FLRG vs VONV: Grades, Fees and Holdings Compared

Fidelity U.S. Multifactor ETF

FLRGANYSE Arca

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

27.9%by weight

Expense ratio

VONV −0.09pt a year

FLRG0.15%VONV0.06%

Avg volume · 30D

VONV 56.9×the volume

FLRG13.7KVONV776K

5Y return · a year

VONV +0.9pt

FLRG+10.8%VONV+11.7%

FLRG vs VONV Performance

Nov 9, 2021 – Nov 9, 2026

+67.4%FLRG+73.9%VONV

Expense ratio: FLRG 0.15%; VONV 0.06%, better
Fund size: FLRG $292M; VONV $21.7B
1Y total return: FLRG +11.6%; VONV +30.6%, better
Yield (12M): FLRG 1.43%; VONV 1.51%, better
Holdings: FLRG 103; VONV 887
Avg volume (30D): FLRG 13.7K sh; VONV 776K sh, better
NAV per share: FLRG $41.20; VONV $112.88
52W range

ETF.net Grade

Pillar letters and Scores for FLRG, VONV, with each pillar’s weight
Pillar	FLRG	VONV
Cost30% weight	A83	A96Higher
Mission25% weight	A88	A100Higher
Risk15% weight	B64	A89Higher
Tradability15% weight	C53	B59Higher
Holdings10% weight	D36	C49Higher
Durability5% weight	C40	A92Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FLRG 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 FLRG 24th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 20AUSVMVictoryShares US Small Mid Cap Value Momentum ETFScore 71
Rank 24AFLRGFidelity U.S. Multifactor ETFScore 70
Rank 24AJPUSJPMorgan Diversified Return U.S. Equity ETFScore 70

Our read on each fund

ETF.net Research

FLRGAFidelity U.S. Multifactor ETF

VONVAVanguard Russell 1000 Value ETF

In short

FLRG Fidelity's multifactor screen distilled into about 100 US large caps at 0.15% a year, less than half what the typical multifactor fund charges. A cheap, rules-based tilt instead of the plain index.

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

FLRG The fund seeks returns that generally correspond, before fees and expenses, to the performance of the Fidelity U.S. Multifactor 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

FLRG 0.15% a year against a 0.32% median for US multifactor funds. On price it undercuts most of the aisle.
Roughly 100 names, not 600. The screen actually shows up in the portfolio rather than getting diluted into a closet index fund.
Tracks the published Fidelity U.S. Multifactor Index, so the tilt follows disclosed rules rather than a manager's discretion. Pays quarterly.fidelity.com
Cost and risk profile put it in the upper half of a crowded factor-fund field.

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

FLRG Thinly traded. Spreads can widen, so limit orders matter more here than with the mega-cap index giants.
Launched in 2020, so the live record is short and covers only a handful of market moods.
Plain-vanilla neighbors go cheaper still, with VYM and IUSG at 0.04%. The extra basis points buy the factor screen, not broad exposure.

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 FLRG profile⁠

Full VONV profile⁠

FLRG vs VONV Holdings

How FLRG and VONV differ

Overlap by weight

27.9%

Shared holdings make up 70.8% of FLRG and 28.5% of VONV.

Level by level

Holdings75 in both27.9%
Sector11 Sectors81.6%
Countryby domicile98.6%
Asset classStocks100%

Sector

Sector weights in FLRG and VONV, widest gap first
Sector	Gap	FLRG	VONV
Technology	FLRG +14.0 points	35.9%	21.9%
Financials	VONV +5.5 points	12.4%	17.9%
Communication	FLRG +4.4 points	7.8%	3.4%
Consumer Staples	VONV +2.4 points	4.8%	7.2%
Health Care	VONV +2.4 points	11.0%	13.4%
Energy	VONV +1.9 points	4.3%	6.2%
Consumer Discretionary	VONV +1.6 points	8.8%	10.4%
Real Estate	VONV +1.5 points	2.0%	3.5%
Utilities	VONV +1.5 points	1.9%	3.4%
Materials	VONV +1.2 points	2.1%	3.3%
Industrials	VONV +0.6 points	8.9%	9.5%

Country, concentration and asset class

Country by domicile

Country weights in FLRG and VONV, widest gap first
Country	Gap	FLRG	VONV
United States	VONV +1.4 points	98.6%	100.0%
India	FLRG +1.1 points	1.1%	0.0%
China	FLRG +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

FLRG35.8%
VONV29.8%

Securities held

FLRG102
VONV883

Asset class

FLRG: Stocks
VONV: Stocks

Holdings

Only in FLRG27
In both75
Only in VONV808

Only in FLRG

27 securities, 30.3% of FLRG by weight

NVIDIA Corp6.77%
Alphabet Inc Class A4.67%
Broadcom Inc2.19%
Visa Inc Class A2.11%
Micron Technology Inc1.32%
Airbnb Inc Class A1.29%
Securities Lending Cf1.25%
Lockheed Martin Corp1.10%
Essent Group Ltd0.94%
Murphy Usa Inc0.93%
The Booking Holdings Inc0.91%
Expedia Inc0.84%
Comfort Systems Usa Inc0.62%
Texas Instruments Inc0.61%
Accenture PLC Class A0.61%
Applied Materials Inc0.54%
Lam Research Corp0.52%
Amphenol Corporation Class A0.48%
Argan Inc0.45%
Kla Corp0.44%
Nxp Semiconductors NV0.35%
Te Connectivity PLC0.32%
Fortinet Inc0.29%
Seagate Techn Holdings PLC0.28%
Qualys Inc0.27%
Teradyne Inc0.19%
Ust Bills 0% 11/12/260.01%

