IMCV vs TILT: Grades, Fees and Holdings Compared

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Northern Trust Morningstar US Market Factor Tilt ETF

TILTACboe

Overlap

10.9%by weight

Expense ratio

IMCV −0.19pt a year

IMCV0.06%TILT0.25%

Avg volume · 30D

IMCV 6.7×the volume

IMCV38.9KTILT5.81K

10Y return · a year

TILT +2.8pt

IMCV+11.1%TILT+13.9%

IMCV vs TILT Performance

Oct 29, 2021 – Oct 30, 2026

+68.3%IMCV+66.7%TILT

Expense ratio: IMCV 0.06%, better; TILT 0.25%
Fund size: IMCV $1.27B; TILT $2.18B
1Y total return: IMCV +27.0%, better; TILT +14.4%
Yield (12M): IMCV 1.84%, better; TILT 1.07%
Holdings: IMCV 271; TILT 1898
Avg volume (30D): IMCV 38.9K sh, better; TILT 5.81K sh
NAV per share: IMCV $99.16; TILT $278.66
52W range

ETF.net Grade

Pillar letters and Scores for IMCV, TILT, with each pillar’s weight
Pillar	IMCV	TILT
Cost30% weight	A96Higher	B63
Mission25% weight	A76	A100Higher
Risk15% weight	A77Higher	C53
Tradability15% weight	B69Higher	B65
Holdings10% weight	B69Higher	B60
Durability5% weight	A77Higher	A75

Rank among US Multifactor funds

How we build Categories ›

Same Category. IMCV and TILT 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 TILT 18th 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 18AONEOState Street SPDR Russell 1000 Momentum Focus ETFScore 71
Rank 18ATILTNorthern Trust Morningstar US Market Factor Tilt ETFScore 71
Rank 18BUSVMVictoryShares US Small Mid Cap Value Momentum ETFScore 71

Our read on each fund

ETF.net Research

IMCVAiShares Morningstar Mid-Cap Value ETF

TILTANorthern Trust Morningstar US Market Factor Tilt ETF

In short

IMCV No data

TILT TILT doesn't swap out the market, it bends it: roughly 1,900 US stocks with small-cap and value names weighted heavier than a pure market-cap index would have them. A 2011 original, at 0.25% net of a waiver through March 1, 2027.

Stated mandate

IMCV No data

TILT The Fund seeks results that generally correspond, before fees and expenses, to the price and yield performance of the Morningstar U.S. Market Factor Tilt Index.

Why people hold it

IMCV No data

TILT Owns the market, then leans. No value sleeve, no stock-picking: the index keeps broad US exposure and simply overweights smaller and value names.sec.gov
Reach down to the micro caps. The universe covers the top 99.5% of US market cap, so roughly 1,900 holdings span mega to tiny.flexshares.com
Running since 2011, with a tracking record among the stronger implementations in its multifactor peer group.
Billion-dollar fund with a single published index and quarterly distributions. Nothing to interpret.

Worth knowing

IMCV No data

TILT You pay up for the tilt: 0.25% net of a waiver through March 1, 2027 (0.26% gross) versus VYM and ILCV at 0.04% and VONV at 0.06%, though each buys a narrower slice.
Trading is thin next to the giant index names, so quoted spreads can be wider than the fund's size suggests.
A tilt is a choice. Leaning small and value means stretches of looking different from the cap-weighted market, in either direction.sec.gov

Full IMCV profile⁠

Full TILT profile⁠

IMCV vs TILT Holdings

How IMCV and TILT differ

Overlap by weight

10.9%

Shared holdings make up 93.6% of IMCV and 10.9% of TILT.

Level by level

Holdings252 in both10.9%
Countryby domicile99.1%
Asset classEquity100%

Sector

No Sector split for TILT.

Country, concentration and asset class

Country by domicile

Country weights in IMCV and TILT, widest gap first
Country	More in IMCVMore in TILT	IMCV	TILT
United States	TILT +0.6 points	98.7%	99.3%
Other countries (11)	IMCV +0.6 points	1.3%	0.7%

