FEX vs VV: Grades, Fees and Holdings Compared

First Trust Large Cap Core AlphaDEX Fund

FEXBNasdaq

Vanguard Morningstar Large-Cap ETF

VVANYSE Arca

Overlap

31.9%by weight

Expense ratio

VV −0.54pt a year

FEX0.57%VV0.03%

Avg volume · 30D

VV 10.3×the volume

FEX21.8KVV223K

10Y return · a year

VV +2.4pt

FEX+13.0%VV+15.4%

FEX vs VV Performance

Oct 29, 2021 – Oct 30, 2026

+62.1%FEX+73.2%VV

Expense ratio: FEX 0.57%; VV 0.03%, better
Fund size: FEX $1.6B; VV $76B
1Y total return: FEX +18.8%, better; VV +11.5%
Yield (12M): FEX 1.00%; VV 1.03%, better
Holdings: FEX 376; VV 423
Avg volume (30D): FEX 21.8K sh; VV 223K sh, better
NAV per share: FEX $137.55; VV $348.06
52W range

ETF.net Grade

Pillar letters and Scores for FEX, VV, with each pillar’s weight
Pillar	FEX	VV
Cost30% weight	F18	A91Higher
Mission25% weight	A86	A99Higher
Risk15% weight	B59Higher	B55
Tradability15% weight	A79Higher	B57
Holdings10% weight	A88Higher	C51
Durability5% weight	A81	A93Higher

Rank among US Large-Cap funds

How we build Categories ›

Same Category. FEX and VV are both graded against the same 29 US Large-Cap funds, so their Grades compare head to head.

US Large-Cap⁠

Category · 29 funds

See all 29 ›

VV ranks 4th and FEX 16th of 29 funds in the US Large-Cap Category.

Rank 1ASCHXSchwab U.S. Large-Cap ETFScore 83
Rank 2ABKLCBNY Mellon US Large Cap Core Equity ETFScore 82
Rank 3AEPSWisdomTree U.S. LargeCap FundScore 80
Rank 4AVVVanguard Morningstar Large-Cap ETFScore 78
Rank 5AIWBiShares Russell 1000 ETFScore 77
Rank 14BXMAGLarge Cap Ex-Mag 7 ETFScore 61
Rank 16BFEXFirst Trust Large Cap Core AlphaDEX FundScore 60
Rank 17BDSPYTema S&P 500 Historical Weight ETF StrategyScore 59

Our read on each fund

ETF.net Research

FEXBFirst Trust Large Cap Core AlphaDEX Fund

VVAVanguard Morningstar Large-Cap ETF

In short

FEX Smart beta before anyone called it that. Since 2007, FEX has ranked the 500 biggest US stocks on growth and value metrics, kept the top 375, and weighted them by rank instead of size. An index fund that refuses to just be the market.

VV Vanguard's rules-based read on large cap: own whatever sits in the top 85% of the US market, about 500 names, for 0.03% a year. Running since 2004.

Stated mandate

FEX The fund seeks to generally match, before fees and expenses, the price and yield performance of the Nasdaq AlphaDEX Large Cap Core Index. It normally invests at least 90% of net assets in index securities and uses an indexing approach to replicate the index.

VV The fund seeks to track the CRSP US Large Cap Index through a passive, full-replication strategy focused predominantly on large U.S. companies diversified across growth and value styles.

Why people hold it

FEX Weighting by rank, not size: the top scorers are split into quintiles and equal-weighted inside each, so the largest companies don't automatically run the portfolio.sec.gov
Trading since May 2007, it predates most of the factor-ETF boom and has grown into a multi-billion-dollar fund, rebuilt on the same quarterly schedule throughout.sec.gov
Roughly 400 large-cap names, with the tiered weighting keeping individual positions small rather than letting a handful of giants set the tone.sec.gov

VV Charges 0.03% a year against a 0.14% median for its large-cap peer group. Among the cohort's top names, only SCHX matches that fee.
Full replication: it buys every stock in the index at roughly index weight, and it has tracked that benchmark very closely.vanguard.com
The ETF share class of a Vanguard index fund launched in 2004, now a multi-billion-dollar strategy with mutual fund siblings alongside it.vanguard.com
Cost, tracking and staying power put it in the top tier of a crowded 24-fund large-cap cohort.