Only in VONV

808 securities, 71.3% of VONV by weight

Amazon.com Inc6.08%
Berkshire Hathaway Inc2.55%
JPMorgan Chase & Co2.43%
Intel Corp1.51%
Walmart Inc1.14%
Chevron Corp1.04%
UnitedHealth Group Inc0.91%
Bank of America Corp0.90%
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%
Morgan Stanley0.58%
International Business Machines Corp0.57%
Salesforce Inc0.50%
Walt Disney Co/The0.50%
Citigroup Inc0.50%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
Pfizer Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
ConocoPhillips0.42%
PepsiCo Inc0.42%
Union Pacific Corp0.41%
Charles Schwab Corp/The0.41%
Eaton Corp PLC0.39%
Danaher Corp0.38%
Vertex Pharmaceuticals Inc0.36%
Prologis Inc0.34%
Progressive Corp/The0.33%
Uber Technologies Inc0.33%
Parker-Hannifin Corp0.33%
S&P Global Inc0.32%
Chubb Ltd0.31%
American Express Co0.31%
Accenture PLC0.31%
Medtronic PLC0.30%
CVS Health Corp0.30%
Lowe's Cos Inc0.28%
Freeport-McMoRan Inc0.27%
Equinix Inc0.27%
Phillips 660.26%
Southern Co/The0.26%
Stryker Corp0.26%

Weight gaps

All 75 Holdings in both funds, largest gap first.

