ILCV vs ULVM: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

VictoryShares US Value Momentum ETF

ULVMBNasdaq

Overlap

17.5%by weight

Expense ratio

ILCV −0.16pt a year

ILCV0.04%ULVM0.20%

Avg volume · 30D

ILCV 11.5×the volume

ILCV24.4KULVM2.12K

5Y return · a year

ILCV +1.3pt

ILCV+12.6%ULVM+11.3%

ILCV vs ULVM Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+70.4%ULVM

Expense ratio: ILCV 0.04%, better; ULVM 0.20%
Fund size: ILCV $1.37B; ULVM $267M
1Y total return: ILCV +21.0%; ULVM +21.7%, better
Yield (12M): ILCV 1.51%; ULVM 1.79%, better
Holdings: ILCV 375; ULVM 126
Avg volume (30D): ILCV 24.4K sh, better; ULVM 2.12K sh
NAV per share: ILCV $109.27; ULVM $106.88
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, ULVM, with each pillar’s weight
Pillar	ILCV	ULVM
Cost30% weight	A99Higher	A71
Mission25% weight	A82Higher	A80
Risk15% weight	A90Higher	A75
Tradability15% weight	B64Higher	D32
Holdings10% weight	D39	B67Higher
Durability5% weight	A82Higher	C51

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and ULVM 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 ULVM 32nd 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 32BMFUSPIMCO RAFI Dynamic Multi-Factor U.S. Equity ETFScore 66
Rank 32BULVMVictoryShares US Value Momentum ETFScore 66
Rank 35BFCPIFidelity Stocks for Inflation ETFScore 65

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

ULVMBVictoryShares US Value 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.

ULVM Most factor funds make you pick a side: cheap stocks or winning stocks. ULVM buys the overlap, holding roughly 130 US names that screen well on both value and momentum, with weights tilted toward the calmer ones.

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.

ULVM The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the MSCI USA Select Value Momentum Blend 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.

ULVM Costs 0.25% a year, under the median for US multifactor ETFs, and matches Schwab's FNDX while doing a more specialized job.
Sticks tightly to the MSCI USA Select Value Momentum Blend Index, one of the closer index implementations in its multifactor peer group.
The index family is built to weight toward lower-volatility names and keep turnover moderate, so the value-momentum tilt arrives with less churn than a raw factor sleeve.msci.com
Pays distributions monthly, not the quarterly cadence most US equity funds run on.

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.

ULVM Thinly traded for its size. Spreads can widen, and that cost lands on you at the moment you trade, on top of the expense ratio.
About 130 stocks, a slice of the large-cap universe, so individual names and sector tilts swing the fund more than in a broad value index.
Plain value exposure costs less: VONV runs 0.06% and GVUS 0.12%. The momentum screen and volatility weighting are what the extra fee buys.

Full ILCV profile⁠

Full ULVM profile⁠

ILCV vs ULVM Holdings

How ILCV and ULVM differ

Overlap by weight

17.5%

Shared holdings make up 88.1% of ULVM and 22.3% of ILCV.

Level by level

Holdings104 in both17.5%
Sector11 Sectors73.1%
Countryby domicile98.1%
Asset classEquity100%

Sector

Sector weights in ILCV and ULVM, widest gap first
Sector	More in ILCVMore in ULVM	ILCV	ULVM
Technology	ILCV +14.6 points	23.9%	9.3%
Financials	ULVM +10.7 points	17.7%	28.4%
Communication	ILCV +5.6 points	8.8%	3.2%
Real Estate	ULVM +5.3 points	1.7%	7.0%
Utilities	ULVM +4.8 points	3.0%	7.8%
Industrials	ULVM +3.5 points	6.9%	10.4%
Consumer Staples	ILCV +3.4 points	7.3%	3.9%
Materials	ULVM +2.6 points	2.1%	4.7%
Energy	ILCV +1.8 points	6.6%	4.8%
Consumer Discretionary	ILCV +0.7 points	8.6%	7.9%
Health Care	ILCV +0.7 points	13.4%	12.7%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and ULVM, widest gap first
Country	More in ILCVMore in ULVM	ILCV	ULVM
United States	ILCV +1.6 points	99.2%	97.6%
Switzerland	ULVM +0.9 points	0.4%	1.3%
China	ULVM +0.6 points	0.1%	0.7%
Other countries (3)	ULVM +0.2 points	0.3%	0.5%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
ULVM14.3%

