FVAL vs IUSV: Grades, Fees and Holdings Compared

Fidelity Value Factor ETF

FVALBNYSE Arca

iShares Core S&P U.S. Value ETF

IUSVANasdaq

Overlap

35.9%by weight

Expense ratio

IUSV −0.11pt a year

FVAL0.15%IUSV0.04%

Avg volume · 30D

IUSV 13.4×the volume

FVAL43KIUSV575K

10Y return · a year

FVAL +2.2pt

FVAL+14.5%IUSV+12.3%

FVAL vs IUSV Performance

Oct 29, 2021 – Oct 30, 2026

+79.1%FVAL+72.6%IUSV

Expense ratio: FVAL 0.15%; IUSV 0.04%, better
Fund size: FVAL $1.35B; IUSV $28.5B
1Y total return: FVAL +17.6%, better; IUSV +16.6%
Yield (12M): FVAL 1.50%; IUSV 1.63%, better
Holdings: FVAL 136; IUSV 734
Avg volume (30D): FVAL 43K sh; IUSV 575K sh, better
NAV per share: FVAL $81.89; IUSV $115.73
52W range

ETF.net Grade

Pillar letters and Scores for FVAL, IUSV, with each pillar’s weight
Pillar	FVAL	IUSV
Cost30% weight	B67	A96Higher
Mission25% weight	A80	A88Higher
Risk15% weight	C46	B64Higher
Tradability15% weight	C52	A82Higher
Holdings10% weight	F20	C48Higher
Durability5% weight	C53	A79Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. FVAL and IUSV 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 ›

IUSV ranks 3rd and FVAL 17th 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 16BFELVFidelity Enhanced Large Cap Value ETF Score 60
Rank 17BFVALFidelity Value Factor ETFScore 59
Rank 17BPYPrincipal Value ETFScore 59

Our read on each fund

ETF.net Research

FVALBFidelity Value Factor ETF

IUSVAiShares Core S&P U.S. Value ETF

In short

FVAL Fidelity's own value screen in an index wrapper: roughly 130 US stocks chosen by its in-house value factor rules for 0.15% a year. Not the cheapest way to own value, but a more opinionated one.

IUSV A value fund with a wider net: it tracks the S&P 900 Value Index, which screens S&P 500 and MidCap 400 stocks on book value, earnings and sales versus price. Roughly 700 names, 0.04% a year, running since 2000.

Stated mandate

FVAL The fund seeks returns generally matching the Fidelity U.S. Value Factor Index before fees and expenses. It invests at least 80% of assets in securities included in that index.

IUSV The fund seeks to track the S&P 900 Value Index, which represents large- and mid-capitalization U.S. value equities. Value characteristics are identified using book value, earnings, and sales relative to price.

Why people hold it

FVAL At 0.15% a year it undercuts the typical US value-factor fund, which runs closer to 0.18%.
Roughly 130 names, not a thousand. Fidelity's U.S. Value Factor Index does the picking, so you get a concentrated read on value instead of a broad value bucket.
The rules are on paper: US equities, at least 80% of assets in index constituents, cash paid quarterly.fidelity.com
Live since 2016, so the strategy has already run through value being both in and out of favor.

IUSV Costs 0.04% a year, a fraction of the typical US value ETF, and level with the cheapest of its large peers like SCHV.
The index reaches past the S&P 500 into the S&P MidCap 400, so mid-cap value names come along. Large-cap-only rivals such as SCHV stop short of them.spindices.com
A 2000 vintage and now a multi-billion-dollar iShares Core holding: it trades actively, tracks its index closely, and pays quarterly.

Worth knowing

FVAL Trades lightly next to the category's biggest value funds, so spreads can be wider and size takes more patience.
You pay up for the screen. Plain-vanilla value funds such as VTV (0.03%) and IUSV (0.04%) cost a fraction of this one.
One factor, one country. A US value tilt can spend long stretches out of step with the broad market.