Holding weights in FLRG and VONV, widest gap first
Holding	Gap	FLRG	VONV
Apple IncAAPL	FLRG +1.51 points	7.57%	6.06%
Genpact LtdG	FLRG +1.12 points	1.13%	0.01%
Block H & R IncHRB	FLRG +1.08 points	1.09%	0.01%
Automatic Data Processing IncADP	FLRG +1.06 points	1.24%	0.18%
Omega Healthcare Investors IncOHI	FLRG +1.02 points	1.06%	0.04%
Renaissancere Hldgs LtdRNR	FLRG +1.01 points	1.05%	0.04%
Yum Brands IncYUM	FLRG +0.99 points	1.06%	0.07%
Cf Industries Holdings IncCF	FLRG +0.97 points	1.02%	0.05%
Newmont CorpNEM	FLRG +0.97 points	1.30%	0.33%
Allison Transmission Hldgs IncALSN	FLRG +0.95 points	0.97%	0.02%
Vici Pptys IncVICI	FLRG +0.95 points	1.02%	0.07%
Apa CorpAPA	FLRG +0.94 points	0.98%	0.04%
Bank OzkOZK	FLRG +0.94 points	0.95%	0.01%
Ross Stores IncROST	FLRG +0.93 points	0.96%	0.03%
Exelixis IncEXEL	FLRG +0.93 points	0.96%	0.03%
National Fuel Gas Co NjNFG	FLRG +0.93 points	0.95%	0.02%
Mgic Investment CorpMTG	FLRG +0.90 points	0.91%	0.01%
Travelers Companies IncTRV	FLRG +0.90 points	1.10%	0.20%
Edison IntlEIX	FLRG +0.88 points	0.94%	0.06%
Synchrony FinancialSYF	FLRG +0.87 points	0.93%	0.06%
Zions BancorpZION	FLRG +0.87 points	0.89%	0.02%
Hartford Insurance Grp Inc/TheHIG	FLRG +0.85 points	0.94%	0.09%
Popular IncBPOP	FLRG +0.85 points	0.87%	0.02%
Allstate CorporationALL	FLRG +0.82 points	0.98%	0.16%
Snap-On IncorporatedSNA	FLRG +0.82 points	0.87%	0.05%
Biogen IncBIIB	FLRG +0.81 points	0.90%	0.09%
Royalty Pharma PLCRPRX	FLRG +0.79 points	0.86%	0.07%
Tjx Companies Inc NewTJX	FLRG +0.78 points	1.00%	0.22%
Valero Energy CorpVLO	FLRG +0.78 points	1.05%	0.27%
Mcdonalds CorpMCD	FLRG +0.77 points	1.22%	0.45%
General Dynamics CorporationGD	FLRG +0.77 points	1.00%	0.23%
Microsoft CorpMSFT	FLRG +0.75 points	5.98%	5.23%
Regeneron Pharmaceuticals IncREGN	FLRG +0.74 points	0.95%	0.21%
Capital One Financial CorpCOF	FLRG +0.74 points	1.06%	0.32%
United Therapeutics Corp DelUTHR	FLRG +0.72 points	0.78%	0.06%
Mueller Industries IncMLI	FLRG +0.71 points	0.75%	0.04%
Colgate-Palmolive CoCL	FLRG +0.69 points	0.80%	0.11%
Gilead Sciences IncGILD	FLRG +0.69 points	1.20%	0.51%
Paccar IncPCAR	FLRG +0.66 points	0.82%	0.16%
Kimberly Clark CorpKMB	FLRG +0.65 points	0.71%	0.06%
Altria Group IncMO	FLRG +0.61 points	0.92%	0.31%
Bristol-Myers Squibb CoBMY	FLRG +0.52 points	0.87%	0.35%
Cisco Systems IncCSCO	VONV +0.44 points	0.73%	1.17%
AbbVie IncABBV	FLRG +0.42 points	1.59%	1.17%
New York Times Co Class ANYT	FLRG +0.38 points	0.41%	0.03%
Omnicom Group IncOMC	FLRG +0.37 points	0.43%	0.06%
Procter & Gamble CoPG	FLRG +0.37 points	1.30%	0.93%
Merck & Co Inc NewMRK	FLRG +0.34 points	1.33%	0.99%
Iridium Communications IncIRDM	FLRG +0.34 points	0.35%	<0.01%
Versant Media Group Inc - AVSNT	FLRG +0.33 points	0.34%	0.01%
Philip Morris Intl IncPM	FLRG +0.32 points	1.14%	0.82%
Adobe IncADBE	FLRG +0.29 points	0.37%	0.08%
Comcast Corp Class ACMCSA	FLRG +0.28 points	0.49%	0.21%
Charter Communications Inc ACHTR	FLRG +0.27 points	0.30%	0.03%
Cognizant Tech Solutions Class ACTSH	FLRG +0.25 points	0.32%	0.07%
Dropbox Inc Class ADBX	FLRG +0.24 points	0.25%	0.01%
Verisign IncVRSN	FLRG +0.24 points	0.30%	0.06%
Cirrus Logic IncCRUS	FLRG +0.21 points	0.23%	0.02%
Hp IncHPQ	FLRG +0.21 points	0.29%	0.08%
Keysight Technologies IncKEYS	FLRG +0.20 points	0.27%	0.07%
Netapp IncNTAP	FLRG +0.20 points	0.27%	0.07%
Avnet IncAVT	FLRG +0.19 points	0.21%	0.02%
Zoom Communications Inc Class AZM	FLRG +0.18 points	0.25%	0.07%
Arrow Electronics IncARW	FLRG +0.18 points	0.21%	0.03%
Amdocs LtdDOX	FLRG +0.16 points	0.18%	0.02%
Sanmina CorpSANM	FLRG +0.15 points	0.17%	0.02%
Akamai Technologies IncAKAM	FLRG +0.15 points	0.19%	0.04%
F5 IncFFIV	FLRG +0.14 points	0.21%	0.07%
Verizon Communications IncVZ	FLRG +0.11 points	0.64%	0.53%
AT&T IncT	FLRG +0.11 points	0.56%	0.45%
Dell Technologies Inc Class CDELL	VONV +0.07 points	0.32%	0.39%
Johnson & JohnsonJNJ	VONV +0.03 points	1.72%	1.75%
Qualcomm IncQCOM	VONV +0.02 points	0.51%	0.53%
Exxonmobil Holdings CorpXOM	Same weight	1.84%	1.84%
Analog Devices IncADI	Same weight	0.49%	0.49%

All 105 FLRG 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.

FLRG vs VONV Cost

Overpaying FLRG vs VONV

$1,867

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

FLRG 0.15%
$3,137
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

FLRG 0.15%
VONV 0.06%
Overpaying

Year by year

Year	FLRG	VONV	Overpaying
10	$274	$110	$164
20	$1,071	$432	$639
30	$3,137	$1,270	$1,867

Expense ratio

0.15%FLRG
0.06%VONV, cheaper

VONV0.06%FLRG0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

FLRG 13th cheapest of 99 funds

FLRG vs VONV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FLRG 1.43%; VONV 1.51%, better
Payout (12M): FLRG $0.59; VONV $1.74
Last payment: FLRG $0.13; VONV $0.42
Ex-dividend: FLRG Sep 18, 2026; VONV Sep 23, 2026
Paid on: FLRG Sep 22, 2026; VONV Sep 25, 2026
Frequency: FLRG Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FLRGQuarterly · 25 paymentsAll FLRG payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

FLRG vs VONV Risk

Fall from peak · 5 years

FLRG
VONV

Risk facts

VolatilityStd dev, 3 years: FLRG 11.0%, betterVONV 12.1%
Return per unit of riskSharpe ratio, 3 years: FLRG 1.34VONV 1.43, better
Worst fallMax drawdown, 5 years: FLRG −19.6%VONV −18.9%, better
Market sensitivityBeta, 5 years: FLRG 0.86VONV 0.85; Market = 1

FLRG 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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