FNDX vs IMCV: Grades, Fees and Holdings Compared

Schwab Fundamental U.S. Large Company ETF

FNDXANYSE Arca

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Overlap

27.9%by weight

Expense ratio

IMCV −0.19pt a year

FNDX0.25%IMCV0.06%

Avg volume · 30D

FNDX 77.8×the volume

FNDX3.03MIMCV38.9K

10Y return · a year

FNDX +3.7pt

FNDX+14.8%IMCV+11.1%

FNDX vs IMCV Performance

Oct 29, 2021 – Oct 30, 2026

+89.7%FNDX+68.3%IMCV

Expense ratio: FNDX 0.25%; IMCV 0.06%, better
Fund size: FNDX $28.5B; IMCV $1.27B
1Y total return: FNDX +25.0%; IMCV +27.0%, better
Yield (12M): FNDX 1.44%; IMCV 1.84%, better
Holdings: FNDX 732; IMCV 271
Avg volume (30D): FNDX 3.03M sh, better; IMCV 38.9K sh
NAV per share: FNDX $32.71; IMCV $99.16
52W range

ETF.net Grade

Pillar letters and Scores for FNDX, IMCV, with each pillar’s weight
Pillar	FNDX	IMCV
Cost30% weight	B63	A96Higher
Mission25% weight	A91Higher	A76
Risk15% weight	A90Higher	A77
Tradability15% weight	A88Higher	B69
Holdings10% weight	B62	B69Higher
Durability5% weight	A87Higher	A77

Rank among US Multifactor funds

How we build Categories ›

Same Category. FNDX and IMCV 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 ›

IMCV ranks 4th 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 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 5ADCORU.S. Core Equity 1 Portfolio ETF Class SharesScore 79
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

IMCVAiShares Morningstar Mid-Cap 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.

IMCV No data

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.

IMCV No data

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.

IMCV No data

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.

IMCV No data

Full FNDX profile⁠

Full IMCV profile⁠

FNDX vs IMCV Holdings

How FNDX and IMCV differ

Overlap by weight

27.9%

Shared holdings make up 96.0% of IMCV and 28.1% of FNDX.

Level by level

Holdings245 in both27.9%
Sector11 Sectors76.6%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in FNDX and IMCV, widest gap first
Sector	More in FNDXMore in IMCV	FNDX	IMCV
Technology	FNDX +12.8 points	19.3%	6.5%
Communication	FNDX +6.9 points	8.0%	1.1%
Industrials	IMCV +5.9 points	8.3%	14.2%
Utilities	IMCV +5.9 points	3.1%	9.0%
Financials	IMCV +3.8 points	14.7%	18.5%
Real Estate	IMCV +2.9 points	1.7%	4.6%
Energy	IMCV +2.8 points	10.6%	13.4%
Consumer Discretionary	FNDX +2.1 points	9.0%	6.9%
Health Care	FNDX +1.5 points	13.7%	12.2%
Materials	IMCV +1.2 points	3.8%	5.0%
Consumer Staples	IMCV +1.0 points	7.7%	8.7%

Country, concentration and asset class

Country by domicile

Country weights in FNDX and IMCV, widest gap first
Country	More in FNDXMore in IMCV	FNDX	IMCV
United States	FNDX +0.7 points	99.4%	98.7%
Other countries (7)	IMCV +0.7 points	0.6%	1.3%

