DVLU vs ILCV: Grades, Fees and Holdings Compared

First Trust Dorsey Wright Momentum & Value ETF

DVLUCNasdaq

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

8.8%by weight

Expense ratio

ILCV −0.56pt a year

DVLU0.60%ILCV0.04%

Avg volume · 30D

ILCV 4.9×the volume

DVLU5.08KILCV25.1K

5Y return · a year

ILCV +2.2pt

DVLU+10.3%ILCV+12.5%

DVLU vs ILCV Performance

Nov 9, 2021 – Nov 9, 2026

+63.2%DVLU+79.9%ILCV

Expense ratio: DVLU 0.60%; ILCV 0.04%, better
Fund size: DVLU $46M; ILCV $1.37B
1Y total return: DVLU +14.4%; ILCV +22.4%, better
Yield (12M): DVLU 0.79%; ILCV 1.50%, better
Holdings: DVLU 51; ILCV 374
Avg volume (30D): DVLU 5.08K sh; ILCV 25.1K sh, better
NAV per share: DVLU $37.94; ILCV $108.28
52W range

ETF.net Grade

Pillar letters and Scores for DVLU, ILCV, with each pillar’s weight
Pillar	DVLU	ILCV
Cost30% weight	F15	A99Higher
Mission25% weight	A86Higher	A82
Risk15% weight	D30	A91Higher
Tradability15% weight	C41	B62Higher
Holdings10% weight	D37	D39Higher
Durability5% weight	C44	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. DVLU and ILCV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

ILCV ranks 2nd and DVLU 80th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 2AVYMVanguard High Dividend Yield ETFScore 81
Rank 80CCPTLGlobal X Morningstar Capital Allocation Leaders ETFScore 42
Rank 80CDVLUFirst Trust Dorsey Wright Momentum & Value ETFScore 42
Rank 80CFSCSFirst Trust SMID Capital Strength ETFScore 42

Our read on each fund

ETF.net Research

DVLUCFirst Trust Dorsey Wright Momentum & Value ETF

ILCVAiShares Morningstar Value ETF

In short

DVLU Value and momentum usually pull in opposite directions. DVLU's Dorsey Wright index tries to own the overlap, packing it into about 50 US stocks. A niche, higher-cost take on factor investing that has been running since 2018.

ILCV Value done the thorough way: roughly 400 large- and mid-cap US stocks screened on five separate value measures, not just cheap book value. Running since 2004 at four basis points, it's one of the cheapest tickets into the value factor.

Stated mandate

DVLU The Fund seeks to track the Dorsey Wright Momentum Plus ValueTM Index before fees and expenses, normally investing at least 90% of net assets in its equity securities.

ILCV The fund seeks to track an index of U.S. large- and mid-cap stocks selected with value-oriented measures including forward earnings, book value, sales, cash flow, and dividend yield.

Why people hold it

DVLU Momentum and value ride in one rules-based index rather than two separate funds. At about 50 US stocks, it can look genuinely different from a plain value benchmark.ftportfolios.com
The Dorsey Wright Momentum Plus Value Index picks the names, not a manager's gut. Live since 2018, so there is a real multi-cycle record to inspect.
The mandate is tight: normally at least 90% of net assets sit in the index's own stocks, so you get the strategy on the tin. Distributions come quarterly.ftportfolios.com

ILCV Charges 0.04% a year against a 0.32% median for its factor peer group. Undercuts well-regarded rivals like VONV (0.06%) and FNDX (0.25%).
Value gets defined five ways: forward earnings, book value, sales, cash flow and dividend yield. Wider lens than a single price-to-book screen.ishares.com
Spreads the bet across about 400 large- and mid-cap names and distributes quarterly.
Trading since 2004 and now a multi-billion-dollar fund, it ranks among the strongest implementations in its factor cohort.

Worth knowing

DVLU At 0.60% a year, it runs well above the typical US multifactor fund's 0.32%, and shelf heavyweights like VONV (0.06%) and FNDX (0.25%) charge a fraction of it.
A small fund that trades thinly. That usually means wider bid-ask spreads and more attention needed on order entry than with the category's giants.
About 50 names and a factor blend that can get whipsawed when market leadership turns. Results can diverge sharply from a broad value index, in both directions.

ILCV One of the quieter tickers in its category. Thin volume means spreads matter more here than on a mega-cap index fund, and limit orders are the usual tool.
Value-only by design. It skips the market's priciest growth leaders, so it moves differently from a total-market fund in both directions.ishares.com
Large and mid caps only. Small-cap value sits outside the mandate.

