ILCV vs JOET: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Virtus Terranova U.S. Quality Momentum ETF

JOETBNYSE Arca

Overlap

18.7%by weight

Expense ratio

ILCV −0.25pt a year

ILCV0.04%JOET0.29%

Avg volume · 30D

ILCV 1.2×the volume

ILCV24.4KJOET20.7K

5Y return · a year

ILCV +4.5pt

ILCV+12.6%JOET+8.1%

ILCV vs JOET Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+47.5%JOET

Expense ratio: ILCV 0.04%, better; JOET 0.29%
Fund size: ILCV $1.37B; JOET $238M
1Y total return: ILCV +21.0%, better; JOET +6.6%
Yield (12M): ILCV 1.51%, better; JOET 0.61%
Holdings: ILCV 375; JOET 125
Avg volume (30D): ILCV 24.4K sh, better; JOET 20.7K sh
NAV per share: ILCV $109.27; JOET $46.16
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, JOET, with each pillar’s weight
Pillar	ILCV	JOET
Cost30% weight	A99Higher	B55
Mission25% weight	A82	A97Higher
Risk15% weight	A90Higher	C41
Tradability15% weight	B64Higher	D33
Holdings10% weight	D39	A73Higher
Durability5% weight	A82Higher	C41

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and JOET 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 JOET 39th 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 38BSPGPInvesco S&P 500 GARP ETFScore 62
Rank 39BJOETVirtus Terranova U.S. Quality Momentum ETFScore 61
Rank 40BJPSEJPMorgan Diversified Return U.S. Small Cap Equity ETFScore 60

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

JOETBVirtus Terranova U.S. Quality Momentum ETF

In short

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.

JOET A CNBC regular's playbook in ETF form. Joe Terranova's index screens large U.S. companies for quality fundamentals and positive price momentum, then equal-weights the roughly 200 survivors so no mega-cap runs the show.

Stated mandate

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.

JOET The Fund seeks to track, before fees and expenses, the price and yield performance of the Terranova U.S. Quality Momentum Index.

Why people hold it

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.

JOET Two screens, not one: names must clear quality fundamentals and show positive momentum, and the index is rebuilt quarterly so the momentum reading stays current.virtus.com virtus.com 2
Equal weighting spreads roughly 200 positions evenly, so the portfolio never leans on a few trillion-dollar names the way cap-weighted large-cap funds do.virtus.com
At 0.29% a year, the fee sits within a hair of the typical U.S. factor ETF, so the rules-based twist isn't priced as a boutique product.
No black box: Terranova built the methodology from his own 30-plus years on Wall Street, Indxx calculates the index, and the rules are published.virtus.com

Worth knowing

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.

JOET A modestly sized fund that trades lightly next to headline factor ETFs, so spreads can be wider and limit orders are the usual way to handle that.
Single-factor peers cost less (SIZE at 0.15%, MGV at 0.05%), though neither stacks a momentum screen on top of quality.
Quarterly refreshes mean the lineup turns over as market leadership rotates, and the ride has been bumpier than the typical U.S. factor ETF.virtus.com

Full ILCV profile⁠

Full JOET profile⁠

ILCV vs JOET Holdings

How ILCV and JOET differ

Overlap by weight

18.7%

Shared holdings make up 62.9% of JOET and 31.2% of ILCV.

Level by level

Holdings77 in both18.7%
Sector11 Sectors80.9%
Countryby domicile97.5%
Asset classEquity100%

