FELV vs IWD: Grades, Fees and Holdings Compared

Fidelity Enhanced Large Cap Value ETF

FELVBNYSE Arca

iShares Russell 1000 Value ETF

IWDANYSE Arca

Overlap

63.5%by weight

Expense ratio

FELV0.18%IWD0.18%

Avg volume · 30D

IWD 7.6×the volume

FELV265KIWD2.01M

FELV vs IWD Performance

Oct 31, 2025 – Oct 30, 2026

+29.3%FELV+28.4%IWD

Expense ratio: FELV 0.18%; IWD 0.18%
Fund size: FELV $3.41B; IWD $83.2B
1Y total return: FELV +29.3%, better; IWD +28.4%
Yield (12M): FELV 1.38%, better; IWD 1.37%
Holdings: FELV 404; IWD 874
Avg volume (30D): FELV 265K sh; IWD 2.01M sh, better
NAV per share: FELV $42.95; IWD $258.68
52W range

ETF.net Grade

Pillar letters and Scores for FELV, IWD, with each pillar’s weight
Pillar	FELV	IWD
Cost30% weight	B59	B59
Mission25% weight	Not scored	A100
Risk15% weight	A81Higher	A79
Tradability15% weight	B58	A96Higher
Holdings10% weight	C40	C42Higher
Durability5% weight	B60	A82Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. FELV and IWD are both graded against the same 40 US Value Index funds, so their Grades compare head to head.

US Value Index⁠

Category · 40 funds

See all 40 ›

IWD ranks 4th and FELV 16th of 40 funds in the US Value Index Category.

Rank 1ASCHVSchwab U.S. Large-Cap Value ETFScore 84
Rank 2AVTVVanguard Morningstar Value ETFScore 83
Rank 3AIUSViShares Core S&P U.S. Value ETFScore 81
Rank 4AIWDiShares Russell 1000 Value ETFScore 77
Rank 4AVOEVanguard Morningstar Mid-Cap Value ETFScore 77
Rank 14BIWNiShares Russell 2000 Value ETFScore 63
Rank 16BFELVFidelity Enhanced Large Cap Value ETF Score 60
Rank 17BFVALFidelity Value Factor ETFScore 59

Our read on each fund

ETF.net Research

FELVBFidelity Enhanced Large Cap Value ETF

IWDAiShares Russell 1000 Value ETF

In short

FELV Index-fund shape, active brain. Fidelity's quant models tilt roughly 300 large-cap value stocks while the Russell 1000 Value stays the yardstick, and the whole thing costs 0.18%, the median fee in its peer group.

IWD The original Russell 1000 Value tracker, live since 2000 and still one of the most traded ways to own the value half of US large caps. Roughly 900 stocks, followed closely, at a price that reflects the plumbing.

Stated mandate

FELV The fund is a diversified domestic equity strategy focused on large-cap value stocks. It uses quantitative, multifactor statistical models to seek benchmark outperformance.

IWD The fund seeks to track an index of U.S. large- and mid-cap stocks that may be undervalued relative to comparable companies.

Why people hold it

FELV Quantitative multifactor models choose the holdings, but the Russell 1000 Value Index remains the benchmark, so the portfolio still looks and behaves like US large-cap value.
At 0.18%, it costs exactly the median of its value-factor peer group, unusual for a strategy that actively tries to beat its index rather than match it.
Same 0.18% as IWD, the plain tracker on the same Russell 1000 Value benchmark, so the active tilt is not priced at a premium to that route.
A multi-billion-dollar fund spread across about 300 large-cap names, paying quarterly, run under a strategy whose track record starts at its 2007 launch.

IWD Follows the Russell 1000 Value Index closely, one of the tightest index-following records among US value funds.
About 900 large- and mid-cap names, so no single stock or sector drives the result.
Trading since 2000 and actively traded, it is among the easier value ETFs to move in and out of, in size.

