IAK vs VFH: Grades, Fees and Holdings Compared

iShares U.S. Insurance ETF

IAKBNYSE Arca

Vanguard Financials ETF

VFHBNYSE Arca

Overlap

10.6%by weight

Expense ratio

VFH −0.28pt a year

IAK0.37%VFH0.09%

Avg volume · 30D

VFH 4.9×the volume

IAK122KVFH592K

10Y return · a year

IAK +0.2pt

IAK+12.8%VFH+12.6%

IAK vs VFH Performance

Nov 9, 2021 – Nov 9, 2026

+97.1%IAK+55.7%VFH

Expense ratio: IAK 0.37%; VFH 0.09%, better
Fund size: IAK $483M; VFH $12.7B
1Y total return: IAK +17.8%, better; VFH +11.4%
Yield (12M): IAK 2.38%, better; VFH 1.67%
Holdings: IAK 63; VFH 432
Avg volume (30D): IAK 122K sh; VFH 592K sh, better
NAV per share: IAK $148.58; VFH $138.57
52W range

ETF.net Grade

Pillar letters and Scores for IAK, VFH, with each pillar’s weight
Pillar	IAK	VFH
Cost30% weight	C53	A88Higher
Mission25% weight	A78	Not scored
Risk15% weight	B67Higher	C53
Tradability15% weight	B56Higher	B55
Holdings10% weight	F11	C54Higher
Durability5% weight	B64	A80Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. IAK and VFH are both graded against the same 18 Financials (Broad) funds, so their Grades compare head to head.

Financials (Broad)⁠

Category · 18 funds

See all 18 ›

VFH ranks 4th and IAK 9th of 18 funds in the Financials (Broad) Category.

Rank 1AXLFState Street Financial Select Sector SPDR ETFScore 82
Rank 2AFNCLFidelity MSCI Financials Index ETFScore 73
Rank 2AKIEState Street SPDR S&P Insurance ETFScore 73
Rank 4BVFHVanguard Financials ETFScore 69
Rank 5BIYFiShares U.S. Financials ETFScore 66
Rank 8BKBWPInvesco KBW Property & Casualty Insurance ETFScore 61
Rank 9BIAKiShares U.S. Insurance ETFScore 58
Rank 10BFXOFirst Trust Financials AlphaDEX FundScore 57

Our read on each fund

ETF.net Research

IAKBiShares U.S. Insurance ETF

VFHBVanguard Financials ETF

In short

IAK Financials, minus the banks. IAK tracks a market-cap index of U.S. insurers (life, property-casualty, brokers) in roughly 60 names, and it has run that same pure-play mandate since 2006.

VFH Financials without the size filter. VFH holds roughly 400 US financial stocks, from the megabanks down to small regional lenders and insurers, for 0.09% a year.

Stated mandate

IAK The fund pursues the results of an index of U.S. insurance-sector equities. It uses representative-sampling indexing rather than active management and generally places at least 80% of assets in index components.

VFH VFH seeks to track the MSCI US Investable Market Index (IMI)/Financials 25/50, providing passively managed, multicapitalization exposure to U.S. financial-sector equities.

Why people hold it

IAK Insurance only. The index covers U.S. insurance-sector equities, so banks and capital-markets names do not ride along the way they do in a broad financials fund.ishares.com
Costs 0.37% a year, below the 0.44% median for its financials peer group.
A 2006 launch, run as a plain index sampler with no manager stock-picking, and it tracks its benchmark closely. One of the better implementations in its cohort.
Pays out on a quarterly schedule.

VFH Owns the whole sector, not just the giants: roughly 400 US financial names through MSCI's US IMI Financials 25/50 index, megabanks through small regional lenders and insurers.vanguard.com
Costs 0.09% a year, a fraction of what the typical broad financials fund charges.vanguard.com
Running since 2004, now a multi-billion-dollar fund that trades actively, and it has stayed close to its index. One of the strongest implementations in the financials group.
Pays out quarterly, passively managed, no manager stock-picking inside the sector.

Worth knowing

IAK About 60 stocks in one industry. Results hinge on the insurance cycle (underwriting losses, rates) rather than on the broad market.
Whole-sector trackers like XLF and VFH charge under a tenth of a percent, so the insurance carve-out is the pricier way to own financials.
Moderately traded and mid-size in assets, not a category heavyweight. Limit orders earn their keep here, especially in larger clips.

VFH One sector, one storyline: banks, insurers and brokers tend to move together with interest rates and the credit cycle.
The multicap reach cuts both ways. Small regional banks and niche insurers ride along with the megacaps, and they can swing harder.
Cost isn't the edge here: XLF and FNCL sit at essentially the same fee. Breadth of coverage is the real differentiator.

Full IAK profile⁠

Full VFH profile⁠

IAK vs VFH Holdings

How IAK and VFH differ

Overlap by weight

10.6%

Shared holdings make up 99.0% of IAK and 10.6% of VFH.