Concentration

Weight in the 10 largest Holdings

IMCV13.2%
TILT25.3%

Securities held

IMCV268
TILT1,892

Asset class

IMCV: Equity
TILT: Equity

Holdings

Only in IMCV16
In both252
Only in TILT1,640

Only in IMCV

16 securities, 6.3% of IMCV by weight

Elevance Health Inc1.20%
Slb1.09%
Becton Dickinson0.74%
Crh Public Limited PLC0.53%
Kenvue0.46%
Fiserv Inc0.36%
Carnival Corp Ltd0.31%
Smurfit Westrock PLC0.31%
Vylor0.29%
Nxp Semiconductors NV0.27%
Lyondellbasell Industries Class A0.24%
Willis Towers Watson0.23%
Ball Corp0.11%
Flutter Entertainment PLC0.09%
Vivmark Residential0.07%
Hologic Inc0.00%

Only in TILT

1,640 securities, 88.0% of TILT by weight

Apple Inc Common Stock USD 0.000015.15%
NVIDIA Corp Common Stock USD 0.0014.88%
Microsoft Corp Common Stock USD 0.000006253.97%
Amazon.com Inc Common Stock USD 0.012.43%
Meta Platforms Inc Common Stock USD 0.0000061.72%
Alphabet Inc-Cl A - Common Stock USD 0.0011.68%
Broadcom Inc Common Stock USD1.56%
Alphabet Inc-Cl C - Common Stock USD 0.0011.35%
Berkshire Hathaway Inc Common Stock USD 0.00331.27%
Micron Technology Inc Common Stock USD 0.11.26%
Eli Lilly and Company1.16%
Tesla Inc Common Stock USD 0.0011.16%
JPMorgan Chase & Co Common Stock USD 11.14%
Exxonmobil Holdings Corp Common Stock USD0.98%
Advanced Micro Devices Inc Common Stock USD 0.010.84%
Johnson & Johnson Common Stock USD 10.83%
Visa Inc Common Stock USD 0.00010.72%
AbbVie Inc Common Stock USD 0.010.66%
Chevron Corp Common Stock USD 0.750.55%
Walmart Inc Common Stock USD 0.10.55%
Mastercard Inc Common Stock USD 0.00010.52%
Cisco Systems Inc Common Stock USD 0.0010.52%
The Procter & Gamble Company.0.48%
Merck & Co Inc Common Stock USD 0.50.46%
UnitedHealth Group Inc Common Stock USD 0.010.46%
Costco Wholesale Corp Common Stock USD 0.0050.46%
Home Depot Inc/The Common Stock USD 0.050.42%
Palantir Technologies Inc Common Stock USD 0.0010.42%
Bank of America Corp Common Stock USD 0.010.41%
Philip Morris International Inc Common Stock USD 00.41%
The Coca-Cola Company Common Stock USD 0.250.38%
Rtx Corp0.34%
Goldman Sachs Group Inc/The Common Stock USD 0.010.33%
Thermo Fisher Scientific Inc Common Stock USD 10.33%
General Electric Co0.32%
Wells Fargo & Co Common Stock USD 1.6660.32%
Applied Materials Inc Common Stock USD 0.010.32%
Amgen Inc Common Stock USD 0.00010.32%
Intel Corp Common Stock USD 0.0010.31%
International Business Machines Corporation0.31%
Lam Research Corp Common Stock USD 0.0010.31%
Palo Alto Networks Inc Common Stock USD 0.00010.30%
Caterpillar Inc Common Stock USD 10.29%
Texas Instruments Inc Common Stock USD 10.28%
Oracle Corp Common Stock USD 0.010.28%
Morgan Stanley Dean Witter & Co.0.27%
Gilead Sciences Inc Common Stock USD 0.0010.26%
Citigroup Inc Common Stock USD 0.010.26%
Netflix Inc Common Stock USD 0.0010.26%
Crowdstrike Holdings Inc Common Stock USD0.25%

Weight gaps

The 100 widest of 252 Holdings in both funds.

