IMCV vs QVMM: Grades, Fees and Holdings Compared

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Invesco S&P MidCap 400 QVM Multi-factor ETF

QVMMBNYSE Arca

Overlap

3.4%by weight

Expense ratio

IMCV −0.09pt a year

IMCV0.06%QVMM0.15%

Avg volume · 30D

IMCV 13.8×the volume

IMCV38.9KQVMM2.82K

5Y return · a year

IMCV +3.8pt

IMCV+11.0%QVMM+7.2%

IMCV vs QVMM Performance

Oct 29, 2021 – Oct 30, 2026

+68.3%IMCV+41.5%QVMM

Expense ratio: IMCV 0.06%, better; QVMM 0.15%
Fund size: IMCV $1.27B; QVMM $419M
1Y total return: IMCV +27.0%, better; QVMM +14.4%
Yield (12M): IMCV 1.84%, better; QVMM 1.28%
Holdings: IMCV 271; QVMM 360
Avg volume (30D): IMCV 38.9K sh, better; QVMM 2.82K sh
NAV per share: IMCV $99.16; QVMM $34.32
52W range

ETF.net Grade

Pillar letters and Scores for IMCV, QVMM, with each pillar’s weight
Pillar	IMCV	QVMM
Cost30% weight	A96Higher	A83
Mission25% weight	A76	Not scored
Risk15% weight	A77Higher	D34
Tradability15% weight	B69Higher	F20
Holdings10% weight	B69	A79Higher
Durability5% weight	A77Higher	C47

Rank among US Multifactor funds

How we build Categories ›

Same Category. IMCV and QVMM 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 QVMM 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 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 5ADCORU.S. Core Equity 1 Portfolio ETF Class SharesScore 79
Rank 44BFLQMFranklin U.S. Mid Cap Multifactor Index ETFScore 57
Rank 44BQVMMInvesco S&P MidCap 400 QVM Multi-factor ETFScore 57
Rank 44BQVMTInvesco S&P 500 Concentrated QVM ETFScore 57

Our read on each fund

ETF.net Research

IMCVAiShares Morningstar Mid-Cap Value ETF

QVMMBInvesco S&P MidCap 400 QVM Multi-factor ETF

In short

IMCV No data

QVMM Most factor funds cut deep and hold a concentrated few. QVMM trims instead: it starts with the S&P MidCap 400 and keeps the names ranking best on quality, value and momentum, for 0.15% a year.

Stated mandate

IMCV No data

QVMM The fund seeks to track the performance of a subset of securities from the S&P MidCap 400 Index selected for quality, value, and momentum characteristics.

Why people hold it

IMCV No data

QVMM Charges 0.15% a year, less than half the typical multi-factor fund's fee.
Three screens at once (quality, value, momentum) across roughly 400 mid-cap names, so no single factor's cold stretch drives the whole portfolio.
Every candidate comes from the S&P MidCap 400, so there's no quiet drift up into the mega-caps a core large-cap fund already owns. Distributions land quarterly.
Stands in the upper half of a crowded multi-factor field, with low cost and broad holdings doing most of the work.

Worth knowing

IMCV No data

QVMM Thinly traded and mid-sized in assets, so spreads can run wider than at category giants like VYM or VONV. Order size and timing matter more here.
Launched in 2021, a shorter history than the decades-old names it sits beside in the multi-factor aisle.
Keeping most of the mid-cap index means the fund moves with that segment. The factor tilt is a nudge, not a sharp break from mid-cap risk.

Full IMCV profile⁠

Full QVMM profile⁠

IMCV vs QVMM Holdings

How IMCV and QVMM differ

Overlap by weight

3.4%

Shared holdings make up 10.9% of QVMM and 3.4% of IMCV.