Level by level

Sector10 Sectors0.0%
Holdings58 in both10.6%
Countryby domicile86.9%
Asset classStocks100%

Sector

Sector weights in IAK and VFH, widest gap first
Sector	Gap	IAK	VFH
Financials	VFH +97.1 points	0.0%	97.1%
Property & Casualty Insurance	IAK +77.9 points	77.9%	0.0%
Life & Health Insurance	IAK +21.9 points	21.9%	0.0%
Technology	VFH +1.9 points	0.0%	1.9%
Real Estate	VFH +0.6 points	0.0%	0.6%
Industrials	VFH +0.3 points	0.0%	0.3%
MULTI-LINE INSURANCE	IAK +0.2 points	0.2%	0.0%
Health Care	VFH +0.1 points	0.0%	0.1%
Consumer Discretionary	Same weight	0.0%	0.0%
Communication	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in IAK and VFH, widest gap first
Country	More in IAKMore in VFH	Gap	IAK	VFH
United States		VFH +13.1 points	86.9%	100.0%
Switzerland		IAK +13.1 points	13.1%	0.0%

Concentration

Weight in the 10 largest Holdings

IAK67.2%
VFH48.3%

Securities held

IAK59
VFH430

Asset class

IAK: Stocks
VFH: Stocks

Holdings

Only in IAK1
In both58
Only in VFH372

Only in IAK

1 security, 0.1% of IAK by weight

Cna Financial Corp0.11%

Only in VFH

372 securities, 88.9% of VFH by weight

JPMorgan Chase & Co10.42%
Berkshire Hathaway Inc8.32%
Visa Inc7.07%
Mastercard Inc5.30%
Bank of America Corp4.19%
Goldman Sachs Group Inc/The2.94%
Wells Fargo & Co2.87%
Morgan Stanley2.63%
Citigroup Inc2.60%
Charles Schwab Corp/The1.91%
American Express Co1.91%
Blackrock Inc1.85%
S&P Global Inc1.42%
Capital One Financial Corp1.34%
Bank of New York Mellon Corp/The1.16%
CME Group Inc1.12%
US Bancorp1.07%
PNC Financial Services Group Inc/The1.05%
Intercontinental Exchange Inc1.02%
Robinhood Markets Inc1.00%
Blackstone Inc0.99%
Marsh & McLennan Cos Inc0.97%
Moody's Corp0.80%
Arthur J Gallagher & Co0.69%
KKR & Co Inc0.68%
Truist Financial Corp0.67%
Aon PLC0.67%
Apollo Global Management Inc0.57%
State Street Corp0.57%
Fifth Third Bancorp0.54%
Ameriprise Financial Inc0.52%
Nasdaq Inc0.49%
Coinbase Global Inc0.47%
MSCI Inc0.45%
Block Inc0.45%
Interactive Brokers Group Inc0.43%
M&T Bank Corp0.37%
Huntington Bancshares Inc/OH0.37%
Northern Trust Corp0.35%
Cboe Global Markets Inc0.34%
PayPal Holdings Inc0.33%
Willis Towers Watson PLC0.32%
Citizens Financial Group Inc0.32%
Raymond James Financial Inc0.31%
Ares Management Corp0.29%
LPL Financial Holdings Inc0.29%
Corpay Inc0.29%
Fiserv Inc0.29%
Synchrony Financial0.28%
Regions Financial Corp0.27%

Weight gaps

All 58 Holdings in both funds, largest gap first.

