IMCV vs QVML: Grades, Fees and Holdings Compared

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Invesco S&P 500 QVM Multi-factor ETF

QVMLANYSE Arca

Overlap

14.7%by weight

Expense ratio

IMCV −0.05pt a year

IMCV0.06%QVML0.11%

Avg volume · 30D

QVML 1.4×the volume

IMCV38.9KQVML54.8K

5Y return · a year

QVML +1.3pt

IMCV+11.0%QVML+12.3%

IMCV vs QVML Performance

Oct 29, 2021 – Oct 30, 2026

+68.3%IMCV+78.4%QVML

Expense ratio: IMCV 0.06%, better; QVML 0.11%
Fund size: IMCV $1.27B; QVML $1.7B
1Y total return: IMCV +27.0%, better; QVML +13.3%
Yield (12M): IMCV 1.84%, better; QVML 1.00%
Holdings: IMCV 271; QVML 438
Avg volume (30D): IMCV 38.9K sh; QVML 54.8K sh, better
NAV per share: IMCV $99.16; QVML $44.93
52W range

ETF.net Grade

Pillar letters and Scores for IMCV, QVML, with each pillar’s weight
Pillar	IMCV	QVML
Cost30% weight	A96Higher	A91
Mission25% weight	A76	A91Higher
Risk15% weight	A77Higher	B59
Tradability15% weight	B69Higher	C47
Holdings10% weight	B69Higher	D31
Durability5% weight	A77Higher	B61

Rank among US Multifactor funds

How we build Categories ›

Same Category. IMCV 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 ›

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

IMCVAiShares Morningstar Mid-Cap Value ETF

QVMLAInvesco S&P 500 QVM Multi-factor ETF

In short

IMCV No data

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

IMCV No data

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

IMCV No data

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

IMCV No data

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 IMCV profile⁠

Full QVML profile⁠

IMCV vs QVML Holdings

How IMCV and QVML differ

Overlap by weight

14.7%

Shared holdings make up 87.5% of IMCV and 14.7% of QVML.

Level by level

Holdings210 in both14.7%
Sector11 Sectors57.7%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in IMCV and QVML, widest gap first
Sector	More in IMCVMore in QVML	IMCV	QVML
Technology	QVML +36.2 points	6.5%	42.7%
Energy	IMCV +9.8 points	13.4%	3.6%
Utilities	IMCV +7.0 points	9.0%	2.0%
Industrials	IMCV +6.5 points	14.2%	7.7%
Financials	IMCV +6.1 points	18.5%	12.3%
Communication	QVML +6.1 points	1.1%	7.2%
Consumer Staples	IMCV +4.2 points	8.7%	4.5%
Materials	IMCV +3.1 points	5.0%	1.9%
Real Estate	IMCV +2.9 points	4.6%	1.7%
Health Care	IMCV +2.7 points	12.2%	9.5%
Consumer Discretionary	QVML +0.1 points	6.9%	7.0%

Country, concentration and asset class

Country by domicile

Country weights in IMCV and QVML, widest gap first
Country	More in IMCVMore in QVML	IMCV	QVML
United States	QVML +0.8 points	98.7%	99.5%
Other countries (5)	IMCV +0.8 points	1.3%	0.5%

