IQLT vs QLVD: Grades, Fees and Holdings Compared

iShares MSCI Intl Quality Factor ETF

IQLTBNYSE Arca

Northern Trust Developed Markets ex-US Quality Low Volatility ETF

QLVDANYSE Arca

Overlap

29.5%by weight

Expense ratio

QLVD −0.18pt a year

IQLT0.30%QLVD0.12%

Avg volume · 30D

IQLT 830.2×the volume

IQLT1.47MQLVD1.77K

5Y return · a year

IQLT+7.6%QLVD+7.6%

IQLT vs QLVD Performance

Oct 29, 2021 – Oct 30, 2026

+44.5%IQLT+44.1%QLVD

Expense ratio: IQLT 0.30%; QLVD 0.12%, better
Fund size: IQLT $13.7B; QLVD $54M
1Y total return: IQLT +16.0%; QLVD +16.4%, better
Yield (12M): IQLT 2.37%; QLVD 2.98%, better
Holdings: IQLT 308; QLVD 197
Avg volume (30D): IQLT 1.47M sh, better; QLVD 1.77K sh
NAV per share: IQLT $50.38; QLVD $34.85
52W range

ETF.net Grade

Pillar letters and Scores for IQLT, QLVD, with each pillar’s weight
Pillar	IQLT	QLVD
Cost30% weight	C44	A88Higher
Mission25% weight	Not scored	A72
Risk15% weight	C52	A78Higher
Tradability15% weight	A85Higher	C41
Holdings10% weight	B62	A71Higher
Durability5% weight	A86Higher	C44

Rank among International Quality Index funds

How we build Categories ›

Same Category. IQLT and QLVD are both graded against the same 6 International Quality Index funds, so their Grades compare head to head.

International Quality Index⁠

Category · 6 funds

See all 6 ›

QLVD ranks 1st and IQLT 4th of 6 funds in the International Quality Index Category.

Rank 1AQLVDNorthern Trust Developed Markets ex-US Quality Low Volatility ETFScore 71
Rank 2BIDHQInvesco S&P International Developed Quality ETFScore 63
Rank 3BDIHPDimensional International High Profitability ETFScore 60
Rank 4BIQLTiShares MSCI Intl Quality Factor ETFScore 59
Rank 5CFICSFirst Trust International Developed Capital Strength ETFScore 45

Our read on each fund

ETF.net Research

IQLTBiShares MSCI Intl Quality Factor ETF

QLVDANorthern Trust Developed Markets ex-US Quality Low Volatility ETF

In short

IQLT Quality investing abroad, with the sector bets stripped out. IQLT holds developed-market companies picked for high return on equity, stable earnings and low debt, while keeping sector weights close to the broad market.

QLVD A defensive route into developed markets outside the US: drop the weakest quality quintile first, then build the low-volatility portfolio with limits on sector and country drift. Fee is 0.12%, net of a waiver through March 1, 2027.

Stated mandate

IQLT The fund seeks to track an index of international developed-market stocks selected for high return on equity, stable earnings, and low debt.

QLVD The fund is designed to provide exposure to developed-market companies outside the United States that have lower absolute volatility and financial strength and stability, the characteristics the issuer associates with quality.

Why people hold it

IQLT The screen is refreshingly plain: high return on equity, stable earnings, low debt, spread across roughly 300 developed-market companies outside the US.ishares.com
Sector neutral by design. The quality tilt shows up in which companies it owns, not as a quiet overweight to whatever sector screens well that year.ishares.com
0.30% a year, below the typical international factor fund, and it has been running since 2015.
A multi-billion-dollar, actively traded fund, which puts it among the more established ways to own the quality factor overseas.

QLVD Cheapest in its peer group at 0.12% (net of a waiver through March 1, 2027, against a 0.15% gross fee), versus 0.30% for IQLT, 0.29% for IDHQ and 0.27% for DIHP, none of which are running a waiver.
Quality is the gate, not a tilt: companies are scored on profitability, management efficiency and cash flow, and the bottom quintile is cut before the low-volatility portfolio gets built.flexshares.com
The index caps how far it can wander from the broad market on sectors, industry groups, countries and regions, and strips out style bets other than volatility. A check on the pileups plain low-vol screens can create.flexshares.com
Roughly 200 large and mid-cap names across developed markets, rebuilt on a quarterly schedule, and one of the stronger implementations among the international quality funds we grade. Pays quarterly.sec.gov

Worth knowing

IQLT Developed markets outside the US only. No American stocks, no emerging markets, so it fills one slot rather than covering the whole map.
A quality screen narrows the field to profitable, low-debt names, so results can diverge from the broad international market in either direction.
Cheaper factor options sit in the same aisle (QLVD, EFAV, ACWV), though each runs a different screen rather than sector-neutral quality.