IUSV S&P's style system splits the parent index by formula, and stocks with both value and growth traits can sit in each. This is the cheap half of the market, not a deep-value sleeve.spglobal.com spglobal.com 2
The screen is pure price ratios (book value, earnings, sales), with no profitability or quality filter, so cheap-for-a-reason names are part of the deal.spglobal.com
Holdings are float-market-cap weighted, so the biggest value names drive most of the movement.spglobal.com

Full FVAL profile⁠

Full IUSV profile⁠

FVAL vs IUSV Holdings

How FVAL and IUSV differ

Overlap by weight

35.9%

Shared holdings make up 58.1% of FVAL and 40.9% of IUSV.

Level by level

Holdings103 in both35.9%
Sector11 Sectors75.1%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in FVAL and IUSV, widest gap first
Sector	More in FVALMore in IUSV	FVAL	IUSV
Technology	FVAL +17.9 points	38.1%	20.2%
Communication	FVAL +7.0 points	9.4%	2.4%
Energy	IUSV +4.7 points	3.5%	8.2%
Consumer Staples	IUSV +4.4 points	4.4%	8.8%
Financials	IUSV +3.6 points	11.9%	15.5%
Health Care	IUSV +2.9 points	9.9%	12.8%
Industrials	IUSV +2.5 points	8.7%	11.2%
Utilities	IUSV +2.3 points	1.7%	4.0%
Real Estate	IUSV +1.6 points	1.7%	3.3%
Materials	IUSV +1.4 points	2.1%	3.5%
Consumer Discretionary	IUSV +1.2 points	8.7%	9.9%

Country, concentration and asset class

Country by domicile

Country weights in FVAL and IUSV, widest gap first
Country	More in FVALMore in IUSV	FVAL	IUSV
Switzerland	IUSV +0.5 points	0.0%	0.5%
Other countries (6)	FVAL +0.5 points	100.0%	99.5%

Concentration

Weight in the 10 largest Holdings

FVAL41.7%
IUSV23.0%

Securities held

FVAL134
IUSV731

Asset class

FVAL: Equity
IUSV: Equity

Holdings

Only in FVAL31
In both103
Only in IUSV628

Only in FVAL

31 securities, 37.1% of FVAL by weight

NVIDIA Corp7.45%
Microsoft Corp5.86%
Alphabet Inc Class A3.94%
Broadcom Inc2.76%
Micron Technology Inc2.20%
Meta Platforms Inc Class A1.95%
Berkshire Hathaway Inc Class B1.93%
Eli Lilly & Co1.88%
Accenture PLC Class A1.35%
Sandisk Corporation1.10%
Zoom Communications Inc Class A0.80%
Rtx Corp0.65%
Caterpillar Inc0.63%
First Solar Inc0.59%
Elevance Health Inc0.56%
Netflix Inc0.46%
Linde PLC0.45%
Securities Lending Cf0.30%
Newmont Corp0.29%
Molson Coors Beverage Co B0.29%
The Booking Holdings Inc0.25%
Royal Caribbean Cruises Ltd0.22%
Crh Plc(Us)0.19%
Anglogold Ashanti PLC0.17%
Carnival Corp Ltd0.16%
Expedia Inc0.16%
Lyondellbasell Inds Class A0.16%
Coeur Mining Inc0.13%
Las Vegas Sands Corp0.13%
SP500 Mic Emin FUTDEC26 HWAZ60.04%
Ust Bills 0% 11/12/260.03%

Only in IUSV

628 securities, 58.8% of IUSV by weight

Walmart1.71%
UnitedHealth Group1.13%
Intel Corporation1.01%
Bank of America1.01%
JPMorgan Chase & Co0.89%
Texas Instrument0.85%
Thermo Fisher Scientific0.80%
Linde PLC0.74%
Coca-Cola0.66%
Analog Devices0.63%
Cisco Systems Inc0.60%
Salesforce0.58%
Pepsico0.58%
Abbott Laboratories0.57%
Union Pacific0.56%
Mastercard Class A0.53%
BlackRock0.51%
Accenture PLC Class A0.49%
Ge Aerospace0.47%
AT&T0.46%
Danaher0.45%
Eaton PLC0.45%
Philip Morris International0.44%
Charles Schwab0.44%
Vertex Pharmaceuticals0.44%
Western Digital Corp0.41%
Palo Alto Networks0.41%
Dell Technologies Inc Class C0.40%
Chubb0.40%
Marathon Petroleum0.39%
Medtronic PLC0.37%
Starbucks Corp0.37%
Automatic Data Processing Inc0.36%
International Business Machines Co0.36%
Mckesson Corp0.36%
Cvs Health0.36%
Phillips 660.35%
Oracle0.34%
Southern0.33%
Equinix Reit0.31%
Csx0.30%
Marsh0.30%
Intercontinental Exchange Inc0.29%
Us Bancorp0.29%
Emerson Electric0.29%
Goldman Sachs Group0.28%
Marvell Technology0.28%
Williams0.28%
Pnc Financial Services Group0.28%
Elevance Health Inc0.28%

