FNDX vs ILCV: Grades, Fees and Holdings Compared

Schwab Fundamental U.S. Large Company ETF

FNDXANYSE Arca

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

68.4%by weight

Expense ratio

ILCV −0.21pt a year

FNDX0.25%ILCV0.04%

Avg volume · 30D

FNDX 124.2×the volume

FNDX3.03MILCV24.4K

10Y return · a year

FNDX +2.5pt

FNDX+14.8%ILCV+12.3%

FNDX vs ILCV Performance

Oct 29, 2021 – Oct 30, 2026

+89.7%FNDX+81.1%ILCV

Expense ratio: FNDX 0.25%; ILCV 0.04%, better
Fund size: FNDX $28.5B; ILCV $1.37B
1Y total return: FNDX +25.0%, better; ILCV +21.0%
Yield (12M): FNDX 1.44%; ILCV 1.51%, better
Holdings: FNDX 732; ILCV 375
Avg volume (30D): FNDX 3.03M sh, better; ILCV 24.4K sh
NAV per share: FNDX $32.71; ILCV $109.27
52W range

ETF.net Grade

Pillar letters and Scores for FNDX, ILCV, with each pillar’s weight
Pillar	FNDX	ILCV
Cost30% weight	B63	A99Higher
Mission25% weight	A91Higher	A82
Risk15% weight	A90	A90
Tradability15% weight	A88Higher	B64
Holdings10% weight	B62Higher	D39
Durability5% weight	A87Higher	A82

Rank among US Multifactor funds

How we build Categories ›

Same Category. FNDX 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 FNDX 9th 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 5AQUSState Street SPDR MSCI USA StrategicFactors ETFScore 79
Rank 9AFNDXSchwab Fundamental U.S. Large Company ETFScore 78
Rank 9AGVUSGoldman Sachs MarketBeta Russell 1000 Value Equity ETFScore 78

Our read on each fund

ETF.net Research

FNDXASchwab Fundamental U.S. Large Company ETF

ILCVAiShares Morningstar Value ETF

In short

FNDX A large-cap fund that refuses to size positions by stock price. FNDX weights about 700 U.S. companies by fundamental measures of business size, tilting toward value and profitability instead of whatever the market just bid up.

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

FNDX The fund seeks to track, before fees and expenses, an index representing large U.S. companies weighted according to fundamental size measures.

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

FNDX Weights holdings by fundamental size rather than market cap, so a position grows with the business, not with the crowd. The RAFI screen leans on profitability and value.
At 0.25% a year, it undercuts the typical fund in its multifactor peer group (median 0.32%).
A multi-billion-dollar fund that trades actively, making it one of the easier names in its category to move in and out of. It has tracked its index tightly since launching in 2013.
Fully rules-based and passive: the index does the picking and rebalancing, with no manager discretion in the mix. One of the stronger implementations in its peer group.

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

FNDX Plain-vanilla alternatives cost far less: VONV runs 0.06% and VYM 0.04%. The fundamental weighting engine is what you pay the extra for.
The value and profitability tilt means the portfolio can look very different from a cap-weighted large-cap index, especially when the largest growth names dominate.
Income arrives quarterly, not monthly, and the mandate targets fundamentals rather than yield.

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 FNDX profile⁠

Full ILCV profile⁠

FNDX vs ILCV Holdings

How FNDX and ILCV differ

Overlap by weight

68.4%

Shared holdings make up 98.8% of ILCV and 82.3% of FNDX.

Level by level

Holdings347 in both68.4%
Sector11 Sectors91.7%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in FNDX and ILCV, widest gap first
Sector	More in FNDXMore in ILCV	FNDX	ILCV
Technology	ILCV +4.6 points	19.3%	23.9%
Energy	FNDX +4.0 points	10.6%	6.6%
Financials	ILCV +3.0 points	14.7%	17.7%
Materials	FNDX +1.7 points	3.8%	2.1%
Industrials	FNDX +1.4 points	8.3%	6.9%
Communication	ILCV +0.8 points	8.0%	8.8%
Consumer Staples	FNDX +0.4 points	7.7%	7.3%
Health Care	FNDX +0.3 points	13.7%	13.4%
Consumer Discretionary	FNDX +0.4 points	9.0%	8.6%
Real Estate	Same weight	1.7%	1.7%
Utilities	FNDX +0.1 points	3.1%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in FNDX and ILCV, widest gap first
Country	More in FNDXMore in ILCV	FNDX	ILCV
United States	FNDX +0.2 points	99.4%	99.2%
Switzerland	ILCV +0.2 points	0.2%	0.4%
Brazil	ILCV +0.1 points	0.0%	0.1%
China	Same weight	0.1%	0.1%
United Kingdom	Same weight	0.1%	0.1%
Mexico	FNDX +0.1 points	0.1%	0.0%
Ireland	Same weight	0.1%	0.1%
India	Same weight	0.0%	0.0%
Belgium	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FNDX22.0%
ILCV34.4%