QLVD Thinly traded for its category, so bid-ask spreads can run wider than in the category's heavyweights and bigger orders may take more work to fill.
The 0.12% is net of a waiver dated to March 1, 2027; the gross fee is 0.15%, so cost can step up if that waiver is not renewed.
Modest asset base by category standards, and the fund holds a representative sample rather than every index name, which can open small gaps against the index.flexshares.com

Full IQLT profile⁠

Full QLVD profile⁠

IQLT vs QLVD Holdings

How IQLT and QLVD differ

Overlap by weight

29.5%

Shared holdings make up 52.1% of QLVD and 48.5% of IQLT.

Level by level

Holdings92 in both29.5%
Countryby domicile77.2%
Sector11 Sectors85.5%
Asset classEquity100%

Sector

Sector weights in IQLT and QLVD, widest gap first
Sector	More in IQLTMore in QLVD	IQLT	QLVD
Consumer Staples	QLVD +4.4 points	6.5%	10.9%
Materials	IQLT +4.4 points	6.9%	2.5%
Utilities	QLVD +3.6 points	3.8%	7.4%
Technology	IQLT +3.4 points	10.6%	7.2%
Real Estate	QLVD +2.9 points	1.3%	4.2%
Communication	QLVD +2.7 points	3.4%	6.0%
Industrials	IQLT +2.2 points	18.1%	15.9%
Consumer Discretionary	IQLT +2.1 points	7.5%	5.4%
Financials	IQLT +1.7 points	26.7%	25.0%
Health Care	QLVD +0.9 points	9.0%	9.9%
Energy	IQLT +0.8 points	6.3%	5.5%

Country, concentration and asset class

Country by domicile

Country weights in IQLT and QLVD, widest gap first
Country	More in IQLTMore in QLVD	IQLT	QLVD
United Kingdom	IQLT +6.7 points	16.1%	9.4%
Japan	QLVD +6.4 points	14.6%	21.0%
Canada	QLVD +6.2 points	9.1%	15.3%
Sweden	IQLT +3.9 points	4.1%	0.2%
France	IQLT +3.6 points	8.6%	5.0%
Australia	IQLT +3.1 points	4.8%	1.7%
United States	QLVD +2.9 points	0.0%	2.9%
Netherlands	IQLT +2.6 points	6.9%	4.3%
Other countries (12)	QLVD +4.5 points	35.7%	40.2%

Outside the US: IQLT 98% developed, 2% emerging. QLVD 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

IQLT23.6%
QLVD22.0%

Securities held

IQLT290
QLVD180

Asset class

IQLT: Equity
QLVD: Equity

Holdings

Only in IQLT198
In both92
Only in QLVD88

Only in IQLT

198 securities, 50.9% of IQLT by weight

Recruit Holdings Ltd1.99%
Advantest1.86%
Abb Ltd1.71%
Tokio Marine Holdings1.62%
Rolls-Royce Holdings PLC1.26%
Canadian Natural Resources Ltd1.14%
Airbus Group1.08%
Novo Nordisk Class B0.94%
Manulife Financial0.86%
Investor Class B0.83%
Wesfarmers0.76%
Nintendo0.76%
Fast Retailing0.75%
Lair Liquide Societe Anonyme Pour0.74%
Axa SA0.73%
Loreal SA0.73%
Compagnie Financiere Richemont SA0.73%
Suncor Energy Inc0.72%
London Stock Exchange Group PLC0.67%
Bae Systems PLC0.67%
Ferrari0.64%
MS&AD Insurance Group Holdings0.63%
Swiss Re AG0.59%
British American Tobacco0.55%
Rheinmetall AG0.53%
Sun Life Financial Inc0.53%
3I Group Fund PLC0.52%
Atlas Copco Class A0.50%
Agnico Eagle Mines0.50%
Intact Financial Corp0.49%
Prudential PLC0.45%
Daiichi Life Group0.44%
Experian PLC0.42%
Reckitt Benckiser Group PLC0.42%
Qbe Insurance Group0.41%
Adyen0.41%
Caixabank SA0.41%
Hermes International0.40%
Assicurazioni Generali0.39%
Sse PLC0.39%
Barrick Mining0.38%
Celestica0.38%
Fujikura0.37%
Shin Etsu Chemical0.34%
Partners Group Holding AG0.34%
Publicis Groupe0.34%
Power Corporation of Canada0.33%
United Overseas Bank0.33%
Wheaton Precious Metals0.33%
Hoya0.32%

