher	B62
Tradability15% weight	B69Higher	B68
Holdings10% weight	B69Higher	D39
Durability5% weight	A77Higher	A70

Rank among US Multifactor funds

How we build Categories ›

Same Category. IMCV 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 ›

IMCV ranks 4th 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 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 5ADCORU.S. Core Equity 1 Portfolio ETF Class SharesScore 79
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

IMCVAiShares Morningstar Mid-Cap Value ETF

QLCBNorthern Trust US Quality Large Cap ETF

In short

IMCV No data

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

IMCV No data

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

IMCV No data

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

IMCV No data

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 IMCV profile⁠

Full QLC profile⁠

IMCV vs QLC Holdings

How IMCV and QLC differ

Overlap by weight

22.6%

Shared holdings make up 36.3% of IMCV and 29.0% of QLC.

Level by level

Holdings77 in both22.6%
Sector11 Sectors57.6%
Countryby domicile98.7%
Asset classEquity100%

Sector

Sector weights in IMCV and QLC, widest gap first
Sector	More in IMCVMore in QLC	IMCV	QLC
Technology	QLC +31.5 points	6.5%	38.0%
Communication	QLC +10.3 points	1.1%	11.4%
Energy	IMCV +9.7 points	13.4%	3.7%
Industrials	IMCV +7.7 points	14.2%	6.5%
Utilities	IMCV +6.8 points	9.0%	2.2%
Financials	IMCV +5.9 points	18.5%	12.6%
Consumer Staples	IMCV +5.1 points	8.7%	3.6%
Real Estate	IMCV +3.1 points	4.6%	1.5%
Materials	IMCV +2.4 points	5.0%	2.6%
Health Care	IMCV +1.7 points	12.2%	10.5%
Consumer Discretionary	QLC +0.5 points	6.9%	7.4%

Country, concentration and asset class

Country by domicile

Country weights in IMCV and QLC, widest gap first
Country	More in IMCVMore in QLC	IMCV	QLC
United States	QLC +1.3 points	98.7%	100.0%
Other countries (4)	IMCV +1.3 points	1.3%	0.0%

Concentration

Weight in the 10 largest Holdings

IMCV13.2%
QLC34.4%

Securities held

IMCV268
QLC156

Asset class

IMCV: Equity
QLC: Equity

Holdings

Only in IMCV191
In both77
Only in QLC79

Only in IMCV

191 securities, 63.6% of IMCV by weight

Us Bancorp1.27%
Pnc Financial Services Group1.24%
Elevance Health Inc1.20%
Mondelez International Class A1.14%
Travelers Companies1.13%
Slb1.09%
Moderna1.08%
Hewlett Packard Enterprise1.00%
Cheniere Energy0.93%
Kinder Morgan0.91%
Oneok0.83%
Truist Financial0.82%
Marsh0.82%
Devon Energy0.78%
Sempra0.77%
Dominion Energy0.77%
Becton Dickinson0.74%
Metlife0.73%
Williams0.72%
Delta Air Lines0.72%
Paccar Inc0.69%
Xcel Energy Inc0.68%
Keurig Dr Pepper Inc0.66%
Strategy Inc Class A0.65%
Northrop Grumman Corp0.64%
Nike Class B0.62%
Iqvia Holdings Inc0.60%
Norfolk Southern Corp0.59%
American Electric Power Inc0.56%
Sysco0.54%
Crh Public Limited PLC0.53%
Workday Class A0.53%
Diamondback Energy0.53%
Air Products and Chemicals0.52%
Crown Castle Inc0.52%
Biogen0.51%
D R Horton0.50%
Hartford Insurance Group0.50%
Emerson Electric0.49%
Realty Income Reit0.48%
Arch Capital Group0.48%
Targa Resources0.48%
Ge Healthcare Technologies0.48%
Public Storage Reit0.47%
United Airlines Holdings0.46%
Kenvue0.46%
Allstate Corp0.45%
M&T Bank0.44%
Csx0.43%
Huntington Bancshares Inc0.42%