Weight gaps

The 100 widest of 103 Holdings in both funds.

Holding weights in FVAL and IUSV, widest gap first
Holding	More in FVALMore in IUSV	FVAL	IUSV
Exxonmobil Holdings CorpXOM	IUSV +1.22 points	1.17%	2.39%
Hp IncHPQ	FVAL +0.85 points	0.93%	0.08%
Cognizant Tech Solutions Class ACTSH	FVAL +0.83 points	0.92%	0.09%
Intuit IncINTU	FVAL +0.81 points	0.94%	0.13%
Arrow Electronics IncARW	FVAL +0.73 points	0.76%	0.03%
Chevron CorpCVX	IUSV +0.67 points	0.77%	1.44%
Renaissancere Hldgs LtdRNR	FVAL +0.62 points	0.64%	0.02%
Qualcomm IncQCOM	FVAL +0.61 points	1.16%	0.55%
Adobe IncADBE	FVAL +0.58 points	0.89%	0.31%
Bank OzkOZK	FVAL +0.56 points	0.58%	0.02%
American International GroupAIG	FVAL +0.54 points	0.67%	0.13%
Visa Inc Class AV	FVAL +0.52 points	1.50%	0.98%
Western Alliance BancorpWAL	FVAL +0.52 points	0.54%	0.02%
Synchrony FinancialSYF	FVAL +0.51 points	0.59%	0.08%
Ally Financial IncALLY	FVAL +0.51 points	0.54%	0.03%
Costco Wholesale CorpCOST	IUSV +0.50 points	0.89%	1.39%
Prudential Financial IncPRU	FVAL +0.50 points	0.62%	0.12%
Gilead Sciences IncGILD	FVAL +0.49 points	0.79%	0.30%
Johnson & JohnsonJNJ	FVAL +0.46 points	1.30%	0.84%
PayPal Hldgs IncPYPL	FVAL +0.46 points	0.61%	0.15%
Home Depot IncHD	IUSV +0.46 points	0.56%	1.02%
Universal Health Svcs Inc Class BUHS	FVAL +0.41 points	0.44%	0.03%
Travelers Companies IncTRV	FVAL +0.41 points	0.67%	0.26%
Allstate CorporationALL	FVAL +0.41 points	0.61%	0.20%
Genpact LtdG	FVAL +0.40 points	0.41%	0.01%
Leidos Holdings IncLDOS	FVAL +0.36 points	0.42%	0.06%
Centene CorpCNC	FVAL +0.37 points	0.47%	0.10%
Textron IncTXT	FVAL +0.34 points	0.39%	0.05%
General Dynamics CorporationGD	FVAL +0.34 points	0.48%	0.14%
Ufp Industries IncUFPI	FVAL +0.34 points	0.35%	0.01%
Procter & Gamble CoPG	IUSV +0.34 points	0.83%	1.17%
Oshkosh CorpOSK	FVAL +0.33 points	0.34%	0.01%
Capital One Financial CorpCOF	FVAL +0.31 points	0.70%	0.39%
Tesla IncTSLA	FVAL +0.31 points	1.64%	1.33%
Cigna Group (The)CI	FVAL +0.31 points	0.55%	0.24%
Ingredion IncINGR	FVAL +0.30 points	0.32%	0.02%
AbbVie IncABBV	FVAL +0.30 points	1.17%	0.87%
Kroger CoKR	FVAL +0.28 points	0.40%	0.12%
Cummins IncCMI	FVAL +0.28 points	0.35%	0.07%
Apple IncAAPL	IUSV +0.28 points	7.53%	7.81%
Owens Corning IncOC	FVAL +0.28 points	0.31%	0.03%
Regeneron Pharmaceuticals IncREGN	FVAL +0.26 points	0.54%	0.28%
United Parcel Service Inc Class BUPS	FVAL +0.26 points	0.51%	0.25%
Delta Air IncDAL	FVAL +0.25 points	0.40%	0.15%
Kimberly Clark CorpKMB	FVAL +0.25 points	0.36%	0.11%
Northrop Grumman CorpNOC	FVAL +0.24 points	0.47%	0.23%
United Airlines Holdings IncUAL	FVAL +0.24 points	0.35%	0.10%
Archer Daniels Midland CoADM	FVAL +0.23 points	0.35%	0.12%
