ILCV vs SPVM: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Invesco S&P 500 Value with Momentum ETF

SPVMCNYSE Arca

Overlap

16.3%by weight

Expense ratio

ILCV −0.35pt a year

ILCV0.04%SPVM0.39%

Avg volume · 30D

ILCV 2.5×the volume

ILCV24.4KSPVM9.62K

10Y return · a year

ILCV +0.3pt

ILCV+12.3%SPVM+12.0%

ILCV vs SPVM Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+71.2%SPVM

Expense ratio: ILCV 0.04%, better; SPVM 0.39%
Fund size: ILCV $1.37B; SPVM $142M
1Y total return: ILCV +21.0%; SPVM +22.6%, better
Yield (12M): ILCV 1.51%; SPVM 1.81%, better
Holdings: ILCV 375; SPVM 103
Avg volume (30D): ILCV 24.4K sh, better; SPVM 9.62K sh
NAV per share: ILCV $109.27; SPVM $77.73
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, SPVM, with each pillar’s weight
Pillar	ILCV	SPVM
Cost30% weight	A99Higher	D34
Mission25% weight	A82Higher	B57
Risk15% weight	A90Higher	A70
Tradability15% weight	B64Higher	C45
Holdings10% weight	D39	B58Higher
Durability5% weight	A82Higher	C54

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and SPVM 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 SPVM 64th 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 64CDSTLDistillate U.S. Fundamental Stability & Value ETFScore 50
Rank 64CSPVMInvesco S&P 500 Value with Momentum ETFScore 50
Rank 66COMFSInvesco Russell 2000 Dynamic Multifactor ETFScore 49

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

SPVMCInvesco S&P 500 Value with 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.

SPVM Value usually means catching a falling knife. SPVM screens the S&P 500 for stocks scoring high on both value and momentum, holding about 100 names: cheap, but already moving.

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.

SPVM The Fund seeks to track the S&P 500 High Momentum Value Index, which selects 100 stocks from the S&P 500 and represents large-cap U.S. equities.

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.

SPVM Double screen: picks roughly 100 S&P 500 names with the highest value and momentum scores, so cheapness has to come with price strength.invesco.com
Running since 2011, a long-tenured take on pairing two factors that often pull in opposite directions.
The hunting ground is the S&P 500 itself, so holdings are large-cap US companies, not small-cap deep value. Pays quarterly.

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.

SPVM Costs 0.39% net of a waiver through August 31, 2028 (0.44% gross), above the category median. Broad value peers VYM (0.04%) and VONV (0.06%) cost far less.
A smaller fund that trades thinly, so spreads can be wider than in mega-cap index funds.
About 100 stocks means it can look very different from the S&P 500 in any given stretch.

Full ILCV profile⁠

Full SPVM profile⁠

ILCV vs SPVM Holdings

How ILCV and SPVM differ

Overlap by weight

16.3%

Shared holdings make up 89.3% of SPVM and 19.7% of ILCV.

Level by level

Holdings90 in both16.3%
Sector11 Sectors59.8%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in ILCV and SPVM, widest gap first
Sector	More in ILCVMore in SPVM	ILCV	SPVM
Technology	ILCV +23.9 points	23.9%	0.0%
Financials	SPVM +17.3 points	17.7%	35.0%
Utilities	SPVM +9.6 points	3.0%	12.6%
Energy	SPVM +8.9 points	6.6%	15.5%
Communication	ILCV +5.9 points	8.8%	2.9%
Consumer Discretionary	ILCV +4.6 points	8.6%	4.0%
Health Care	ILCV +4.5 points	13.4%	8.9%
Materials	SPVM +2.3 points	2.1%	4.4%
Industrials	SPVM +1.8 points	6.9%	8.7%
Consumer Staples	ILCV +1.3 points	7.3%	6.0%
Real Estate	SPVM +0.3 points	1.7%	2.0%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and SPVM, widest gap first
Country	More in ILCVMore in SPVM	ILCV	SPVM
Switzerland	SPVM +0.8 points	0.4%	1.2%
Other countries (5)	ILCV +0.8 points	99.6%	98.8%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
SPVM16.6%

Securities held

ILCV372
SPVM102

Asset class

ILCV: Equity
SPVM: Equity

Holdings

Only in ILCV282
In both90
Only in SPVM12

Only in ILCV

282 securities, 80.1% of ILCV by weight

Microsoft8.45%
Apple7.24%
Amazon.com Inc3.08%
Berkshire Hathaway Inc Class B2.84%
Meta Platforms Class A2.50%
Alphabet Class A2.04%
Johnson & Johnson1.89%
Alphabet Class C1.65%
AbbVie1.46%
Micron Technology1.35%
Tesla Inc1.24%
Cisco Systems Inc1.22%
Procter & Gamble1.06%
UnitedHealth Group1.05%
Coca-Cola1.03%
Merck & Co Inc1.03%
Visa Class A1.00%
Home Depot0.93%
Philip Morris International0.92%
Walmart0.91%
Goldman Sachs Group0.77%
Rtx0.76%
Thermo Fisher Scientific0.75%
Amgen Inc0.71%
Costco Wholesale Corp0.71%
International Business Machines Co0.69%
Linde PLC0.66%
Morgan Stanley0.64%
Mastercard Class A0.63%
Gilead Sciences0.58%
Qualcomm0.56%
Salesforce0.52%
Pepsico0.52%
Mcdonalds Corp0.52%
Abbott Laboratories0.51%
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%
Progressive0.38%
Altria Group Inc0.36%
Capital One Financial Corp0.36%
Lockheed Martin0.36%
Medtronic PLC0.35%
American Express0.35%