Only in QLVD

88 securities, 46.2% of QLVD by weight

Royal Bank of Canada Common Stock Cad 03.57%
Canadian Imperial Bank of Commerce Common Stock1.71%
Sanofi SA Common Stock Eur 21.54%
Mitsubishi Corp Common Stock Jpy1.38%
Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index1.13%
Toronto-Dominion Bank/The Common Stock1.12%
Deutsche Telekom AG Common Stock Eur 01.09%
Ferguson Enterprises Inc Common Stock USD 0.00010.89%
Dnb Bank Asa Common Stock Nok 12.50.88%
Ovintiv Inc Common Stock USD0.87%
Kao Corp Common Stock Jpy0.87%
Swisscom AG Common Stock Chf 10.86%
Sgs SA Common Stock Chf 0.040.86%
Central Japan Railway Co Common Stock Jpy0.83%
Japan Tobacco Inc Common Stock Jpy0.82%
Aena Sme SA Common Stock Eur 10.81%
Sumitomo Mitsui Trust Group Inc Common Stock Jpy0.80%
Snam Spa Common Stock Eur 00.78%
Ck Hutchison Holdings Ltd Common Stock Hkd 10.78%
Technipfmc PLC Common Stock USD 10.75%
Danone SA Common Stock Eur 0.250.74%
Engie SA Common Stock Eur 10.74%
Softbank Corp Common Stock Jpy0.70%
Kirin Holdings Co Ltd Common Stock Jpy0.69%
Equinor Asa Common Stock Nok 2.50.67%
Fujitsu Ltd Common Stock Jpy0.65%
Ana Holdings Inc Common Stock Jpy0.63%
Fairfax Financial Holdings Ltd Eur0.61%
Enbridge Inc Common Stock Cad 00.59%
Wh Group Ltd Common Stock Hkd 0.00010.58%
Hsbc Holdings PLC Common Stock Gbp 0.50.57%
Sompo Holdings Inc Common Stock Jpy0.53%
Koninklijke Ahold Delhaize NV Common Stock Eur0.52%
Danske Bank A/S Common Stock Dkk 100.51%
Otsuka Holdings Co Ltd Common Stock Jpy0.50%
Oriental Land Co Ltd/Japan Common Stock Jpy0.49%
Pembina Pipeline Corp Common Stock Cad 00.49%
Fortis Inc/Canada Common Stock Cad 00.48%
Amadeus It Group SA Common Stock Eur 0.010.45%
Nippon Yusen Kk Common Stock Jpy0.45%
East Japan Railway Co Common Stock Jpy0.45%
Canon Inc Common Stock Jpy0.44%
Mitsui Fudosan Co Ltd Common Stock Jpy0.44%
Wolters Kluwer NV Common Stock Eur 0.120.44%
Thomson Reuters Corp Common Stock Cad 00.43%
Nitori Holdings Co Ltd Common Stock Jpy 00.43%
Bridgestone Corp Common Stock Jpy0.43%
Sekisui House Ltd Common Stock Jpy0.41%
Tokyo Gas Co Ltd Common Stock Jpy0.41%
Shionogi & Co Ltd Common Stock Jpy0.41%

Weight gaps

All 92 Holdings in both funds, largest gap first.