Worth knowing

FEX At 0.57% it runs well above the roughly 0.20% typical for large-cap core, and plain cap-weighted rivals like SCHX (0.03%) and VONE (0.06%) charge a sliver of that.
Rebuilding the portfolio every quarter creates real turnover, which can mean more taxable gains in a brokerage account than a buy-and-hold index fund.sec.gov
It trades thinly next to the household-name index funds in the category, so bid-ask spreads carry more weight on bigger orders.

VV Market-cap weighted, so the biggest US companies (and their sector tilts) carry most of the weight.vanguard.com
The index stops at the top 85% of US investable market cap: mid- and small-cap names sit outside it.vanguard.com
After Morningstar acquired CRSP, the benchmark and the fund name picked up the Morningstar label. Same index, same fund.vanguard.com vanguard.com 2

Full FEX profile⁠

Full VV profile⁠

FEX vs VV Holdings

How FEX and VV differ

Overlap by weight

31.9%

Shared holdings make up 83.2% of VV and 78.7% of FEX.

Level by level

Holdings298 in both31.9%
Sector11 Sectors74.1%
Countryby domicile98.1%
Asset classEquity100%

Sector

Sector weights in FEX and VV, widest gap first
Sector	More in FEXMore in VV	FEX	VV
Technology	VV +19.7 points	21.4%	41.1%
Industrials	FEX +8.4 points	16.0%	7.6%
Communication	VV +5.8 points	4.2%	10.0%
Utilities	FEX +5.0 points	6.7%	1.7%
Energy	FEX +4.0 points	7.5%	3.5%
Financials	FEX +2.9 points	14.2%	11.3%
Real Estate	FEX +2.2 points	3.7%	1.5%
Health Care	FEX +1.2 points	10.4%	9.2%
Materials	FEX +1.3 points	2.9%	1.6%
Consumer Staples	FEX +0.8 points	5.0%	4.3%
Consumer Discretionary	VV +0.4 points	7.9%	8.3%

Country, concentration and asset class

Country by domicile

Country weights in FEX and VV, widest gap first
Country	More in FEXMore in VV	FEX	VV
United States	VV +1.9 points	98.1%	100.0%
Switzerland	FEX +0.7 points	0.7%	0.0%
United Kingdom	FEX +0.6 points	0.6%	0.0%
Other countries (2)	FEX +0.6 points	0.6%	0.0%

Concentration

Weight in the 10 largest Holdings

FEX5.3%
VV39.5%

Securities held

FEX375
VV422

Asset class

FEX: Equity
VV: Equity

Holdings

Only in FEX77
In both298
Only in VV124

Only in FEX

77 securities, 21.0% of FEX by weight

PTC Inc.0.60%
Ovintiv Inc.0.54%
Permian Resources Corp.0.53%
Leidos Holdings, Inc.0.50%
SharkNinja Inc.0.49%
Amcor plc0.48%
Expand Energy Corporation0.46%
HF Sinclair Corp.0.46%
CF Industries Holdings, Inc.0.46%
Medpace Holdings, Inc.0.45%
Guardant Health, Inc.0.43%
Natera, Inc.0.43%
Okta, Inc.0.43%
Incyte Corporation0.42%
Everpure, Inc. (Class A)0.41%
Annaly Capital Management, Inc.0.41%
Ball Corporation0.41%
Jones Lang LaSalle Incorporated0.40%
First Citizens BancShares, Inc. (Class A)0.39%
Evergy, Inc.0.37%
Illumina, Inc.0.37%
Tenet Healthcare Corporation0.37%
Zimmer Biomet Holdings, Inc.0.36%
Gen Digital Inc.0.34%
Smurfit Westrock Plc0.33%
NVR, Inc.0.33%
Bunge Global S.A.0.31%
Twilio Inc. (Class A)0.30%
NiSource Inc.0.29%
Reliance Inc.0.29%
Alliant Energy Corporation0.29%
Atmos Energy Corporation0.28%
Toast, Inc. (Class A)0.28%
Tractor Supply Company0.28%
Best Buy Co., Inc.0.28%
Viatris Inc.0.28%
IDEX Corporation0.26%
News Corporation (Class A)0.26%
F5, Inc.0.26%
Invitation Homes Inc.0.26%
W.P. Carey Inc.0.25%
Nordson Corporation0.25%
Royal Gold, Inc.0.25%
Nutanix, Inc. (Class A)0.24%
Jabil Inc.0.24%
Jazz Pharmaceuticals Plc0.24%
Unity Software Inc.0.24%
Sitime Corporation0.23%
EMCOR Group, Inc.0.23%
ATI Inc.0.22%

