ILCV vs TILT: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Northern Trust Morningstar US Market Factor Tilt ETF

TILTACboe

Overlap

53.2%by weight

Expense ratio

ILCV −0.21pt a year

ILCV0.04%TILT0.25%

Avg volume · 30D

ILCV 4.2×the volume

ILCV24.4KTILT5.81K

10Y return · a year

TILT +1.6pt

ILCV+12.3%TILT+13.9%

ILCV vs TILT Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+66.7%TILT

Expense ratio: ILCV 0.04%, better; TILT 0.25%
Fund size: ILCV $1.37B; TILT $2.18B
1Y total return: ILCV +21.0%, better; TILT +14.4%
Yield (12M): ILCV 1.51%, better; TILT 1.07%
Holdings: ILCV 375; TILT 1898
Avg volume (30D): ILCV 24.4K sh, better; TILT 5.81K sh
NAV per share: ILCV $109.27; TILT $278.66
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, TILT, with each pillar’s weight
Pillar	ILCV	TILT
Cost30% weight	A99Higher	B63
Mission25% weight	A82	A100Higher
Risk15% weight	A90Higher	C53
Tradability15% weight	B64	B65Higher
Holdings10% weight	D39	B60Higher
Durability5% weight	A82Higher	A75

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and TILT 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 TILT 18th 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 18AONEOState Street SPDR Russell 1000 Momentum Focus ETFScore 71
Rank 18ATILTNorthern Trust Morningstar US Market Factor Tilt ETFScore 71
Rank 18BUSVMVictoryShares US Small Mid Cap Value Momentum ETFScore 71

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

TILTANorthern Trust Morningstar US Market Factor Tilt 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.

TILT TILT doesn't swap out the market, it bends it: roughly 1,900 US stocks with small-cap and value names weighted heavier than a pure market-cap index would have them. A 2011 original, at 0.25% net of a waiver through March 1, 2027.

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.

TILT The Fund seeks results that generally correspond, before fees and expenses, to the price and yield performance of the Morningstar U.S. Market Factor Tilt 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.

TILT Owns the market, then leans. No value sleeve, no stock-picking: the index keeps broad US exposure and simply overweights smaller and value names.sec.gov
Reach down to the micro caps. The universe covers the top 99.5% of US market cap, so roughly 1,900 holdings span mega to tiny.flexshares.com
Running since 2011, with a tracking record among the stronger implementations in its multifactor peer group.
Billion-dollar fund with a single published index and quarterly distributions. Nothing to interpret.

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.

TILT You pay up for the tilt: 0.25% net of a waiver through March 1, 2027 (0.26% gross) versus VYM and ILCV at 0.04% and VONV at 0.06%, though each buys a narrower slice.
Trading is thin next to the giant index names, so quoted spreads can be wider than the fund's size suggests.
A tilt is a choice. Leaning small and value means stretches of looking different from the cap-weighted market, in either direction.sec.gov

Full ILCV profile⁠

Full TILT profile⁠

ILCV vs TILT Holdings

How ILCV and TILT differ

Overlap by weight

53.2%

Shared holdings make up 96.4% of ILCV and 53.4% of TILT.

Level by level

Holdings351 in both53.2%
Asset classEquity100%
Countryby domicile99.8%

Sector

No Sector split for TILT.

Country, concentration and asset class

Country by domicile

Country weights in ILCV and TILT, widest gap first
Country	More in ILCVMore in TILT	ILCV	TILT
United States	TILT +0.1 points	99.2%	99.3%
Switzerland	ILCV +0.1 points	0.4%	0.3%
Brazil	Same weight	0.1%	0.1%
United Kingdom	Same weight	0.1%	0.1%
Sweden	TILT +0.1 points	0.0%	0.1%
China	Same weight	0.1%	0.1%
Ireland	ILCV +0.1 points	0.1%	0.0%
India	TILT +0.1 points	0.0%	0.1%
Other countries (4)	TILT +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
TILT25.3%

