FVAL vs IWD: Grades, Fees and Holdings Compared

Fidelity Value Factor ETF

FVALBNYSE Arca

iShares Russell 1000 Value ETF

IWDANYSE Arca

Overlap

38.8%by weight

Expense ratio

FVAL −0.03pt a year

FVAL0.15%IWD0.18%

Avg volume · 30D

IWD 46.7×the volume

FVAL43KIWD2.01M

10Y return · a year

FVAL +2.6pt

FVAL+14.5%IWD+11.9%

FVAL vs IWD Performance

Oct 29, 2021 – Oct 30, 2026

+79.1%FVAL+72.9%IWD

Expense ratio: FVAL 0.15%, better; IWD 0.18%
Fund size: FVAL $1.35B; IWD $83.2B
1Y total return: FVAL +17.6%; IWD +28.4%, better
Yield (12M): FVAL 1.50%, better; IWD 1.37%
Holdings: FVAL 136; IWD 874
Avg volume (30D): FVAL 43K sh; IWD 2.01M sh, better
NAV per share: FVAL $81.89; IWD $258.68
52W range

ETF.net Grade

Pillar letters and Scores for FVAL, IWD, with each pillar’s weight
Pillar	FVAL	IWD
Cost30% weight	B67Higher	B59
Mission25% weight	A80	A100Higher
Risk15% weight	C46	A79Higher
Tradability15% weight	C52	A96Higher
Holdings10% weight	F20	C42Higher
Durability5% weight	C53	A82Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. FVAL and IWD 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 ›

IWD ranks 4th 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 4AVOEVanguard Morningstar Mid-Cap 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

IWDAiShares Russell 1000 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.

IWD The original Russell 1000 Value tracker, live since 2000 and still one of the most traded ways to own the value half of US large caps. Roughly 900 stocks, followed closely, at a price that reflects the plumbing.

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.

IWD The fund seeks to track an index of U.S. large- and mid-cap stocks that may be undervalued relative to comparable companies.

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.

IWD Follows the Russell 1000 Value Index closely, one of the tightest index-following records among US value funds.
About 900 large- and mid-cap names, so no single stock or sector drives the result.
Trading since 2000 and actively traded, it is among the easier value ETFs to move in and out of, in size.

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.

IWD At 0.18% a year, it costs more than several broad value rivals (VTV 0.03%, SCHV 0.04%, IUSV 0.04%). The extra buys the Russell index and the trading depth.
Holding roughly 900 names out of a 1,000-stock parent index, the value tilt is wide and mild, not a concentrated deep-value bet.ishares.com
Distributions land quarterly, and the amount rides on what the underlying companies pay.

Full FVAL profile⁠

Full IWD profile⁠

FVAL vs IWD Holdings

How FVAL and IWD differ

Overlap by weight

38.8%

Shared holdings make up 66.3% of FVAL and 44.7% of IWD.

Level by level

Holdings107 in both38.8%
Sector11 Sectors75.5%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in FVAL and IWD, widest gap first
Sector	More in FVALMore in IWD	FVAL	IWD
Technology	FVAL +17.9 points	38.1%	20.2%
Communication	FVAL +6.5 points	9.4%	2.9%
Financials	IWD +6.4 points	11.9%	18.3%
Health Care	IWD +3.6 points	9.9%	13.5%
Consumer Staples	IWD +3.2 points	4.4%	7.6%
Energy	IWD +3.2 points	3.5%	6.7%
Industrials	IWD +1.8 points	8.7%	10.5%
Utilities	IWD +1.8 points	1.7%	3.5%
Real Estate	IWD +1.6 points	1.7%	3.3%
Consumer Discretionary	IWD +1.5 points	8.7%	10.2%
Materials	IWD +1.4 points	2.1%	3.5%

Country, concentration and asset class

Country by domicile

Country weights in FVAL and IWD, widest gap first
Country	More in FVALMore in IWD	FVAL	IWD
United States	FVAL +0.5 points	99.6%	99.1%
Switzerland	IWD +0.5 points	0.0%	0.5%
India	FVAL +0.4 points	0.4%	0.0%
United Kingdom	IWD +0.1 points	0.0%	0.1%
Mexico	IWD +0.1 points	0.0%	0.1%
Ireland	IWD +0.1 points	0.0%	0.1%
Canada	Same weight	0.0%	0.0%
Brazil	Same weight	0.0%	0.0%
Other countries (3)	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FVAL41.7%
IWD29.3%

