ILCV vs SPGP: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Invesco S&P 500 GARP ETF

SPGPBNYSE Arca

Overlap

12.6%by weight

Expense ratio

ILCV −0.30pt a year

ILCV0.04%SPGP0.34%

Avg volume · 30D

SPGP 3.4×the volume

ILCV24.4KSPGP82.6K

10Y return · a year

SPGP +2.9pt

ILCV+12.3%SPGP+15.2%

ILCV vs SPGP Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+40.2%SPGP

Expense ratio: ILCV 0.04%, better; SPGP 0.34%
Fund size: ILCV $1.37B; SPGP $2.08B
1Y total return: ILCV +21.0%, better; SPGP +10.0%
Yield (12M): ILCV 1.51%, better; SPGP 0.78%
Holdings: ILCV 375; SPGP 77
Avg volume (30D): ILCV 24.4K sh; SPGP 82.6K sh, better
NAV per share: ILCV $109.27; SPGP $122.56
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, SPGP, with each pillar’s weight
Pillar	ILCV	SPGP
Cost30% weight	A99Higher	C46
Mission25% weight	A82	A91Higher
Risk15% weight	A90Higher	D25
Tradability15% weight	B64	A86Higher
Holdings10% weight	D39	B56Higher
Durability5% weight	A82	A83Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and SPGP 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 SPGP 38th 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 37BJHMMJohn Hancock Multifactor Mid Cap ETFScore 64
Rank 38BSPGPInvesco S&P 500 GARP ETFScore 62
Rank 39BJOETVirtus Terranova U.S. Quality Momentum ETFScore 61

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

SPGPBInvesco S&P 500 GARP 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.

SPGP Growth at a reasonable price, by rulebook: screen the S&P 500 for fast earnings and sales growth, then keep only the names that also look cheap and financially sound. About 75 stocks, weighted by growth score, for 0.34%.

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.

SPGP SPGP seeks exposure to companies combining fundamental growth, reasonable valuation, financial strength, and earning power through the S&P 500 GARP 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.

SPGP Two gates, in order: rank the S&P 500 on three-year earnings and sales growth, then keep the best on return on equity, leverage and earnings-to-price. About 75 names survive.spglobal.com spglobal.com 2
Weighted by growth score, not market cap, with caps on any single stock and any one sector, so it won't just reload on whatever mega-cap has run hardest.spglobal.com spglobal.com 2
Rebalances each June and December on fundamental data, so the valuation discipline gets reapplied twice a year instead of drifting with prices.spglobal.com spglobal.com 2
Has tracked its index closely and trades regularly enough for everyday retail orders; it has grown into a multi-billion-dollar fund.

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.

SPGP At 0.34%, with no fee waiver, the cost sits near its category median; cheaper broad factor peers exist, such as VYM at 0.04% and VONV at 0.06%.
Narrow by design, roughly 75 of the 500, and it has swung harder than the typical multifactor fund; the sector mix can shift at each rebalance.spglobal.com
Distributions come quarterly, and yield plays no part in selection: the screen reads growth, quality and valuation only.spglobal.com

Full ILCV profile⁠

Full SPGP profile⁠

ILCV vs SPGP Holdings

How ILCV and SPGP differ

Overlap by weight

12.6%

Shared holdings make up 62.5% of SPGP and 22.7% of ILCV.

Level by level

Holdings46 in both12.6%
Sector11 Sectors78.5%
Countryby domicile97.8%
Asset classEquity100%

Sector

Sector weights in ILCV and SPGP, widest gap first
Sector	More in ILCVMore in SPGP	ILCV	SPGP
Financials	SPGP +13.9 points	17.7%	31.6%
Consumer Staples	ILCV +6.3 points	7.3%	1.0%
Energy	ILCV +5.4 points	6.6%	1.2%
Consumer Discretionary	SPGP +4.8 points	8.6%	13.4%
Industrials	SPGP +2.9 points	6.9%	9.8%
Technology	ILCV +2.8 points	23.9%	21.1%
Health Care	ILCV +2.5 points	13.4%	10.9%
Utilities	ILCV +2.1 points	3.0%	0.9%
Real Estate	ILCV +1.7 points	1.7%	0.0%
Communication	ILCV +0.6 points	8.8%	8.2%
Materials	ILCV +0.3 points	2.1%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and SPGP, widest gap first
Country	More in ILCVMore in SPGP	ILCV	SPGP
Switzerland	SPGP +2.2 points	0.4%	2.6%
United States	ILCV +1.8 points	99.2%	97.4%
Other countries (4)	ILCV +0.4 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
SPGP20.7%