Holding weights in IQLT and QLVD, widest gap first
Holding	More in IQLTMore in QLVD	IQLT	QLVD
Asml Holding	IQLT +3.12 points	5.21%	2.09%
Allianz	IQLT +2.59 points	2.65%	0.06%
Novartis AG	QLVD +2.31 points	1.86%	4.17%
Roche Ps Par AG	IQLT +1.82 points	2.48%	0.66%
Totalenergies	IQLT +1.38 points	1.43%	0.05%
Bhp Group Ltd	IQLT +1.25 points	1.44%	0.19%
Astrazeneca PLCAZN.L	IQLT +1.20 points	1.85%	0.65%
Schneider Electric	IQLT +1.12 points	1.14%	0.01%
Tokyo Electron	IQLT +1.00 points	1.06%	0.06%
Nomura Research Institute	QLVD +0.90 points	0.09%	0.99%
Dbs Group Holdings Ltd	QLVD +0.86 points	1.03%	1.89%
Unilever PLCULVR.L	QLVD +0.85 points	1.38%	2.23%
Hong Kong Exchanges and Clearing	IQLT +0.78 points	1.02%	0.24%
Bandai Namco Holdings Inc	QLVD +0.75 points	0.14%	0.89%
Lvmh	IQLT +0.70 points	0.80%	0.10%
Industria De Diseno Textil SA	IQLT +0.68 points	0.86%	0.18%
Hong Kong and China Gas Ltd	QLVD +0.67 points	0.10%	0.77%
National Grid PLCNG.L	IQLT +0.66 points	0.68%	0.02%
Klepierre Reit SA	QLVD +0.62 points	0.06%	0.68%
Koninklijke Kpn NV	QLVD +0.60 points	0.21%	0.81%
Hannover Rueck	QLVD +0.59 points	0.29%	0.88%
Astellas Pharma	QLVD +0.58 points	0.12%	0.70%
Kongsberg Gruppen	QLVD +0.58 points	0.14%	0.72%
Sun Hung Kai Properties Ltd	QLVD +0.54 points	0.18%	0.72%
Kone	QLVD +0.54 points	0.30%	0.84%
Givaudan SA	QLVD +0.51 points	0.31%	0.82%
Canadian National Railway	QLVD +0.50 points	0.52%	1.02%
Geberit AG	QLVD +0.46 points	0.33%	0.79%
Obic Ltd	QLVD +0.45 points	0.07%	0.52%
Franco Nevada	QLVD +0.43 points	0.26%	0.69%
Relx PLCREL.L	IQLT +0.39 points	0.65%	0.26%
Thales SA	QLVD +0.37 points	0.22%	0.59%
Dollarama	QLVD +0.35 points	0.29%	0.64%
ShellSHEL.L	IQLT +0.35 points	1.96%	1.61%
Oversea-Chinese Banking	QLVD +0.34 points	0.87%	1.21%
Compass Group PLCCPG.L	QLVD +0.34 points	0.56%	0.90%
Osaka Gas	QLVD +0.33 points	0.09%	0.42%
Zurich Insurance Group AG	IQLT +0.33 points	1.83%	1.50%
Redeia Corporacion SA	QLVD +0.33 points	0.02%	0.35%
Ccl Industries Class B	QLVD +0.33 points	0.06%	0.39%
Loblaw Companies Ltd	QLVD +0.33 points	0.14%	0.47%
Rio TintoRIO.L	IQLT +0.32 points	0.59%	0.27%
Chocoladefabriken Lindt & Spruengl	QLVD +0.32 points	0.05%	0.37%
Cgi Inc Class A	QLVD +0.32 points	0.09%	0.41%
BunzlBNZL.L	QLVD +0.29 points	0.10%	0.39%
Inpex	QLVD +0.29 points	0.15%	0.44%
Power Assets Holdings	QLVD +0.29 points	0.13%	0.41%
Hydro One	QLVD +0.28 points	0.10%	0.38%
Terna Rete Elettrica Nazionale	QLVD +0.28 points	0.09%	0.37%
Link Real Estate Investment Trust	QLVD +0.28 points	0.12%	0.40%
Nestle SA	IQLT +0.28 points	1.87%	1.59%
Elbit Systems	QLVD +0.28 points	0.16%	0.44%
Universal Music Group	IQLT +0.27 points	0.39%	0.12%
Capitaland Ascendas Reit	QLVD +0.27 points	0.05%	0.32%
Capitaland Integrated Commercial T	QLVD +0.26 points	0.10%	0.36%
Telstra Group	QLVD +0.26 points	0.15%	0.41%
Ck Asset Holdings Ltd	QLVD +0.25 points	0.11%	0.36%
The Sage GroupSGE.L	QLVD +0.25 points	0.12%	0.37%
Daiwa House Industry	QLVD +0.24 points	0.18%	0.42%
Iberdrola	QLVD +0.24 points	1.38%	1.62%
Euronext NV	QLVD +0.23 points	0.20%	0.42%
Insurance Australia Group	QLVD +0.21 points	0.14%	0.35%
Kddi	QLVD +0.21 points	0.60%	0.81%
Mizrahi Tefahot Bank Ltd	QLVD +0.21 points	0.13%	0.34%
Recordati Industria Chimica E Farm	QLVD +0.20 points	0.02%	0.22%
Lasertec	IQLT +0.20 points	0.24%	0.04%
Great West Lifeco Inc	QLVD +0.19 points	0.23%	0.42%
Admiral Group PLCADM.L	QLVD +0.18 points	0.25%	0.43%
Brambles	QLVD +0.16 points	0.22%	0.38%
Next PLCNXT.L	QLVD +0.16 points	0.28%	0.44%
Bank Leumi Le Israel	QLVD +0.15 points	0.39%	0.54%
Deutsche Boerse AG	QLVD +0.14 points	0.91%	1.05%
Beiersdorf AG	QLVD +0.13 points	0.05%	0.18%
Singapore Exchange	QLVD +0.13 points	0.23%	0.36%
Bank Hapoalim Bm	QLVD +0.13 points	0.35%	0.48%
Muenchener Rueckversicherungs-Gese	QLVD +0.13 points	1.16%	1.29%
Kuehne Und Nagel International AG	QLVD +0.12 points	0.16%	0.28%
Fortescue Ltd	IQLT +0.08 points	0.11%	0.03%
Schindler Holding Par AG	IQLT +0.09 points	0.15%	0.06%
Gjensidige Forsikring	IQLT +0.08 points	0.10%	0.02%
GlaxosmithklineGSK.L	IQLT +0.08 points	0.71%	0.63%
Gea Group AG	QLVD +0.07 points	0.10%	0.17%
Roche Holding AG	IQLT +0.05 points	0.11%	0.06%
Hkt Trust and Hkt Units	IQLT +0.06 points	0.07%	0.01%
Sino Land Ltd	IQLT +0.03 points	0.06%	0.03%
Schindler Holding AG	IQLT +0.03 points	0.07%	0.04%
Cheung Kong Infrastructure Holding	IQLT +0.03 points	0.06%	0.03%
Chugai Pharmaceutical Ltd	QLVD +0.03 points	0.14%	0.17%
Ems-Chemie Holding AG	IQLT +0.02 points	0.06%	0.04%
Sampo Class A	QLVD +0.01 points	0.42%	0.43%
Symrise AG	IQLT +0.01 points	0.06%	0.05%
Fisher and Paykel Healthcare Corpo	IQLT +0.01 points	0.07%	0.06%

