DVOL vs VONV: Grades, Fees and Holdings Compared

First Trust Dorsey Wright Momentum & Low Volatility ETF

DVOLDNasdaq

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

13.0%by weight

Expense ratio

VONV −0.54pt a year

DVOL0.60%VONV0.06%

Avg volume · 30D

VONV 119.1×the volume

DVOL6.5KVONV774K

5Y return · a year

VONV +6.6pt

DVOL+5.1%VONV+11.7%

DVOL vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+28.1%DVOL+73.8%VONV

Expense ratio: DVOL 0.60%; VONV 0.06%, better
Fund size: DVOL $75M; VONV $23.3B
1Y total return: DVOL +6.1%; VONV +28.5%, better
Yield (12M): DVOL 0.81%; VONV 1.53%, better
Holdings: DVOL 51; VONV 873
Avg volume (30D): DVOL 6.5K sh; VONV 774K sh, better
NAV per share: DVOL $36.35; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for DVOL, VONV, with each pillar’s weight
Pillar	DVOL	VONV
Cost30% weight	F15	A96Higher
Mission25% weight	Not scored	A100
Risk15% weight	C50	A86Higher
Tradability15% weight	C42	B60Higher
Holdings10% weight	D37	C49Higher
Durability5% weight	C46	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. DVOL 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 DVOL 91st of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value 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

VONVAVanguard Russell 1000 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%.

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

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

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

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

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

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.

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 DVOL profile⁠

Full VONV profile⁠

DVOL vs VONV Holdings

How DVOL and VONV differ

Overlap by weight

13.0%

Shared holdings make up 82.8% of DVOL and 16.4% of VONV.

Level by level

Holdings43 in both13.0%
Sector11 Sectors66.6%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in DVOL and VONV, widest gap first
Sector	More in DVOLMore in VONV	DVOL	VONV
Technology	VONV +16.8 points	5.1%	21.9%
Industrials	DVOL +15.6 points	25.1%	9.5%
Real Estate	DVOL +9.1 points	12.6%	3.5%
Financials	DVOL +8.4 points	26.3%	17.9%
Health Care	VONV +8.3 points	5.1%	13.4%
Consumer Staples	VONV +4.4 points	2.8%	7.2%
Energy	VONV +1.7 points	4.5%	6.2%
Utilities	VONV +1.3 points	2.1%	3.4%
Communication	VONV +0.8 points	2.6%	3.4%
Materials	DVOL +0.2 points	3.5%	3.3%
Consumer Discretionary	VONV +0.2 points	10.2%	10.4%

Country, concentration and asset class

Country by domicile

Country weights in DVOL and VONV, widest gap first
Country	More in DVOLMore in VONV	DVOL	VONV
United States	VONV +0.9 points	99.1%	100.0%
Switzerland	DVOL +0.9 points	0.9%	0.0%

Concentration

Weight in the 10 largest Holdings

DVOL30.6%
VONV29.8%

Securities held

DVOL50
VONV871

Asset class

DVOL: Equity
VONV: Equity

Holdings

Only in DVOL7
In both43
Only in VONV828

Only in DVOL

7 securities, 17.2% of DVOL by weight

Simon Property Group, Inc.3.52%
Cintas Corporation3.02%
Hilton Worldwide Holdings Inc.2.96%
CareTrust REIT, Inc.2.51%
Old National Bancorp2.34%
Targa Resources Corp.1.64%
Live Nation Entertainment, Inc.1.23%

Only in VONV

828 securities, 83.5% of VONV by weight

Amazon.com Inc6.09%
Microsoft Corp5.24%
Berkshire Hathaway Inc2.55%
ExxonMobil Holdings Corp1.84%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.15%
Procter & Gamble Co/The0.93%
UnitedHealth Group Inc0.91%
Bank of America Corp0.91%
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 Corp0.63%
Linde PLC0.60%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Verizon Communications Inc0.53%
Gilead Sciences Inc0.51%
Salesforce Inc0.50%
Walt Disney Co/The0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
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 Corp0.39%
Vertex Pharmaceuticals Inc0.37%
Bristol-Myers Squibb Co0.35%
Prologis Inc0.34%
Newmont Corp0.33%
Uber Technologies Inc0.33%
Parker-Hannifin Corp0.33%
S&P Global Inc0.32%
Chubb Ltd0.31%
American Express Co0.31%
Altria Group Inc0.31%

Weight gaps

All 43 Holdings in both funds, largest gap first.