Only in SPVM

12 securities, 10.6% of SPVM by weight

APA Corp1.71%
Stanley Black & Decker Inc1.49%
Assurant Inc1.30%
Globe Life Inc1.05%
Huntington Ingalls Industries Inc1.01%
Franklin Templeton Inc0.99%
Pinnacle West Capital Corp0.88%
Host Hotels & Resorts Inc0.84%
Aptiv PLC0.72%
Baker Hughes Co0.53%
Invesco Government & Agency Portfolio0.05%
Securities Lending - Bnym0.00%

Weight gaps

All 90 Holdings in both funds, largest gap first.

Holding weights in ILCV and SPVM, widest gap first
Holding	More in ILCVMore in SPVM	ILCV	SPVM
JPMorgan Chase & CoJPM	ILCV +1.76 points	2.60%	0.84%
Marathon PetroleumMPC	SPVM +1.67 points	0.18%	1.85%
Allstate CorpALL	SPVM +1.66 points	0.09%	1.75%
Phillips 66PSX	SPVM +1.58 points	0.31%	1.89%
General MotorsGM	SPVM +1.50 points	0.21%	1.71%
Travelers CompaniesTRV	SPVM +1.46 points	0.24%	1.70%
LoewsL	SPVM +1.38 points	0.03%	1.41%
United Airlines HoldingsUAL	SPVM +1.36 points	0.10%	1.46%
Cincinnati FinancialCINF	SPVM +1.36 points	0.04%	1.40%
Synchrony FinancialSYF	SPVM +1.34 points	0.07%	1.41%
Dollar General CorpDG	SPVM +1.33 points	0.08%	1.41%
Exxonmobil Holdings CorpXOM	ILCV +1.31 points	2.14%	0.83%
Valero Energy CorpVLO	SPVM +1.30 points	0.31%	1.61%
MetlifeMET	SPVM +1.25 points	0.15%	1.40%
Hartford Insurance GroupHIG	SPVM +1.23 points	0.10%	1.33%
Target CorpTGT	SPVM +1.19 points	0.20%	1.39%
Mckesson CorpMCK	SPVM +1.16 points	0.24%	1.40%
EqtEQT	SPVM +1.15 points	0.06%	1.21%
Citizens Financial Group IncCFG	SPVM +1.11 points	0.04%	1.15%
Archer Daniels MidlandADM	SPVM +1.10 points	0.10%	1.20%
Edison InternationalEIX	SPVM +1.11 points	0.06%	1.17%
Bunge Global SABG	SPVM +1.10 points	0.04%	1.14%
Delta Air LinesDAL	SPVM +1.08 points	0.15%	1.23%
Cardinal HealthCAH	SPVM +1.07 points	0.07%	1.14%
Truist FinancialTFC	SPVM +1.07 points	0.17%	1.24%
Regions FinancialRF	SPVM +1.05 points	0.07%	1.12%
M&T BankMTB	SPVM +1.05 points	0.09%	1.14%
Huntington Bancshares IncHBAN	SPVM +1.04 points	0.09%	1.13%
Cvs HealthCVS	SPVM +1.04 points	0.33%	1.37%
Devon EnergyDVN	SPVM +0.99 points	0.16%	1.15%
KeycorpKEY	SPVM +0.99 points	0.06%	1.05%
Carnival Corp LtdCCL	SPVM +0.97 points	0.06%	1.03%
BiogenBIIB	SPVM +0.96 points	0.10%	1.06%
Principal Financial Group IncPFG	SPVM +0.95 points	0.07%	1.02%
Cf Industries Holdings IncCF	SPVM +0.94 points	0.05%	0.99%
Eversource EnergyES	SPVM +0.94 points	0.07%	1.01%
Raymond JamesRJF	SPVM +0.93 points	0.04%	0.97%
Textron IncTXT	SPVM +0.91 points	0.03%	0.94%
Us BancorpUSB	SPVM +0.90 points	0.27%	1.17%
T Rowe Price GroupTROW	SPVM +0.89 points	0.06%	0.95%
Southwest AirlinesLUV	SPVM +0.88 points	0.02%	0.90%
ChubbCB	SPVM +0.87 points	0.36%	1.23%
Fifth Third BancorpFITB	SPVM +0.85 points	0.08%	0.93%
State StreetSTT	SPVM +0.84 points	0.08%	0.92%
AflacAFL	SPVM +0.80 points	0.16%	0.96%
ViatrisVTRS	SPVM +0.77 points	0.06%	0.83%
Incyte CorpINCY	SPVM +0.74 points	0.03%	0.77%
Quest Diagnostics IncDGX	SPVM +0.73 points	0.08%	0.81%
Fox Class AFOXA	SPVM +0.72 points	0.04%	0.76%
Eog ResourcesEOG	SPVM +0.73 points	0.24%	0.97%
Pnc Financial Services GroupPNC	SPVM +0.72 points	0.26%	0.98%
Ppl CorpPPL	SPVM +0.71 points	0.05%	0.76%
Dollar Tree IncDLTR	SPVM +0.71 points	0.07%	0.78%
EvergyEVRG	SPVM +0.69 points	0.06%	0.75%
NucorNUE	SPVM +0.66 points	0.07%	0.73%
Firstenergy CorpFE	SPVM +0.66 points	0.07%	0.73%
Northern TrustNTRS	SPVM +0.66 points	0.04%	0.70%
Hca HealthcareHCA	SPVM +0.65 points	0.20%	0.85%
Atmos EnergyATO	SPVM +0.65 points	0.04%	0.69%
AmerenAEE	SPVM +0.64 points	0.05%	0.69%
Ford Motor CoF	SPVM +0.64 points	0.14%	0.78%
Cms EnergyCMS	SPVM +0.61 points	0.04%	0.65%
American Electric Power IncAEP	SPVM +0.60 points	0.12%	0.72%
Bank of New York Mellon CorpBNY	SPVM +0.60 points	0.11%	0.71%
Kimco Realty Reit CorpKIM	SPVM +0.60 points	0.05%	0.65%
Dupont De NemoursDD	SPVM +0.59 points	0.05%	0.64%
NisourceNI	SPVM +0.58 points	0.03%	0.61%
DowDOW	SPVM +0.57 points	0.07%	0.64%
Dte EnergyDTE	SPVM +0.56 points	0.08%	0.64%
HalliburtonHAL	SPVM +0.54 points	0.09%	0.63%
Fedex CorpFDX	SPVM +0.55 points	0.19%	0.74%
Centerpoint EnergyCNP	SPVM +0.55 points	0.04%	0.59%
Xcel Energy IncXEL	SPVM +0.53 points	0.14%	0.67%
Dominion EnergyD	SPVM +0.53 points	0.16%	0.69%
Walt DisneyDIS	SPVM +0.53 points	0.54%	1.07%
Duke Energy CorpDUK	SPVM +0.52 points	0.28%	0.80%
Kinder MorganKMI	SPVM +0.50 points	0.19%	0.69%
Verizon Communications IncVZ	SPVM +0.49 points	0.52%	1.01%
Crh Public Limited PLCCRH	SPVM +0.48 points	0.11%	0.59%
NewmontNEM	SPVM +0.46 points	0.33%	0.79%
Realty Income ReitO	SPVM +0.45 points	0.10%	0.55%
CitigroupC	SPVM +0.45 points	0.60%	1.05%
SempraSRE	SPVM +0.43 points	0.16%	0.59%
General Dynamics CorpGD	SPVM +0.41 points	0.26%	0.67%
ConocophillipsCOP	SPVM +0.42 points	0.51%	0.93%
Paccar IncPCAR	SPVM +0.41 points	0.14%	0.55%
ChevronCVX	ILCV +0.39 points	1.23%	0.84%
Wells FargoWFC	SPVM +0.38 points	0.73%	1.11%
Bristol Myers SquibbBMY	SPVM +0.29 points	0.36%	0.65%
Bank of AmericaBAC	SPVM +0.07 points	0.94%	1.01%