Concentration

Weight in the 10 largest Holdings

IMCV13.2%
QVML41.1%

Securities held

IMCV268
QVML436

Asset class

IMCV: Equity
QVML: Equity

Holdings

Only in IMCV58
In both210
Only in QVML226

Only in IMCV

58 securities, 12.4% of IMCV by weight

Elevance Health Inc1.20%
Cheniere Energy0.93%
Becton Dickinson0.74%
Strategy Inc Class A0.65%
Crown Castle Inc0.52%
Fiserv Inc0.36%
Royalty Pharma PLC Class A0.34%
Zoom Communications Class A0.31%
Revolution Medicines0.30%
Tenet Healthcare Corp0.30%
Permian Resources Class A0.27%
Ovintiv0.27%
Keycorp0.27%
Sunbelt Rentals Holdings Inc0.27%
Otis Worldwide0.26%
East West Bancorp0.25%
American Water Works0.23%
Ss and C Technologies Holdings0.23%
Performance Food Group0.21%
Yum Brands0.20%
W. P. Carey Reit0.19%
Mid America Apartment Communities0.19%
Coeur Mining0.19%
Annaly Capital Management Reit0.18%
Illumina Inc0.17%
First Citizens Bancshares Class A0.17%
Roivant Sciences Ltd0.15%
Sba Communications Reit Corp Class0.15%
Td Synnex0.15%
Us Foods Holding0.15%
Verisk Analytics0.15%
Reliance Steel & Aluminum0.14%
Wesco International0.14%
Fidelity National Financial Inc0.14%
Alcoa Corp0.14%
Iron Mountain Inc0.14%
United Therapeutics0.13%
Dicks Sporting0.13%
Carlyle Group Inc0.12%
Technipfmc PLC0.12%
Ball Corp0.11%
Talen Energy0.11%
Fox Class B0.10%
Liberty Media Series C0.10%
Coreweave Class A0.10%
Markel Group0.09%
Flutter Entertainment PLC0.09%
Sun Communities Reit Inc0.08%
Vivmark Residential0.07%
Rivian Automotive Class A0.07%

Only in QVML

226 securities, 85.3% of QVML by weight

Apple Inc8.52%
NVIDIA Corp8.46%
Microsoft Corp6.77%
Amazon.com Inc4.16%
Alphabet Inc3.71%
Broadcom Inc2.76%
Eli Lilly & Co1.86%
Berkshire Hathaway Inc1.68%
Micron Technology Inc1.63%
JPMorgan Chase & Co1.54%
Advanced Micro Devices Inc1.39%
ExxonMobil Holdings Corp1.25%
Visa Inc1.22%
Johnson & Johnson1.11%
Mastercard Inc0.94%
Walmart Inc0.89%
Costco Wholesale Corp0.79%
Cisco Systems Inc0.72%
Chevron Corp0.71%
Procter & Gamble Co/The0.69%
Intel Corp0.64%
UnitedHealth Group Inc0.64%
Coca-Cola Co/The0.62%
Merck & Co Inc0.61%
Palo Alto Networks Inc0.60%
Home Depot Inc/The0.59%
General Electric Co0.56%
Bank of America Corp0.56%
Applied Materials Inc0.55%
Lam Research Corp0.52%
Caterpillar Inc0.50%
Crowdstrike Holdings Inc0.50%
Netflix Inc0.48%
RTX Corp0.47%
Texas Instruments Inc0.47%
Goldman Sachs Group Inc/The0.47%
Amgen Inc0.46%
Thermo Fisher Scientific Inc0.45%
Linde PLC0.42%
Wells Fargo & Co0.41%
Morgan Stanley0.40%
International Business Machines Corp0.39%
Walt Disney Co/The0.39%
GE Vernova Inc0.38%
KLA Corp0.35%
Analog Devices Inc0.35%
Citigroup Inc0.35%
Salesforce Inc0.34%
Blackrock Inc0.33%
Amphenol Corp0.33%

Weight gaps

The 100 widest of 210 Holdings in both funds.