Full DVLU profile⁠

Full ILCV profile⁠

DVLU vs ILCV Holdings

How DVLU and ILCV differ

Overlap by weight

8.8%

Shared holdings make up 68.9% of DVLU and 10.4% of ILCV.

Level by level

Holdings34 in both8.8%
Sector11 Sectors64.0%
Countryby domicile99.2%
Asset classStocks100%

Sector

Sector weights in DVLU and ILCV, widest gap first
Sector	Gap	DVLU	ILCV
Financials	DVLU +16.2 points	34.4%	18.2%
Energy	DVLU +15.8 points	21.9%	6.1%
Technology	ILCV +11.2 points	11.8%	23.0%
Communication	ILCV +8.5 points	0.0%	8.5%
Consumer Staples	ILCV +4.1 points	3.5%	7.6%
Consumer Discretionary	ILCV +4.1 points	4.8%	8.9%
Materials	DVLU +3.7 points	5.8%	2.1%
Health Care	ILCV +3.2 points	10.6%	13.8%
Utilities	ILCV +3.1 points	0.0%	3.1%
Real Estate	ILCV +1.7 points	0.0%	1.7%
Industrials	DVLU +0.4 points	7.3%	6.9%

Country, concentration and asset class

Country by domicile

Country weights in DVLU and ILCV, widest gap first
Country	More in DVLUMore in ILCV	Gap	DVLU	ILCV
United States		DVLU +0.8 points	100.0%	99.2%
Other countries (5)		ILCV +0.8 points	0.0%	0.8%

Concentration

Weight in the 10 largest Holdings

DVLU30.7%
ILCV34.8%

Securities held

DVLU50
ILCV371

Asset class

DVLU: Stocks
ILCV: Stocks

Holdings

Only in DVLU16
In both34
Only in ILCV337

Only in DVLU

16 securities, 31.0% of DVLU by weight

APA Corporation3.08%
Oshkosh Corporation3.01%
HF Sinclair Corp.2.68%
Old National Bancorp2.63%
Invesco Ltd.2.56%
Popular, Inc.2.30%
Super Micro Computer, Inc.1.97%
Primerica, Inc.1.92%
Jazz Pharmaceuticals Plc1.81%
Cullen/Frost Bankers, Inc.1.68%
FactSet Research Systems Inc.1.48%
Hasbro, Inc.1.47%
Skyworks Solutions, Inc.1.15%
Encompass Health Corporation1.12%
Exelixis, Inc.1.10%
Aramark1.01%

Only in ILCV

337 securities, 89.3% of ILCV by weight

Microsoft8.58%
Apple7.20%
Amazon.com Inc3.32%
Berkshire Hathaway Inc Class B3.04%
Meta Platforms Class A2.47%
Alphabet Class A2.08%
Exxonmobil Holdings Corp1.97%
Johnson & Johnson1.92%
Alphabet Class C1.68%
AbbVie1.48%
Tesla Inc1.11%
Procter & Gamble1.11%
Coca-Cola1.08%
Cisco Systems Inc1.07%
Merck & Co Inc1.04%
Visa Class A1.04%
UnitedHealth Group1.02%
Home Depot0.99%
Walmart0.96%
Bank of America0.92%
Philip Morris International0.89%
Costco Wholesale Corp0.76%
Thermo Fisher Scientific0.74%
Rtx0.74%
Wells Fargo0.73%
Goldman Sachs Group0.73%
Amgen Inc0.72%
Linde PLC0.68%
International Business Machines Co0.67%
Mastercard Class A0.65%
Gilead Sciences0.60%
Walt Disney0.58%
Mcdonalds Corp0.56%
Pepsico0.56%
Abbott Laboratories0.55%
Verizon Communications Inc0.55%
Nextera Energy0.52%
Qualcomm0.51%
Union Pacific0.50%
Pfizer0.48%
BlackRock0.47%
Conocophillips0.47%
Accenture PLC Class A0.46%
AT&T0.43%
Danaher0.43%
Texas Instrument0.40%
Medtronic PLC0.38%
Chubb0.37%
Altria Group Inc0.37%
Bristol Myers Squibb0.37%

Weight gaps

All 34 Holdings in both funds, largest gap first.