Securities held

ILCV372
TILT1,892

Asset class

ILCV: Equity
TILT: Equity

Holdings

Only in ILCV21
In both351
Only in TILT1,541

Only in ILCV

21 securities, 3.4% of ILCV by weight

Linde PLC0.66%
Accenture PLC Class A0.43%
Chubb0.36%
Medtronic PLC0.35%
Eaton PLC0.26%
Elevance Health Inc0.25%
Slb0.23%
Becton Dickinson0.15%
Crh Public Limited PLC0.11%
Kenvue0.10%
Fiserv Inc0.07%
Carnival Corp Ltd0.06%
Smurfit Westrock PLC0.06%
Vylor0.06%
Nxp Semiconductors NV0.06%
Lyondellbasell Industries Class A0.05%
Willis Towers Watson0.05%
Ball Corp0.02%
Flutter Entertainment PLC0.02%
Vivmark Residential0.01%
Hologic Inc0.00%

Only in TILT

1,541 securities, 45.4% of TILT by weight

NVIDIA Corp Common Stock USD 0.0014.88%
Broadcom Inc Common Stock USD1.56%
Eli Lilly and Company1.16%
Advanced Micro Devices Inc Common Stock USD 0.010.84%
Palantir Technologies Inc Common Stock USD 0.0010.42%
General Electric Co0.32%
Applied Materials Inc Common Stock USD 0.010.32%
Intel Corp Common Stock USD 0.0010.31%
Lam Research Corp Common Stock USD 0.0010.31%
Palo Alto Networks Inc Common Stock USD 0.00010.30%
Netflix Inc Common Stock USD 0.0010.26%
Crowdstrike Holdings Inc Common Stock USD0.25%
Linde PLC Common Stock Eur 0.0010.25%
Ge Vernova Inc Common Stock USD 0.010.23%
Kla Corp Common Stock USD 0.0010.21%
Accenture PLC Common Stock USD 0.00002250.20%
Amphenol Corp Common Stock USD 0.0010.20%
Arista Networks Inc Common Stock USD 0.00010.18%
Marvell Technology Inc Common Stock USD 0.0020.17%
Best Buy Co Inc Common Stock USD 0.10.17%
Welltower Inc0.17%
Chubb Ltd Common Stock USD 24.150.17%
Apa Corp Common Stock USD 0.6250.16%
Host Hotels & Resorts Inc Reit USD 0.010.16%
Intuitive Surgical Inc Common Stock USD 0.0010.16%
Hf Sinclair Corp Common Stock USD0.16%
Docusign Inc Common Stock USD 0.00010.15%
Jones Lang Lasalle Inc Common Stock USD 0.010.15%
Medtronic PLC Common Stock USD 0.10.15%
Reinsurance Group of America Inc Common Stock USD0.15%
Gen Digital Inc Common Stock USD 0.010.15%
Eaton Corp PLC Common Stock USD 0.010.15%
Seagate Technology Holdings PLC Common Stock USD0.15%
Boeing Co/The Common Stock USD 50.14%
Pinnacle Financial Partners Inc Common Stock USD 10.14%
Equitable Holdings Inc Common Stock USD 0.010.14%
Stanley Black & Decker Inc Common Stock USD 2.50.14%
Halozyme Therapeutics Inc Common Stock USD 0.0010.14%
Assurant Inc Common Stock USD 0.010.14%
Gartner Inc Common Stock USD 0.00050.14%
Western Digital Corp Common Stock USD 0.010.13%
Jazz Pharmaceuticals PLC Common Stock USD 0.00010.13%
J M Smucker Co/The Common Stock USD 00.12%
Unum Group Common Stock USD 0.10.12%
Toll Brothers Inc Common Stock USD 0.010.12%
Renaissancere Holdings Ltd Common Stock USD 10.12%
Crown Holdings Inc Common Stock USD 50.12%
Globe Life Inc Common Stock USD 10.12%
Everest Group Ltd Common Stock USD 0.010.11%
Elevance Health Inc Common Stock USD 0.010.11%

Weight gaps

The 100 widest of 351 Holdings in both funds.