Securities held

FVAL134
IWD871

Asset class

FVAL: Equity
IWD: Equity

Holdings

Only in FVAL27
In both107
Only in IWD764

Only in FVAL

27 securities, 28.8% of FVAL by weight

NVIDIA Corp7.45%
Alphabet Inc Class A3.94%
Broadcom Inc2.76%
Micron Technology Inc2.20%
Eli Lilly & Co1.88%
Tesla Inc1.64%
Visa Inc Class A1.50%
Accenture PLC Class A1.35%
Sandisk Corporation1.10%
Caterpillar Inc0.63%
Lockheed Martin Corp0.58%
Elevance Health Inc0.56%
Netflix Inc0.46%
Linde PLC0.45%
Ufp Industries Inc0.35%
Securities Lending Cf0.30%
The Booking Holdings Inc0.25%
Royal Caribbean Cruises Ltd0.22%
Crh Plc(Us)0.19%
Anglogold Ashanti PLC0.17%
Carnival Corp Ltd0.16%
Simon Ppty Group Inc - Reit0.16%
Expedia Inc0.16%
Lyondellbasell Inds Class A0.16%
Las Vegas Sands Corp0.13%
SP500 Mic Emin FUTDEC26 HWAZ60.04%
Ust Bills 0% 11/12/260.03%

Only in IWD

764 securities, 55.1% of IWD by weight

JPMorgan Chase & Co2.38%
Walmart1.31%
Cisco Systems Inc1.09%
UnitedHealth Group0.97%
Philip Morris International0.86%
Coca-Cola0.85%
Bank of America0.80%
Intel Corporation0.79%
Thermo Fisher Scientific0.68%
Goldman Sachs Group0.68%
International Business Machines Co0.64%
Linde PLC0.63%
Morgan Stanley0.55%
Analog Devices0.50%
Abbott Laboratories0.49%
Salesforce0.48%
BlackRock0.46%
Welltower0.45%
Union Pacific0.44%
Pepsico0.44%
Accenture PLC Class A0.42%
Danaher0.39%
AT&T0.38%
Vertex Pharmaceuticals0.38%
S&P Global0.36%
Progressive0.36%
Charles Schwab0.35%
Chubb0.34%
Eaton PLC0.32%
American Express0.31%
Medtronic PLC0.31%
Cvs Health0.31%
Uber Technologies0.30%
Parker-Hannifin0.30%
Dell Technologies Inc Class C0.30%
Cme Group Class A0.29%
Southern0.28%
Phillips 660.28%
Stryker0.27%
Equinix Reit0.26%
Marsh0.26%
Csx0.25%
Intercontinental Exchange Inc0.25%
Bank of New York Mellon Corp0.25%
Emerson Electric0.24%
Us Bancorp0.24%
Pnc Financial Services Group0.24%
Elevance Health Inc0.24%
Williams0.24%
Synopsys0.23%

Weight gaps

The 100 widest of 107 Holdings in both funds.