Securities held

ILCV372
ULVM125

Asset class

ILCV: Equity
ULVM: Equity

Holdings

Only in ILCV268
In both104
Only in ULVM21

Only in ILCV

268 securities, 77.5% of ILCV by weight

Microsoft8.45%
Apple7.24%
Amazon.com Inc3.08%
JPMorgan Chase & Co2.60%
Meta Platforms Class A2.50%
Exxonmobil Holdings Corp2.14%
Alphabet Class C1.65%
AbbVie1.46%
Tesla Inc1.24%
Chevron1.23%
Cisco Systems Inc1.22%
Procter & Gamble1.06%
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%
Wells Fargo0.73%
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%
Walt Disney0.54%
Salesforce0.52%
Pepsico0.52%
Mcdonalds Corp0.52%
Abbott Laboratories0.51%
Conocophillips0.51%
Union Pacific0.51%
Nextera Energy0.49%
BlackRock0.46%
Texas Instrument0.45%
Danaher0.43%
Accenture PLC Class A0.43%
AT&T0.41%
Progressive0.38%
Altria Group Inc0.36%
Chubb0.36%
Lockheed Martin0.36%
Medtronic PLC0.35%
American Express0.35%
Oracle0.35%

Only in ULVM

21 securities, 11.6% of ULVM by weight

Chubb Limited1.28%
Johnson Controls Intl0.83%
Franklin Templeton Inc0.78%
Best Buy Co Inc0.74%
Elevance Health Inc0.69%
Hf Sinclair Corp0.67%
Jazz Pharmaceuticals PLC0.64%
J.b. Hunt Transport Serv0.62%
Caseys General Storesinc0.59%
Fiserv Inc.0.58%
Lyondellbasell Industries0.57%
Keysight Technologies Inc0.49%
Smurfit Westrock PLC0.48%
Ati Inc0.46%
Jabil Inc0.44%
On Semiconductor Corp0.35%
Comfort Systems Usa Inc.0.34%
Bloom Energy Corp0.30%
Western Digital Corp.0.25%
Seagate Technology Hold0.24%
Intel Corp0.22%

Weight gaps

The 100 widest of 104 Holdings in both funds.

