IVV vs QVAL
iShares Core S&P 500 ETF vs Alpha Architect US Quantitative Value ETF
Which is better, IVV or QVAL?
Large Cap Blend against Mid Cap Value.
IVV has a lower expense ratio. IVV led over 3Y, 5Y and the full window, QVAL over 1Y. QVAL is less concentrated, with 20.3% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | QVAL |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.28% |
| AUM | $876.4B | $708M |
| Dividend Yield | 1.06% | 1.35% |
| Holdings | 508 | 52 |
| YTD Return | +14.14% | +22.15%Best |
| 1Y Return | +17.30% | +29.79%Best |
| 3Y Return (annualized) | +23.04%Best | +19.37% |
| 5Y Return (annualized) | +13.63%Best | +13.35% |
| Volatility (annualized) | 14.9%Best | 21.1% |
| Max Drawdown | -33.9%Best | -53.3% |
| $10,000 over 5 years | $18,944Best | $18,711 |
| Top 10 Weight | 37.8% | 20.3%Best |
| Fund Family | iShares by BlackRock (US) | Alpha Architect |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Value |
| Inception | May 15, 2000 | Oct 22, 2014 |
Volatility and max drawdown are measured over the window both funds cover: Oct 22, 2014 to Sep 22, 2026 (11.9 years).
IVV vs QVAL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 11.9 years both funds cover.
IVV vs QVAL Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Alpha Architect US Quantitative Value ETF (QVAL) is an ETF from Alpha Architect. Over the past year IVV returned +17.30% while QVAL returned +29.79%. Year to date, IVV is up 14.14% versus a gain of 22.15% for QVAL.
Over three years, IVV compounded at +23.04% per year against +19.37% for QVAL; over five years the annualized figures are +13.63% and +13.35% respectively. Across the full 12-year window we track, IVV has the edge at +13.10% annualized vs +8.52%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QVAL has been the more volatile fund, with annualized monthly volatility of 21.1% compared with 14.9% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -33.9% for IVV and -53.3% for QVAL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IVV charges 0.03% per year while QVAL charges 0.28%. On a $10,000 position that is $3 vs $28 annually, a gap of $25 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 1.35% for QVAL.
Holdings Overlap
4.0% of IVV's money is in holdings QVAL also owns. 66.0% of QVAL's money is in holdings IVV also owns.
The two portfolios partly overlap.
43 positions in common, counted across the 490 positions we hold weights for in IVV and 63 in QVAL, against full books of 508 and 52.
What only one of them owns
Our book lists 15 positions for QVAL that do not appear in our book for IVV (30.1% of the fund), and 439 for IVV that do not appear in QVAL (94.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in IVV | Weight in QVAL | Difference |
|---|---|---|---|
| TBBAt&t Inc | 0.27% | 1.99% | 1.72% |
| COPConocophillips Common Stock USD 0.01 | 0.24% | 2.00% | 1.76% |
| BMYBristol-Myers Squibb Co. | 0.21% | 2.00% | 1.79% |
| MPCMarathon Petroleum Corp | 0.16% | 2.02% | 1.86% |
| NEMNewmont Corp Common | 0.20% | 1.97% | 1.77% |
| ADBEAdobe Systems | 0.18% | 1.98% | 1.80% |
| VLOValero Energy | 0.16% | 2.00% | 1.84% |
| PSXPhillips 66 | 0.15% | 2.01% | 1.86% |
| MOAltria Group Inc | 0.17% | 1.98% | 1.81% |
| ELVElevance Health Inc | 0.13% | 2.00% | 1.87% |
66.0% of QVAL is already inside IVV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, IVV or QVAL?
IVV has an expense ratio of 0.03% while QVAL charges 0.28%. IVV is the cheaper option, by $25 a year on a $10,000 investment.
Which performed better, IVV or QVAL?
Over the past year IVV returned +17.30% vs +29.79% for QVAL, so QVAL leads on 1-year performance. Over the longest common window we track (12 years), IVV annualized +13.10% vs +8.52% for QVAL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or QVAL?
QVAL has been the more volatile fund at 21.1% annualized versus 14.9% for IVV. Worst drawdown: IVV -33.9% vs QVAL -53.3%.
Should I hold both IVV and QVAL?
IVV and QVAL have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between IVV and QVAL?
66.0% of QVAL's money is in holdings IVV also owns. 66.0% of QVAL's is in holdings IVV also owns. They hold 43 positions in common, counted across the 490 positions we hold weights for in IVV and 63 in QVAL.
Which pays a higher dividend, IVV or QVAL?
IVV yields 1.06% while QVAL yields 1.35%, so QVAL currently pays the higher dividend yield.
Is QVAL better than IVV?
IVV has a lower expense ratio. IVV led over 3Y, 5Y and the full window, QVAL over 1Y. QVAL is less concentrated, with 20.3% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.