Only in VV

124 securities, 16.8% of VV by weight

Alphabet Inc2.49%
Tesla Inc1.55%
Walmart Inc0.71%
Costco Wholesale Corp0.63%
Netflix Inc0.45%
Thermo Fisher Scientific Inc0.39%
Oracle Corp0.37%
Linde PLC0.34%
International Business Machines Corp0.32%
Deere & Co0.27%
McDonald's Corp0.25%
Charles Schwab Corp/The0.25%
NextEra Energy Inc0.25%
Blackrock Inc0.23%
Boeing Co/The0.23%
TJX Cos Inc/The0.23%
Intuitive Surgical Inc0.22%
Uber Technologies Inc0.21%
Prologis Inc0.19%
Booking Holdings Inc0.19%
Corning Inc0.19%
S&P Global Inc0.18%
Altria Group Inc0.17%
Automatic Data Processing Inc0.16%
McKesson Corp0.15%
Stryker Corp0.15%
CME Group Inc0.15%
Cadence Design Systems Inc0.14%
Howmet Aerospace Inc0.14%
Space Exploration Technologies Corp0.14%
Duke Energy Corp0.14%
Blackstone Inc0.13%
AppLovin Corp0.13%
Synopsys Inc0.13%
Williams Cos Inc/The0.13%
Waste Management Inc0.13%
Sherwin-Williams Co/The0.12%
American Tower Corp0.12%
Warner Bros Discovery Inc0.11%
Cummins Inc0.11%
Illinois Tool Works Inc0.11%
Norfolk Southern Corp0.11%
O'Reilly Automotive Inc0.11%
Colgate-Palmolive Co0.11%
Royal Caribbean Cruises Ltd0.11%
Digital Realty Trust Inc0.10%
Air Products and Chemicals Inc0.10%
TransDigm Group Inc0.09%
Aon PLC0.09%
Arthur J Gallagher & Co0.09%

Weight gaps

The 100 widest of 298 Holdings in both funds.