Sector

Sector weights in ILCV and JOET, widest gap first
Sector	More in ILCVMore in JOET	ILCV	JOET
Industrials	JOET +9.1 points	6.9%	16.0%
Communication	ILCV +6.6 points	8.8%	2.1%
Consumer Staples	ILCV +4.9 points	7.3%	2.4%
Energy	JOET +4.9 points	6.6%	11.5%
Technology	JOET +4.7 points	23.9%	28.6%
Financials	ILCV +3.8 points	17.7%	13.9%
Consumer Discretionary	ILCV +2.6 points	8.6%	6.0%
Utilities	ILCV +0.7 points	3.0%	2.3%
Materials	JOET +0.5 points	2.1%	2.5%
Health Care	ILCV +0.3 points	13.4%	13.1%
Real Estate	ILCV +0.2 points	1.7%	1.4%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and JOET, widest gap first
Country	More in ILCVMore in JOET	ILCV	JOET
United States	ILCV +2.3 points	99.2%	96.9%
Switzerland	JOET +1.3 points	0.4%	1.7%
China	JOET +0.7 points	0.1%	0.8%
Brazil	JOET +0.6 points	0.1%	0.7%
Other countries (2)	ILCV +0.2 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
JOET10.3%

Securities held

ILCV372
JOET124

Asset class

ILCV: Equity
JOET: Equity

Holdings

Only in ILCV295
In both77
Only in JOET47

Only in ILCV

295 securities, 68.6% of ILCV by weight

Microsoft8.45%
Berkshire Hathaway Inc Class B2.84%
JPMorgan Chase & Co2.60%
Meta Platforms Class A2.50%
Johnson & Johnson1.89%
Alphabet Class C1.65%
AbbVie1.46%
Tesla Inc1.24%
Chevron1.23%
Procter & Gamble1.06%
UnitedHealth Group1.05%
Merck & Co Inc1.03%
Visa Class A1.00%
Bank of America0.94%
Home Depot0.93%
Philip Morris International0.92%
Goldman Sachs Group0.77%
Thermo Fisher Scientific0.75%
Wells Fargo0.73%
Costco Wholesale Corp0.71%
International Business Machines Co0.69%
Morgan Stanley0.64%
Mastercard Class A0.63%
Citigroup0.60%
Walt Disney0.54%
Salesforce0.52%
Pepsico0.52%
Mcdonalds Corp0.52%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Union Pacific0.51%
Nextera Energy0.49%
Pfizer0.49%
BlackRock0.46%
Danaher0.43%
Accenture PLC Class A0.43%
AT&T0.41%
Caterpillar Inc0.38%
Progressive0.38%
Altria Group Inc0.36%
Capital One Financial Corp0.36%
Lockheed Martin0.36%
Bristol Myers Squibb0.36%
Medtronic PLC0.35%
Oracle0.35%
Prologis Reit0.35%
Lowes Companies Inc0.33%
Cvs Health0.33%
Automatic Data Processing Inc0.32%
Booking Holdings0.32%

Only in JOET

47 securities, 36.1% of JOET by weight

Okta Inc1.28%
Marvell Technology Inc0.98%
Advanced Micro Devices Inc0.98%
West Pharmaceutical Services Inc0.97%
Palo Alto Networks Inc0.94%
Amphenol Corp0.90%
Edwards Lifesciences Corp0.89%
Eli Lilly & Co0.89%
Airbnb Inc0.85%
Arista Networks Inc0.85%
NVIDIA Corp0.85%
Quanta Services Inc0.85%
Keysight Technologies Inc0.85%
Datadog Inc0.83%
AMETEK Inc0.82%
Cencora Inc0.81%
Corning Inc0.80%
IDEXX Laboratories Inc0.79%
Enterprise Products Partners LP0.78%
Cadence Design Systems Inc0.78%
WW Grainger Inc0.77%
Welltower Inc0.75%
Monster Beverage Corp0.74%
Lam Research Corp0.74%
GE Vernova Inc0.74%
Seagate Technology Holdings PLC0.73%
Monolithic Power Systems Inc0.73%
Westinghouse Air Brake Technologies Corp0.73%
Fortinet Inc0.73%
BioMarin Pharmaceutical Inc0.73%
Vertiv Holdings Co0.72%
Broadcom Inc0.71%
Hubbell Inc0.71%
Interactive Brokers Group Inc0.71%
HEICO Corp0.71%
Applied Materials Inc0.69%
KLA Corp0.69%
Western Digital Corp0.67%
Aon PLC0.66%
Texas Pacific Land Corp0.66%
NU Holdings Ltd/Cayman Islands0.64%
Cummins Inc0.63%
JB Hunt Transport Services Inc0.63%
Old Dominion Freight Line Inc0.60%
Howmet Aerospace Inc0.56%
Burlington Stores Inc0.51%
AppLovin Corp0.48%

Weight gaps

All 77 Holdings in both funds, largest gap first.