Holding weights in DVOL and VONV, widest gap first
Holding	More in DVOLMore in VONV	DVOL	VONV
Apple Inc.AAPL	VONV +3.39 points	2.68%	6.07%
Cullen/Frost Bankers, Inc.CFR	DVOL +3.08 points	3.10%	0.02%
The Travelers Companies, Inc.TRV	DVOL +3.06 points	3.26%	0.20%
Primerica, Inc.PRI	DVOL +2.98 points	3.00%	0.02%
W.W. Grainger, Inc.GWW	DVOL +2.84 points	2.86%	0.02%
Reliance Inc.RS	DVOL +2.75 points	2.80%	0.05%
Principal Financial Group, Inc.PFG	DVOL +2.73 points	2.80%	0.07%
The Bank of New York Mellon CorporationBNY	DVOL +2.70 points	2.95%	0.25%
Popular, Inc.BPOP	DVOL +2.55 points	2.57%	0.02%
Welltower Inc.WELL	DVOL +2.42 points	2.88%	0.46%
AMETEK, Inc.AME	DVOL +2.38 points	2.54%	0.16%
State Street CorporationSTT	DVOL +2.35 points	2.48%	0.13%
American Healthcare REIT, Inc.AHR	DVOL +2.34 points	2.37%	0.03%
Chevron CorporationCVX	DVOL +1.99 points	3.03%	1.04%
Ross Stores, Inc.ROST	DVOL +1.92 points	1.95%	0.03%
AramarkARMK	DVOL +1.89 points	1.93%	0.04%
Wabtec CorporationWAB	DVOL +1.85 points	1.98%	0.13%
Cheniere Energy, Inc.LNG	DVOL +1.84 points	1.98%	0.14%
Applied Industrial Technologies, Inc.AIT	DVOL +1.80 points	1.83%	0.03%
The Charles Schwab CorporationSCHW	DVOL +1.79 points	2.20%	0.41%
Encompass Health CorporationEHC	DVOL +1.71 points	1.74%	0.03%
Citizens Financial Group, Inc.CFG	DVOL +1.70 points	1.77%	0.07%
The Progressive CorporationPGR	DVOL +1.68 points	2.01%	0.33%
Amgen Inc.AMGN	DVOL +1.60 points	1.78%	0.18%
Hasbro, Inc.HAS	DVOL +1.57 points	1.60%	0.03%
Cardinal Health, Inc.CAH	DVOL +1.37 points	1.45%	0.08%
US Foods Holding Corp.USFD	DVOL +1.34 points	1.40%	0.06%
Expeditors International of Washington, Inc.EXPD	DVOL +1.13 points	1.20%	0.07%
Morgan StanleyMS	DVOL +1.07 points	1.65%	0.58%
West Pharmaceutical Services, Inc.WST	DVOL +1.02 points	1.09%	0.07%
Affiliated Managers Group, Inc.AMG	DVOL +0.98 points	1.01%	0.03%
Crane CompanyCR	DVOL +0.98 points	1.01%	0.03%
Johnson Controls International PlcJCI	DVOL +0.96 points	1.19%	0.23%
Williams-Sonoma, Inc.WSM	DVOL +0.94 points	1.00%	0.06%
Phillips 66PSX	DVOL +0.92 points	1.18%	0.26%
Citigroup Inc.C	DVOL +0.83 points	1.33%	0.50%
Invesco Ltd.IVZ	DVOL +0.83 points	0.86%	0.03%
Capital One Financial CorporationCOF	DVOL +0.82 points	1.14%	0.32%
Garmin Ltd.GRMN	DVOL +0.76 points	0.89%	0.13%
TD SYNNEX CorporationSNX	DVOL +0.71 points	0.76%	0.05%
Deere & CompanyDE	DVOL +0.56 points	1.02%	0.46%
Merck & Co., Inc.MRK	DVOL +0.53 points	1.52%	0.99%
JPMorgan Chase & Co.JPM	DVOL +0.41 points	2.84%	2.43%

All 50 DVOL holdings⁠All 872 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.

DVOL vs VONV Cost

Overpaying DVOL vs VONV

$10,547

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

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

Amount$10,000

Years30 years

Cost over time

DVOL 0.60%
VONV 0.06%
Overpaying

Year by year

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

Expense ratio

0.60%DVOL
0.06%VONV, cheaper

VONV0.06%DVOL0.60%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

DVOL 82nd cheapest of 99 funds

DVOL vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DVOL 0.81%; VONV 1.53%, better
Payout (12M): DVOL $0.29; VONV $1.74
Last payment: DVOL $0.07; VONV $0.42
Ex-dividend: DVOL Sep 24, 2026; VONV Sep 23, 2026
Paid on: DVOL Sep 30, 2026; VONV Sep 25, 2026
Frequency: DVOL Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DVOLQuarterly · 32 paymentsAll DVOL payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

DVOL vs VONV Risk

Fall from peak · 5 years

DVOL
VONV

Risk facts

VolatilityStd dev, 3 years: DVOL 12.6%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: DVOL 0.79VONV 1.43, better
Worst fallMax drawdown, 5 years: DVOL −24.6%VONV −18.9%, better
Market sensitivityBeta, 5 years: DVOL 0.69VONV 0.85; Market = 1

DVOL and VONV in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 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

Popular comparisons

DVOLDvsILCVA
First Trust Dorsey Wright Momentum & Low Volatility ETF · iShares Morningstar Value ETF
Expense ratio
0.60% · 0.04%
Category
VONVAvsILCVA
Vanguard Russell 1000 Value ETF · iShares Morningstar Value ETF
Expense ratio
0.06% · 0.04%
Category
DVOLDvsVYMA
First Trust Dorsey Wright Momentum & Low Volatility ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.60% · 0.04%
Category
VONVAvsVYMA
Vanguard Russell 1000 Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.06% · 0.04%
Category
DVOLDvsIMCVA
First Trust Dorsey Wright Momentum & Low Volatility ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.60% · 0.06%
Category
VONVAvsIMCVA
Vanguard Russell 1000 Value ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.06% · 0.06%
Category

DVOL vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How DVOL and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DVOL

Only in VONV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

How DVOL and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DVOL

Only in VONV

Weight gaps