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QLV vs USMV

Northern Trust US Quality Low Volatility ETF

QLVANYSE Arca

iShares MSCI USA Min Vol Factor ETF

USMVACboe

Overlap

Expense ratio

QLV −0.07pt a year

QLV0.08%USMV0.15%

Avg volume · 30D

USMV 215.2×the volume

QLV8.83KUSMV1.9M

5Y return · a year

QLV +2.7pt

QLV+10.3%USMV+7.6%

QLV vs USMV Performance

Oct 29, 2021 – Oct 30, 2026

+63.3%QLV+44.0%USMV

Oct 29, 2021 to Oct 30, 2026. QLV +63.3%. USMV +44.0%. Use the arrow keys to read each point.0%20%Oct 2021Apr 2024Oct 2026
Expense ratio
QLV 0.08%, better
USMV 0.15%
Fund size
QLV $189M
USMV $24B
1Y total return
QLV +17.0%, better
USMV +12.1%
Yield (12M)
QLV 1.43%, better
USMV 1.37%
Holdings
QLV 122
USMV 177
Avg volume (30D)
QLV 8.83K sh
USMV 1.9M sh, better
NAV per share
QLV $82.16
USMV $102.90
52W range

ETF.net Grade

QLV: Cost 100, Risk 86, Mission 76, Tradability 67, Holdings 34, Durability 31. USMV: Cost 70, Risk 66, Mission 83, Tradability 89, Holdings 57, Durability 87.
Pillar letters and Scores for QLV, USMV, with each pillar’s weight
PillarQLVUSMV
Cost30% weightA100HigherA70
Mission25% weightA76A83Higher
Risk15% weightA86HigherB66
Tradability15% weightB67A89Higher
Holdings10% weightD34B57Higher
Durability5% weightD31A87Higher

Rank among US Low Volatility Index funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. QLV and USMV are both graded against the same 16 US Low Volatility Index funds, so their Grades compare head to head.

US Low Volatility Index⁠

Category · 16 funds
See all 16 ›

QLV ranks 2nd and USMV 3rd of 16 funds in the US Low Volatility Index Category.

  1. Rank 1ALGLVState Street SPDR US Large Cap Low Volatility Index ETFScore 78
  2. Rank 2AQLVNorthern Trust US Quality Low Volatility ETFScore 76
  3. Rank 3AUSMViShares MSCI USA Min Vol Factor ETFScore 75
  4. Rank 4BSMLVState Street SPDR US Small Cap Low Volatility Index ETFScore 68

Our read on each fund

ETF.net Research

QLVANorthern Trust US Quality Low Volatility ETF

USMVAiShares MSCI USA Min Vol Factor ETF

In short

QLV Low vol with a quality gate: the index cuts the weakest-scoring fifth of US large and mid caps, then optimizes what's left for calm. Fee is 0.08% net of a waiver through March 1, 2027.

USMV The household name in low-volatility investing. Since 2011 USMV has tracked an MSCI index built around U.S. stocks with calmer price behavior, holding roughly 160 names for 0.15% a year.

Stated mandate

QLV The fund seeks to track the Northern Trust Quality Low Volatility Index and provide exposure to U.S. companies selected for lower overall volatility and quality characteristics.

USMV The fund seeks to track an index targeting U.S. stocks with lower-volatility characteristics.

Why people hold it

  • QLV The quality screen is the point: stocks are ranked on profitability, management efficiency and cash flow, and the bottom fifth is cut before the volatility work starts.sec.gov
  • 0.08% net of a waiver through March 1, 2027: below the category median, and under USMV at 0.15% and LGLV at 0.12%.
  • Sector, industry and single-stock limits inside the optimization push back on the utilities-and-staples pileup typical of low vol. Roughly 120 holdings.sec.gov
  • Sits in the top quartile of its US low volatility peer group, and pays quarterly.
  • USMV Costs 0.15% a year, below the typical fee in its low-volatility peer group.
  • A multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part.
  • Running since 2011 on a published MSCI rulebook, with one of the stronger implementations among U.S. low-vol funds.ishares.com
  • Straightforward plumbing: index-tracked U.S. stocks, quarterly distributions, no derivatives layer to decode.

Worth knowing

  • QLV One of the less-traded funds in the category, so the bid-ask spread can matter more at the point of trade than the expense ratio.
  • Assets stay modest next to the category's multi-billion-dollar incumbents.
  • Low volatility here is relative, not absolute: the aim is calmer than the Northern Trust 1250 parent index, not shelter from a broad selloff.sec.gov
  • USMV Not the cheapest ticket in the aisle. QLV and LGLV both undercut it on fee.
  • "Minimum volatility" describes how the index picks and weights stocks, not a floor under losses. This is still a fully invested equity fund.
  • Roughly 160 holdings is a far narrower slice than a total-market fund, so results can drift from the broad U.S. index in either direction.