Holding weights in IMCV and TILT, widest gap first
Holding	More in IMCVMore in TILT	IMCV	TILT
Automatic Data Processing IncADP	IMCV +1.48 points	1.60%	0.12%
Valero Energy CorpVLO	IMCV +1.42 points	1.57%	0.15%
Phillips 66PSX	IMCV +1.40 points	1.54%	0.14%
Us BancorpUSB	IMCV +1.15 points	1.27%	0.12%
3MMMM	IMCV +1.13 points	1.23%	0.10%
Regeneron PharmaceuticalsREGN	IMCV +1.13 points	1.25%	0.12%
Pnc Financial Services GroupPNC	IMCV +1.12 points	1.24%	0.12%
Eog ResourcesEOG	IMCV +1.08 points	1.19%	0.11%
Mondelez International Class AMDLZ	IMCV +1.05 points	1.14%	0.09%
Travelers CompaniesTRV	IMCV +1.02 points	1.13%	0.11%
United Parcel Service Inc Class BUPS	IMCV +1.01 points	1.11%	0.10%
ModernaMRNA	IMCV +0.99 points	1.08%	0.09%
General MotorsGM	IMCV +0.95 points	1.05%	0.10%
CignaCI	IMCV +0.95 points	1.04%	0.09%
Hewlett Packard EnterpriseHPE	IMCV +0.90 points	1.00%	0.10%
Target CorpTGT	IMCV +0.87 points	0.96%	0.09%
Cheniere EnergyLNG	IMCV +0.86 points	0.93%	0.07%
Kinder MorganKMI	IMCV +0.84 points	0.91%	0.07%
OneokOKE	IMCV +0.75 points	0.83%	0.08%
Truist FinancialTFC	IMCV +0.74 points	0.82%	0.08%
Marathon PetroleumMPC	IMCV +0.72 points	0.88%	0.16%
SempraSRE	IMCV +0.71 points	0.77%	0.06%
MarshMRSH	IMCV +0.72 points	0.82%	0.10%
Devon EnergyDVN	IMCV +0.70 points	0.78%	0.08%
AflacAFL	IMCV +0.70 points	0.76%	0.06%
Dominion EnergyD	IMCV +0.69 points	0.77%	0.08%
MetlifeMET	IMCV +0.66 points	0.73%	0.07%
Delta Air LinesDAL	IMCV +0.65 points	0.72%	0.07%
Xcel Energy IncXEL	IMCV +0.63 points	0.68%	0.05%
Paccar IncPCAR	IMCV +0.64 points	0.69%	0.05%
WilliamsWMB	IMCV +0.63 points	0.72%	0.09%
Keurig Dr Pepper IncKDP	IMCV +0.60 points	0.66%	0.06%
PayPal HoldingsPYPL	IMCV +0.61 points	0.67%	0.06%
Colgate-PalmoliveCL	IMCV +0.61 points	0.69%	0.08%
Ford Motor CoF	IMCV +0.60 points	0.66%	0.06%
Strategy Inc Class AMSTR	IMCV +0.59 points	0.65%	0.06%
Exelon CorpEXC	IMCV +0.59 points	0.65%	0.06%
Occidental Petroleum CorpOXY	IMCV +0.58 points	0.64%	0.06%
Nike Class BNKE	IMCV +0.57 points	0.62%	0.05%
Northrop Grumman CorpNOC	IMCV +0.56 points	0.64%	0.08%
Iqvia Holdings IncIQV	IMCV +0.55 points	0.60%	0.05%
Consolidated EdisonED	IMCV +0.54 points	0.59%	0.05%
Norfolk Southern CorpNSC	IMCV +0.51 points	0.59%	0.08%
American International GroupAIG	IMCV +0.50 points	0.56%	0.06%
Prudential Financial IncPRU	IMCV +0.50 points	0.55%	0.05%
SyscoSYY	IMCV +0.49 points	0.54%	0.05%
American Electric Power IncAEP	IMCV +0.48 points	0.56%	0.08%
Crown Castle IncCCI	IMCV +0.48 points	0.52%	0.04%
Workday Class AWDAY	IMCV +0.48 points	0.53%	0.05%
Diamondback EnergyFANG	IMCV +0.48 points	0.53%	0.05%
KrogerKR	IMCV +0.47 points	0.52%	0.05%
BiogenBIIB	IMCV +0.47 points	0.51%	0.04%
D R HortonDHI	IMCV +0.45 points	0.50%	0.05%
PaychexPAYX	IMCV +0.45 points	0.49%	0.04%
Hartford Insurance GroupHIG	IMCV +0.45 points	0.50%	0.05%
Air Products and ChemicalsAPD	IMCV +0.45 points	0.52%	0.07%
Ge Healthcare TechnologiesGEHC	IMCV +0.44 points	0.48%	0.04%
Illinois Tool IncITW	IMCV +0.44 points	0.52%	0.08%
Arch Capital GroupACGL	IMCV +0.43 points	0.48%	0.05%
Archer Daniels MidlandADM	IMCV +0.43 points	0.48%	0.05%
Realty Income ReitO	IMCV +0.42 points	0.48%	0.06%
Kimberly ClarkKMB	IMCV +0.42 points	0.49%	0.07%
United Airlines HoldingsUAL	IMCV +0.41 points	0.46%	0.05%
Targa ResourcesTRGP	IMCV +0.41 points	0.48%	0.07%
Public Storage ReitPSA	IMCV +0.41 points	0.47%	0.06%
Simon Property Group Reit IncSPG	IMCV +0.40 points	0.47%	0.07%
M&T BankMTB	IMCV +0.40 points	0.44%	0.04%
Emerson ElectricEMR	IMCV +0.39 points	0.49%	0.10%
Bank of New York Mellon CorpBNY	IMCV +0.39 points	0.52%	0.13%
EbayEBAY	IMCV +0.40 points	0.46%	0.06%
Huntington Bancshares IncHBAN	IMCV +0.38 points	0.42%	0.04%
HalliburtonHAL	IMCV +0.39 points	0.42%	0.03%
Allstate CorpALL	IMCV +0.36 points	0.45%	0.09%
Cognizant Technology Solutions ClaCTSH	IMCV +0.36 points	0.40%	0.04%
Labcorp HoldingsLH	IMCV +0.37 points	0.41%	0.04%
Roper TechnologiesROP	IMCV +0.36 points	0.41%	0.05%
Dollar General CorpDG	IMCV +0.36 points	0.40%	0.04%
PG&E CorpPCG	IMCV +0.36 points	0.40%	0.04%
Quest Diagnostics IncDGX	IMCV +0.35 points	0.38%	0.03%
Dte EnergyDTE	IMCV +0.35 points	0.38%	0.03%
HumanaHUM	IMCV +0.34 points	0.41%	0.07%
Ppg IndustriesPPG	IMCV +0.33 points	0.36%	0.03%
CsxCSX	IMCV +0.33 points	0.43%	0.10%
Vici Pptys IncVICI	IMCV +0.33 points	0.37%	0.04%
Fifth Third BancorpFITB	IMCV +0.33 points	0.40%	0.07%
Dell Technologies Inc Class CDELL	IMCV +0.33 points	0.48%	0.15%
Hp IncHPQ	IMCV +0.33 points	0.36%	0.03%
Eversource EnergyES	IMCV +0.32 points	0.35%	0.03%
Firstenergy CorpFE	IMCV +0.32 points	0.35%	0.03%
Royalty Pharma PLC Class ARPRX	IMCV +0.31 points	0.34%	0.03%
DowDOW	IMCV +0.31 points	0.34%	0.03%
Dollar Tree IncDLTR	IMCV +0.30 points	0.33%	0.03%
Arthur J GallagherAJG	IMCV +0.31 points	0.38%	0.07%
Synchrony FinancialSYF	IMCV +0.31 points	0.34%	0.03%
Netapp IncNTAP	IMCV +0.30 points	0.34%	0.04%
International Flavors & FragrancesIFF	IMCV +0.30 points	0.33%	0.03%
State StreetSTT	IMCV +0.30 points	0.36%	0.06%
Principal Financial Group IncPFG	IMCV +0.30 points	0.33%	0.03%
Agilent Technologies IncA	IMCV +0.30 points	0.35%	0.05%
PultegroupPHM	IMCV +0.29 points	0.32%	0.03%

