ILCV vs SRHQ: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

SRH U.S. Quality GARP ETF

SRHQCNYSE Arca

Overlap

5.5%by weight

Expense ratio

ILCV −0.31pt a year

ILCV0.04%SRHQ0.35%

Avg volume · 30D

ILCV 9.6×the volume

ILCV25.1KSRHQ2.6K

3Y return · a year

ILCV+22.3%SRHQ+22.3%

ILCV vs SRHQ Performance

Nov 7, 2025 – Nov 9, 2026

+22.4%ILCV+32.7%SRHQ

Expense ratio: ILCV 0.04%, better; SRHQ 0.35%
Fund size: ILCV $1.37B; SRHQ $228M
1Y total return: ILCV +22.4%; SRHQ +32.7%, better
Yield (12M): ILCV 1.50%, better; SRHQ 0.68%
Holdings: ILCV 374; SRHQ 80
Avg volume (30D): ILCV 25.1K sh, better; SRHQ 2.6K sh
NAV per share: ILCV $108.28; SRHQ $50.10
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, SRHQ, with each pillar’s weight
Pillar	ILCV	SRHQ
Cost30% weight	A99Higher	C42
Mission25% weight	A82Higher	A71
Risk15% weight	A91Higher	B65
Tradability15% weight	B62Higher	F19
Holdings10% weight	D39	B56Higher
Durability5% weight	A82Higher	D33

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and SRHQ 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 SRHQ 65th 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 65CSPVMInvesco S&P 500 Value with Momentum ETFScore 50
Rank 65CSRHQSRH U.S. Quality GARP ETFScore 50
Rank 67CJHSCJohn Hancock Multifactor Small Cap ETFScore 49

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

SRHQCSRH U.S. Quality 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.

SRHQ GARP in an index wrapper: SRHQ screens U.S. stocks for growth, quality and value together instead of picking one lane. A boutique shop's rules-based take on a blend most factor funds split apart.

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.

SRHQ The Fund seeks to track the SRH U.S. Quality Index before fees and expenses through passive indexing.

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.

SRHQ Three factors, one rulebook: the SRH U.S. Quality Index screens growth, quality and value together, so the GARP blend is a stated mandate, not a manager's mood.
Fully passive and plainly drawn. The prospectus names the index, the U.S. equity universe and the factor screen, so there is little mystery about the shopping list.
At 0.35% it prices near the middle of the multifactor pack (0.32% median), so the three-factor screen does not carry a boutique markup.

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.

SRHQ Thinly traded, so spreads and the cost of getting in and out weigh more here than with the category's heavyweights.
Small and young: launched in 2022 and still modest in size next to entrenched rivals, which matters for staying power.
The cohort's cheapest options go far lower. VYM (0.04%), IUSG (0.04%) and VONV (0.06%) mean the GARP screen has to earn the extra fee.

Full ILCV profile⁠

Full SRHQ profile⁠

ILCV vs SRHQ Holdings

How ILCV and SRHQ differ

Overlap by weight

5.5%

Shared holdings make up 37.4% of SRHQ and 5.5% of ILCV.

Level by level

Holdings28 in both5.5%
Sector11 Sectors72.8%
Countryby domicile99.2%
Asset classStocks100%

Sector

Sector weights in ILCV and SRHQ, widest gap first
Sector	Gap	ILCV	SRHQ
Industrials	SRHQ +11.0 points	6.9%	17.9%
Health Care	SRHQ +9.3 points	13.8%	23.1%
Financials	ILCV +9.1 points	18.2%	9.1%
Communication	ILCV +6.6 points	8.5%	1.9%
Energy	ILCV +5.3 points	6.1%	0.8%
Technology	SRHQ +4.1 points	23.0%	27.1%
Consumer Discretionary	SRHQ +2.8 points	8.9%	11.7%
Consumer Staples	ILCV +2.5 points	7.6%	5.1%
Utilities	ILCV +2.2 points	3.1%	0.9%
Materials	ILCV +1.1 points	2.1%	1.0%
Real Estate	ILCV +0.4 points	1.7%	1.3%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and SRHQ, widest gap first
Country	More in ILCVMore in SRHQ	Gap	ILCV	SRHQ
United States		SRHQ +0.8 points	99.2%	100.0%
Other countries (5)		ILCV +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

