Forms :: Updating Large List Instantly - Datagridview Vs. Listview ?

What I am trying to do is to instantly apply a filter to a large list of data such that the list is updated almost immediately regardless of the number of items in the list. I have this working using a listview right now but it is far from instant, a list of 5000 items takes over a minute to get through. What I do currently is to maintain a cache of my data that my listview entries are based on. When the user selects a filter I parse this data one item at a time and determine if each item should still be displayed in the listview, if not I remove it. The complexity of determining whether or not a data entry meets the filter requirements is O(1), but just getting through each element in a loop takes significant time, and so does updating the list view graphically at the end of the process.

I have considered using a datagridview instead, using a database connection. I have never done this before and my main question here is whether this would allow me to do what I have described. With the database I could form an SQL query to return only the items that meet the new filter requirements... but would the data in the form update immediately, or would there still be significant delay?