Level by level

Holdings20 in both3.4%
Sector11 Sectors73.6%
Countryby domicile98.6%
Asset classEquity100%

Sector

Sector weights in IMCV and QVMM, widest gap first
Sector	More in IMCVMore in QVMM	IMCV	QVMM
Technology	QVMM +10.4 points	6.5%	16.9%
Industrials	QVMM +9.3 points	14.2%	23.5%
Energy	IMCV +7.7 points	13.4%	5.7%
Utilities	IMCV +6.4 points	9.0%	2.6%
Consumer Staples	IMCV +5.3 points	8.7%	3.4%
Financials	IMCV +4.2 points	18.5%	14.3%
Real Estate	QVMM +3.3 points	4.6%	7.9%
Consumer Discretionary	QVMM +3.3 points	6.9%	10.2%
Health Care	IMCV +2.6 points	12.2%	9.6%
Communication	IMCV +0.3 points	1.1%	0.8%
Materials	QVMM +0.1 points	5.0%	5.1%

Country, concentration and asset class

Country by domicile

Country weights in IMCV and QVMM, widest gap first
Country	More in IMCVMore in QVMM	IMCV	QVMM
United Kingdom	QVMM +0.6 points	0.5%	1.1%
United States	IMCV +0.5 points	98.7%	98.2%
Other countries (6)	IMCV +0.1 points	0.8%	0.7%

Concentration

Weight in the 10 largest Holdings

IMCV13.2%
QVMM8.0%

Securities held

IMCV268
QVMM359

Asset class

IMCV: Equity
QVMM: Equity

Holdings

Only in IMCV248
In both20
Only in QVMM339

Only in IMCV

248 securities, 96.5% of IMCV by weight

Automatic Data Processing Inc1.60%
Valero Energy Corp1.57%
Phillips 661.54%
Us Bancorp1.27%
Regeneron Pharmaceuticals1.25%
Pnc Financial Services Group1.24%
3M1.23%
Elevance Health Inc1.20%
Eog Resources1.19%
Mondelez International Class A1.14%
Travelers Companies1.13%
United Parcel Service Inc Class B1.11%
Slb1.09%
Moderna1.08%
General Motors1.05%
Cigna1.04%
Hewlett Packard Enterprise1.00%
Target Corp0.96%
Cheniere Energy0.93%
Kinder Morgan0.91%
Marathon Petroleum0.88%
Oneok0.83%
Truist Financial0.82%
Marsh0.82%
Devon Energy0.78%
Sempra0.77%
Dominion Energy0.77%
Aflac0.76%
Becton Dickinson0.74%
Metlife0.73%
Williams0.72%
Delta Air Lines0.72%
Paccar Inc0.69%
Colgate-Palmolive0.69%
Xcel Energy Inc0.68%
PayPal Holdings0.67%
Keurig Dr Pepper Inc0.66%
Ford Motor Co0.66%
Strategy Inc Class A0.65%
Exelon Corp0.65%
Northrop Grumman Corp0.64%
Occidental Petroleum Corp0.64%
Nike Class B0.62%
Iqvia Holdings Inc0.60%
Consolidated Edison0.59%
Norfolk Southern Corp0.59%
American Electric Power Inc0.56%
American International Group0.56%
Prudential Financial Inc0.55%
Sysco0.54%

Only in QVMM

339 securities, 89.0% of QVMM by weight

Okta Inc1.19%
ATI Inc0.76%
Entegris Inc0.74%
XPO Inc0.72%
nVent Electric PLC0.68%
Royal Gold Inc0.62%
Curtiss-Wright Corp0.61%
Woodward Inc0.61%
ITT Inc0.59%
API Group Corp0.57%
Jones Lang LaSalle Inc0.56%
Reinsurance Group of America Inc0.56%
RB Global Inc0.55%
SharkNinja Inc0.54%
Burlington Stores Inc0.53%
Docusign Inc0.52%
Lincoln Electric Holdings Inc0.52%
HF Sinclair Corp0.52%
TransUnion0.51%
RBC Bearings Inc0.51%
Exelixis Inc0.50%
Toast Inc0.50%
Medpace Holdings Inc0.50%
Manhattan Associates Inc0.49%
Halozyme Therapeutics Inc0.49%
Pinnacle Financial Partners Inc0.49%
Carpenter Technology Corp0.49%
Carlisle Cos Inc0.49%
Clean Harbors Inc0.49%
MACOM Technology Solutions Holdings Inc0.49%
CACI International Inc0.49%
RenaissanceRe Holdings Ltd0.47%
Neurocrine Biosciences Inc0.47%
ARAMARK Holdings Corp0.47%
Toll Brothers Inc0.47%
Lattice Semiconductor Corp0.45%
MKS Inc0.45%
Lamar Advertising Co0.44%
BJ's Wholesale Club Holdings Inc0.44%
RPM International Inc0.44%
Crown Holdings Inc0.44%
Jazz Pharmaceuticals PLC0.43%
Five Below Inc0.43%
Unum Group0.43%
Omega Healthcare Investors Inc0.43%
Texas Roadhouse Inc0.42%
DT Midstream Inc0.42%
Encompass Health Corp0.41%
Range Resources Corp0.40%
Fabrinet0.40%