Holding weights in IMCV and QVML, widest gap first
Holding	More in IMCVMore in QVML	IMCV	QVML
Valero Energy CorpVLO	IMCV +1.39 points	1.57%	0.18%
Automatic Data Processing IncADP	IMCV +1.39 points	1.60%	0.21%
Phillips 66PSX	IMCV +1.37 points	1.54%	0.17%
Regeneron PharmaceuticalsREGN	IMCV +1.11 points	1.25%	0.14%
Us BancorpUSB	IMCV +1.11 points	1.27%	0.16%
Pnc Financial Services GroupPNC	IMCV +1.09 points	1.24%	0.15%
3MMMM	IMCV +1.09 points	1.23%	0.14%
Eog ResourcesEOG	IMCV +1.06 points	1.19%	0.13%
Travelers CompaniesTRV	IMCV +0.99 points	1.13%	0.14%
Mondelez International Class AMDLZ	IMCV +0.99 points	1.14%	0.15%
SlbSLB	IMCV +0.95 points	1.09%	0.14%
United Parcel Service Inc Class BUPS	IMCV +0.95 points	1.11%	0.16%
ModernaMRNA	IMCV +0.94 points	1.08%	0.14%
CignaCI	IMCV +0.90 points	1.04%	0.14%
Hewlett Packard EnterpriseHPE	IMCV +0.89 points	1.00%	0.11%
General MotorsGM	IMCV +0.87 points	1.05%	0.18%
Target CorpTGT	IMCV +0.84 points	0.96%	0.12%
Kinder MorganKMI	IMCV +0.80 points	0.91%	0.11%
OneokOKE	IMCV +0.75 points	0.83%	0.08%
Truist FinancialTFC	IMCV +0.74 points	0.82%	0.08%
Devon EnergyDVN	IMCV +0.69 points	0.78%	0.09%
AflacAFL	IMCV +0.68 points	0.76%	0.08%
Marathon PetroleumMPC	IMCV +0.68 points	0.88%	0.20%
SempraSRE	IMCV +0.68 points	0.77%	0.09%
MarshMRSH	IMCV +0.67 points	0.82%	0.15%
Dominion EnergyD	IMCV +0.67 points	0.77%	0.10%
Delta Air LinesDAL	IMCV +0.64 points	0.72%	0.08%
MetlifeMET	IMCV +0.63 points	0.73%	0.10%
Paccar IncPCAR	IMCV +0.60 points	0.69%	0.09%
Xcel Energy IncXEL	IMCV +0.59 points	0.68%	0.09%
Keurig Dr Pepper IncKDP	IMCV +0.58 points	0.66%	0.08%
Occidental Petroleum CorpOXY	IMCV +0.58 points	0.64%	0.06%
PayPal HoldingsPYPL	IMCV +0.58 points	0.67%	0.09%
Exelon CorpEXC	IMCV +0.57 points	0.65%	0.08%
Ford Motor CoF	IMCV +0.57 points	0.66%	0.09%
WilliamsWMB	IMCV +0.57 points	0.72%	0.15%
Nike Class BNKE	IMCV +0.53 points	0.62%	0.09%
Iqvia Holdings IncIQV	IMCV +0.53 points	0.60%	0.07%
Consolidated EdisonED	IMCV +0.53 points	0.59%	0.06%
Northrop Grumman CorpNOC	IMCV +0.51 points	0.64%	0.13%
Colgate-PalmoliveCL	IMCV +0.52 points	0.69%	0.17%
American International GroupAIG	IMCV +0.49 points	0.56%	0.07%
KrogerKR	IMCV +0.48 points	0.52%	0.04%
Diamondback EnergyFANG	IMCV +0.48 points	0.53%	0.05%
SyscoSYY	IMCV +0.47 points	0.54%	0.07%
Prudential Financial IncPRU	IMCV +0.47 points	0.55%	0.08%
Norfolk Southern CorpNSC	IMCV +0.47 points	0.59%	0.12%
Workday Class AWDAY	IMCV +0.45 points	0.53%	0.08%
BiogenBIIB	IMCV +0.45 points	0.51%	0.06%
Hartford Insurance GroupHIG	IMCV +0.45 points	0.50%	0.05%
D R HortonDHI	IMCV +0.44 points	0.50%	0.06%
PaychexPAYX	IMCV +0.43 points	0.49%	0.06%
Kimberly ClarkKMB	IMCV +0.43 points	0.49%	0.06%
Arch Capital GroupACGL	IMCV +0.43 points	0.48%	0.05%
American Electric Power IncAEP	IMCV +0.42 points	0.56%	0.14%
Archer Daniels MidlandADM	IMCV +0.42 points	0.48%	0.06%
M&T BankMTB	IMCV +0.41 points	0.44%	0.03%
United Airlines HoldingsUAL	IMCV +0.41 points	0.46%	0.05%
Ge Healthcare TechnologiesGEHC	IMCV +0.41 points	0.48%	0.07%
Crh Public Limited PLCCRH	IMCV +0.40 points	0.53%	0.13%
Air Products and ChemicalsAPD	IMCV +0.40 points	0.52%	0.12%
Huntington Bancshares IncHBAN	IMCV +0.39 points	0.42%	0.03%
KenvueKVUE	IMCV +0.38 points	0.46%	0.08%
HalliburtonHAL	IMCV +0.38 points	0.42%	0.04%
Illinois Tool IncITW	IMCV +0.38 points	0.52%	0.14%
Public Storage ReitPSA	IMCV +0.37 points	0.47%	0.10%
Targa ResourcesTRGP	IMCV +0.37 points	0.48%	0.11%
Cognizant Technology Solutions ClaCTSH	IMCV +0.36 points	0.40%	0.04%
Dte EnergyDTE	IMCV +0.35 points	0.38%	0.03%
Dollar General CorpDG	IMCV +0.36 points	0.40%	0.04%
Labcorp HoldingsLH	IMCV +0.35 points	0.41%	0.06%
PG&E CorpPCG	IMCV +0.35 points	0.40%	0.05%
Realty Income ReitO	IMCV +0.35 points	0.48%	0.13%
Allstate CorpALL	IMCV +0.34 points	0.45%	0.11%
Simon Property Group Reit IncSPG	IMCV +0.35 points	0.47%	0.12%
Quest Diagnostics IncDGX	IMCV +0.33 points	0.38%	0.05%
Fifth Third BancorpFITB	IMCV +0.33 points	0.40%	0.07%
Hp IncHPQ	IMCV +0.33 points	0.36%	0.03%
Bank of New York Mellon CorpBNY	IMCV +0.32 points	0.52%	0.20%
Emerson ElectricEMR	IMCV +0.32 points	0.49%	0.17%
HumanaHUM	IMCV +0.32 points	0.41%	0.09%
Roper TechnologiesROP	IMCV +0.32 points	0.41%	0.09%
Vici Pptys IncVICI	IMCV +0.31 points	0.37%	0.06%
Regions FinancialRF	IMCV +0.31 points	0.32%	<0.01%
Ppg IndustriesPPG	IMCV +0.31 points	0.36%	0.05%
DowDOW	IMCV +0.31 points	0.34%	0.03%
Firstenergy CorpFE	IMCV +0.31 points	0.35%	0.04%
Eversource EnergyES	IMCV +0.31 points	0.35%	0.04%
Dollar Tree IncDLTR	IMCV +0.29 points	0.33%	0.04%
Synchrony FinancialSYF	IMCV +0.30 points	0.34%	0.04%
PultegroupPHM	IMCV +0.29 points	0.32%	0.03%
EbayEBAY	IMCV +0.30 points	0.46%	0.16%
Dell Technologies Inc Class CDELL	IMCV +0.28 points	0.48%	0.20%
Principal Financial Group IncPFG	IMCV +0.29 points	0.33%	0.04%
Amcor PLCAMCR	IMCV +0.28 points	0.30%	0.02%
International Flavors & FragrancesIFF	IMCV +0.28 points	0.33%	0.05%
Netapp IncNTAP	IMCV +0.28 points	0.34%	0.06%
Arthur J GallagherAJG	IMCV +0.28 points	0.38%	0.10%
Smurfit Westrock PLCSW	IMCV +0.27 points	0.31%	0.04%
CsxCSX	IMCV +0.27 points	0.43%	0.16%