All 268 IMCV holdings⁠All 1,903 TILT 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 TILT Cost

Overpaying TILT vs IMCV

$3,889

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

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

Amount$10,000

Years30 years

Cost over time

IMCV 0.06%
TILT 0.25%
Overpaying

Year by year

Year	IMCV	TILT	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%TILT

IMCV0.06%TILT0.25%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

TILT 36th cheapest of 99 funds

IMCV vs TILT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IMCV 1.84%, better; TILT 1.07%
Payout (12M): IMCV $1.83; TILT $2.99
Last payment: IMCV $0.52; TILT $0.74
Ex-dividend: IMCV Sep 15, 2026; TILT Sep 18, 2026
Paid on: IMCV Sep 18, 2026; TILT Sep 24, 2026
Frequency: IMCV Quarterly; TILT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

TILTQuarterly · 39 paymentsAll TILT payments⁠

IMCV vs TILT Risk

Fall from peak · 5 years

IMCV
TILT

Risk facts

VolatilityStd dev, 3 years: IMCV 13.6%TILT 12.7%, better
Return per unit of riskSharpe ratio, 3 years: IMCV 1.22TILT 1.33, better
Worst fallMax drawdown, 5 years: IMCV −19.9%, betterTILT −24.1%
Market sensitivityBeta, 5 years: IMCV 0.88TILT 1.02; Market = 1

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