Securities held

ILCV372
SPGP75

Asset class

ILCV: Equity
SPGP: Equity

Holdings

Only in ILCV326
In both46
Only in SPGP29

Only in ILCV

326 securities, 77.1% of ILCV by weight

Apple7.24%
Amazon.com Inc3.08%
JPMorgan Chase & Co2.60%
Exxonmobil Holdings Corp2.14%
Alphabet Class A2.04%
Johnson & Johnson1.89%
AbbVie1.46%
Micron Technology1.35%
Tesla Inc1.24%
Chevron1.23%
Cisco Systems Inc1.22%
Procter & Gamble1.06%
UnitedHealth Group1.05%
Coca-Cola1.03%
Merck & Co Inc1.03%
Bank of America0.94%
Home Depot0.93%
Philip Morris International0.92%
Walmart0.91%
Goldman Sachs Group0.77%
Rtx0.76%
Thermo Fisher Scientific0.75%
Wells Fargo0.73%
Amgen Inc0.71%
Costco Wholesale Corp0.71%
International Business Machines Co0.69%
Linde PLC0.66%
Morgan Stanley0.64%
Citigroup0.60%
Gilead Sciences0.58%
Qualcomm0.56%
Salesforce0.52%
Pepsico0.52%
Mcdonalds Corp0.52%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Conocophillips0.51%
Union Pacific0.51%
Nextera Energy0.49%
Pfizer0.49%
BlackRock0.46%
Texas Instrument0.45%
Danaher0.43%
Accenture PLC Class A0.43%
AT&T0.41%
Caterpillar Inc0.38%
Altria Group Inc0.36%
Capital One Financial Corp0.36%
Lockheed Martin0.36%
Bristol Myers Squibb0.36%

Only in SPGP

29 securities, 37.5% of SPGP by weight

NVIDIA Corp2.35%
Eli Lilly & Co2.23%
Arista Networks Inc2.07%
Royal Caribbean Cruises Ltd2.03%
General Electric Co1.76%
GoDaddy Inc1.51%
Comfort Systems USA Inc1.49%
Universal Health Services Inc1.48%
Dexcom Inc1.42%
Airbnb Inc1.40%
EMCOR Group Inc1.36%
Assurant Inc1.32%
Fortinet Inc1.30%
Everest Group Ltd1.25%
Moody's Corp1.17%
Cboe Global Markets Inc1.16%
Baker Hughes Co1.16%
GE Vernova Inc1.16%
Erie Indemnity Co1.15%
AppLovin Corp1.14%
Autodesk Inc1.11%
Chipotle Mexican Grill Inc1.09%
Deckers Outdoor Corp1.05%
Globe Life Inc0.95%
Netflix Inc0.92%
Fiserv Inc0.90%
KLA Corp0.82%
Rollins Inc0.71%
Invesco Government & Agency Portfolio0.03%

Weight gaps

All 46 Holdings in both funds, largest gap first.

