DVLU vs VONV: Grades, Fees and Holdings Compared

First Trust Dorsey Wright Momentum & Value ETF

DVLUCNasdaq

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

8.6%by weight

Expense ratio

VONV −0.54pt a year

DVLU0.60%VONV0.06%

Avg volume · 30D

VONV 152.8×the volume

DVLU5.08KVONV776K

5Y return · a year

VONV +1.4pt

DVLU+10.3%VONV+11.7%

DVLU vs VONV Performance

Nov 9, 2021 – Nov 9, 2026

+63.2%DVLU+73.9%VONV

Expense ratio: DVLU 0.60%; VONV 0.06%, better
Fund size: DVLU $46M; VONV $21.7B
1Y total return: DVLU +14.4%; VONV +30.6%, better
Yield (12M): DVLU 0.79%; VONV 1.51%, better
Holdings: DVLU 51; VONV 887
Avg volume (30D): DVLU 5.08K sh; VONV 776K sh, better
NAV per share: DVLU $37.94; VONV $112.88
52W range

ETF.net Grade

Pillar letters and Scores for DVLU, VONV, with each pillar’s weight
Pillar	DVLU	VONV
Cost30% weight	F15	A96Higher
Mission25% weight	A86	A100Higher
Risk15% weight	D30	A89Higher
Tradability15% weight	C41	B59Higher
Holdings10% weight	D37	C49Higher
Durability5% weight	C44	A92Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. DVLU and VONV 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 ›

VONV ranks 1st 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 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

VONVAVanguard Russell 1000 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.

VONV The plain-vanilla value trade, done cheap: about 900 large US value stocks, full replication of the Russell 1000 Value Index, 0.06% a year. No factor cocktail, no premium price tag, and one of the strongest implementations in its factor peer group.

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.

VONV The fund seeks to track the Russell 1000 Value Index, representing large-capitalization value stocks in the United States. It uses passive indexing and full replication to remain closely aligned with that benchmark.

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

VONV 0.06% a year, a fraction of the typical fee among factor ETFs. On a rules-based value index there is little room for cleverness, so cost does most of the work.vanguard.com
Full replication, not sampling: it owns the index's roughly 900 names and has stayed tightly aligned with the Russell 1000 Value benchmark since launching in 2010.
Same Russell benchmark as pricier rivals for less: the Goldman MarketBeta version (GVUS) charges 0.12% to track the identical value index.
A multi-billion-dollar fund that trades actively, among the easiest in its group to get in and out of, and it distributes quarterly.

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.

VONV One screen, one style. Value only, with no quality or momentum overlay, so the ride follows the value side of the market wherever it goes.vanguard.com
This is the entire value bucket, not a best-ideas portfolio. About 900 holdings means results hug the large-cap value category rather than stray from it.
Cheaper exists nearby: Vanguard's VYM charges 0.04%, but it screens for dividend yield, a different portfolio than a Russell value index.

Full DVLU profile⁠

Full VONV profile⁠

DVLU vs VONV Holdings

How DVLU and VONV differ

Overlap by weight

8.6%

Shared holdings make up 96.6% of DVLU and 9.7% of VONV.

Level by level

Holdings48 in both8.6%
Sector11 Sectors65.4%
Asset classStocks100%
Countryby domicile100%

Sector

Sector weights in DVLU and VONV, widest gap first
Sector	Gap	DVLU	VONV
Financials	DVLU +16.5 points	34.4%	17.9%
Energy	DVLU +15.7 points	21.9%	6.2%
Technology	VONV +10.1 points	11.8%	21.9%
Consumer Discretionary	VONV +5.6 points	4.8%	10.4%
Consumer Staples	VONV +3.7 points	3.5%	7.2%
Real Estate	VONV +3.5 points	0.0%	3.5%
Communication	VONV +3.4 points	0.0%	3.4%
Utilities	VONV +3.4 points	0.0%	3.4%
Health Care	VONV +2.8 points	10.6%	13.4%
Materials	DVLU +2.5 points	5.8%	3.3%
Industrials	VONV +2.2 points	7.3%	9.5%