All 268 IMCV 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.

IMCV vs QVML Cost

Overpaying QVML vs IMCV

$1,043

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

IMCV 0.06%
$1,270
QVML 0.11%
$2,313

Amount$10,000

Years30 years

Cost over time

IMCV 0.06%
QVML 0.11%
Overpaying

Year by year

Year	IMCV	QVML	Overpaying
10	$110	$201	$91
20	$432	$788	$356
30	$1,270	$2,313	$1,043

Expense ratio

0.06%IMCV, cheaper
0.11%QVML

IMCV0.06%QVML0.11%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

QVML 9th cheapest of 99 funds

IMCV vs QVML Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IMCV 1.84%, better; QVML 1.00%
Payout (12M): IMCV $1.83; QVML $0.45
Last payment: IMCV $0.52; QVML $0.11
Ex-dividend: IMCV Sep 15, 2026; QVML Sep 21, 2026
Paid on: IMCV Sep 18, 2026; QVML Sep 25, 2026
Frequency: IMCV Quarterly; QVML Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

QVMLQuarterly · 21 paymentsAll QVML payments⁠

IMCV vs QVML Risk

Fall from peak · 5 years

IMCV
QVML

Risk facts

VolatilityStd dev, 3 years: IMCV 13.6%QVML 12.0%, better
Return per unit of riskSharpe ratio, 3 years: IMCV 1.22QVML 1.48, better
Worst fallMax drawdown, 5 years: IMCV −19.9%, betterQVML −23.5%
Market sensitivityBeta, 5 years: IMCV 0.88QVML 0.89; Market = 1

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