Holding weights in FEX and VV, widest gap first
Holding	More in FEXMore in VV	FEX	VV
NVIDIA CorporationNVDA	VV +7.74 points	0.38%	8.12%
Apple Inc.AAPL	VV +7.20 points	0.35%	7.55%
Microsoft CorporationMSFT	VV +5.75 points	0.17%	5.92%
Amazon.com, Inc.AMZN	VV +3.43 points	0.33%	3.76%
Alphabet Inc. (Class A)GOOGL	VV +2.93 points	0.21%	3.14%
Broadcom Inc.AVGO	VV +2.52 points	0.08%	2.60%
Meta Platforms, Inc. (Class A)META	VV +2.19 points	0.29%	2.48%
Micron Technology, Inc.MU	VV +1.52 points	0.35%	1.87%
JPMorgan Chase & Co.JPM	VV +1.28 points	0.09%	1.37%
Advanced Micro Devices, Inc.AMD	VV +1.20 points	0.35%	1.55%
Eli Lilly and CompanyLLY	VV +1.10 points	0.42%	1.52%
Berkshire Hathaway Inc. (Class B)BRK.B	VV +0.88 points	0.47%	1.35%
Johnson & JohnsonJNJ	VV +0.81 points	0.18%	0.99%
Intel CorporationINTC	VV +0.79 points	0.05%	0.84%
Visa Inc. (Class A)V	VV +0.68 points	0.20%	0.88%
ExxonMobil Holdings Corp.XOM	VV +0.66 points	0.39%	1.05%
Mastercard IncorporatedMA	VV +0.57 points	0.10%	0.67%
Applied Materials, Inc.AMAT	VV +0.56 points	0.07%	0.63%
AbbVie Inc.ABBV	VV +0.53 points	0.19%	0.72%
Roper Technologies, Inc.ROP	FEX +0.52 points	0.57%	0.05%
Lam Research CorporationLRCX	VV +0.52 points	0.12%	0.64%
Constellation Brands, Inc. (Class A)STZ	FEX +0.48 points	0.51%	0.03%
Fidelity National Information Services, Inc.FIS	FEX +0.47 points	0.50%	0.03%
EQT CorporationEQT	FEX +0.47 points	0.49%	0.02%
Broadridge Financial Solutions, Inc.BR	FEX +0.46 points	0.47%	0.01%
Carnival Corporation Ltd.CCL	FEX +0.45 points	0.50%	0.05%
Caterpillar Inc.CAT	VV +0.45 points	0.13%	0.58%
Cincinnati Financial CorporationCINF	FEX +0.45 points	0.49%	0.04%
Arch Capital Group Ltd.ACGL	FEX +0.44 points	0.49%	0.05%
Cognizant Technology Solutions CorporationCTSH	FEX +0.44 points	0.48%	0.04%
Fiserv, Inc.FISV	FEX +0.44 points	0.47%	0.03%
Martin Marietta Materials, Inc.MLM	FEX +0.43 points	0.48%	0.04%
Edison InternationalEIX	FEX +0.44 points	0.47%	0.03%
Markel Group IncMKL	FEX +0.44 points	0.47%	0.03%
Occidental Petroleum CorporationOXY	FEX +0.43 points	0.49%	0.06%
The Procter & Gamble CompanyPG	VV +0.42 points	0.10%	0.52%
PulteGroup, Inc.PHM	FEX +0.43 points	0.46%	0.03%
Expeditors International of Washington, Inc.EXPD	FEX +0.42 points	0.46%	0.04%
GE AerospaceGE	VV +0.42 points	0.08%	0.50%
PayPal Holdings, Inc.PYPL	FEX +0.42 points	0.46%	0.04%
Charter Communications, Inc. (Class A)CHTR	FEX +0.42 points	0.43%	<0.01%
PG&E CorporationPCG	FEX +0.42 points	0.46%	0.04%
Synchrony FinancialSYF	FEX +0.41 points	0.45%	0.04%
UnitedHealth Group IncorporatedUNH	VV +0.42 points	0.09%	0.51%
VICI Properties Inc.VICI	FEX +0.41 points	0.45%	0.04%
Fox Corporation (Class A)FOXA	FEX +0.41 points	0.43%	0.02%
The Allstate CorporationALL	FEX +0.41 points	0.50%	0.09%
The Hartford Insurance Group, Inc.HIG	FEX +0.41 points	0.46%	0.05%
American International Group, Inc.AIG	FEX +0.41 points	0.47%	0.06%
Devon Energy CorporationDVN	FEX +0.40 points	0.48%	0.08%
Bank of America CorporationBAC	VV +0.40 points	0.16%	0.56%
Corpay, Inc.CPAY	FEX +0.40 points	0.44%	0.04%
D.R. Horton, Inc.DHI	FEX +0.41 points	0.46%	0.05%
EOG Resources, Inc.EOG	FEX +0.40 points	0.51%	0.11%
T. Rowe Price Group, Inc.TROW	FEX +0.40 points	0.43%	0.03%
CRH PlcCRH	FEX +0.38 points	0.47%	0.09%
Global Payments Inc.GPN	FEX +0.38 points	0.41%	0.03%
Dollar Tree, Inc.DLTR	FEX +0.37 points	0.40%	0.03%
The Travelers Companies, Inc.TRV	FEX +0.35 points	0.47%	0.12%
The Cigna GroupCI	FEX +0.36 points	0.47%	0.11%
DexCom, Inc.DXCM	FEX +0.36 points	0.41%	0.05%
PPG Industries, Inc.PPG	FEX +0.35 points	0.39%	0.04%
Halliburton CompanyHAL	FEX +0.35 points	0.39%	0.04%
Zoetis Inc.ZTS	FEX +0.35 points	0.39%	0.04%
Cisco Systems, Inc.CSCO	VV +0.34 points	0.25%	0.59%
The Home Depot, Inc.HD	VV +0.34 points	0.10%	0.44%
Copart, Inc.CPRT	FEX +0.34 points	0.38%	0.04%
NetApp, Inc.NTAP	FEX +0.34 points	0.40%	0.06%
West Pharmaceutical Services, Inc.WST	FEX +0.34 points	0.38%	0.04%
Honeywell International Inc.HON	FEX +0.34 points	0.44%	0.10%
Loews CorporationL	FEX +0.33 points	0.36%	0.03%
Ameren CorporationAEE	FEX +0.34 points	0.38%	0.04%
Comcast Corporation (Class A)CMCSA	FEX +0.34 points	0.46%	0.12%
Diamondback Energy, Inc.FANG	FEX +0.33 points	0.39%	0.06%
PPL CorporationPPL	FEX +0.33 points	0.37%	0.04%
Consolidated Edison, Inc.ED	FEX +0.33 points	0.39%	0.06%
The Coca-Cola CompanyKO	VV +0.33 points	0.19%	0.52%
Eversource EnergyES	FEX +0.33 points	0.36%	0.04%
KLA CorporationKLAC	VV +0.33 points	0.07%	0.40%
Exelon CorporationEXC	FEX +0.33 points	0.39%	0.06%
Expedia Group, Inc.EXPE	FEX +0.32 points	0.37%	0.05%
Xcel Energy Inc.XEL	FEX +0.32 points	0.39%	0.07%
Nucor CorporationNUE	FEX +0.32 points	0.40%	0.08%
GE Vernova Inc.GEV	VV +0.31 points	0.08%	0.39%
Veeva Systems Inc. (Class A)VEEV	FEX +0.31 points	0.37%	0.06%
Super Micro Computer, Inc.SMCI	FEX +0.30 points	0.34%	0.04%
Accenture plcACN	FEX +0.31 points	0.48%	0.17%
Intuit Inc.INTU	FEX +0.30 points	0.42%	0.12%
ONEOK, Inc.OKE	FEX +0.31 points	0.39%	0.08%
MongoDB, Inc.MDB	FEX +0.31 points	0.35%	0.04%
Ross Stores, Inc.ROST	FEX +0.30 points	0.42%	0.12%
Regeneron Pharmaceuticals, Inc.REGN	FEX +0.30 points	0.42%	0.12%
Palantir Technologies Inc. (Class A)PLTR	VV +0.30 points	0.34%	0.64%
M&T Bank CorporationMTB	FEX +0.30 points	0.35%	0.05%
Workday, Inc. (Class A)WDAY	FEX +0.29 points	0.35%	0.06%
RTX CorporationRTX	VV +0.30 points	0.09%	0.39%
Merck & Co., Inc.MRK	VV +0.30 points	0.26%	0.56%
ConocoPhillipsCOP	FEX +0.30 points	0.53%	0.23%
General Motors CompanyGM	FEX +0.28 points	0.39%	0.10%
FedEx CorporationFDX	FEX +0.29 points	0.38%	0.09%