ILCV34.8%
SRHQ20.3%

Securities held

ILCV371
SRHQ80

Asset class

ILCV: Stocks
SRHQ: Stocks

Holdings

Only in ILCV343
In both28
Only in SRHQ52

Only in ILCV

343 securities, 94.2% of ILCV by weight

Microsoft8.58%
Apple7.20%
Amazon.com Inc3.32%
Berkshire Hathaway Inc Class B3.04%
JPMorgan Chase & Co2.56%
Meta Platforms Class A2.47%
Alphabet Class A2.08%
Exxonmobil Holdings Corp1.97%
Johnson & Johnson1.92%
Alphabet Class C1.68%
AbbVie1.48%
Chevron1.15%
Tesla Inc1.11%
Procter & Gamble1.11%
Coca-Cola1.08%
Cisco Systems Inc1.07%
Merck & Co Inc1.04%
Visa Class A1.04%
Micron Technology1.01%
Home Depot0.99%
Walmart0.96%
Bank of America0.92%
Philip Morris International0.89%
Costco Wholesale Corp0.76%
Thermo Fisher Scientific0.74%
Wells Fargo0.73%
Goldman Sachs Group0.73%
Linde PLC0.68%
International Business Machines Co0.67%
Mastercard Class A0.65%
Morgan Stanley0.62%
Gilead Sciences0.60%
Walt Disney0.58%
Citigroup0.58%
Mcdonalds Corp0.56%
Pepsico0.56%
Abbott Laboratories0.55%
Verizon Communications Inc0.55%
Nextera Energy0.52%
Qualcomm0.51%
Union Pacific0.50%
Salesforce0.49%
Pfizer0.48%
BlackRock0.47%
Conocophillips0.47%
Accenture PLC Class A0.46%
AT&T0.43%
Danaher0.43%
Texas Instrument0.40%
Progressive0.38%

Only in SRHQ

52 securities, 62.6% of SRHQ by weight

Qualys Inc2.31%
Commvault Systems Inc2.16%
Insperity Inc1.96%
Frontdoor Inc1.95%
Box Inc1.89%
Abercrombie & Fitch Co1.74%
Amneal Pharmaceuticals Inc1.72%
Gen Digital Inc1.68%
Nutanix Inc1.63%
Dropbox Inc1.62%
FactSet Research Systems Inc1.61%
GoDaddy Inc1.47%
Cboe Global Markets Inc1.34%
Credit Acceptance Corp1.33%
HealthEquity Inc1.32%
Jones Lang LaSalle Inc1.30%
Gartner Inc1.28%
Watts Water Technologies Inc1.27%
Option Care Health Inc1.25%
Toro Co/The1.19%
Owens Corning1.19%
FTI Consulting Inc1.18%
Kontoor Brands Inc1.17%
Jack Henry & Associates Inc1.17%
Booz Allen Hamilton Holding Co1.16%
Universal Health Services Inc1.16%
Coca-Cola Consolidated Inc1.15%
Applied Industrial Technologie1.14%
Euronet Worldwide Inc1.14%
Brink's Co/The1.13%
Cencora Inc1.13%
Nexstar Media Group Inc1.12%
Granite Construction Inc1.07%
MarketAxess Holdings Inc1.07%
Allison Transmission Holdings1.06%
BioMarin Pharmaceutical Inc1.06%
Eagle Materials Inc1.04%
Laureate Education Inc1.03%
Oshkosh Corp0.97%
Gentex Corp0.97%
BorgWarner Inc0.96%
Mueller Water Products Inc0.93%
Vistra Corp0.88%
EMCOR Group Inc0.88%
Hess Midstream LP0.82%
Pegasystems Inc0.81%
Marzetti Company/The0.81%
Bright Horizons Family Solutions0.69%
Sterling Infrastructure Inc0.66%
Resideo Technologies Inc0.61%

Weight gaps

All 28 Holdings in both funds, largest gap first.