Holding weights in ILCV and JOET, widest gap first
Holding	More in ILCVMore in JOET	ILCV	JOET
AppleAAPL	ILCV +6.43 points	7.24%	0.81%
Amazon.com IncAMZN	ILCV +2.25 points	3.08%	0.83%
Alphabet Class AGOOGL	ILCV +1.37 points	2.04%	0.67%
Exxonmobil Holdings CorpXOM	ILCV +1.20 points	2.14%	0.94%
Waters CorpWAT	JOET +0.94 points	0.04%	0.98%
Agilent Technologies IncA	JOET +0.94 points	0.07%	1.01%
Netapp IncNTAP	JOET +0.90 points	0.08%	0.98%
Expeditors International of WashinEXPD	JOET +0.88 points	0.03%	0.91%
Fox Class AFOXA	JOET +0.84 points	0.04%	0.88%
Targa ResourcesTRGP	JOET +0.83 points	0.10%	0.93%
GarminGRMN	JOET +0.83 points	0.04%	0.87%
Williams Sonoma IncWSM	JOET +0.81 points	0.05%	0.86%
Cheniere EnergyLNG	JOET +0.80 points	0.19%	0.99%
Hewlett Packard EnterpriseHPE	JOET +0.79 points	0.22%	1.01%
Teledyne TechnologiesTDY	JOET +0.79 points	0.03%	0.82%
Devon EnergyDVN	JOET +0.78 points	0.16%	0.94%
CorpayCPAY	JOET +0.77 points	0.04%	0.81%
Zoom Communications Class AZM	JOET +0.77 points	0.07%	0.84%
Ferguson EnterprisesFERG	JOET +0.76 points	0.05%	0.81%
Quest Diagnostics IncDGX	JOET +0.76 points	0.08%	0.84%
HumanaHUM	JOET +0.76 points	0.08%	0.84%
Te Connectivity PLCTEL	JOET +0.75 points	0.07%	0.82%
Diamondback EnergyFANG	JOET +0.74 points	0.11%	0.85%
Cincinnati FinancialCINF	JOET +0.74 points	0.04%	0.78%
Steel Dynamics IncSTLD	JOET +0.74 points	0.03%	0.77%
Wec Energy GroupWEC	JOET +0.73 points	0.06%	0.79%
EbayEBAY	JOET +0.72 points	0.09%	0.81%
Synchrony FinancialSYF	JOET +0.71 points	0.07%	0.78%
Northern TrustNTRS	JOET +0.71 points	0.04%	0.75%
Atmos EnergyATO	JOET +0.71 points	0.04%	0.75%
Wr BerkleyWRB	JOET +0.69 points	0.06%	0.75%
Regeneron PharmaceuticalsREGN	JOET +0.69 points	0.23%	0.92%
Consolidated EdisonED	JOET +0.69 points	0.12%	0.81%
WilliamsWMB	JOET +0.69 points	0.15%	0.84%
OneokOKE	JOET +0.68 points	0.17%	0.85%
Incyte CorpINCY	JOET +0.68 points	0.03%	0.71%
Raymond JamesRJF	JOET +0.67 points	0.04%	0.71%
Eog ResourcesEOG	JOET +0.67 points	0.24%	0.91%
State StreetSTT	JOET +0.67 points	0.08%	0.75%
Ross Stores IncROST	JOET +0.67 points	0.06%	0.73%
Arch Capital GroupACGL	JOET +0.67 points	0.10%	0.77%
First SolarFSLR	JOET +0.67 points	0.02%	0.69%
PultegroupPHM	JOET +0.65 points	0.07%	0.72%
Fifth Third BancorpFITB	JOET +0.66 points	0.08%	0.74%
Kinder MorganKMI	JOET +0.65 points	0.19%	0.84%
Analog DevicesADI	JOET +0.65 points	0.28%	0.93%
Allstate CorpALL	JOET +0.65 points	0.09%	0.74%
Huntington Bancshares IncHBAN	JOET +0.63 points	0.09%	0.72%
NewmontNEM	JOET +0.63 points	0.33%	0.96%
T Rowe Price GroupTROW	JOET +0.63 points	0.06%	0.69%