All 375 FEX holdings⁠All 479 VV 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.

FEX vs VV Cost

Overpaying FEX vs VV

$10,633

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

FEX 0.57%
$11,271
VV 0.03%
$638

Amount$10,000

Years30 years

Cost over time

FEX 0.57%
VV 0.03%
Overpaying

Year by year

Year	FEX	VV	Overpaying
10	$1,023	$55	$968
20	$3,921	$216	$3,705
30	$11,271	$638	$10,633

Expense ratio

0.57%FEX
0.03%VV, cheaper

VV0.03%FEX0.57%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

VV 3rd cheapest of 29 funds

FEX 24th cheapest of 29 funds

FEX vs VV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FEX 1.00%; VV 1.03%, better
Payout (12M): FEX $1.38; VV $3.60
Last payment: FEX $0.41; VV $0.90
Ex-dividend: FEX Sep 24, 2026; VV Sep 28, 2026
Paid on: FEX Sep 30, 2026; VV Sep 30, 2026
Frequency: FEX Quarterly; VV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FEXQuarterly · 39 paymentsAll FEX payments⁠

VVQuarterly · 39 paymentsAll VV payments⁠

FEX vs VV Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: FEX 13.1%VV 12.5%, better
Return per unit of riskSharpe ratio, 3 years: FEX 1.27VV 1.41, better
Worst fallMax drawdown, 5 years: FEX −21.3%, betterVV −25.7%
Market sensitivityBeta, 5 years: FEX 0.95VV 1.02; Market = 1

FEX and VV in the news

All news⁠

Head-to-Head
IVW vs. VV: iShares’ growth ETF holds almost nothing Vanguard’s doesn’t, at six times the fee
Oct 28, 2026VV
Category Review
Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.
Updated Oct 16, 2026VV

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FEX vs VV

In short

Stated mandate

Why people hold it

Worth knowing

How FEX and VV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FEX

Only in VV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

IVW vs. VV: iShares’ growth ETF holds almost nothing Vanguard’s doesn’t, at six times the fee

Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.

How FEX and VV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FEX

Only in VV

Weight gaps