Holding weights in DVLU and ILCV, widest gap first
Holding	Gap	DVLU	ILCV
General Motors CompanyGM	DVLU +3.34 points	3.56%	0.22%
Centene CorporationCNC	DVLU +3.24 points	3.29%	0.05%
CF Industries Holdings, Inc.CF	DVLU +2.86 points	2.91%	0.05%
Cardinal Health, Inc.CAH	DVLU +2.86 points	2.94%	0.08%
Principal Financial Group, Inc.PFG	DVLU +2.81 points	2.88%	0.07%
Capital One Financial CorporationCOF	DVLU +2.78 points	3.14%	0.36%
The Travelers Companies, Inc.TRV	DVLU +2.76 points	3.00%	0.24%
Cheniere Energy, Inc.LNG	DVLU +2.74 points	2.91%	0.17%
Phillips 66PSX	DVLU +2.34 points	2.62%	0.28%
Marathon Petroleum CorporationMPC	DVLU +2.29 points	2.45%	0.16%
TD SYNNEX CorporationSNX	DVLU +2.23 points	2.26%	0.03%
Citizens Financial Group, Inc.CFG	DVLU +2.17 points	2.21%	0.04%
Dollar General CorporationDG	DVLU +2.16 points	2.24%	0.08%
Delta Air Lines, Inc.DAL	DVLU +2.08 points	2.24%	0.16%
Citigroup Inc.C	DVLU +2.06 points	2.64%	0.58%
Valero Energy CorporationVLO	DVLU +2.06 points	2.35%	0.29%
The Progressive CorporationPGR	DVLU +1.76 points	2.14%	0.38%
State Street CorporationSTT	DVLU +1.74 points	1.81%	0.07%
US Foods Holding Corp.USFD	DVLU +1.51 points	1.54%	0.03%
Reliance Inc.RS	DVLU +1.47 points	1.50%	0.03%
HP Inc.HPQ	DVLU +1.46 points	1.54%	0.08%
Occidental Petroleum CorporationOXY	DVLU +1.37 points	1.49%	0.12%
Chevron CorporationCVX	DVLU +1.33 points	2.48%	1.15%
Newmont CorporationNEM	DVLU +1.29 points	1.66%	0.37%
Humana Inc.HUM	DVLU +1.27 points	1.36%	0.09%
JPMorgan Chase & Co.JPM	ILCV +1.24 points	1.32%	2.56%
Corpay, Inc.CPAY	DVLU +1.12 points	1.16%	0.04%
WESCO International, Inc.WCC	DVLU +1.12 points	1.14%	0.02%
The Bank of New York Mellon CorporationBNY	DVLU +1.02 points	1.13%	0.11%
Workday, Inc. (Class A)WDAY	DVLU +0.91 points	1.02%	0.11%
Salesforce, Inc.CRM	DVLU +0.79 points	1.28%	0.49%
The Charles Schwab CorporationSCHW	DVLU +0.63 points	0.91%	0.28%
Morgan StanleyMS	DVLU +0.51 points	1.13%	0.62%
Micron Technology, Inc.MU	ILCV +0.39 points	0.62%	1.01%

All 50 DVLU holdings⁠All 371 ILCV 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.

DVLU vs ILCV Cost

Overpaying DVLU vs ILCV

$10,968

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

DVLU 0.60%
$11,817
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

DVLU 0.60%
ILCV 0.04%
Overpaying

Year by year

Year	DVLU	ILCV	Overpaying
10	$1,076	$73	$1,003
20	$4,116	$288	$3,828
30	$11,817	$849	$10,968

Expense ratio

0.60%DVLU
0.04%ILCV, cheaper

ILCV0.04%DVLU0.60%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

DVLU 82nd cheapest of 99 funds

DVLU vs ILCV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): DVLU 0.79%; ILCV 1.50%, better
Payout (12M): DVLU $0.30; ILCV $1.65
Last payment: DVLU $0.09; ILCV $0.42
Ex-dividend: DVLU Sep 24, 2026; ILCV Sep 15, 2026
Paid on: DVLU Sep 30, 2026; ILCV Sep 18, 2026
Frequency: DVLU Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DVLUQuarterly · 32 paymentsAll DVLU payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

DVLU vs ILCV Risk

Fall from peak · 5 years

DVLU
ILCV

Risk facts

VolatilityStd dev, 3 years: DVLU 18.1%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: DVLU 1.02ILCV 1.57, better
Worst fallMax drawdown, 5 years: DVLU −24.9%ILCV −18.6%, better
Market sensitivityBeta, 5 years: DVLU 1.19ILCV 0.82; Market = 1

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