Worth knowing

FELV Plain-vanilla value beta is cheaper: VTV charges 0.03% and SCHV 0.04%. The quant tilt costs several times that.
Aiming to beat the Russell 1000 Value means results can diverge from it in either direction, which a straight index tracker will not do.
Moderately traded rather than a volume leader in its category, so spreads on larger orders can run wider than at the busiest value ETFs.

IWD At 0.18% a year, it costs more than several broad value rivals (VTV 0.03%, SCHV 0.04%, IUSV 0.04%). The extra buys the Russell index and the trading depth.
Holding roughly 900 names out of a 1,000-stock parent index, the value tilt is wide and mild, not a concentrated deep-value bet.ishares.com
Distributions land quarterly, and the amount rides on what the underlying companies pay.

Full FELV profile⁠

Full IWD profile⁠

FELV vs IWD Holdings

How FELV and IWD differ

Overlap by weight

63.5%

Shared holdings make up 89.3% of FELV and 76.2% of IWD.

Level by level

Holdings311 in both63.5%
Sector11 Sectors95.6%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in FELV and IWD, widest gap first
Sector	More in FELVMore in IWD	FELV	IWD
Industrials	FELV +2.0 points	12.5%	10.5%
Consumer Staples	IWD +1.7 points	5.9%	7.6%
Technology	FELV +1.3 points	21.5%	20.2%
Energy	IWD +0.9 points	5.8%	6.7%
Utilities	IWD +0.8 points	2.7%	3.5%
Consumer Discretionary	IWD +0.8 points	9.4%	10.2%
Financials	FELV +0.5 points	18.8%	18.3%
Materials	IWD +0.4 points	3.1%	3.5%
Health Care	FELV +0.3 points	13.8%	13.5%
Communication	FELV +0.1 points	3.0%	2.9%
Real Estate	FELV +0.1 points	3.4%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in FELV and IWD, widest gap first
Country	More in FELVMore in IWD	FELV	IWD
United States	FELV +0.9 points	100.0%	99.1%
Other countries (10)	IWD +0.9 points	0.0%	0.9%

Concentration

Weight in the 10 largest Holdings

FELV29.6%
IWD29.3%

Securities held

FELV401
IWD871

Asset class

FELV: Equity
IWD: Equity

Holdings

Only in FELV90
In both311
Only in IWD560

Only in FELV

90 securities, 9.7% of FELV by weight

Eaton Corp PLC0.66%
Elevance Health Inc0.62%
Crh Plc(Us)0.50%
Commercial Metals Co0.49%
Block Inc Class A0.48%
Trane Technologies PLC0.47%
Johnson Controls Internatl PLC0.41%
Fiserv Inc0.37%
Outfront Media Inc0.37%
Nxp Semiconductors NV0.34%
Western Digital Corp0.32%
Airbnb Inc Class A0.27%
Linde PLC0.27%
Allegion PLC0.25%
Fortinet Inc0.25%
Ge Aerospace0.23%
10X Genomics Inc0.17%
Phillips Edison & Co0.17%
Medtronic PLC0.14%
Amphenol Corporation Class A0.13%
Eli Lilly & Co0.13%
Ge Vernova Inc0.13%
Accenture PLC Class A0.13%
Extreme Networks Inc0.12%
Caterpillar Inc0.11%
Godaddy Inc Class A0.10%
Securities Lending Cf0.10%
Gartner Inc0.10%
Openlane Inc0.10%
Qiagen NV (Usa)0.09%
Option Care Health Inc0.09%
Carnival Corp Ltd0.09%
Oscar Health Inc - Class A0.08%
Flutter Entertainment PLC0.08%
Expedia Inc0.08%
Ust Bills 0% 12/24/260.07%
Xpo Inc0.07%
Texas Instruments Inc0.07%
Mercury General Corp0.07%
Ust Bills 0% 01/14/270.06%
Griffon Corp0.06%
Chipotle Mexican Grill Inc0.05%
Willis Towers Watson PLC0.05%
Ciena Corp0.05%
Ball Corp0.05%
Alarm.com Holdings Inc0.05%
Champion Homes Inc0.05%
Medpace Holdings Inc0.04%
Cinemark Holdings Inc0.04%
Sandisk Corporation0.04%