All 291 IQLT holdings⁠All 214 QLVD 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.

IQLT vs QLVD Cost

Overpaying IQLT vs QLVD

$3,629

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

IQLT 0.30%
$6,149
QLVD 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

IQLT 0.30%
QLVD 0.12%
Overpaying

Year by year

Year	IQLT	QLVD	Overpaying
10	$545	$220	$325
20	$2,113	$859	$1,254
30	$6,149	$2,520	$3,629

Expense ratio

0.30%IQLT
0.12%QLVD, cheaper

QLVD0.12%IQLT0.30%

0.12%0.70%

Middle half of International Quality Index funds
Median 0.29%

QLVD cheapest of 6 funds

IQLT 4th cheapest of 6 funds

IQLT vs QLVD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IQLT 2.37%; QLVD 2.98%, better
Payout (12M): IQLT $1.20; QLVD $1.03
Last payment: IQLT $0.75; QLVD $0.19
Ex-dividend: IQLT Jun 15, 2026; QLVD Sep 18, 2026
Paid on: IQLT Jun 18, 2026; QLVD Sep 24, 2026
Frequency: IQLT Twice a year; QLVD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IQLTTwice a year · 19 paymentsAll IQLT payments⁠

QLVDQuarterly · 29 paymentsAll QLVD payments⁠

IQLT vs QLVD Risk

Fall from peak · 5 years

IQLT
QLVD

Risk facts

VolatilityStd dev, 3 years: IQLT 12.2%QLVD 11.0%, better
Return per unit of riskSharpe ratio, 3 years: IQLT 1.08QLVD 1.08
Worst fallMax drawdown, 5 years: IQLT −29.7%QLVD −23.4%, better
Market sensitivityBeta, 5 years: IQLT 0.83QLVD 0.64; Market = 1

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