Holding weights in ILCV and SRHQ, widest gap first
Holding	Gap	ILCV	SRHQ
HumanaHUM	SRHQ +2.57 points	0.09%	2.66%
Centene CorpCNC	SRHQ +2.22 points	0.05%	2.27%
CorpayCPAY	SRHQ +1.62 points	0.04%	1.66%
Global Payments IncGPN	SRHQ +1.48 points	0.06%	1.54%
Workday Class AWDAY	SRHQ +1.47 points	0.11%	1.58%
Roper TechnologiesROP	SRHQ +1.34 points	0.09%	1.43%
Elevance Health IncELV	SRHQ +1.29 points	0.26%	1.55%
Cardinal HealthCAH	SRHQ +1.29 points	0.08%	1.37%
PayPal HoldingsPYPL	SRHQ +1.24 points	0.15%	1.39%
Automatic Data Processing IncADP	SRHQ +1.24 points	0.35%	1.59%
Broadridge Financial Solutions IncBR	SRHQ +1.19 points	0.06%	1.25%
Ameriprise Finance IncAMP	SRHQ +1.13 points	0.07%	1.20%
Dollar General CorpDG	SRHQ +1.12 points	0.08%	1.20%
Fiserv IncFISV	SRHQ +1.10 points	0.10%	1.20%
Synchrony FinancialSYF	SRHQ +1.08 points	0.07%	1.15%
ResmedRMD	SRHQ +1.07 points	0.05%	1.12%
Mckesson CorpMCK	SRHQ +1.04 points	0.26%	1.30%
Ford Motor CoF	SRHQ +1.01 points	0.14%	1.15%
TapestryTPR	SRHQ +0.97 points	0.03%	1.00%
NvrNVR	SRHQ +0.97 points	0.05%	1.02%
Hca HealthcareHCA	SRHQ +0.90 points	0.21%	1.11%
Hershey FoodsHSY	SRHQ +0.89 points	0.02%	0.91%
Leidos HoldingsLDOS	SRHQ +0.86 points	0.05%	0.91%
Bristol Myers SquibbBMY	SRHQ +0.72 points	0.37%	1.09%
Amgen IncAMGN	SRHQ +0.67 points	0.72%	1.39%
T Mobile Us IncTMUS	SRHQ +0.59 points	0.23%	0.82%
UnitedHealth GroupUNH	SRHQ +0.53 points	1.02%	1.55%
RtxRTX	SRHQ +0.31 points	0.74%	1.05%

All 371 ILCV holdings⁠All 80 SRHQ 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 SRHQ Cost

Overpaying SRHQ vs ILCV

$6,277

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

ILCV 0.04%
$849
SRHQ 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
SRHQ 0.35%
Overpaying

Year by year

Year	ILCV	SRHQ	Overpaying
10	$73	$634	$561
20	$288	$2,454	$2,166
30	$849	$7,126	$6,277

Expense ratio

0.04%ILCV, cheaper
0.35%SRHQ

ILCV0.04%SRHQ0.35%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

SRHQ 56th cheapest of 99 funds

ILCV vs SRHQ Dividends

Last 12 months to Nov 9, 2026

Yield (12M): ILCV 1.50%, better; SRHQ 0.68%
Payout (12M): ILCV $1.65; SRHQ $0.35
Last payment: ILCV $0.42; SRHQ $0.09
Ex-dividend: ILCV Sep 15, 2026; SRHQ Sep 24, 2026
Paid on: ILCV Sep 18, 2026; SRHQ Sep 25, 2026
Frequency: ILCV Quarterly; SRHQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

SRHQQuarterly · 16 paymentsAll SRHQ payments⁠

ILCV vs SRHQ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterSRHQ 13.8%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterSRHQ 1.24
Worst fallMax drawdown, 5 years: ILCV −18.6%SRHQ −18.5%since Oct 2022
Market sensitivityBeta, 5 years: ILCV 0.82SRHQ 0.84; Market = 1

Popular comparisons

ILCVAvsVONVA
iShares Morningstar Value ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.04% · 0.06%
Category
SRHQCvsVONVA
SRH U.S. Quality GARP ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.35% · 0.06%
Category
ILCVAvsVYMA
iShares Morningstar Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.04% · 0.04%
Category
SRHQCvsVYMA
SRH U.S. Quality GARP ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.35% · 0.04%
Category
ILCVAvsDCORA
iShares Morningstar Value ETF · U.S. Core Equity 1 Portfolio ETF Class Shares
Expense ratio
0.04% · 0.14%
Category
SRHQCvsDCORA
SRH U.S. Quality GARP ETF · U.S. Core Equity 1 Portfolio ETF Class Shares
Expense ratio
0.35% · 0.14%
Category