Only in IWD

560 securities, 23.6% of IWD by weight

Linde PLC0.63%
Accenture PLC Class A0.42%
Chubb0.34%
Eaton PLC0.32%
American Express0.31%
Medtronic PLC0.31%
Lowes Companies Inc0.31%
Stryker0.27%
Emerson Electric0.24%
Elevance Health Inc0.24%
Johnson Controls International PLC0.22%
Slb0.21%
Amgen Inc0.19%
Oreilly Automotive Inc0.19%
American Electric Power Inc0.19%
Arthur J Gallagher0.19%
Air Products and Chemicals0.18%
Hca Healthcare0.18%
Waste Management Inc0.17%
Crh Public Limited PLC0.16%
Oneok0.16%
Truist Financial0.16%
Aflac0.15%
United Rentals0.15%
Sherwin Williams0.15%
Becton Dickinson0.14%
Realty Income Reit0.14%
Edwards Lifesciences0.14%
Entergy Corp0.14%
Xcel Energy Inc0.13%
Honeywell Aerospace Inc0.13%
Fifth Third Bancorp0.13%
Apollo Global Management0.13%
Republic Services Inc0.13%
Vivmark Residential0.12%
Nasdaq Inc0.12%
Delta Air Lines0.12%
Roper Technologies0.12%
Boeing0.12%
Nike Class B0.12%
Waters Corp0.12%
Autozone0.12%
Garmin0.12%
Ferguson Enterprises0.11%
Msci0.11%
Prudential Financial Inc0.11%
Moodys Corp0.11%
Block Class A0.10%
Crown Castle Inc0.10%
Wec Energy Group0.10%

Weight gaps

The 100 widest of 311 Holdings in both funds.

