DVOL vs ILCV: Grades, Fees and Holdings Compared

First Trust Dorsey Wright Momentum & Low Volatility ETF

DVOLDNasdaq

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

12.3%by weight

Expense ratio

ILCV −0.56pt a year

DVOL0.60%ILCV0.04%

Avg volume · 30D

ILCV 3.8×the volume

DVOL6.5KILCV24.4K

5Y return · a year

ILCV +7.5pt

DVOL+5.1%ILCV+12.6%

DVOL vs ILCV Performance

Oct 29, 2021 – Oct 30, 2026

+28.1%DVOL+81.1%ILCV

Expense ratio: DVOL 0.60%; ILCV 0.04%, better
Fund size: DVOL $75M; ILCV $1.37B
1Y total return: DVOL +6.1%; ILCV +21.0%, better
Yield (12M): DVOL 0.81%; ILCV 1.51%, better
Holdings: DVOL 51; ILCV 375
Avg volume (30D): DVOL 6.5K sh; ILCV 24.4K sh, better
NAV per share: DVOL $36.35; ILCV $109.27
52W range

ETF.net Grade

Pillar letters and Scores for DVOL, ILCV, with each pillar’s weight
Pillar	DVOL	ILCV
Cost30% weight	F15	A99Higher
Mission25% weight	Not scored	A82
Risk15% weight	C50	A90Higher
Tradability15% weight	C42	B64Higher
Holdings10% weight	D37	D39Higher
Durability5% weight	C46	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. DVOL 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 DVOL 91st 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 91DBRNYBurney U.S. Factor Rotation ETFScore 32
Rank 91DDVOLFirst Trust Dorsey Wright Momentum & Low Volatility ETFScore 32
Rank 93DFDLSInspire Fidelis Multi Factor ETFScore 29

Our read on each fund

ETF.net Research

DVOLDFirst Trust Dorsey Wright Momentum & Low Volatility ETF

ILCVAiShares Morningstar Value ETF

In short

DVOL Momentum and low volatility usually pull in opposite directions. DVOL runs both screens through a Dorsey Wright index and lands on roughly 50 stocks that are climbing without much drama. A niche recipe, priced like one at 0.60%.

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

DVOL The Fund seeks to track, before fees and expenses, the price and yield performance of the Dorsey Wright Momentum Plus Low VolatilityTM Index.

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

DVOL Two factors, one ticket: the index screens for momentum and low volatility together instead of asking you to own a fund for each and hope they blend.ftportfolios.com
Roughly 50 names, not 500. The factor tilt actually shows up in the portfolio instead of being watered down by hundreds of index leftovers.
Live since 2018, so the rules have traded through real market shocks rather than existing only as a backtest.
A published index calls the shots and cash goes out quarterly. No manager improvising between rebalances.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

DVOL The 0.60% fee sits well above the typical multifactor fund. Large peers like VONV and FNDX charge a fraction of that, and the gap comes straight out of results.
Volume is light for the category, so spreads and trade timing matter more here than with a mega-cap index fund.
With about 50 holdings, individual names and whichever sectors currently clear the screen carry real weight versus a broad-market fund.

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 DVOL profile⁠

Full ILCV profile⁠

DVOL vs ILCV Holdings

How DVOL and ILCV differ

Overlap by weight

12.3%

Shared holdings make up 54.2% of DVOL and 16.9% of ILCV.

Level by level

Holdings28 in both12.3%
Sector11 Sectors59.2%
Countryby domicile99.5%
Asset classEquity100%

Sector

Sector weights in DVOL and ILCV, widest gap first
Sector	More in DVOLMore in ILCV	DVOL	ILCV
Technology	ILCV +18.8 points	5.1%	23.9%
Industrials	DVOL +18.2 points	25.1%	6.9%
Real Estate	DVOL +10.9 points	12.6%	1.7%
Financials	DVOL +8.6 points	26.3%	17.7%
Health Care	ILCV +8.3 points	5.1%	13.4%
Communication	ILCV +6.2 points	2.6%	8.8%
Consumer Staples	ILCV +4.5 points	2.8%	7.3%
Energy	ILCV +2.1 points	4.5%	6.6%
Consumer Discretionary	DVOL +1.6 points	10.2%	8.6%
Materials	DVOL +1.4 points	3.5%	2.1%
Utilities	ILCV +0.9 points	2.1%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in DVOL and ILCV, widest gap first
Country	More in DVOLMore in ILCV	DVOL	ILCV
Switzerland	DVOL +0.5 points	0.9%	0.4%
Other countries (5)	ILCV +0.5 points	99.1%	99.6%

Concentration

Weight in the 10 largest Holdings

DVOL30.6%
ILCV34.4%

Securities held

DVOL50
ILCV372

Asset class

DVOL: Equity
ILCV: Equity

Holdings

Only in DVOL22
In both28
Only in ILCV344

Only in DVOL

22 securities, 45.6% of DVOL by weight

Cullen/Frost Bankers, Inc.3.10%
Cintas Corporation3.02%
Primerica, Inc.3.00%
Hilton Worldwide Holdings Inc.2.96%
Welltower Inc.2.88%
W.W. Grainger, Inc.2.86%
Popular, Inc.2.57%
AMETEK, Inc.2.54%
CareTrust REIT, Inc.2.51%
American Healthcare REIT, Inc.2.37%
Old National Bancorp2.34%
Wabtec Corporation1.98%
Aramark1.93%
Applied Industrial Technologies, Inc.1.83%
Encompass Health Corporation1.74%
Hasbro, Inc.1.60%
Live Nation Entertainment, Inc.1.23%
Johnson Controls International Plc1.19%
West Pharmaceutical Services, Inc.1.09%
Affiliated Managers Group, Inc.1.01%
Crane Company1.01%
Invesco Ltd.0.86%