Hartford Insurance GroupHIG	JOET +0.62 points	0.10%	0.72%
Simon Property Group Reit IncSPG	JOET +0.62 points	0.10%	0.72%
SlbSLB	JOET +0.62 points	0.23%	0.85%
Trane Technologies PLCTT	JOET +0.59 points	0.13%	0.72%
Vertex PharmaceuticalsVRTX	JOET +0.59 points	0.27%	0.86%
United Airlines HoldingsUAL	JOET +0.57 points	0.10%	0.67%
Delta Air LinesDAL	JOET +0.57 points	0.15%	0.72%
Travelers CompaniesTRV	JOET +0.55 points	0.24%	0.79%
Parker-HannifinPH	JOET +0.54 points	0.19%	0.73%
Eaton PLCETN	JOET +0.54 points	0.26%	0.80%
ConocophillipsCOP	JOET +0.52 points	0.51%	1.03%
Waste Management IncWM	JOET +0.52 points	0.24%	0.76%
General Dynamics CorpGD	JOET +0.48 points	0.26%	0.74%
Cisco Systems IncCSCO	ILCV +0.48 points	1.22%	0.74%
Micron TechnologyMU	ILCV +0.46 points	1.35%	0.89%
Texas InstrumentTXN	JOET +0.43 points	0.45%	0.88%
ChubbCB	JOET +0.42 points	0.36%	0.78%
TjxTJX	JOET +0.41 points	0.28%	0.69%
American ExpressAXP	JOET +0.41 points	0.35%	0.76%
Charles SchwabSCHW	JOET +0.39 points	0.27%	0.66%
Gilead SciencesGILD	JOET +0.39 points	0.58%	0.97%
QualcommQCOM	JOET +0.33 points	0.56%	0.89%
Amgen IncAMGN	JOET +0.21 points	0.71%	0.92%
Coca-ColaKO	ILCV +0.20 points	1.03%	0.83%
Linde PLCLIN	JOET +0.11 points	0.66%	0.77%
WalmartWMT	ILCV +0.07 points	0.91%	0.84%
RtxRTX	ILCV +0.04 points	0.76%	0.72%

All 372 ILCV holdings⁠All 198 JOET 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.

ILCV vs JOET Cost

Overpaying JOET vs ILCV

$5,103

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

ILCV 0.04%
$849
JOET 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
JOET 0.29%
Overpaying

Year by year

Year	ILCV	JOET	Overpaying
10	$73	$527	$454
20	$288	$2,044	$1,756
30	$849	$5,952	$5,103

Expense ratio

0.04%ILCV, cheaper
0.29%JOET

ILCV0.04%JOET0.29%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

JOET 43rd cheapest of 99 funds

ILCV vs JOET Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%, better; JOET 0.61%
Payout (12M): ILCV $1.65; JOET $0.27
Last payment: ILCV $0.42; JOET $0.27
Ex-dividend: ILCV Sep 15, 2026; JOET Dec 22, 2025
Paid on: ILCV Sep 18, 2026; JOET Dec 29, 2025
Frequency: ILCV Quarterly; JOET Annual

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

JOETAnnual · 6 paymentsAll JOET payments⁠

ILCV vs JOET Risk

Fall from peak · 5 years

ILCV
JOET

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterJOET 14.1%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterJOET 1.08
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterJOET −26.6%
Market sensitivityBeta, 5 years: ILCV 0.82JOET 1.02; Market = 1

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