Holding weights in FVAL and IWD, widest gap first
Holding	More in FVALMore in IWD	FVAL	IWD
Amazon.com IncAMZN	IWD +2.41 points	3.23%	5.64%
Apple IncAAPL	FVAL +1.50 points	7.53%	6.03%
Meta Platforms Inc Class AMETA	FVAL +1.30 points	1.95%	0.65%
Exxonmobil Holdings CorpXOM	IWD +0.87 points	1.17%	2.04%
Hp IncHPQ	FVAL +0.86 points	0.93%	0.07%
Cognizant Tech Solutions Class ACTSH	FVAL +0.84 points	0.92%	0.08%
Adobe IncADBE	FVAL +0.81 points	0.89%	0.08%
Intuit IncINTU	FVAL +0.77 points	0.94%	0.17%
Microsoft CorpMSFT	FVAL +0.74 points	5.86%	5.12%
Berkshire Hathaway Inc Class BBRK.B	IWD +0.74 points	1.93%	2.67%
Zoom Communications Inc Class AZM	FVAL +0.73 points	0.80%	0.07%
Arrow Electronics IncARW	FVAL +0.73 points	0.76%	0.03%
Qualcomm IncQCOM	FVAL +0.70 points	1.16%	0.46%
Renaissancere Hldgs LtdRNR	FVAL +0.60 points	0.64%	0.04%
Bank OzkOZK	FVAL +0.57 points	0.58%	0.01%
American International GroupAIG	FVAL +0.55 points	0.67%	0.12%
First Solar IncFSLR	FVAL +0.55 points	0.59%	0.04%
Western Alliance BancorpWAL	FVAL +0.52 points	0.54%	0.02%
Synchrony FinancialSYF	FVAL +0.53 points	0.59%	0.06%
Ally Financial IncALLY	FVAL +0.51 points	0.54%	0.03%
Prudential Financial IncPRU	FVAL +0.51 points	0.62%	0.11%
PayPal Hldgs IncPYPL	FVAL +0.48 points	0.61%	0.13%
Travelers Companies IncTRV	FVAL +0.45 points	0.67%	0.22%
Johnson & JohnsonJNJ	IWD +0.44 points	1.30%	1.74%
Allstate CorporationALL	FVAL +0.43 points	0.61%	0.18%
Universal Health Svcs Inc Class BUHS	FVAL +0.42 points	0.44%	0.02%
Genpact LtdG	FVAL +0.39 points	0.41%	0.02%
Centene CorpCNC	FVAL +0.39 points	0.47%	0.08%
Chevron CorpCVX	IWD +0.38 points	0.77%	1.15%
Capital One Financial CorpCOF	FVAL +0.37 points	0.70%	0.33%
Leidos Holdings IncLDOS	FVAL +0.37 points	0.42%	0.05%
Textron IncTXT	FVAL +0.35 points	0.39%	0.04%
Cigna Group (The)CI	FVAL +0.34 points	0.55%	0.21%
Home Depot IncHD	FVAL +0.33 points	0.56%	0.23%
Citigroup IncC	FVAL +0.32 points	0.78%	0.46%
Oshkosh CorpOSK	FVAL +0.32 points	0.34%	0.02%
Ingredion IncINGR	FVAL +0.30 points	0.32%	0.02%
Kroger CoKR	FVAL +0.30 points	0.40%	0.10%
Regeneron Pharmaceuticals IncREGN	FVAL +0.30 points	0.54%	0.24%
Kimberly Clark CorpKMB	FVAL +0.30 points	0.36%	0.06%
United Parcel Service Inc Class BUPS	FVAL +0.30 points	0.51%	0.21%
Owens Corning IncOC	FVAL +0.28 points	0.31%	0.03%
Delta Air IncDAL	FVAL +0.28 points	0.40%	0.12%
Northrop Grumman CorpNOC	FVAL +0.27 points	0.47%	0.20%
Molson Coors Beverage Co BTAP	FVAL +0.27 points	0.29%	0.02%
Pfizer IncPFE	FVAL +0.26 points	0.72%	0.46%
United Airlines Holdings IncUAL	FVAL +0.27 points	0.35%	0.08%
Cummins IncCMI	FVAL +0.25 points	0.35%	0.10%
Fedex CorpFDX	FVAL +0.25 points	0.43%	0.18%
Archer Daniels Midland CoADM	FVAL +0.25 points	0.35%	0.10%
Gilead Sciences IncGILD	FVAL +0.23 points	0.79%	0.56%
General Dynamics CorporationGD	FVAL +0.23 points	0.48%	0.25%
Costco Wholesale CorpCOST	FVAL +0.22 points	0.89%	0.67%
Honeywell Intl IncHON	FVAL +0.23 points	0.41%	0.18%
Bristol-Myers Squibb CoBMY	FVAL +0.21 points	0.55%	0.34%
Paccar IncPCAR	FVAL +0.21 points	0.35%	0.14%
Wells Fargo & CoWFC	FVAL +0.20 points	0.87%	0.67%
Target CorpTGT	FVAL +0.19 points	0.38%	0.18%
Deere & CoDE	FVAL +0.18 points	0.62%	0.44%
Altria Group IncMO	FVAL +0.17 points	0.51%	0.34%
Procter & Gamble CoPG	IWD +0.16 points	0.83%	0.99%
National Fuel Gas Co NjNFG	FVAL +0.16 points	0.18%	0.02%
Gamestop Corp Class AGME	FVAL +0.15 points	0.18%	0.03%
Expand Energy CorpEXE	FVAL +0.15 points	0.20%	0.05%
American Tower CorpAMT	FVAL +0.15 points	0.23%	0.08%
Block H & R IncHRB	FVAL +0.15 points	0.16%	0.01%
Best Buy Co IncBBY	FVAL +0.14 points	0.19%	0.05%
Eqt CorporationEQT	FVAL +0.13 points	0.22%	0.09%
Verizon Communications IncVZ	IWD +0.12 points	0.37%	0.49%
Macys IncM	FVAL +0.11 points	0.13%	0.02%
Nextera EnergyNEE	IWD +0.11 points	0.35%	0.46%
Lululemon Athletica IncLULU	FVAL +0.11 points	0.14%	0.03%
Eversource EnergyES	FVAL +0.11 points	0.18%	0.07%
Vici Pptys IncVICI	FVAL +0.11 points	0.18%	0.07%
Prologis Inc ReitPLD	IWD +0.11 points	0.21%	0.32%
Edison IntlEIX	FVAL +0.11 points	0.17%	0.06%
Devon Energy CorpDVN	FVAL +0.10 points	0.26%	0.16%
AbbVie IncABBV	IWD +0.10 points	1.17%	1.27%
Consolidated Edison IncED	FVAL +0.10 points	0.21%	0.11%
Dr Horton IncDHI	FVAL +0.09 points	0.19%	0.10%
Cf Industries Holdings IncCF	FVAL +0.10 points	0.15%	0.05%
Coeur Mining IncCDE	FVAL +0.09 points	0.13%	0.04%
Disney (Walt) CoDIS	IWD +0.10 points	0.41%	0.51%
Gaming and Leisure Proprti IncGLPI	FVAL +0.09 points	0.12%	0.03%
Alcoa CorpAA	FVAL +0.09 points	0.12%	0.03%
Mcdonalds CorpMCD	IWD +0.08 points	0.40%	0.48%
Kimco Realty CorporationKIM	FVAL +0.09 points	0.13%	0.04%
Exelon CorpEXC	FVAL +0.09 points	0.21%	0.12%
Charter Communications Inc ACHTR	FVAL +0.09 points	0.12%	0.03%
PG&E CorpPCG	FVAL +0.08 points	0.16%	0.08%
Jones Lang Lasalle IncJLL	FVAL +0.08 points	0.12%	0.04%
Eog Resources IncEOG	FVAL +0.07 points	0.30%	0.23%
ConocophillipsCOP	IWD +0.07 points	0.43%	0.50%
Rtx CorpRTX	IWD +0.06 points	0.65%	0.71%
Valero Energy CorpVLO	FVAL +0.06 points	0.33%	0.27%
Ford Motor CoF	FVAL +0.05 points	0.18%	0.13%
Host Hotels & Resorts IncHST	FVAL +0.05 points	0.10%	0.05%
Duke Energy CorpDUK	FVAL +0.05 points	0.31%	0.26%
Extra Space Storage IncEXR	FVAL +0.05 points	0.13%	0.08%
Merck & Co Inc NewMRK	IWD +0.05 points	0.93%	0.98%

