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QDF vs USMV: Differences, Returns & Fees

QDF and USMV hold 16% of their weight in the same names, and QDF returned +17.4% over the year. Net assets: $2.2bn on Jul 31, 2026 for Northern Trust Quality Dividend ETF, and $23.8bn on Oct 9, 2026 for iShares MSCI USA Min Vol Factor ETF.

USMV costs 0.24 points a year less; their one-year returns differ by 9.9 points; USMV is 10.7 times larger.

QDF vs USMV: Differences, Returns & Fees
QDFUSMV
Expense ratio0.39%0.15%
Net assets, as of Jul 31, 2026$2.2bn$23.6bn
Total return, 1 year+17.4%+7.5%
What it tracksNorthern Trust Quality Dividend IndexMSCI USA Minimum Volatility (USD) Index
Holdings in common16%
Top ten holdings, share of the fund39.4%15.1%

Holdings in common uses holdings dated Jul 31, 2026 and Oct 9, 2026.

+17.4%
QDF total return, 1 year
+7.5%
USMV total return, 1 year
0.39%
QDF expense ratio
0.15%
USMV expense ratio

What they hold in common

By the books each fund has filed, QDF and USMV hold 16% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jul 31, 2026 and Oct 9, 2026.

half

16% in common

Positions both hold, largest shared weight first
Holding QDF USMV
Microsoft Corp. 3.97% 1.66%
NVIDIA Corp. 6.33% 1.59%
Cisco Systems, Inc. 2.96% 1.47%
Johnson & Johnson 2.81% 1.44%
Procter & Gamble Co. (The) 2.29% 1.07%
Apple, Inc. 8.67% 0.96%
Broadcom, Inc. 4.01% 0.93%
Gilead Sciences, Inc. 1.11% 0.89%
AbbVie, Inc. 2.94% 0.78%
Eli Lilly & Co. 0.71% 0.79%
Accenture plc 0.70% 0.83%
GE Vernova, Inc. 1.44% 0.63%
Only in QDF
GE Aerospace 2.62%
JPMorgan Chase & Co. 2.56%
Alphabet, Inc. 1.95%
KLA Corp. 1.65%
Union Pacific Corp. 1.18%
Booking Holdings, Inc. 1.06%
Bristol-Myers Squibb Co. 0.92%
Altria Group, Inc. 0.80%
Only in USMV
AMPHENOL CORP CLASS A 1.68%
CHUBB 1.47%
BERKSHIRE HATHAWAY INC CLASS B 1.46%
MERCK & CO INC 1.44%
WELLTOWER 1.44%
MCKESSON CORP 1.42%
MOTOROLA SOLUTIONS INC 1.39%
VERTEX PHARMACEUTICALS 1.35%

Check overlap with more funds →

On the same fields

QDF
Northern Trust Quality Dividend ETF
USMV
iShares MSCI USA Min Vol Factor ETF
Where it sits Stock ETF Stock ETF
Issuer Northern Trust iShares
What it is Tracks an index Tracks the MSCI USA Min Vol Factor
Total return, 1 year +17.4% +7.5%
Expense ratio 0.39% 0.15%
Already in the S&P 500 85.9% 93.0%
Holdings 123 176
Net assets, QDF as of Jul 31, 2026 and USMV as of Oct 9, 2026 $2.2bn $23.8bn

QDF and USMV on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About QDF

QDF tracks an index. Over the year to Oct 9, 2026 it returned +17.4% with distributions reinvested. The prospectus expense ratio is 0.39% a year. By its holdings filed for Jul 31, 2026, 86% of the fund by weight is stocks the S&P 500 also holds, across 123 positions, with the top ten at 39.4%.

About USMV

USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 9, 2026 it returned +7.5% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 9, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 176 positions, with the top ten at 15.1%.

Questions people ask

Which returned more over the last year, QDF or USMV?
In the year to Oct 9, 2026, with distributions reinvested, QDF returned +17.4% and USMV +7.5%.
Which is cheaper, QDF or USMV?
USMV is cheaper, by 0.24 percentage points a year. That is about $24 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do QDF and USMV overlap with the S&P 500?
By their latest filed holdings, 86% of QDF and 93% of USMV by weight is stocks the S&P 500 already holds.
Other comparisons
QDF vs SPMOQDF vs SPYQDF vs RDVYDFUS vs QDFFLQL vs USMVTILT vs USMVDFSU vs USMVSFLR vs USMV
QDF on its own →USMV on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
QDF filings on SEC EDGAR ↗QDF prospectus with the expense ratio (SEC) ↗USMV filings on SEC EDGAR ↗USMV prospectus with the expense ratio (SEC) ↗iShares page for USMV ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, QDF against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/qdf-vs-usmv

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.