Only in ILCV

344 securities, 82.9% of ILCV by weight

Microsoft8.45%
Amazon.com Inc3.08%
Berkshire Hathaway Inc Class B2.84%
Meta Platforms Class A2.50%
Exxonmobil Holdings Corp2.14%
Alphabet Class A2.04%
Johnson & Johnson1.89%
Alphabet Class C1.65%
AbbVie1.46%
Micron Technology1.35%
Tesla Inc1.24%
Cisco Systems Inc1.22%
Procter & Gamble1.06%
UnitedHealth Group1.05%
Coca-Cola1.03%
Visa Class A1.00%
Bank of America0.94%
Home Depot0.93%
Philip Morris International0.92%
Walmart0.91%
Goldman Sachs Group0.77%
Rtx0.76%
Thermo Fisher Scientific0.75%
Wells Fargo0.73%
Costco Wholesale Corp0.71%
International Business Machines Co0.69%
Linde PLC0.66%
Mastercard Class A0.63%
Gilead Sciences0.58%
Qualcomm0.56%
Walt Disney0.54%
Salesforce0.52%
Pepsico0.52%
Mcdonalds Corp0.52%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Conocophillips0.51%
Union Pacific0.51%
Nextera Energy0.49%
Pfizer0.49%
BlackRock0.46%
Texas Instrument0.45%
Danaher0.43%
Accenture PLC Class A0.43%
AT&T0.41%
Caterpillar Inc0.38%
Altria Group Inc0.36%
Chubb0.36%
Lockheed Martin0.36%
Bristol Myers Squibb0.36%

Weight gaps

All 28 Holdings in both funds, largest gap first.

Holding weights in DVOL and ILCV, widest gap first
Holding	More in DVOLMore in ILCV	DVOL	ILCV
Apple Inc.AAPL	ILCV +4.56 points	2.68%	7.24%
Simon Property Group, Inc.SPG	DVOL +3.42 points	3.52%	0.10%
The Travelers Companies, Inc.TRV	DVOL +3.02 points	3.26%	0.24%
The Bank of New York Mellon CorporationBNY	DVOL +2.84 points	2.95%	0.11%
Reliance Inc.RS	DVOL +2.77 points	2.80%	0.03%
Principal Financial Group, Inc.PFG	DVOL +2.73 points	2.80%	0.07%
State Street CorporationSTT	DVOL +2.40 points	2.48%	0.08%
The Charles Schwab CorporationSCHW	DVOL +1.93 points	2.20%	0.27%
Ross Stores, Inc.ROST	DVOL +1.89 points	1.95%	0.06%
Chevron CorporationCVX	DVOL +1.80 points	3.03%	1.23%
Cheniere Energy, Inc.LNG	DVOL +1.79 points	1.98%	0.19%
Citizens Financial Group, Inc.CFG	DVOL +1.73 points	1.77%	0.04%
The Progressive CorporationPGR	DVOL +1.63 points	2.01%	0.38%
Targa Resources Corp.TRGP	DVOL +1.54 points	1.64%	0.10%
Cardinal Health, Inc.CAH	DVOL +1.38 points	1.45%	0.07%
US Foods Holding Corp.USFD	DVOL +1.37 points	1.40%	0.03%
Expeditors International of Washington, Inc.EXPD	DVOL +1.17 points	1.20%	0.03%
Amgen Inc.AMGN	DVOL +1.07 points	1.78%	0.71%
Morgan StanleyMS	DVOL +1.01 points	1.65%	0.64%
Williams-Sonoma, Inc.WSM	DVOL +0.95 points	1.00%	0.05%
Phillips 66PSX	DVOL +0.87 points	1.18%	0.31%
Garmin Ltd.GRMN	DVOL +0.85 points	0.89%	0.04%
Capital One Financial CorporationCOF	DVOL +0.78 points	1.14%	0.36%
Deere & CompanyDE	DVOL +0.77 points	1.02%	0.25%
Citigroup Inc.C	DVOL +0.73 points	1.33%	0.60%
TD SYNNEX CorporationSNX	DVOL +0.73 points	0.76%	0.03%
Merck & Co., Inc.MRK	DVOL +0.49 points	1.52%	1.03%
JPMorgan Chase & Co.JPM	DVOL +0.24 points	2.84%	2.60%

All 50 DVOL holdings⁠All 372 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.

DVOL vs ILCV Cost

Overpaying DVOL vs ILCV

$10,968

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

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

Amount$10,000

Years30 years

Cost over time

DVOL 0.60%
ILCV 0.04%
Overpaying

Year by year

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

Expense ratio

0.60%DVOL
0.04%ILCV, cheaper

ILCV0.04%DVOL0.60%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

DVOL 82nd cheapest of 99 funds

DVOL vs ILCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DVOL 0.81%; ILCV 1.51%, better
Payout (12M): DVOL $0.29; ILCV $1.65
Last payment: DVOL $0.07; ILCV $0.42
Ex-dividend: DVOL Sep 24, 2026; ILCV Sep 15, 2026
Paid on: DVOL Sep 30, 2026; ILCV Sep 18, 2026
Frequency: DVOL Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DVOLQuarterly · 32 paymentsAll DVOL payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

DVOL vs ILCV Risk

Fall from peak · 5 years

DVOL
ILCV

Risk facts

VolatilityStd dev, 3 years: DVOL 12.6%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: DVOL 0.79ILCV 1.57, better
Worst fallMax drawdown, 5 years: DVOL −24.6%ILCV −18.6%, better
Market sensitivityBeta, 5 years: DVOL 0.69ILCV 0.82; Market = 1

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