Full QLV profile⁠

Full USMV profile⁠

QLV vs USMV 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.

QLV vs USMV Cost

Overpaying USMV vs QLV

$1,448

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

  • QLV 0.08%

    $1,689

  • USMV 0.15%

    $3,137

$10,000
30 years

Cost over time

  • QLV 0.08%
  • USMV 0.15%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530USMV $3,137QLV $1,689

Year by year

YearQLVUSMVOverpaying
10$147$274$127
20$575$1,071$496
30$1,689$3,137$1,448

Expense ratio

  • 0.08%QLV, cheaper
  • 0.15%USMV
  • Middle half of US Low Volatility Index funds
  • Median 0.20%

QLV cheapest of 16 funds

USMV 5th cheapest of 16 funds

QLV vs USMV Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLV 1.43%, better
USMV 1.37%
Payout (12M)
QLV $1.18
USMV $1.41
Last payment
QLV $0.28
USMV $0.33
Ex-dividend
QLV Sep 18, 2026
USMV Sep 15, 2026
Paid on
QLV Sep 24, 2026
USMV Sep 18, 2026
Frequency
QLV Quarterly
USMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QLVQuarterly · 30 paymentsAll QLV payments⁠
One bar per payment. 30 payments from 2017 to 2026 YTD. Sep 20, 2019 $0.08; Dec 20, 2019 $0.16; Mar 20, 2020 $0.12; Jun 19, 2020 $0.12; Sep 18, 2020 $0.13; Dec 18, 2020 $0.20; Mar 19, 2021 $0.11; Jun 18, 2021 $0.14; Sep 17, 2021 $0.13; Dec 17, 2021 $0.16; Mar 18, 2022 $0.15; Jun 17, 2022 $0.18; Sep 16, 2022 $0.22; Dec 16, 2022 $0.33; Mar 17, 2023 $0.14; Jun 16, 2023 $0.24; Sep 15, 2023 $0.19; Dec 15, 2023 $0.30; Dec 22, 2023 $0.02; Mar 15, 2024 $0.17; Jun 21, 2024 $0.30; Sep 20, 2024 $0.25; Dec 20, 2024 $0.35; Mar 21, 2025 $0.23; Jun 20, 2025 $0.28; Sep 19, 2025 $0.29; Dec 19, 2025 $0.36; Mar 20, 2026 $0.23; Jun 18, 2026 $0.31; Sep 18, 2026 $0.28. Use the arrow keys to read each point.$0$0.502017202020232026YTD
USMVQuarterly · 40 paymentsAll USMV payments⁠
One bar per payment. 40 payments from 2017 to 2026 YTD. Mar 24, 2017 $0.21; Jun 27, 2017 $0.26; Sep 26, 2017 $0.22; Dec 21, 2017 $0.25; Mar 22, 2018 $0.23; Jun 26, 2018 $0.29; Sep 26, 2018 $0.25; Dec 17, 2018 $0.30; Dec 28, 2018 $0.03; Mar 20, 2019 $0.24; Jun 17, 2019 $0.33; Sep 24, 2019 $0.29; Dec 16, 2019 $0.38; Mar 25, 2020 $0.31; Jun 15, 2020 $0.30; Sep 23, 2020 $0.31; Dec 14, 2020 $0.30; Mar 25, 2021 $0.27; Jun 10, 2021 $0.21; Sep 24, 2021 $0.29; Dec 13, 2021 $0.25; Mar 24, 2022 $0.27; Jun 9, 2022 $0.22; Sep 26, 2022 $0.33; Dec 13, 2022 $0.35; Mar 23, 2023 $0.32; Jun 7, 2023 $0.28; Sep 26, 2023 $0.39; Dec 20, 2023 $0.43; Mar 21, 2024 $0.36; Jun 11, 2024 $0.30; Sep 25, 2024 $0.41; Dec 17, 2024 $0.42; Mar 18, 2025 $0.32; Jun 16, 2025 $0.33; Sep 16, 2025 $0.36; Dec 16, 2025 $0.39; Mar 17, 2026 $0.39; Jun 15, 2026 $0.30; Sep 15, 2026 $0.33. Use the arrow keys to read each point.$0$0.502017202020232026YTD

QLV vs USMV Risk

Fall from peak · 5 years

  • QLV
  • USMV
Oct 29, 2021 to Oct 30, 2026. Worst fall: QLV −17.9% · Oct 2022. Use the arrow keys to read each point.−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
QLV 8.6%, betterUSMV 9.9%
Return per unit of riskSharpe ratio, 3 years
QLV 1.56, betterUSMV 0.99
Worst fallMax drawdown, 5 years
QLV −17.9%USMV −17.9%Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
QLV 0.58USMV 0.48

Popular comparisons

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