Holding weights in ILCV and TILT, widest gap first
Holding	More in ILCVMore in TILT	ILCV	TILT
MicrosoftMSFT	ILCV +4.48 points	8.45%	3.97%
AppleAAPL	ILCV +2.09 points	7.24%	5.15%
Berkshire Hathaway Inc Class BBRK.B	ILCV +1.57 points	2.84%	1.27%
JPMorgan Chase & CoJPM	ILCV +1.46 points	2.60%	1.14%
Exxonmobil Holdings CorpXOM	ILCV +1.16 points	2.14%	0.98%
Johnson & JohnsonJNJ	ILCV +1.06 points	1.89%	0.83%
AbbVieABBV	ILCV +0.80 points	1.46%	0.66%
Meta Platforms Class AMETA	ILCV +0.78 points	2.50%	1.72%
Cisco Systems IncCSCO	ILCV +0.70 points	1.22%	0.52%
ChevronCVX	ILCV +0.68 points	1.23%	0.55%
Coca-ColaKO	ILCV +0.65 points	1.03%	0.38%
Amazon.com IncAMZN	ILCV +0.65 points	3.08%	2.43%
UnitedHealth GroupUNH	ILCV +0.59 points	1.05%	0.46%
Procter & GamblePG	ILCV +0.58 points	1.06%	0.48%
Merck & Co IncMRK	ILCV +0.57 points	1.03%	0.46%
Bank of AmericaBAC	ILCV +0.53 points	0.94%	0.41%
Philip Morris InternationalPM	ILCV +0.51 points	0.92%	0.41%
Home DepotHD	ILCV +0.51 points	0.93%	0.42%
Goldman Sachs GroupGS	ILCV +0.44 points	0.77%	0.33%
RtxRTX	ILCV +0.42 points	0.76%	0.34%
Thermo Fisher ScientificTMO	ILCV +0.42 points	0.75%	0.33%
Wells FargoWFC	ILCV +0.41 points	0.73%	0.32%
Amgen IncAMGN	ILCV +0.39 points	0.71%	0.32%
International Business Machines CoIBM	ILCV +0.38 points	0.69%	0.31%
Morgan StanleyMS	ILCV +0.37 points	0.64%	0.27%
WalmartWMT	ILCV +0.36 points	0.91%	0.55%
Alphabet Class AGOOGL	ILCV +0.36 points	2.04%	1.68%
QualcommQCOM	ILCV +0.34 points	0.56%	0.22%
CitigroupC	ILCV +0.34 points	0.60%	0.26%
Gilead SciencesGILD	ILCV +0.32 points	0.58%	0.26%
Walt DisneyDIS	ILCV +0.30 points	0.54%	0.24%
Alphabet Class CGOOG	ILCV +0.30 points	1.65%	1.35%
SalesforceCRM	ILCV +0.29 points	0.52%	0.23%
Union PacificUNP	ILCV +0.29 points	0.51%	0.22%
Verizon Communications IncVZ	ILCV +0.29 points	0.52%	0.23%
Mcdonalds CorpMCD	ILCV +0.28 points	0.52%	0.24%
Visa Class AV	ILCV +0.28 points	1.00%	0.72%
ConocophillipsCOP	ILCV +0.28 points	0.51%	0.23%
PepsicoPEP	ILCV +0.28 points	0.52%	0.24%
Abbott LaboratoriesABT	ILCV +0.27 points	0.51%	0.24%
PfizerPFE	ILCV +0.27 points	0.49%	0.22%
BlackRockBLK	ILCV +0.26 points	0.46%	0.20%
Nextera EnergyNEE	ILCV +0.26 points	0.49%	0.23%
Costco Wholesale CorpCOST	ILCV +0.25 points	0.71%	0.46%
DanaherDHR	ILCV +0.25 points	0.43%	0.18%
AT&TT	ILCV +0.23 points	0.41%	0.18%
Prologis ReitPLD	ILCV +0.23 points	0.35%	0.12%
ProgressivePGR	ILCV +0.21 points	0.38%	0.17%
Altria Group IncMO	ILCV +0.20 points	0.36%	0.16%
Capital One Financial CorpCOF	ILCV +0.20 points	0.36%	0.16%
Automatic Data Processing IncADP	ILCV +0.20 points	0.32%	0.12%
Bristol Myers SquibbBMY	ILCV +0.20 points	0.36%	0.16%
NewmontNEM	ILCV +0.19 points	0.33%	0.14%
Lockheed MartinLMT	ILCV +0.20 points	0.36%	0.16%
Cme Group Class ACME	ILCV +0.19 points	0.30%	0.11%
Cvs HealthCVS	ILCV +0.19 points	0.33%	0.14%
Booking HoldingsBKNG	ILCV +0.18 points	0.32%	0.14%
Lowes Companies IncLOW	ILCV +0.18 points	0.33%	0.15%
SouthernSO	ILCV +0.17 points	0.30%	0.13%
Phillips 66PSX	ILCV +0.17 points	0.31%	0.14%
Valero Energy CorpVLO	ILCV +0.16 points	0.31%	0.15%
Texas InstrumentTXN	ILCV +0.17 points	0.45%	0.28%
3MMMM	ILCV +0.16 points	0.26%	0.10%