Concentration

Weight in the 10 largest Holdings

FNDX22.0%
IMCV13.2%

Securities held

FNDX732
IMCV268

Asset class

FNDX: Equity
IMCV: Equity

Holdings

Only in FNDX487
In both245
Only in IMCV23

Only in FNDX

487 securities, 71.9% of FNDX by weight

Apple4.88%
Microsoft3.18%
Exxonmobil Holdings Corp2.56%
Berkshire Hathaway Inc Class B1.82%
Amazon Com Inc1.82%
Chevron1.73%
JPMorgan Chase1.57%
Meta Platforms Class A1.53%
UnitedHealth Group1.45%
Alphabet Class A1.41%
Alphabet Class C1.14%
Walmart1.06%
Johnson & Johnson1.03%
Verizon Communications Inc0.86%
Intel Corporation Corp0.85%
Procter & Gamble0.83%
Conocophillips0.83%
Bank of America0.81%
Pfizer0.81%
Wells Fargo0.75%
Merck & Co Inc0.73%
AbbVie0.72%
AT&T0.71%
NVIDIA0.71%
Citigroup0.69%
Cisco Systems Inc0.65%
Costco Wholesale Corp0.64%
Home Depot0.63%
Cvs Health0.63%
Micron Technology0.53%
Comcast Class A0.51%
Bristol Myers Squibb0.51%
Accenture PLC Class A0.48%
Goldman Sachs Group0.47%
Visa Class A0.47%
Broadcom Inc0.46%
Amgen Inc0.44%
Thermo Fisher Scientific0.43%
Philip Morris International0.43%
Walt Disney0.42%
Coca-Cola0.41%
Lockheed Martin0.40%
Pepsico0.40%
Qualcomm0.40%
Rtx0.39%
Gilead Sciences0.39%
Capital One Financial Corp0.39%
Union Pacific0.38%
Texas Instrument0.38%
Abbott Laboratories0.37%

Only in IMCV

23 securities, 3.9% of IMCV by weight

Strategy Inc Class A0.65%
United Airlines Holdings0.46%
Royalty Pharma PLC Class A0.34%
Revolution Medicines0.30%
Nxp Semiconductors NV0.27%
Sunbelt Rentals Holdings Inc0.27%
Garmin0.20%
Coeur Mining0.19%
Roivant Sciences Ltd0.15%
Lululemon Athletica0.15%
Southwest Airlines0.11%
Talen Energy0.11%
Fox Class B0.10%
Ptc0.10%
Liberty Media Series C0.10%
Coreweave Class A0.10%
Rivian Automotive Class A0.07%
Nextpower Inc0.07%
Tko Group Holdings Inc Class A0.05%
News Class B0.05%
Liberty Media Series A<0.01%
Lennar Class B<0.01%
Hologic Inc0.00%

Weight gaps

The 100 widest of 245 Holdings in both funds.