Fedex CorpFDX	FVAL +0.22 points	0.43%	0.21%
Amazon.com IncAMZN	IUSV +0.21 points	3.23%	3.44%
Merck & Co Inc NewMRK	IUSV +0.22 points	0.93%	1.15%
Verizon Communications IncVZ	IUSV +0.21 points	0.37%	0.58%
Nextera EnergyNEE	IUSV +0.19 points	0.35%	0.54%
Honeywell Intl IncHON	FVAL +0.20 points	0.41%	0.21%
Paccar IncPCAR	FVAL +0.18 points	0.35%	0.17%
Disney (Walt) CoDIS	IUSV +0.18 points	0.41%	0.59%
Pfizer IncPFE	FVAL +0.18 points	0.72%	0.54%
Lockheed Martin CorpLMT	FVAL +0.18 points	0.58%	0.40%
National Fuel Gas Co NjNFG	FVAL +0.17 points	0.18%	<0.01%
Prologis Inc ReitPLD	IUSV +0.17 points	0.21%	0.38%
Target CorpTGT	FVAL +0.16 points	0.38%	0.22%
Bristol-Myers Squibb CoBMY	FVAL +0.15 points	0.55%	0.40%
Gamestop Corp Class AGME	FVAL +0.15 points	0.18%	0.03%
ConocophillipsCOP	IUSV +0.14 points	0.43%	0.57%
Block H & R IncHRB	FVAL +0.15 points	0.16%	<0.01%
Citigroup IncC	FVAL +0.14 points	0.78%	0.64%
Expand Energy CorpEXE	FVAL +0.14 points	0.20%	0.06%
Best Buy Co IncBBY	FVAL +0.13 points	0.19%	0.06%
Eqt CorporationEQT	FVAL +0.11 points	0.22%	0.11%
Macys IncM	FVAL +0.11 points	0.13%	0.02%
Gaming and Leisure Proprti IncGLPI	FVAL +0.10 points	0.12%	0.02%
Lululemon Athletica IncLULU	FVAL +0.11 points	0.14%	0.03%
Altria Group IncMO	FVAL +0.11 points	0.51%	0.40%
Eversource EnergyES	FVAL +0.10 points	0.18%	0.08%
Edison IntlEIX	FVAL +0.10 points	0.17%	0.07%
Vici Pptys IncVICI	FVAL +0.10 points	0.18%	0.08%
Deere & CoDE	FVAL +0.09 points	0.62%	0.53%
Cf Industries Holdings IncCF	FVAL +0.09 points	0.15%	0.06%
Alcoa CorpAA	FVAL +0.09 points	0.12%	0.03%
Wells Fargo & CoWFC	FVAL +0.09 points	0.87%	0.78%
Devon Energy CorpDVN	FVAL +0.08 points	0.26%	0.18%
Lowes Cos IncLOW	IUSV +0.08 points	0.28%	0.36%
Consolidated Edison IncED	FVAL +0.08 points	0.21%	0.13%
Dr Horton IncDHI	FVAL +0.07 points	0.19%	0.12%
Charter Communications Inc ACHTR	FVAL +0.08 points	0.12%	0.04%
Mcdonalds CorpMCD	FVAL +0.08 points	0.40%	0.32%
Kimco Realty CorporationKIM	FVAL +0.08 points	0.13%	0.05%
Jones Lang Lasalle IncJLL	FVAL +0.07 points	0.12%	0.05%
PG&E CorpPCG	FVAL +0.07 points	0.16%	0.09%
Exelon CorpEXC	FVAL +0.06 points	0.21%	0.15%
Host Hotels & Resorts IncHST	FVAL +0.05 points	0.10%	0.05%
American Tower CorpAMT	IUSV +0.04 points	0.23%	0.27%
Freeport Mcmoran IncFCX	IUSV +0.04 points	0.24%	0.28%
Eog Resources IncEOG	FVAL +0.03 points	0.30%	0.27%
Ford Motor CoF	FVAL +0.03 points	0.18%	0.15%
Simon Ppty Group Inc - ReitSPG	FVAL +0.03 points	0.16%	0.13%
Valero Energy CorpVLO	IUSV +0.03 points	0.33%	0.36%
Extra Space Storage IncEXR	FVAL +0.03 points	0.13%	0.10%
Comcast Corp Class ACMCSA	IUSV +0.02 points	0.23%	0.26%
Cbre Group Inc - Class ACBRE	FVAL +0.02 points	0.13%	0.11%