Country, concentration and asset class

Country by domicile

Country weights in DVLU and VONV, widest gap first
Country	More in DVLUMore in VONV	Gap	DVLU	VONV
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

DVLU30.7%
VONV29.8%

Securities held

DVLU50
VONV883

Asset class

DVLU: Stocks
VONV: Stocks

Holdings

Only in DVLU2
In both48
Only in VONV835

Only in DVLU

2 securities, 3.3% of DVLU by weight

Old National Bancorp2.63%
Micron Technology, Inc.0.62%

Only in VONV

835 securities, 90.0% of VONV by weight

Amazon.com Inc6.08%
Apple Inc6.06%
Microsoft Corp5.23%
Berkshire Hathaway Inc2.55%
ExxonMobil Holdings Corp1.84%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.14%
Merck & Co Inc0.99%
Procter & Gamble Co/The0.93%
UnitedHealth Group Inc0.91%
Bank of America Corp0.90%
Philip Morris International Inc0.82%
Coca-Cola Co/The0.81%
Meta Platforms Inc0.80%
Thermo Fisher Scientific Inc0.69%
RTX Corp0.69%
Goldman Sachs Group Inc/The0.67%
Wells Fargo & Co0.67%
Costco Wholesale Corp0.62%
Linde PLC0.60%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Verizon Communications Inc0.53%
Gilead Sciences Inc0.51%
Walt Disney Co/The0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
McDonald's Corp0.45%
AT&T Inc0.45%
Pfizer Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
ConocoPhillips0.42%
PepsiCo Inc0.42%
Union Pacific Corp0.41%
Dell Technologies Inc0.39%
Eaton Corp PLC0.39%
Danaher Corp0.38%
Vertex Pharmaceuticals Inc0.36%
Bristol-Myers Squibb Co0.35%
Prologis Inc0.34%
Uber Technologies Inc0.33%
Parker-Hannifin Corp0.33%
S&P Global Inc0.32%
Chubb Ltd0.31%

Weight gaps

All 48 Holdings in both funds, largest gap first.