Holding weights in FNDX and IMCV, widest gap first
Holding	More in FNDXMore in IMCV	FNDX	IMCV
Automatic Data Processing IncADP	IMCV +1.44 points	0.16%	1.60%
Regeneron PharmaceuticalsREGN	IMCV +1.08 points	0.17%	1.25%
Pnc Financial Services GroupPNC	IMCV +1.04 points	0.20%	1.24%
Us BancorpUSB	IMCV +1.04 points	0.23%	1.27%
3MMMM	IMCV +1.03 points	0.20%	1.23%
PhillipsPSX	IMCV +0.97 points	0.57%	1.54%
Travelers CompaniesTRV	IMCV +0.93 points	0.20%	1.13%
Mondelez International Class AMDLZ	IMCV +0.90 points	0.24%	1.14%
SlbSLB	IMCV +0.89 points	0.20%	1.09%
Eog ResourcesEOG	IMCV +0.82 points	0.37%	1.19%
Cheniere EnergyLNG	IMCV +0.77 points	0.16%	0.93%
Valero Energy CorpVLO	IMCV +0.75 points	0.82%	1.57%
United Parcel Service Inc Class BUPS	IMCV +0.74 points	0.36%	1.11%
Kinder MorganKMI	IMCV +0.74 points	0.17%	0.91%
Hewlett Packard EnterpriseHPE	IMCV +0.72 points	0.28%	1.00%
Elevance Health IncELV	IMCV +0.70 points	0.50%	1.20%
OneokOKE	IMCV +0.70 points	0.13%	0.83%
Delta Air LinesDAL	IMCV +0.70 points	0.02%	0.72%
MarshMRSH	IMCV +0.66 points	0.16%	0.82%
SempraSRE	IMCV +0.66 points	0.11%	0.77%
Truist FinancialTFC	IMCV +0.63 points	0.19%	0.82%
CignaCI	IMCV +0.62 points	0.42%	1.04%
Becton DickinsonBDX	IMCV +0.61 points	0.13%	0.74%
AflacAFL	IMCV +0.60 points	0.16%	0.76%
Dominion EnergyD	IMCV +0.60 points	0.17%	0.77%
WilliamsWMB	IMCV +0.59 points	0.13%	0.72%
Xcel Energy IncXEL	IMCV +0.57 points	0.11%	0.68%
ModernaMRNA	IMCV +0.57 points	0.51%	1.08%
Colgate-PalmoliveCL	IMCV +0.56 points	0.13%	0.69%
Paccar IncPCAR	IMCV +0.56 points	0.13%	0.69%
Keurig Dr Pepper IncKDP	IMCV +0.53 points	0.13%	0.66%
Devon EnergyDVN	IMCV +0.53 points	0.25%	0.78%
MetlifeMET	IMCV +0.53 points	0.20%	0.73%
General MotorsGM	IMCV +0.52 points	0.53%	1.05%
Target CorpTGT	IMCV +0.51 points	0.45%	0.96%
Workday Class AWDAY	IMCV +0.51 points	0.02%	0.53%
Exelon CorpEXC	IMCV +0.50 points	0.15%	0.65%
Iqvia Holdings IncIQV	IMCV +0.50 points	0.10%	0.60%
Consolidated EdisonED	IMCV +0.47 points	0.12%	0.59%
Northrop Grumman CorpNOC	IMCV +0.45 points	0.19%	0.64%
PayPal HoldingsPYPL	IMCV +0.45 points	0.22%	0.67%
Diamondback EnergyFANG	IMCV +0.45 points	0.08%	0.53%
Nike Class BNKE	IMCV +0.44 points	0.18%	0.62%
SyscoSYY	IMCV +0.43 points	0.11%	0.54%
Realty Income ReitO	IMCV +0.43 points	0.05%	0.48%
PaychexPAYX	IMCV +0.43 points	0.06%	0.49%
Arch Capital GroupACGL	IMCV +0.43 points	0.05%	0.48%
Crown Castle IncCCI	IMCV +0.43 points	0.09%	0.52%
Prudential Financial IncPRU	IMCV +0.42 points	0.13%	0.55%
Public Storage ReitPSA	IMCV +0.42 points	0.05%	0.47%
Norfolk Southern CorpNSC	IMCV +0.42 points	0.17%	0.59%
Occidental Petroleum CorpOXY	IMCV +0.41 points	0.23%	0.64%
American Electric Power IncAEP	IMCV +0.41 points	0.15%	0.56%
Hartford Insurance GroupHIG	IMCV +0.41 points	0.09%	0.50%
Air Products and ChemicalsAPD	IMCV +0.40 points	0.12%	0.52%
Ge Healthcare TechnologiesGEHC	IMCV +0.40 points	0.08%	0.48%
Simon Property Group Reit IncSPG	IMCV +0.39 points	0.08%	0.47%
Kimberly ClarkKMB	IMCV +0.39 points	0.10%	0.49%
Targa ResourcesTRGP	IMCV +0.39 points	0.09%	0.48%
BiogenBIIB	IMCV +0.39 points	0.12%	0.51%
Crh Public Limited PLCCRH	IMCV +0.38 points	0.15%	0.53%
Illinois Tool IncITW	IMCV +0.39 points	0.13%	0.52%
M&T BankMTB	IMCV +0.37 points	0.07%	0.44%
Huntington Bancshares IncHBAN	IMCV +0.36 points	0.06%	0.42%
KenvueKVUE	IMCV +0.36 points	0.10%	0.46%
Roper TechnologiesROP	IMCV +0.34 points	0.07%	0.41%
Vici Pptys IncVICI	IMCV +0.34 points	0.03%	0.37%
Emerson ElectricEMR	IMCV +0.33 points	0.16%	0.49%
Bank of New York Mellon CorpBNY	IMCV +0.32 points	0.20%	0.52%
American International GroupAIG	IMCV +0.32 points	0.24%	0.56%
Dte EnergyDTE	IMCV +0.31 points	0.07%	0.38%
Arthur J GallagherAJG	IMCV +0.31 points	0.07%	0.38%
D R HortonDHI	IMCV +0.31 points	0.19%	0.50%
HalliburtonHAL	IMCV +0.32 points	0.10%	0.42%
Quest Diagnostics IncDGX	IMCV +0.31 points	0.07%	0.38%
PG&E CorpPCG	IMCV +0.31 points	0.09%	0.40%
Dell Technologies Inc Class CDELL	IMCV +0.30 points	0.18%	0.48%
Sherwin WilliamsSHW	IMCV +0.29 points	0.08%	0.37%
EbayEBAY	IMCV +0.30 points	0.16%	0.46%
Carnival Corp LtdCCL	IMCV +0.29 points	0.02%	0.31%
Fifth Third BancorpFITB	IMCV +0.29 points	0.11%	0.40%
Zoom Communications Class AZM	IMCV +0.28 points	0.03%	0.31%
Cardinal HealthCAH	IMCV +0.28 points	0.08%	0.36%
Eversource EnergyES	IMCV +0.27 points	0.08%	0.35%
Ppg IndustriesPPG	IMCV +0.27 points	0.09%	0.36%
Firstenergy CorpFE	IMCV +0.27 points	0.08%	0.35%
Allstate CorpALL	IMCV +0.27 points	0.18%	0.45%
Labcorp HoldingsLH	IMCV +0.27 points	0.14%	0.41%
Netapp IncNTAP	IMCV +0.26 points	0.08%	0.34%
Smurfit Westrock PLCSW	IMCV +0.26 points	0.05%	0.31%
Agilent Technologies IncA	IMCV +0.26 points	0.09%	0.35%
Regions FinancialRF	IMCV +0.26 points	0.06%	0.32%
Digital Realty Trust ReitDLR	IMCV +0.25 points	0.08%	0.33%
International Flavors & FragrancesIFF	IMCV +0.26 points	0.07%	0.33%
Broadridge Financial Solutions IncBR	IMCV +0.25 points	0.03%	0.28%
Dollar General CorpDG	IMCV +0.25 points	0.15%	0.40%
KrogerKR	IMCV +0.25 points	0.27%	0.52%
Ford MotorF	IMCV +0.25 points	0.41%	0.66%
Public Service Enterprise GroupPEG	IMCV +0.25 points	0.08%	0.33%
Permian Resources Class APR	IMCV +0.25 points	0.02%	0.27%