Holding weights in ILCV and ULVM, widest gap first
Holding	More in ILCVMore in ULVM	ILCV	ULVM
EvergyEVRG	ULVM +1.45 points	0.06%	1.51%
Alphabet Class AGOOGL	ILCV +1.43 points	2.04%	0.61%
LoewsL	ULVM +1.42 points	0.03%	1.45%
Centerpoint EnergyCNP	ULVM +1.39 points	0.04%	1.43%
Consolidated EdisonED	ULVM +1.38 points	0.12%	1.50%
AmerenAEE	ULVM +1.34 points	0.05%	1.39%
AflacAFL	ULVM +1.28 points	0.16%	1.44%
Realty Income ReitO	ULVM +1.21 points	0.10%	1.31%
W. P. Carey ReitWPC	ULVM +1.17 points	0.04%	1.21%
Simon Property Group Reit IncSPG	ULVM +1.16 points	0.10%	1.26%
Cincinnati FinancialCINF	ULVM +1.16 points	0.04%	1.20%
Berkshire Hathaway Inc Class BBRK.B	ILCV +1.13 points	2.84%	1.71%
Arch Capital GroupACGL	ULVM +1.11 points	0.10%	1.21%
Vici Pptys IncVICI	ULVM +1.09 points	0.08%	1.17%
Entergy CorpETR	ULVM +1.09 points	0.07%	1.16%
Micron TechnologyMU	ILCV +1.07 points	1.35%	0.28%
Snap On IncSNA	ULVM +1.06 points	0.03%	1.09%
Principal Financial Group IncPFG	ULVM +1.06 points	0.07%	1.13%
Reliance Steel & AluminumRS	ULVM +1.03 points	0.03%	1.06%
East West BancorpEWBC	ULVM +1.03 points	0.05%	1.08%
CsxCSX	ULVM +1.01 points	0.09%	1.10%
KeycorpKEY	ULVM +0.99 points	0.06%	1.05%
American International GroupAIG	ULVM +0.97 points	0.11%	1.08%
Travelers CompaniesTRV	ULVM +0.96 points	0.24%	1.20%
M&T BankMTB	ULVM +0.96 points	0.09%	1.05%
Quest Diagnostics IncDGX	ULVM +0.94 points	0.08%	1.02%
First Citizens Bancshares Class AFCNCA	ULVM +0.91 points	0.04%	0.95%
Regions FinancialRF	ULVM +0.90 points	0.07%	0.97%
Annaly Capital Management ReitNLY	ULVM +0.89 points	0.04%	0.93%
Bank of New York Mellon CorpBNY	ULVM +0.86 points	0.11%	0.97%
Marriott International Class AMAR	ULVM +0.85 points	0.15%	1.00%
News Class ANWSA	ULVM +0.84 points	0.03%	0.87%
Allstate CorpALL	ULVM +0.84 points	0.09%	0.93%
Ross Stores IncROST	ULVM +0.82 points	0.06%	0.88%
Citizens Financial Group IncCFG	ULVM +0.82 points	0.04%	0.86%
Northern TrustNTRS	ULVM +0.82 points	0.04%	0.86%
United TherapeuticsUTHR	ULVM +0.81 points	0.03%	0.84%
Truist FinancialTFC	ULVM +0.80 points	0.17%	0.97%
ViatrisVTRS	ULVM +0.80 points	0.06%	0.86%
Pnc Financial Services GroupPNC	ULVM +0.79 points	0.26%	1.05%
Us BancorpUSB	ULVM +0.77 points	0.27%	1.04%
State StreetSTT	ULVM +0.76 points	0.08%	0.84%
NucorNUE	ULVM +0.76 points	0.07%	0.83%
Dupont De NemoursDD	ULVM +0.76 points	0.05%	0.81%
CignaCI	ULVM +0.74 points	0.22%	0.96%
Kraft HeinzKHC	ULVM +0.74 points	0.06%	0.80%
Archer Daniels MidlandADM	ULVM +0.73 points	0.10%	0.82%
Ss and C Technologies HoldingsSSNC	ULVM +0.71 points	0.05%	0.76%
PfizerPFE	ULVM +0.70 points	0.49%	1.19%
Regeneron PharmaceuticalsREGN	ULVM +0.69 points	0.23%	0.92%
BiogenBIIB	ULVM +0.68 points	0.10%	0.78%
Prologis ReitPLD	ULVM +0.67 points	0.35%	1.02%
Johnson & JohnsonJNJ	ILCV +0.67 points	1.89%	1.22%
Steel Dynamics IncSTLD	ULVM +0.66 points	0.03%	0.69%
OvintivOVV	ULVM +0.66 points	0.06%	0.72%
Eog ResourcesEOG	ULVM +0.65 points	0.24%	0.89%
Diamondback EnergyFANG	ULVM +0.64 points	0.11%	0.75%
Synchrony FinancialSYF	ULVM +0.64 points	0.07%	0.71%
Dollar General CorpDG	ULVM +0.63 points	0.08%	0.71%
PultegroupPHM	ULVM +0.63 points	0.07%	0.70%
Bunge Global SABG	ULVM +0.63 points	0.04%	0.67%
Td SynnexSNX	ULVM +0.63 points	0.03%	0.66%
Edison InternationalEIX	ULVM +0.63 points	0.06%	0.69%
Lennar A Class ALEN	ULVM +0.61 points	0.05%	0.66%
Te Connectivity PLCTEL	ULVM +0.60 points	0.07%	0.67%
Marathon PetroleumMPC	ULVM +0.60 points	0.18%	0.78%
Leidos HoldingsLDOS	ULVM +0.60 points	0.05%	0.65%
United Parcel Service Inc Class BUPS	ULVM +0.59 points	0.23%	0.82%
Fedex CorpFDX	ULVM +0.59 points	0.19%	0.78%
Paccar IncPCAR	ULVM +0.59 points	0.14%	0.73%
PG&E CorpPCG	ULVM +0.58 points	0.08%	0.66%
D R HortonDHI	ULVM +0.58 points	0.10%	0.68%
Fox Class AFOXA	ULVM +0.56 points	0.04%	0.60%
DowDOW	ULVM +0.56 points	0.07%	0.63%
Occidental Petroleum CorpOXY	ULVM +0.55 points	0.13%	0.68%
Southwest AirlinesLUV	ULVM +0.55 points	0.02%	0.57%
Global Payments IncGPN	ULVM +0.54 points	0.05%	0.59%
Target CorpTGT	ULVM +0.54 points	0.20%	0.74%
General MotorsGM	ULVM +0.54 points	0.21%	0.75%
TapestryTPR	ULVM +0.51 points	0.02%	0.53%
Centene CorpCNC	ULVM +0.49 points	0.05%	0.54%
Bristol Myers SquibbBMY	ULVM +0.49 points	0.36%	0.85%
Tenet Healthcare CorpTHC	ULVM +0.49 points	0.06%	0.55%
Delta Air LinesDAL	ULVM +0.47 points	0.15%	0.62%
Cognizant Technology Solutions ClaCTSH	ULVM +0.47 points	0.08%	0.55%
HumanaHUM	ULVM +0.46 points	0.08%	0.54%
Cf Industries Holdings IncCF	ULVM +0.44 points	0.05%	0.49%
Zoom Communications Class AZM	ULVM +0.43 points	0.07%	0.50%
PayPal HoldingsPYPL	ULVM +0.42 points	0.14%	0.56%
Hp IncHPQ	ULVM +0.42 points	0.08%	0.50%
Ford Motor CoF	ULVM +0.41 points	0.14%	0.55%
Expedia GroupEXPE	ULVM +0.40 points	0.04%	0.44%
Valero Energy CorpVLO	ULVM +0.39 points	0.31%	0.70%
Cvs HealthCVS	ULVM +0.37 points	0.33%	0.70%
UnitedHealth GroupUNH	ILCV +0.37 points	1.05%	0.68%
United Airlines HoldingsUAL	ULVM +0.36 points	0.10%	0.46%
Capital One Financial CorpCOF	ULVM +0.33 points	0.36%	0.69%
Verizon Communications IncVZ	ULVM +0.29 points	0.52%	0.81%
Hewlett Packard EnterpriseHPE	ULVM +0.22 points	0.22%	0.44%
Dell Technologies Inc Class CDELL	ULVM +0.17 points	0.11%	0.28%