All 130 FVAL holdings⁠All 732 IUSV 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.

FVAL vs IUSV Cost

Overpaying FVAL vs IUSV

$2,288

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

FVAL 0.15%
$3,137
IUSV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

FVAL 0.15%
IUSV 0.04%
Overpaying

Year by year

Year	FVAL	IUSV	Overpaying
10	$274	$73	$201
20	$1,071	$288	$783
30	$3,137	$849	$2,288

Expense ratio

0.15%FVAL
0.04%IUSV, cheaper

IUSV0.04%FVAL0.15%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

IUSV 3rd cheapest of 40 funds

FVAL 13th cheapest of 40 funds

FVAL vs IUSV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FVAL 1.50%; IUSV 1.63%, better
Payout (12M): FVAL $1.23; IUSV $1.89
Last payment: FVAL $0.25; IUSV $0.49
Ex-dividend: FVAL Sep 18, 2026; IUSV Sep 15, 2026
Paid on: FVAL Sep 22, 2026; IUSV Sep 18, 2026
Frequency: FVAL Quarterly; IUSV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FVALQuarterly · 39 paymentsAll FVAL payments⁠

IUSVQuarterly · 39 paymentsAll IUSV payments⁠

FVAL vs IUSV Risk

Fall from peak · 5 years

FVAL
IUSV

Risk facts

VolatilityStd dev, 3 years: FVAL 12.0%IUSV 11.9%, better
Return per unit of riskSharpe ratio, 3 years: FVAL 1.41, betterIUSV 1.15
Worst fallMax drawdown, 5 years: FVAL −23.4%IUSV −17.9%, better
Market sensitivityBeta, 5 years: FVAL 0.94IUSV 0.85; Market = 1

FVAL and IUSV 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, 2026IUSV

Popular comparisons

FVALBvsSCHVA
Fidelity Value Factor ETF · Schwab U.S. Large-Cap Value ETF
Expense ratio
0.15% · 0.04%
Category
IUSVAvsSCHVA
iShares Core S&P U.S. Value ETF · Schwab U.S. Large-Cap Value ETF
Expense ratio
0.04% · 0.04%
Category
FVALBvsVTVA
Fidelity Value Factor ETF · Vanguard Morningstar Value ETF
Expense ratio
0.15% · 0.03%
Category
IUSVAvsVTVA
iShares Core S&P U.S. Value ETF · Vanguard Morningstar Value ETF
Expense ratio
0.04% · 0.03%
Category
FVALBvsIWDA
Fidelity Value Factor ETF · iShares Russell 1000 Value ETF
Expense ratio
0.15% · 0.18%
Category
IUSVAvsIWDA
iShares Core S&P U.S. Value ETF · iShares Russell 1000 Value ETF
Expense ratio
0.04% · 0.18%
Category