Holding weights in DVLU and VONV, widest gap first
Holding	Gap	DVLU	VONV
General Motors CompanyGM	DVLU +3.37 points	3.56%	0.19%
Centene CorporationCNC	DVLU +3.21 points	3.29%	0.08%
APA CorporationAPA	DVLU +3.04 points	3.08%	0.04%
Oshkosh CorporationOSK	DVLU +2.99 points	3.01%	0.02%
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%
Capital One Financial CorporationCOF	DVLU +2.82 points	3.14%	0.32%
Principal Financial Group, Inc.PFG	DVLU +2.81 points	2.88%	0.07%
The Travelers Companies, Inc.TRV	DVLU +2.80 points	3.00%	0.20%
Cheniere Energy, Inc.LNG	DVLU +2.77 points	2.91%	0.14%
HF Sinclair Corp.DINO	DVLU +2.64 points	2.68%	0.04%
Invesco Ltd.IVZ	DVLU +2.53 points	2.56%	0.03%
Phillips 66PSX	DVLU +2.36 points	2.62%	0.26%
Marathon Petroleum CorporationMPC	DVLU +2.29 points	2.45%	0.16%
Popular, Inc.BPOP	DVLU +2.28 points	2.30%	0.02%
TD SYNNEX CorporationSNX	DVLU +2.21 points	2.26%	0.05%
Dollar General CorporationDG	DVLU +2.17 points	2.24%	0.07%
Citigroup Inc.C	DVLU +2.14 points	2.64%	0.50%
Citizens Financial Group, Inc.CFG	DVLU +2.14 points	2.21%	0.07%
Delta Air Lines, Inc.DAL	DVLU +2.11 points	2.24%	0.13%
Valero Energy CorporationVLO	DVLU +2.08 points	2.35%	0.27%
Super Micro Computer, Inc.SMCI	DVLU +1.91 points	1.97%	0.06%
Primerica, Inc.PRI	DVLU +1.90 points	1.92%	0.02%
The Progressive CorporationPGR	DVLU +1.81 points	2.14%	0.33%
Jazz Pharmaceuticals PlcJAZZ	DVLU +1.77 points	1.81%	0.04%
State Street CorporationSTT	DVLU +1.68 points	1.81%	0.13%
Cullen/Frost Bankers, Inc.CFR	DVLU +1.66 points	1.68%	0.02%
US Foods Holding Corp.USFD	DVLU +1.48 points	1.54%	0.06%
HP Inc.HPQ	DVLU +1.46 points	1.54%	0.08%
FactSet Research Systems Inc.FDS	DVLU +1.45 points	1.48%	0.03%
Hasbro, Inc.HAS	DVLU +1.44 points	1.47%	0.03%
Reliance Inc.RS	DVLU +1.45 points	1.50%	0.05%
Chevron CorporationCVX	DVLU +1.44 points	2.48%	1.04%
Occidental Petroleum CorporationOXY	DVLU +1.38 points	1.49%	0.11%
Newmont CorporationNEM	DVLU +1.33 points	1.66%	0.33%
Humana Inc.HUM	DVLU +1.23 points	1.36%	0.13%
Corpay, Inc.CPAY	DVLU +1.12 points	1.16%	0.04%
Skyworks Solutions, Inc.SWKS	DVLU +1.11 points	1.15%	0.04%
JPMorgan Chase & Co.JPM	VONV +1.11 points	1.32%	2.43%
WESCO International, Inc.WCC	DVLU +1.09 points	1.14%	0.05%
Encompass Health CorporationEHC	DVLU +1.09 points	1.12%	0.03%
Exelixis, Inc.EXEL	DVLU +1.07 points	1.10%	0.03%
AramarkARMK	DVLU +0.97 points	1.01%	0.04%
Workday, Inc. (Class A)WDAY	DVLU +0.92 points	1.02%	0.10%
The Bank of New York Mellon CorporationBNY	DVLU +0.88 points	1.13%	0.25%
Salesforce, Inc.CRM	DVLU +0.78 points	1.28%	0.50%
Morgan StanleyMS	DVLU +0.55 points	1.13%	0.58%
The Charles Schwab CorporationSCHW	DVLU +0.50 points	0.91%	0.41%

All 50 DVLU holdings⁠All 870 VONV 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 VONV Cost

Overpaying DVLU vs VONV

$10,547

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

DVLU 0.60%
$11,817
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

DVLU 0.60%
VONV 0.06%
Overpaying

Year by year

Year	DVLU	VONV	Overpaying
10	$1,076	$110	$966
20	$4,116	$432	$3,684
30	$11,817	$1,270	$10,547

Expense ratio

0.60%DVLU
0.06%VONV, cheaper

VONV0.06%DVLU0.60%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

DVLU 82nd cheapest of 99 funds

DVLU vs VONV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): DVLU 0.79%; VONV 1.51%, better
Payout (12M): DVLU $0.30; VONV $1.74
Last payment: DVLU $0.09; VONV $0.42
Ex-dividend: DVLU Sep 24, 2026; VONV Sep 23, 2026
Paid on: DVLU Sep 30, 2026; VONV Sep 25, 2026
Frequency: DVLU Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DVLUQuarterly · 32 paymentsAll DVLU payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

DVLU vs VONV Risk

Fall from peak · 5 years

DVLU
VONV

Risk facts

VolatilityStd dev, 3 years: DVLU 18.1%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: DVLU 1.02VONV 1.43, better
Worst fallMax drawdown, 5 years: DVLU −24.9%VONV −18.9%, better
Market sensitivityBeta, 5 years: DVLU 1.19VONV 0.85; Market = 1

DVLU and VONV in the news

All news⁠

Best ETFs
Best large-cap value ETFs: Vanguard’s VTV at 0.03%, or VONV for the Russell 1000 Value
Updated Nov 3, 2026VONV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VONV
Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VONV

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DVLU vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How DVLU and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DVLU

Only in VONV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best large-cap value ETFs: Vanguard’s VTV at 0.03%, or VONV for the Russell 1000 Value

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

How DVLU and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DVLU

Only in VONV

Weight gaps