Only in QLC

79 securities, 69.9% of QLC by weight

NVIDIA Corp Common Stock USD 0.0017.31%
Apple Inc Common Stock USD 0.000016.22%
Microsoft Corp Common Stock USD 0.000006254.18%
Alphabet Inc-Cl A - Common Stock USD 0.0013.24%
Alphabet Inc-Cl C - Common Stock USD 0.0012.87%
Broadcom Inc Common Stock USD2.48%
Amazon.com Inc Common Stock USD 0.012.37%
Johnson & Johnson Common Stock USD 11.92%
JPMorgan Chase & Co Common Stock USD 11.91%
Micron Technology Inc Common Stock USD 0.11.89%
Meta Platforms Inc Common Stock USD 0.0000061.56%
Goldman Sachs Group Inc/The Common Stock USD 0.011.51%
Citigroup Inc Common Stock USD 0.011.50%
Eli Lilly and Company1.39%
Berkshire Hathaway Inc Common Stock USD 0.00331.38%
Bank of America Corp Common Stock USD 0.011.19%
General Electric Co1.02%
Lockheed Martin Corp Common Stock USD 10.99%
Altria Group Inc Common Stock USD 0.3330.99%
Bristol-Myers Squibb Co Common Stock USD 0.10.96%
Kla Corp Common Stock USD 0.0010.94%
Applied Materials Inc Common Stock USD 0.010.89%
Cvs Health Corp Common Stock USD 0.010.84%
Newmont Corp Common Stock USD 1.60.84%
Cisco Systems Inc Common Stock USD 0.0010.83%
Lam Research Corp Common Stock USD 0.0010.79%
Adobe Inc Common Stock USD 0.00010.76%
Morgan Stanley Dean Witter & Co.0.70%
Advanced Micro Devices Inc Common Stock USD 0.010.70%
Amgen Inc Common Stock USD 0.00010.66%
Seagate Technology Holdings PLC Common Stock USD0.66%
Hf Sinclair Corp Common Stock USD0.65%
Gilead Sciences Inc Common Stock USD 0.0010.62%
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%
AT&T Inc Common Stock USD 10.54%
Caterpillar Inc Common Stock USD 10.53%
Emcor Group Inc Common Stock USD 0.010.48%
Qualcomm Inc Common Stock USD 0.00010.48%
Western Digital Corp Common Stock USD 0.010.47%
Booking Holdings Inc Common Stock USD 0.0080.46%
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%
Sandisk Corp Common Stock USD 0.010.41%
Intuit Inc Common Stock USD 0.010.39%
Wells Fargo & Co Common Stock USD 1.6660.37%
Accenture PLC Common Stock USD 0.00002250.37%

Weight gaps

All 77 Holdings in both funds, largest gap first.