All 130 FVAL holdings⁠All 871 IWD 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 IWD Cost

Overpaying IWD vs FVAL

$612

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

FVAL 0.15%
$3,137
IWD 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FVAL 0.15%
IWD 0.18%
Overpaying

Year by year

Year	FVAL	IWD	Overpaying
10	$274	$328	$54
20	$1,071	$1,281	$210
30	$3,137	$3,749	$612

Expense ratio

0.15%FVAL, cheaper
0.18%IWD

FVAL0.15%IWD0.18%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

FVAL 13th cheapest of 40 funds

IWD 16th cheapest of 40 funds

FVAL vs IWD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FVAL 1.50%, better; IWD 1.37%
Payout (12M): FVAL $1.23; IWD $3.53
Last payment: FVAL $0.25; IWD $0.93
Ex-dividend: FVAL Sep 18, 2026; IWD Sep 15, 2026
Paid on: FVAL Sep 22, 2026; IWD Sep 18, 2026
Frequency: FVAL Quarterly; IWD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FVALQuarterly · 39 paymentsAll FVAL payments⁠

IWDQuarterly · 39 paymentsAll IWD payments⁠

FVAL vs IWD Risk

Fall from peak · 5 years

FVAL
IWD

Risk facts

VolatilityStd dev, 3 years: FVAL 12.0%, betterIWD 12.1%
Return per unit of riskSharpe ratio, 3 years: FVAL 1.41IWD 1.42, better
Worst fallMax drawdown, 5 years: FVAL −23.4%IWD −19.0%, better
Market sensitivityBeta, 5 years: FVAL 0.94IWD 0.85; Market = 1

FVAL and IWD in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026IWD
Head-to-Head
IWD vs VBR: a lower fee does not buy the other value portfolio
12 hours agoIWD
Category Review
U.S. value funds beat the S&P 500 over the past year, but the funds did not move together
Updated Oct 21, 2026IWD
New ETFs
Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026IWD
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026IWD
Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026IWD

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FVAL vs IWD

In short

Stated mandate

Why people hold it