All 372 ILCV holdings⁠All 101 SPVM 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 SPVM Cost

Overpaying SPVM vs ILCV

$7,049

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

ILCV 0.04%
$849
SPVM 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
SPVM 0.39%
Overpaying

Year by year

Year	ILCV	SPVM	Overpaying
10	$73	$705	$632
20	$288	$2,725	$2,437
30	$849	$7,898	$7,049

Expense ratio

0.04%ILCV, cheaper
0.39%SPVM

ILCV0.04%SPVM0.39%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

SPVM 64th cheapest of 99 funds

ILCV vs SPVM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%; SPVM 1.81%, better
Payout (12M): ILCV $1.65; SPVM $1.41
Last payment: ILCV $0.42; SPVM $0.38
Ex-dividend: ILCV Sep 15, 2026; SPVM Sep 21, 2026
Paid on: ILCV Sep 18, 2026; SPVM Sep 25, 2026
Frequency: ILCV Quarterly; SPVM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

SPVMQuarterly · 39 paymentsAll SPVM payments⁠

ILCV vs SPVM Risk

Fall from peak · 5 years

ILCV
SPVM

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterSPVM 13.3%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterSPVM 1.19
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterSPVM −19.5%
Market sensitivityBeta, 5 years: ILCV 0.82SPVM 0.69; Market = 1

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