Weight gaps

All 20 Holdings in both funds, largest gap first.

Holding weights in IMCV and QVMM, widest gap first
Holding	More in IMCVMore in QVMM	IMCV	QVMM
Technipfmc PLCFTI	QVMM +0.74 points	0.12%	0.86%
United TherapeuticsUTHR	QVMM +0.68 points	0.13%	0.81%
Us Foods HoldingUSFD	QVMM +0.63 points	0.15%	0.78%
Reliance Steel & AluminumRS	QVMM +0.56 points	0.14%	0.70%
Td SynnexSNX	QVMM +0.45 points	0.15%	0.60%
Tenet Healthcare CorpTHC	QVMM +0.44 points	0.30%	0.74%
Wesco InternationalWCC	QVMM +0.41 points	0.14%	0.55%
OvintivOVV	QVMM +0.37 points	0.27%	0.64%
Permian Resources Class APR	QVMM +0.37 points	0.27%	0.64%
East West BancorpEWBC	QVMM +0.33 points	0.25%	0.58%
Nextpower IncNXT	QVMM +0.31 points	0.07%	0.38%
Performance Food GroupPFGC	QVMM +0.30 points	0.21%	0.51%
Roivant Sciences LtdROIV	QVMM +0.30 points	0.15%	0.45%
Coeur MiningCDE	QVMM +0.27 points	0.19%	0.46%
WatscoWSO	QVMM +0.27 points	0.07%	0.34%
W. P. Carey ReitWPC	QVMM +0.27 points	0.19%	0.46%
Annaly Capital Management ReitNLY	QVMM +0.26 points	0.18%	0.44%
Fidelity National Financial IncFNF	QVMM +0.20 points	0.14%	0.34%
Alcoa CorpAA	QVMM +0.19 points	0.14%	0.33%
Dicks SportingDKS	QVMM +0.17 points	0.13%	0.30%

All 268 IMCV holdings⁠All 359 QVMM 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 QVMM Cost

Overpaying QVMM vs IMCV

$1,867

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

IMCV 0.06%
$1,270
QVMM 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

IMCV 0.06%
QVMM 0.15%
Overpaying

Year by year

Year	IMCV	QVMM	Overpaying
10	$110	$274	$164
20	$432	$1,071	$639
30	$1,270	$3,137	$1,867

Expense ratio

0.06%IMCV, cheaper
0.15%QVMM

IMCV0.06%QVMM0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

QVMM 13th cheapest of 99 funds

IMCV vs QVMM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IMCV 1.84%, better; QVMM 1.28%
Payout (12M): IMCV $1.83; QVMM $0.43
Last payment: IMCV $0.52; QVMM $0.12
Ex-dividend: IMCV Sep 15, 2026; QVMM Sep 21, 2026
Paid on: IMCV Sep 18, 2026; QVMM Sep 25, 2026
Frequency: IMCV Quarterly; QVMM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

QVMMQuarterly · 21 paymentsAll QVMM payments⁠

IMCV vs QVMM Risk

Fall from peak · 5 years

IMCV
QVMM

Risk facts

VolatilityStd dev, 3 years: IMCV 13.6%, betterQVMM 15.1%
Return per unit of riskSharpe ratio, 3 years: IMCV 1.22, betterQVMM 0.85
Worst fallMax drawdown, 5 years: IMCV −19.9%, betterQVMM −24.0%
Market sensitivityBeta, 5 years: IMCV 0.88QVMM 1.01; Market = 1

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