Securities held

FNDX732
ILCV372

Asset class

FNDX: Equity
ILCV: Equity

Holdings

Only in FNDX385
In both347
Only in ILCV25

Only in FNDX

385 securities, 17.7% of FNDX by weight

Intel Corporation Corp0.85%
NVIDIA0.71%
Broadcom Inc0.46%
Eli Lilly0.31%
Applied Material Inc0.30%
Advanced Micro Devices0.27%
Netflix0.24%
Freeport Mcmoran Inc0.19%
Lam Research0.18%
Best Buy0.18%
Hf Sinclair0.16%
Ge Aerospace0.15%
Apa0.13%
Johnson Controls International PLC0.13%
Pbf Energy Class A0.13%
Aon PLC Class A0.11%
Baker Hughes Class A0.11%
Kla0.11%
Cummins Inc0.11%
Skyworks Solutions0.11%
Arrow Electronics0.10%
Ww Grainger Inc0.09%
O Reilly Automotive0.09%
Molina Healthcare Inc0.09%
Amphenol Corp Class A0.09%
Qnity Electronics0.09%
Cleveland Cliffs Inc0.09%
Avnet0.09%
Stanley Black & Decker0.09%
Seagate Technology Holdings PLC0.08%
Ecolab0.08%
Corning0.08%
Welltower0.08%
Cintas0.08%
Baxter International0.08%
Microchip Technology Inc0.08%
Fastenal0.08%
Ally Financial Inc0.08%
Cencora0.08%
Builders Firstsource Inc0.07%
Macys0.07%
Mosaic0.07%
Block Class A0.07%
Marvell Technology0.07%
Estee Lauder Inc Class A0.07%
Vistra0.07%
Honeywell Aerospace Inc0.07%
Edwards Lifesciences0.07%
Motorola Solutions Inc0.07%
Westinghouse Air Brake Technologie0.07%

Only in ILCV

25 securities, 1.0% of ILCV by weight

Strategy Inc Class A0.15%
Mercadolibre0.12%
United Airlines Holdings0.10%
Royalty Pharma PLC Class A0.07%
Revolution Medicines0.06%
Nxp Semiconductors NV0.06%
Sunbelt Rentals Holdings Inc0.06%
Southern Copper Corp0.05%
Garmin0.04%
Coeur Mining0.04%
Roivant Sciences Ltd0.03%
Lululemon Athletica0.03%
Southwest Airlines0.02%
Talen Energy0.02%
Coreweave Class A0.02%
Fox Class B0.02%
Ptc0.02%
Liberty Media Series C0.02%
Nextpower Inc0.01%
Rivian Automotive Class A0.01%
Tko Group Holdings Inc Class A0.01%
News Class B0.01%
Liberty Media Series A<0.01%
Lennar Class B<0.01%
Hologic Inc0.00%

Weight gaps

The 100 widest of 347 Holdings in both funds.