Holding weights in ILCV and SPGP, widest gap first
Holding	More in ILCVMore in SPGP	ILCV	SPGP
MicrosoftMSFT	ILCV +7.13 points	8.45%	1.32%
Cincinnati FinancialCINF	SPGP +2.18 points	0.04%	2.22%
Arch Capital GroupACGL	SPGP +1.97 points	0.10%	2.07%
Expedia GroupEXPE	SPGP +1.90 points	0.04%	1.94%
ProgressivePGR	SPGP +1.79 points	0.38%	2.17%
Carnival Corp LtdCCL	SPGP +1.77 points	0.06%	1.83%
Incyte CorpINCY	SPGP +1.76 points	0.03%	1.79%
Allstate CorpALL	SPGP +1.64 points	0.09%	1.73%
PtcPTC	SPGP +1.52 points	0.02%	1.54%
PayPal HoldingsPYPL	SPGP +1.51 points	0.14%	1.65%
Berkshire Hathaway Inc Class BBRK.B	ILCV +1.50 points	2.84%	1.34%
NewmontNEM	SPGP +1.51 points	0.33%	1.84%
First SolarFSLR	SPGP +1.49 points	0.02%	1.51%
Las Vegas SandsLVS	SPGP +1.36 points	0.01%	1.37%
ResmedRMD	SPGP +1.32 points	0.05%	1.37%
EbayEBAY	SPGP +1.31 points	0.09%	1.40%
GarminGRMN	SPGP +1.29 points	0.04%	1.33%
LoewsL	SPGP +1.24 points	0.03%	1.27%
Travelers CompaniesTRV	SPGP +1.19 points	0.24%	1.43%
United Airlines HoldingsUAL	SPGP +1.16 points	0.10%	1.26%
Synchrony FinancialSYF	SPGP +1.15 points	0.07%	1.22%
Ameriprise Finance IncAMP	SPGP +1.10 points	0.07%	1.17%
Hartford Insurance GroupHIG	SPGP +1.10 points	0.10%	1.20%
Boston ScientificBSX	SPGP +1.09 points	0.18%	1.27%
Fox Class AFOXA	SPGP +1.05 points	0.04%	1.09%
IntuitINTU	SPGP +1.05 points	0.25%	1.30%
Prudential Financial IncPRU	SPGP +1.05 points	0.11%	1.16%
CignaCI	SPGP +1.04 points	0.22%	1.26%
Leidos HoldingsLDOS	SPGP +1.04 points	0.05%	1.09%
Lululemon AthleticaLULU	SPGP +1.00 points	0.03%	1.03%
Uber TechnologiesUBER	SPGP +1.00 points	0.27%	1.27%
Delta Air LinesDAL	SPGP +0.98 points	0.15%	1.13%
Wr BerkleyWRB	SPGP +0.93 points	0.06%	0.99%
Constellation Brands Class ASTZ	SPGP +0.93 points	0.05%	0.98%
Edison InternationalEIX	SPGP +0.91 points	0.06%	0.97%
Mastercard Class AMA	SPGP +0.90 points	0.63%	1.53%
ChubbCB	SPGP +0.89 points	0.36%	1.25%
Adobe IncADBE	SPGP +0.88 points	0.28%	1.16%
Parker-HannifinPH	SPGP +0.84 points	0.19%	1.03%
Trane Technologies PLCTT	SPGP +0.83 points	0.13%	0.96%
Comcast Class ACMCSA	SPGP +0.80 points	0.22%	1.02%
Meta Platforms Class AMETA	ILCV +0.78 points	2.50%	1.72%
American ExpressAXP	SPGP +0.69 points	0.35%	1.04%
Alphabet Class CGOOG	ILCV +0.66 points	1.65%	0.99%
Walt DisneyDIS	SPGP +0.56 points	0.54%	1.10%
Visa Class AV	SPGP +0.17 points	1.00%	1.17%

All 372 ILCV holdings⁠All 75 SPGP 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 SPGP Cost

Overpaying SPGP vs ILCV

$6,083

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

ILCV 0.04%
$849
SPGP 0.34%
$6,932

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
SPGP 0.34%
Overpaying

Year by year

Year	ILCV	SPGP	Overpaying
10	$73	$616	$543
20	$288	$2,386	$2,098
30	$849	$6,932	$6,083

Expense ratio

0.04%ILCV, cheaper
0.34%SPGP

ILCV0.04%SPGP0.34%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

SPGP 53rd cheapest of 99 funds

ILCV vs SPGP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%, better; SPGP 0.78%
Payout (12M): ILCV $1.65; SPGP $0.96
Last payment: ILCV $0.42; SPGP $0.11
Ex-dividend: ILCV Sep 15, 2026; SPGP Sep 21, 2026
Paid on: ILCV Sep 18, 2026; SPGP Sep 25, 2026
Frequency: ILCV Quarterly; SPGP Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

SPGPQuarterly · 39 paymentsAll SPGP payments⁠

ILCV vs SPGP Risk

Fall from peak · 5 years

ILCV
SPGP

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterSPGP 13.8%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterSPGP 0.65
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterSPGP −22.9%
Market sensitivityBeta, 5 years: ILCV 0.82SPGP 0.96; Market = 1

Popular comparisons

ILCVAvsVONVA
iShares Morningstar Value ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.04% · 0.06%
Category
SPGPBvsVONVA
Invesco S&P 500 GARP ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.34% · 0.06%
Category
ILCVAvsVYMA
iShares Morningstar Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.04% · 0.04%
Category
SPGPBvsVYMA
Invesco S&P 500 GARP ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.34% · 0.04%
Category
ILCVAvsIMCVA
iShares Morningstar Value ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.04% · 0.06%
Category
SPGPBvsIMCVA
Invesco S&P 500 GARP ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.34% · 0.06%
Category