All 372 ILCV holdings⁠All 127 ULVM 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 ULVM Cost

Overpaying ULVM vs ILCV

$3,306

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

ILCV 0.04%
$849
ULVM 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
ULVM 0.20%
Overpaying

Year by year

Year	ILCV	ULVM	Overpaying
10	$73	$365	$292
20	$288	$1,421	$1,133
30	$849	$4,155	$3,306

Expense ratio

0.04%ILCV, cheaper
0.20%ULVM

ILCV0.04%ULVM0.20%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

ULVM 30th cheapest of 99 funds

ILCV vs ULVM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%; ULVM 1.79%, better
Payout (12M): ILCV $1.65; ULVM $1.92
Last payment: ILCV $0.42; ULVM $0.21
Ex-dividend: ILCV Sep 15, 2026; ULVM Oct 8, 2026
Paid on: ILCV Sep 18, 2026; ULVM Oct 9, 2026
Frequency: ILCV Quarterly; ULVM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ILCVQuarterly · 15 paymentsAll ILCV payments⁠

ULVMMonthly · 45 paymentsAll ULVM payments⁠

ILCV vs ULVM Risk

Fall from peak · 5 years

ILCV
ULVM

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterULVM 13.1%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterULVM 1.35
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterULVM −19.8%
Market sensitivityBeta, 5 years: ILCV 0.82ULVM 0.87; Market = 1

Popular comparisons

ILCVAvsVONVA
iShares Morningstar Value ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.04% · 0.06%
Category
ULVMBvsVONVA
VictoryShares US Value Momentum ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.20% · 0.06%
Category
ILCVAvsVYMA
iShares Morningstar Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.04% · 0.04%
Category
ULVMBvsVYMA
VictoryShares US Value Momentum ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.20% · 0.04%
Category
ILCVAvsIMCVA
iShares Morningstar Value ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.04% · 0.06%
Category
ULVMBvsIMCVA
VictoryShares US Value Momentum ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.20% · 0.06%
Category