Holding weights in FNDX and ILCV, widest gap first
Holding	More in FNDXMore in ILCV	FNDX	ILCV
MicrosoftMSFT	ILCV +5.27 points	3.18%	8.45%
AppleAAPL	ILCV +2.36 points	4.88%	7.24%
Amazon Com IncAMZN	ILCV +1.26 points	1.82%	3.08%
JPMorgan ChaseJPM	ILCV +1.03 points	1.57%	2.60%
Berkshire Hathaway Inc Class BBRK.B	ILCV +1.02 points	1.82%	2.84%
Meta Platforms Class AMETA	ILCV +0.97 points	1.53%	2.50%
Tesla IncTSLA	ILCV +0.89 points	0.35%	1.24%
Johnson & JohnsonJNJ	ILCV +0.86 points	1.03%	1.89%
Micron TechnologyMU	ILCV +0.82 points	0.53%	1.35%
AbbVieABBV	ILCV +0.74 points	0.72%	1.46%
Alphabet Class AGOOGL	ILCV +0.63 points	1.41%	2.04%
Coca-ColaKO	ILCV +0.62 points	0.41%	1.03%
Marathon PetroleumMPC	FNDX +0.61 points	0.79%	0.18%
Cisco Systems IncCSCO	ILCV +0.57 points	0.65%	1.22%
Visa Class AV	ILCV +0.53 points	0.47%	1.00%
Alphabet Class CGOOG	ILCV +0.51 points	1.14%	1.65%
Valero Energy CorpVLO	FNDX +0.51 points	0.82%	0.31%
ChevronCVX	FNDX +0.50 points	1.73%	1.23%
Philip Morris InternationalPM	ILCV +0.49 points	0.43%	0.92%
Exxonmobil Holdings CorpXOM	FNDX +0.43 points	2.56%	2.14%
UnitedHealth GroupUNH	FNDX +0.40 points	1.45%	1.05%
RtxRTX	ILCV +0.37 points	0.39%	0.76%
Linde PLCLIN	ILCV +0.35 points	0.31%	0.66%
HumanaHUM	FNDX +0.35 points	0.43%	0.08%
Verizon Communications IncVZ	FNDX +0.34 points	0.86%	0.52%
International Business Machines CoIBM	ILCV +0.33 points	0.36%	0.69%
PfizerPFE	FNDX +0.32 points	0.81%	0.49%
ConocophillipsCOP	FNDX +0.32 points	0.83%	0.51%
General MotorsGM	FNDX +0.32 points	0.53%	0.21%
Thermo Fisher ScientificTMO	ILCV +0.32 points	0.43%	0.75%
Centene CorpCNC	FNDX +0.31 points	0.36%	0.05%
AT&TT	FNDX +0.30 points	0.71%	0.41%
Home DepotHD	ILCV +0.30 points	0.63%	0.93%
Mastercard Class AMA	ILCV +0.30 points	0.33%	0.63%
Goldman Sachs GroupGS	ILCV +0.30 points	0.47%	0.77%
Cvs HealthCVS	FNDX +0.30 points	0.63%	0.33%
Merck & Co IncMRK	ILCV +0.30 points	0.73%	1.03%
ModernaMRNA	FNDX +0.29 points	0.51%	0.22%
Comcast Class ACMCSA	FNDX +0.29 points	0.51%	0.22%
Morgan StanleyMS	ILCV +0.28 points	0.36%	0.64%
Ford MotorF	FNDX +0.27 points	0.41%	0.14%
BlackRockBLK	ILCV +0.27 points	0.19%	0.46%
NucorNUE	FNDX +0.27 points	0.34%	0.07%
Amgen IncAMGN	ILCV +0.27 points	0.44%	0.71%
SandiskSNDK	ILCV +0.26 points	0.03%	0.29%
PhillipsPSX	FNDX +0.26 points	0.57%	0.31%
Mcdonalds CorpMCD	ILCV +0.26 points	0.26%	0.52%
Nextera EnergyNEE	ILCV +0.26 points	0.23%	0.49%
SalesforceCRM	ILCV +0.25 points	0.27%	0.52%
Target CorpTGT	FNDX +0.25 points	0.45%	0.20%
Elevance Health IncELV	FNDX +0.25 points	0.50%	0.25%
Prologis ReitPLD	ILCV +0.24 points	0.11%	0.35%
Procter & GamblePG	ILCV +0.23 points	0.83%	1.06%
Uber TechnologiesUBER	ILCV +0.22 points	0.05%	0.27%
DanaherDHR	ILCV +0.21 points	0.22%	0.43%
NewmontNEM	ILCV +0.20 points	0.13%	0.33%
CignaCI	FNDX +0.20 points	0.42%	0.22%
DowDOW	FNDX +0.20 points	0.27%	0.07%
Gilead SciencesGILD	ILCV +0.19 points	0.39%	0.58%
Cme Group Class ACME	ILCV +0.19 points	0.11%	0.30%
Booking HoldingsBKNG	ILCV +0.19 points	0.13%	0.32%
ProgressivePGR	ILCV +0.18 points	0.20%	0.38%
KrogerKR	FNDX +0.16 points	0.27%	0.11%
QualcommQCOM	ILCV +0.16 points	0.40%	0.56%
Automatic Data Processing IncADP	ILCV +0.16 points	0.16%	0.32%
Vertex PharmaceuticalsVRTX	ILCV +0.15 points	0.12%	0.27%
ChubbCB	ILCV +0.15 points	0.21%	0.36%
IntuitINTU	ILCV +0.15 points	0.10%	0.25%
Intercontinental ExchangeICE	ILCV +0.15 points	0.11%	0.26%
Bristol Myers SquibbBMY	FNDX +0.15 points	0.51%	0.36%
CsxCSX	FNDX +0.15 points	0.24%	0.09%
WalmartWMT	FNDX +0.15 points	1.06%	0.91%
Abbott LaboratoriesABT	ILCV +0.14 points	0.37%	0.51%
Charles SchwabSCHW	ILCV +0.14 points	0.13%	0.27%
Archer Daniels MidlandADM	FNDX +0.14 points	0.24%	0.10%
Hp IncHPQ	FNDX +0.14 points	0.22%	0.08%
United Parcel Service Inc Class BUPS	FNDX +0.14 points	0.36%	0.23%
Bank of AmericaBAC	ILCV +0.13 points	0.81%	0.94%
Eog ResourcesEOG	FNDX +0.13 points	0.37%	0.24%
Lyondellbasell Industries Class ALYB	FNDX +0.13 points	0.18%	0.05%
American ExpressAXP	ILCV +0.13 points	0.22%	0.35%
Charter Communications Class ACHTR	FNDX +0.13 points	0.16%	0.03%
Walt DisneyDIS	ILCV +0.12 points	0.42%	0.54%
Delta Air LinesDAL	ILCV +0.13 points	0.02%	0.15%
Union PacificUNP	ILCV +0.13 points	0.38%	0.51%
Steel Dynamics IncSTLD	FNDX +0.12 points	0.15%	0.03%
Eaton PLCETN	ILCV +0.12 points	0.14%	0.26%
American Tower ReitAMT	ILCV +0.12 points	0.13%	0.25%
American International GroupAIG	FNDX +0.13 points	0.24%	0.11%
Synchrony FinancialSYF	FNDX +0.12 points	0.19%	0.07%
Boston ScientificBSX	ILCV +0.12 points	0.06%	0.18%
PepsicoPEP	ILCV +0.12 points	0.40%	0.52%
StrykerSYK	ILCV +0.11 points	0.12%	0.23%
Waste Management IncWM	ILCV +0.10 points	0.14%	0.24%
DeereDE	FNDX +0.10 points	0.35%	0.25%
Occidental Petroleum CorpOXY	FNDX +0.10 points	0.23%	0.13%
Parker-HannifinPH	ILCV +0.09 points	0.10%	0.19%
Mckesson CorpMCK	ILCV +0.09 points	0.15%	0.24%
BlackstoneBX	ILCV +0.10 points	0.08%	0.18%
TjxTJX	ILCV +0.09 points	0.19%	0.28%