Holding weights in FELV and IWD, widest gap first
Holding	More in FELVMore in IWD	FELV	IWD
Johnson & JohnsonJNJ	IWD +0.55 points	1.19%	1.74%
Microsoft CorpMSFT	IWD +0.51 points	4.61%	5.12%
Gilead Sciences IncGILD	FELV +0.51 points	1.07%	0.56%
Progressive Corp OhioPGR	FELV +0.50 points	0.86%	0.36%
Pfizer IncPFE	FELV +0.50 points	0.96%	0.46%
Regeneron Pharmaceuticals IncREGN	FELV +0.50 points	0.74%	0.24%
Disney (Walt) CoDIS	IWD +0.50 points	0.01%	0.51%
Bristol-Myers Squibb CoBMY	FELV +0.48 points	0.82%	0.34%
Berkshire Hathaway Inc Class BBRK.B	FELV +0.47 points	3.14%	2.67%
Veralto CorpVLTO	FELV +0.47 points	0.54%	0.07%
Schwab Charles CorpSCHW	FELV +0.45 points	0.80%	0.35%
Uber Technologies IncUBER	FELV +0.45 points	0.75%	0.30%
Mcdonalds CorpMCD	IWD +0.45 points	0.03%	0.48%
Unity Software IncU	FELV +0.44 points	0.48%	0.04%
BlackRock IncBLK	IWD +0.44 points	0.02%	0.46%
Ppl CorporationPPL	FELV +0.44 points	0.51%	0.07%
UnitedHealth Group IncUNH	FELV +0.43 points	1.40%	0.97%
SempraSRE	FELV +0.42 points	0.57%	0.15%
Goldman Sachs Group IncGS	FELV +0.39 points	1.07%	0.68%
Deere & CoDE	IWD +0.39 points	0.05%	0.44%
Allstate CorporationALL	FELV +0.38 points	0.56%	0.18%
Walmart IncWMT	IWD +0.38 points	0.93%	1.31%
Apple IncAAPL	FELV +0.36 points	6.39%	6.03%
3M CoMMM	FELV +0.36 points	0.56%	0.20%
Boston Scientific CorpBSX	FELV +0.36 points	0.52%	0.16%
Bank of New York Mellon CorpBNY	FELV +0.34 points	0.59%	0.25%
Adobe IncADBE	FELV +0.33 points	0.41%	0.08%
Travelers Companies IncTRV	FELV +0.32 points	0.54%	0.22%
State Street CorpSTT	FELV +0.32 points	0.44%	0.12%
Netapp IncNTAP	FELV +0.31 points	0.38%	0.07%
Toro CoTTC	FELV +0.30 points	0.33%	0.03%
Verizon Communications IncVZ	IWD +0.29 points	0.20%	0.49%
AbbVie IncABBV	IWD +0.29 points	0.98%	1.27%
Ecolab IncECL	FELV +0.29 points	0.49%	0.20%
L3HARRIS Technologies IncLHX	FELV +0.28 points	0.42%	0.14%
Lyft IncLYFT	FELV +0.29 points	0.30%	0.01%
Intel CorpINTC	FELV +0.28 points	1.07%	0.79%
Maplebear IncCART	FELV +0.28 points	0.29%	0.01%
Occidental Petroleum CorpOXY	FELV +0.28 points	0.40%	0.12%
Union Pacific CorpUNP	IWD +0.27 points	0.17%	0.44%
Coca Cola CoKO	IWD +0.27 points	0.58%	0.85%
Parker Hannifin CorpPH	FELV +0.27 points	0.57%	0.30%
American Tower CorpAMT	FELV +0.27 points	0.35%	0.08%
Ametek Inc NewAME	FELV +0.26 points	0.41%	0.15%
Vertex Pharmaceuticals IncVRTX	IWD +0.27 points	0.11%	0.38%
Hartford Insurance Grp Inc/TheHIG	FELV +0.26 points	0.35%	0.09%
Amdocs LtdDOX	FELV +0.25 points	0.27%	0.02%
Vici Pptys IncVICI	FELV +0.24 points	0.31%	0.07%
Wells Fargo & CoWFC	FELV +0.24 points	0.91%	0.67%
Loews CorpL	FELV +0.23 points	0.28%	0.05%
SS&C Technologies Holdings IncSSNC	FELV +0.24 points	0.28%	0.04%
Williams Companies IncWMB	IWD +0.23 points	0.01%	0.24%
Intl Bus Mach CorpIBM	IWD +0.23 points	0.41%	0.64%
AT&T IncT	FELV +0.22 points	0.60%	0.38%
Abbott LaboratoriesABT	FELV +0.22 points	0.71%	0.49%
Tjx Companies Inc NewTJX	IWD +0.22 points	0.00%	0.22%
JPMorgan Chase & CoJPM	FELV +0.22 points	2.60%	2.38%
Sysco CorpSYY	FELV +0.23 points	0.28%	0.05%
Mondelez International IncMDLZ	IWD +0.22 points	0.00%	0.22%
Nextera EnergyNEE	IWD +0.22 points	0.24%	0.46%
Costco Wholesale CorpCOST	IWD +0.22 points	0.45%	0.67%
Duke Energy CorpDUK	IWD +0.21 points	0.05%	0.26%
Crane CoCR	FELV +0.21 points	0.24%	0.03%
Wesco International IncWCC	FELV +0.22 points	0.26%	0.04%
Tradeweb Markets Inc ATW	FELV +0.22 points	0.25%	0.03%
Freeport Mcmoran IncFCX	IWD +0.22 points	0.02%	0.24%
Assurant IncAIZ	FELV +0.21 points	0.25%	0.04%
Dell Technologies Inc Class CDELL	IWD +0.22 points	0.08%	0.30%
General Motors CoGM	FELV +0.21 points	0.41%	0.20%
Agilent Technologies IncA	FELV +0.21 points	0.34%	0.13%
Rtx CorpRTX	FELV +0.21 points	0.92%	0.71%
Applied Industrial Tech IncAIT	FELV +0.20 points	0.23%	0.03%
Ford Motor CoF	FELV +0.20 points	0.33%	0.13%
Lamar Advertising Co Class ALAMR	FELV +0.20 points	0.23%	0.03%
Phillips 66PSX	IWD +0.20 points	0.08%	0.28%
Docusign IncDOCU	FELV +0.20 points	0.24%	0.04%
Hubspot IncHUBS	FELV +0.20 points	0.20%	<0.01%
Moderna IncMRNA	IWD +0.19 points	0.02%	0.21%
Us Bancorp DelUSB	FELV +0.19 points	0.43%	0.24%
Adt IncADT	FELV +0.19 points	0.20%	0.01%
Cme Group Inc Class ACME	FELV +0.19 points	0.48%	0.29%
Northern Trust CorpNTRS	FELV +0.18 points	0.26%	0.08%
Cirrus Logic IncCRUS	FELV +0.18 points	0.19%	0.01%
Exelon CorpEXC	FELV +0.18 points	0.30%	0.12%
Comcast Corp Class ACMCSA	FELV +0.17 points	0.39%	0.22%
Digital Realty Trust IncDLR	IWD +0.18 points	<0.01%	0.18%
Ross Stores IncROST	FELV +0.18 points	0.20%	0.02%
Thermo Fisher Scientific IncTMO	IWD +0.16 points	0.52%	0.68%
Valero Energy CorpVLO	IWD +0.17 points	0.10%	0.27%
Carmax IncKMX	FELV +0.16 points	0.18%	0.02%
Chime Financial IncCHYM	FELV +0.15 points	0.17%	0.02%
General Dynamics CorporationGD	FELV +0.15 points	0.40%	0.25%
Nucor CorpNUE	FELV +0.15 points	0.31%	0.16%
Chevron CorpCVX	FELV +0.15 points	1.30%	1.15%
Five Below IncFIVE	FELV +0.15 points	0.17%	0.02%
Automatic Data Processing IncADP	IWD +0.15 points	0.05%	0.20%
Metlife IncMET	IWD +0.14 points	0.00%	0.14%
Gamestop Corp Class AGME	FELV +0.14 points	0.17%	0.03%
Devon Energy CorpDVN	IWD +0.15 points	0.01%	0.16%
Biomarin Pharmaceutical IncBMRN	FELV +0.14 points	0.17%	0.03%