Holding weights in IAK and VFH, widest gap first
Holding	Gap	IAK	VFH
ProgressivePGR	IAK +12.13 points	13.57%	1.44%
ChubbCB	IAK +11.78 points	13.13%	1.35%
Travelers CompaniesTRV	IAK +7.57 points	8.45%	0.88%
Allstate CorpALL	IAK +5.81 points	6.49%	0.68%
AflacAFL	IAK +4.06 points	4.67%	0.61%
Prudential Financial IncPRU	IAK +3.91 points	4.38%	0.47%
American International GroupAIG	IAK +3.87 points	4.34%	0.47%
MetlifeMET	IAK +3.82 points	4.43%	0.61%
Arch Capital GroupACGL	IAK +3.52 points	3.89%	0.37%
Hartford Insurance GroupHIG	IAK +3.47 points	3.87%	0.40%
Cincinnati FinancialCINF	IAK +2.75 points	3.04%	0.29%
Markel GroupMKL	IAK +2.31 points	2.56%	0.25%
Principal Financial Group IncPFG	IAK +2.01 points	2.30%	0.29%
LoewsL	IAK +1.73 points	1.94%	0.21%
Wr BerkleyWRB	IAK +1.65 points	1.82%	0.17%
Assurant IncAIZ	IAK +1.44 points	1.59%	0.15%
Globe LifeGL	IAK +1.14 points	1.29%	0.15%
UnumUNM	IAK +1.03 points	1.18%	0.15%
American Financial GroupAFG	IAK +1.02 points	1.13%	0.11%
Fidelity National Financial IncFNF	IAK +0.99 points	1.10%	0.11%
PrimericaPRI	IAK +0.85 points	0.95%	0.10%
Old Republic InternationalORI	IAK +0.84 points	0.94%	0.10%
Hanover Insurance GroupTHG	IAK +0.81 points	0.90%	0.09%
Kinsale Capital Group IncKNSL	IAK +0.81 points	0.89%	0.08%
Oscar Health Class AOSCR	IAK +0.74 points	0.83%	0.09%
Erie Indemnity Class AERIE	IAK +0.68 points	0.75%	0.07%
First American Financial CorpFAF	IAK +0.66 points	0.73%	0.07%
Rli CorpRLI	IAK +0.61 points	0.67%	0.06%
Axis Capital HoldingsAXS	IAK +0.60 points	0.68%	0.08%
Selective Insurance GroupSIGI	IAK +0.57 points	0.63%	0.06%
White Mountains Insurance GroupWTM	IAK +0.50 points	0.56%	0.06%
Cno Financial GroupCNO	IAK +0.47 points	0.53%	0.06%
Lincoln National CorpLNC	IAK +0.41 points	0.49%	0.08%
Palomar HoldingsPLMR	IAK +0.40 points	0.44%	0.04%
Assured Guaranty LtdAGO	IAK +0.29 points	0.32%	0.03%
Lemonade IncLMND	IAK +0.24 points	0.28%	0.04%
Skyward Specialty Insurance GroupSKWD	IAK +0.24 points	0.26%	0.02%
Brighthouse FinancialBHF	IAK +0.23 points	0.26%	0.03%
Genworth Financial IncGNW	IAK +0.20 points	0.24%	0.04%
Mercury GeneralMCY	IAK +0.20 points	0.23%	0.03%
Horace Mann EducatorsHMN	IAK +0.20 points	0.22%	0.02%
Hci Group IncHCI	IAK +0.19 points	0.21%	0.02%
KemperKMPR	IAK +0.17 points	0.19%	0.02%
Porch GroupPRCH	IAK +0.16 points	0.18%	0.02%
Slide Insurance HoldingsSLDE	IAK +0.15 points	0.17%	0.02%
Safety Insurance Group IncSAFT	IAK +0.14 points	0.16%	0.02%
TrupanionTRUP	IAK +0.14 points	0.15%	<0.01%
Stewart Info Services CorpSTC	IAK +0.13 points	0.15%	0.02%
Universal Insurance Holdings IncUVE	IAK +0.12 points	0.13%	0.01%
United Fire Group IncUFCS	IAK +0.10 points	0.11%	0.01%
Employers HoldingsEIG	IAK +0.08 points	0.09%	0.01%
Heritage Insurance Holdings IncHRTG	IAK +0.07 points	0.08%	<0.01%
Hippo HoldingsHIPO	IAK +0.07 points	0.08%	<0.01%
F&G Annuities and Life IncFG	IAK +0.06 points	0.07%	<0.01%
Root Inc Class AROOT	IAK +0.05 points	0.06%	<0.01%
Bowhead Specialty HoldingsBOW	IAK +0.05 points	0.06%	<0.01%
Tiptree IncTIPT	IAK +0.04 points	0.04%	<0.01%
Amerisafe IncAMSF	IAK +0.03 points	0.04%	<0.01%

All 65 IAK holdings⁠All 423 VFH 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.

IAK vs VFH Cost

Overpaying IAK vs VFH

$5,615

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

IAK 0.37%
$7,513
VFH 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

IAK 0.37%
VFH 0.09%
Overpaying

Year by year

Year	IAK	VFH	Overpaying
10	$670	$165	$505
20	$2,590	$646	$1,944
30	$7,513	$1,898	$5,615

Expense ratio

0.37%IAK
0.09%VFH, cheaper

VFH0.09%IAK0.37%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

VFH 3rd cheapest of 18 funds

IAK 7th cheapest of 18 funds

IAK vs VFH Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IAK 2.38%, better; VFH 1.67%
Payout (12M): IAK $3.57; VFH $2.35
Last payment: IAK $0.51; VFH $0.45
Ex-dividend: IAK Sep 15, 2026; VFH Sep 23, 2026
Paid on: IAK Sep 18, 2026; VFH Sep 25, 2026
Frequency: IAK Quarterly; VFH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IAKQuarterly · 40 paymentsAll IAK payments⁠

VFHQuarterly · 39 paymentsAll VFH payments⁠

IAK vs VFH Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IAK 16.9%VFH 15.9%, better
Return per unit of riskSharpe ratio, 3 years: IAK 0.85VFH 1.11, better
Worst fallMax drawdown, 5 years: IAK −14.7%, betterVFH −25.7%
Market sensitivityBeta, 5 years: IAK 0.35VFH 0.88; Market = 1

IAK and VFH in the news

All news⁠

Deep Dive
Bank earnings week will miss most of what a financials fund owns
Oct 12, 2026VFH
Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Sep 19, 2026IAK

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IAK vs VFH

In short

Stated mandate

Why people hold it

Worth knowing

How IAK and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IAK

Only in VFH

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Bank earnings week will miss most of what a financials fund owns

Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning

How IAK and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IAK

Only in VFH

Weight gaps