All 733 FNDX 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.

FNDX vs ILCV Cost

Overpaying FNDX vs ILCV

$4,310

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

FNDX 0.25%
$5,159
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

FNDX 0.25%
ILCV 0.04%
Overpaying

Year by year

Year	FNDX	ILCV	Overpaying
10	$455	$73	$382
20	$1,769	$288	$1,481
30	$5,159	$849	$4,310

Expense ratio

0.25%FNDX
0.04%ILCV, cheaper

ILCV0.04%FNDX0.25%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

FNDX 36th cheapest of 99 funds

FNDX vs ILCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNDX 1.44%; ILCV 1.51%, better
Payout (12M): FNDX $0.47; ILCV $1.65
Last payment: FNDX $0.12; ILCV $0.42
Ex-dividend: FNDX Sep 23, 2026; ILCV Sep 15, 2026
Paid on: FNDX Sep 28, 2026; ILCV Sep 18, 2026
Frequency: FNDX Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNDXQuarterly · 40 paymentsAll FNDX payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

FNDX vs ILCV Risk

Fall from peak · 5 years

FNDX
ILCV

Risk facts

VolatilityStd dev, 3 years: FNDX 11.5%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: FNDX 1.54ILCV 1.57, better
Worst fallMax drawdown, 5 years: FNDX −19.1%ILCV −18.6%, better
Market sensitivityBeta, 5 years: FNDX 0.89ILCV 0.82; Market = 1

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