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QLC vs USMV: Differences, Returns & Fees

QLC and USMV hold 25% of their weight in the same names, and QLC returned +19.8% over the year. Net assets: $1.0bn on Jul 31, 2026 for Northern Trust US Quality Large Cap ETF, and $23.8bn on Oct 9, 2026 for iShares MSCI USA Min Vol Factor ETF.

USMV costs 0.10 points a year less; their one-year returns differ by 12.3 points; USMV is far larger, $23.6bn against $1.0bn.

QLC vs USMV: Differences, Returns & Fees
QLCUSMV
Expense ratio0.25%0.15%
Net assets, as of Jul 31, 2026$1.0bn$23.6bn
Total return, 1 year+19.8%+7.5%
What it tracksNorthern Trust Quality Large Cap IndexMSCI USA Minimum Volatility (USD) Index
Holdings in common25%
Top ten holdings, share of the fund37.6%15.1%

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

+19.8%
QLC total return, 1 year
+7.5%
USMV total return, 1 year
0.25%
QLC expense ratio
0.15%
USMV expense ratio

What they hold in common

By the books each fund has filed, QLC and USMV hold 25% 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

25% in common

Positions both hold, largest shared weight first
Holding QLC USMV
Microsoft Corp. 4.25% 1.66%
NVIDIA Corp. 7.10% 1.59%
Cisco Systems, Inc. 1.85% 1.47%
Johnson & Johnson 1.81% 1.44%
Berkshire Hathaway, Inc. 1.27% 1.46%
Apple, Inc. 7.33% 0.96%
Broadcom, Inc. 2.94% 0.93%
Eli Lilly & Co. 1.12% 0.79%
Micron Technology, Inc. 1.09% 0.79%
Bank of New York Mellon Corp. (The) 0.79% 0.90%
McKesson Corp. 0.76% 1.42%
Advanced Micro Devices, Inc. 0.65% 0.86%
Only in QLC
Alphabet, Inc. 3.66%
JPMorgan Chase & Co. 1.98%
Citigroup, Inc. 1.66%
Bank of America Corp. 1.46%
GE Aerospace 1.21%
Goldman Sachs Group, Inc. (The) 1.17%
Applied Materials, Inc. 1.15%
KLA Corp. 1.08%
Only in USMV
EXXONMOBIL HOLDINGS CORP 1.49%
CHUBB 1.47%
WELLTOWER 1.44%
MOTOROLA SOLUTIONS INC 1.39%
VERTEX PHARMACEUTICALS 1.35%
DUKE ENERGY CORP 1.32%
MASTERCARD CLASS A 1.27%
COCA-COLA 1.26%

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On the same fields

QLC
Northern Trust US Quality Large Cap 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 +19.8% +7.5%
Expense ratio 0.25% 0.15%
Already in the S&P 500 96.4% 93.0%
Holdings 177 176
Net assets, QLC as of Jul 31, 2026 and USMV as of Oct 9, 2026 $1.0bn $23.8bn

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

About QLC

QLC tracks an index. Over the year to Oct 9, 2026 it returned +19.8% with distributions reinvested. The prospectus expense ratio is 0.25% a year. By its holdings filed for Jul 31, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 177 positions, with the top ten at 37.6%.

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, QLC or USMV?
In the year to Oct 9, 2026, with distributions reinvested, QLC returned +19.8% and USMV +7.5%.
Which is cheaper, QLC or USMV?
USMV is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do QLC and USMV overlap with the S&P 500?
By their latest filed holdings, 96% of QLC and 93% of USMV by weight is stocks the S&P 500 already holds.
Other comparisons
QLC vs SPMOQLC vs SPYQLC vs RDVYDFUS vs QLCEFIV vs USMVDSPY vs USMVSPHB vs USMVUSMV vs VOTE
QLC on its own →USMV on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
QLC filings on SEC EDGAR ↗QLC 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, QLC against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/qlc-vs-usmv

Open data

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