Holding weights in IMCV and QLC, widest gap first
Holding	More in IMCVMore in QLC	IMCV	QLC
Automatic Data Processing IncADP	IMCV +1.34 points	1.60%	0.26%
Phillips 66PSX	IMCV +1.25 points	1.54%	0.29%
United Parcel Service Inc Class BUPS	IMCV +0.89 points	1.11%	0.22%
3MMMM	IMCV +0.85 points	1.23%	0.38%
Regeneron PharmaceuticalsREGN	IMCV +0.84 points	1.25%	0.41%
Valero Energy CorpVLO	IMCV +0.70 points	1.57%	0.87%
CignaCI	IMCV +0.52 points	1.04%	0.52%
Eog ResourcesEOG	IMCV +0.49 points	1.19%	0.70%
Prudential Financial IncPRU	IMCV +0.49 points	0.55%	0.06%
PayPal HoldingsPYPL	IMCV +0.46 points	0.67%	0.21%
Colgate-PalmoliveCL	IMCV +0.44 points	0.69%	0.25%
Expeditors International of WashinEXPD	QLC +0.41 points	0.17%	0.58%
General MotorsGM	IMCV +0.41 points	1.05%	0.64%
PaychexPAYX	IMCV +0.41 points	0.49%	0.08%
Centene CorpCNC	QLC +0.38 points	0.22%	0.60%
HalliburtonHAL	IMCV +0.37 points	0.42%	0.05%
Target CorpTGT	IMCV +0.35 points	0.96%	0.60%
TapestryTPR	QLC +0.35 points	0.11%	0.46%
Dell Technologies Inc Class CDELL	QLC +0.31 points	0.48%	0.79%
Cf Industries Holdings IncCF	QLC +0.31 points	0.26%	0.57%
Expedia GroupEXPE	QLC +0.31 points	0.20%	0.51%
Principal Financial Group IncPFG	IMCV +0.29 points	0.33%	0.04%
Roper TechnologiesROP	IMCV +0.29 points	0.41%	0.12%
AflacAFL	IMCV +0.27 points	0.76%	0.49%
Archer Daniels MidlandADM	IMCV +0.27 points	0.48%	0.21%
DowDOW	QLC +0.26 points	0.34%	0.60%
Dollar General CorpDG	IMCV +0.26 points	0.40%	0.14%
Netapp IncNTAP	QLC +0.25 points	0.34%	0.59%
EbayEBAY	QLC +0.23 points	0.46%	0.69%
Kimberly ClarkKMB	IMCV +0.24 points	0.49%	0.25%
Kraft HeinzKHC	QLC +0.23 points	0.29%	0.52%
ResmedRMD	QLC +0.23 points	0.21%	0.44%
Las Vegas SandsLVS	QLC +0.23 points	0.06%	0.29%
Bank of New York Mellon CorpBNY	QLC +0.23 points	0.52%	0.75%
Leidos HoldingsLDOS	IMCV +0.21 points	0.24%	0.03%
East West BancorpEWBC	IMCV +0.22 points	0.25%	0.03%
T Rowe Price GroupTROW	QLC +0.21 points	0.30%	0.51%
Kimco Realty Reit CorpKIM	IMCV +0.21 points	0.23%	0.02%
Broadridge Financial Solutions IncBR	QLC +0.21 points	0.28%	0.49%
Incyte CorpINCY	QLC +0.20 points	0.16%	0.36%
Cognizant Technology Solutions ClaCTSH	IMCV +0.19 points	0.40%	0.21%
Royalty Pharma PLC Class ARPRX	QLC +0.19 points	0.34%	0.53%
State StreetSTT	QLC +0.18 points	0.36%	0.54%
Firstenergy CorpFE	IMCV +0.18 points	0.35%	0.17%
Synchrony FinancialSYF	QLC +0.18 points	0.34%	0.52%
W. P. Carey ReitWPC	IMCV +0.17 points	0.19%	0.02%
Ameriprise Finance IncAMP	QLC +0.16 points	0.34%	0.50%
Omnicom Group IncOMC	QLC +0.16 points	0.31%	0.47%
PtcPTC	QLC +0.16 points	0.10%	0.26%
Fidelity National Information ServFIS	IMCV +0.15 points	0.27%	0.12%
Ford Motor CoF	IMCV +0.15 points	0.66%	0.51%
Edison InternationalEIX	QLC +0.15 points	0.30%	0.45%
Fox Class AFOXA	IMCV +0.14 points	0.17%	0.03%
Ulta Beauty IncULTA	QLC +0.13 points	0.16%	0.29%
KrogerKR	IMCV +0.12 points	0.52%	0.40%
Williams Sonoma IncWSM	QLC +0.12 points	0.23%	0.35%
Snap On IncSNA	IMCV +0.12 points	0.15%	0.03%
Cardinal HealthCAH	QLC +0.11 points	0.36%	0.47%
Marathon PetroleumMPC	QLC +0.09 points	0.88%	0.97%
Simon Property Group Reit IncSPG	QLC +0.08 points	0.47%	0.55%
Vici Pptys IncVICI	QLC +0.08 points	0.37%	0.45%
Exelon CorpEXC	IMCV +0.07 points	0.65%	0.58%
Tenet Healthcare CorpTHC	IMCV +0.07 points	0.30%	0.23%
Occidental Petroleum CorpOXY	IMCV +0.07 points	0.64%	0.57%
United TherapeuticsUTHR	QLC +0.06 points	0.13%	0.19%
Tyson Foods Inc Class ATSN	QLC +0.05 points	0.22%	0.27%
Zoom Communications Class AZM	QLC +0.05 points	0.31%	0.36%
Illinois Tool IncITW	QLC +0.04 points	0.52%	0.56%
F5FFIV	IMCV +0.04 points	0.13%	0.09%
American International GroupAIG	IMCV +0.03 points	0.56%	0.53%
Public Service Enterprise GroupPEG	QLC +0.03 points	0.33%	0.36%
FortiveFTV	IMCV +0.02 points	0.27%	0.25%
Consolidated EdisonED	QLC +0.02 points	0.59%	0.61%
Charter Communications Class ACHTR	IMCV +0.02 points	0.15%	0.13%
Dupont De NemoursDD	IMCV +0.01 points	0.26%	0.25%
EvergyEVRG	QLC +0.01 points	0.27%	0.28%
Dollar Tree IncDLTR	Same weight	0.33%	0.33%

All 268 IMCV 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.

IMCV vs QLC Cost

Overpaying QLC vs IMCV

$3,889

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

IMCV 0.06%
$1,270
QLC 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

IMCV 0.06%
QLC 0.25%
Overpaying

Year by year

Year	IMCV	QLC	Overpaying
10	$110	$455	$345
20	$432	$1,769	$1,337
30	$1,270	$5,159	$3,889

Expense ratio

0.06%IMCV, cheaper
0.25%QLC

IMCV0.06%QLC0.25%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

QLC 36th cheapest of 99 funds

IMCV vs QLC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IMCV 1.84%, better; QLC 0.97%
Payout (12M): IMCV $1.83; QLC $0.87
Last payment: IMCV $0.52; QLC $0.22
Ex-dividend: IMCV Sep 15, 2026; QLC Sep 18, 2026
Paid on: IMCV Sep 18, 2026; QLC Sep 24, 2026
Frequency: IMCV Quarterly; QLC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

QLCQuarterly · 39 paymentsAll QLC payments⁠

IMCV vs QLC Risk

Fall from peak · 5 years

IMCV
QLC

Risk facts

VolatilityStd dev, 3 years: IMCV 13.6%QLC 12.1%, better
Return per unit of riskSharpe ratio, 3 years: IMCV 1.22QLC 1.59, better
Worst fallMax drawdown, 5 years: IMCV −19.9%, betterQLC −23.8%
Market sensitivityBeta, 5 years: IMCV 0.88QLC 0.99; Market = 1

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