Adobe IncADBE	ILCV +0.16 points	0.28%	0.12%
American Tower ReitAMT	ILCV +0.16 points	0.25%	0.09%
Us BancorpUSB	ILCV +0.15 points	0.27%	0.12%
Duke Energy CorpDUK	ILCV +0.15 points	0.28%	0.13%
Pnc Financial Services GroupPNC	ILCV +0.14 points	0.26%	0.12%
General Dynamics CorpGD	ILCV +0.15 points	0.26%	0.11%
American ExpressAXP	ILCV +0.14 points	0.35%	0.21%
Intercontinental Exchange IncICE	ILCV +0.14 points	0.26%	0.12%
IntuitINTU	ILCV +0.14 points	0.25%	0.11%
Mondelez International Class AMDLZ	ILCV +0.14 points	0.23%	0.09%
Waste Management IncWM	ILCV +0.13 points	0.24%	0.11%
ModernaMRNA	ILCV +0.13 points	0.22%	0.09%
Eog ResourcesEOG	ILCV +0.13 points	0.24%	0.11%
Travelers CompaniesTRV	ILCV +0.13 points	0.24%	0.11%
Hewlett Packard EnterpriseHPE	ILCV +0.12 points	0.22%	0.10%
S&P GlobalSPGI	ILCV +0.12 points	0.26%	0.14%
United Parcel Service Inc Class BUPS	ILCV +0.13 points	0.23%	0.10%
Kinder MorganKMI	ILCV +0.12 points	0.19%	0.07%
CignaCI	ILCV +0.13 points	0.22%	0.09%
TjxTJX	ILCV +0.12 points	0.28%	0.16%
Comcast Class ACMCSA	ILCV +0.11 points	0.22%	0.11%
Uber TechnologiesUBER	ILCV +0.11 points	0.27%	0.16%
Cheniere EnergyLNG	ILCV +0.12 points	0.19%	0.07%
General MotorsGM	ILCV +0.11 points	0.21%	0.10%
Hca HealthcareHCA	ILCV +0.11 points	0.20%	0.09%
Honeywell International IncHON	ILCV +0.11 points	0.20%	0.09%
T Mobile Us IncTMUS	ILCV +0.11 points	0.20%	0.09%
Regeneron PharmaceuticalsREGN	ILCV +0.11 points	0.23%	0.12%
Fedex CorpFDX	ILCV +0.10 points	0.19%	0.09%
Target CorpTGT	ILCV +0.11 points	0.20%	0.09%
Mastercard Class AMA	ILCV +0.11 points	0.63%	0.52%
SempraSRE	ILCV +0.10 points	0.16%	0.06%
Boston ScientificBSX	ILCV +0.11 points	0.18%	0.07%
AflacAFL	ILCV +0.10 points	0.16%	0.06%
StrykerSYK	ILCV +0.10 points	0.23%	0.13%
Xcel Energy IncXEL	ILCV +0.09 points	0.14%	0.05%
Micron TechnologyMU	ILCV +0.09 points	1.35%	1.26%

All 372 ILCV holdings⁠All 1,903 TILT 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 TILT Cost

Overpaying TILT vs ILCV

$4,310

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

ILCV 0.04%
$849
TILT 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
TILT 0.25%
Overpaying

Year by year

Year	ILCV	TILT	Overpaying
10	$73	$455	$382
20	$288	$1,769	$1,481
30	$849	$5,159	$4,310

Expense ratio

0.04%ILCV, cheaper
0.25%TILT

ILCV0.04%TILT0.25%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

TILT 36th cheapest of 99 funds

ILCV vs TILT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%, better; TILT 1.07%
Payout (12M): ILCV $1.65; TILT $2.99
Last payment: ILCV $0.42; TILT $0.74
Ex-dividend: ILCV Sep 15, 2026; TILT Sep 18, 2026
Paid on: ILCV Sep 18, 2026; TILT Sep 24, 2026
Frequency: ILCV Quarterly; TILT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

TILTQuarterly · 39 paymentsAll TILT payments⁠

ILCV vs TILT Risk

Fall from peak · 5 years

ILCV
TILT

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterTILT 12.7%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterTILT 1.33
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterTILT −24.1%
Market sensitivityBeta, 5 years: ILCV 0.82TILT 1.02; Market = 1

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