All 733 FNDX holdings⁠All 268 IMCV 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 IMCV Cost

Overpaying FNDX vs IMCV

$3,889

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

FNDX 0.25%
$5,159
IMCV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

FNDX 0.25%
IMCV 0.06%
Overpaying

Year by year

Year	FNDX	IMCV	Overpaying
10	$455	$110	$345
20	$1,769	$432	$1,337
30	$5,159	$1,270	$3,889

Expense ratio

0.25%FNDX
0.06%IMCV, cheaper

IMCV0.06%FNDX0.25%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

FNDX 36th cheapest of 99 funds

FNDX vs IMCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNDX 1.44%; IMCV 1.84%, better
Payout (12M): FNDX $0.47; IMCV $1.83
Last payment: FNDX $0.12; IMCV $0.52
Ex-dividend: FNDX Sep 23, 2026; IMCV Sep 15, 2026
Paid on: FNDX Sep 28, 2026; IMCV Sep 18, 2026
Frequency: FNDX Quarterly; IMCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNDXQuarterly · 40 paymentsAll FNDX payments⁠

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

FNDX vs IMCV Risk

Fall from peak · 5 years

FNDX
IMCV

Risk facts

VolatilityStd dev, 3 years: FNDX 11.5%, betterIMCV 13.6%
Return per unit of riskSharpe ratio, 3 years: FNDX 1.54, betterIMCV 1.22
Worst fallMax drawdown, 5 years: FNDX −19.1%, betterIMCV −19.9%
Market sensitivityBeta, 5 years: FNDX 0.89IMCV 0.88; Market = 1

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