All 342 FELV holdings⁠All 871 IWD 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.

FELV vs IWD Cost

Same expense ratio

$3,749

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

FELV 0.18%
$3,749
IWD 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FELV 0.18%
IWD 0.18%

Year by year

Year	FELV	IWD
10	$328	$328
20	$1,281	$1,281
30	$3,749	$3,749

Expense ratio

0.18%FELV
0.18%IWD

FELV0.18%IWD0.18%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

FELV 16th cheapest of 40 funds

IWD 16th cheapest of 40 funds

FELV vs IWD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FELV 1.38%, better; IWD 1.37%
Payout (12M): FELV $0.59; IWD $3.53
Last payment: FELV $0.15; IWD $0.93
Ex-dividend: FELV Sep 18, 2026; IWD Sep 15, 2026
Paid on: FELV Sep 22, 2026; IWD Sep 18, 2026
Frequency: FELV Quarterly; IWD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FELVQuarterly · 13 paymentsAll FELV payments⁠

IWDQuarterly · 39 paymentsAll IWD payments⁠

FELV vs IWD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FELV 11.7%since Dec 2023IWD 12.1%
Return per unit of riskSharpe ratio, 3 years: FELV 1.38since Dec 2023IWD 1.42
Worst fallMax drawdown, 5 years: FELV −16.1%since Nov 2023IWD −19.0%
Market sensitivityBeta, 5 years: FELV 0.80IWD 0.85; Market = 1

FELV and IWD in the news

All news⁠

Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026FELVIWD
Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026IWD
Head-to-Head
IWD vs VBR: a lower fee does not buy the other value portfolio
12 hours agoIWD
Category Review
U.S. value funds beat the S&P 500 over the past year, but the funds did not move together
Updated Oct 21, 2026IWD
New ETFs
Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026IWD
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026IWD

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FELV vs IWD

In short

Stated mandate

Why people hold it