ILCV vs USVM: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

VictoryShares US Small Mid Cap Value Momentum ETF

USVMBNasdaq

Overlap

0.0%by weight

Expense ratio

ILCV −0.18pt a year

ILCV0.04%USVM0.22%

Avg volume · 30D

USVM 1.9×the volume

ILCV24.4KUSVM47.3K

5Y return · a year

ILCV +2.8pt

ILCV+12.6%USVM+9.8%

ILCV vs USVM Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+59.7%USVM

Expense ratio: ILCV 0.04%, better; USVM 0.22%
Fund size: ILCV $1.37B; USVM $1.85B
1Y total return: ILCV +21.0%; USVM +21.9%, better
Yield (12M): ILCV 1.51%; USVM 1.88%, better
Holdings: ILCV 375; USVM 294
Avg volume (30D): ILCV 24.4K sh; USVM 47.3K sh, better
NAV per share: ILCV $109.27; USVM $106.31
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, USVM, with each pillar’s weight
Pillar	ILCV	USVM
Cost30% weight	A99Higher	B67
Mission25% weight	A82	A94Higher
Risk15% weight	A90Higher	C50
Tradability15% weight	B64	B64
Holdings10% weight	D39	A78Higher
Durability5% weight	A82Higher	B57

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and USVM 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 USVM 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 18ATILTNorthern Trust Morningstar US Market Factor Tilt ETFScore 71
Rank 18BUSVMVictoryShares US Small Mid Cap Value Momentum ETFScore 71
Rank 23ADEUSXtrackers Russell US Multifactor ETFScore 70

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

USVMBVictoryShares US Small Mid Cap 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.

USVM Two screens that rarely ride together, cheap and climbing, pointed at the small and mid-cap end of the US market. Roughly 300 stocks, rules-based, and priced under the typical multifactor fund.

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.

USVM The Fund seeks to track the returns of the Nasdaq Victory US Small Mid Cap Value Momentum Index before fees and expenses, primarily by holding the Index's stocks through a replication strategy.

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.

USVM Screens on value and momentum together instead of picking one lane, tracking a single Nasdaq-built index by replication rather than a manager's hunches.
Costs 0.29% a year, below the median for its multifactor peer group.
Works the small and mid-cap aisle while most highly graded funds in the cohort (VONV, VYM, FNDX, GVUS, IUSG) crowd into large caps.
Spreads the bet across about 300 names and pays distributions monthly.

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.

USVM Trades thinly for a fund of its size, so spreads can be wider than the multi-billion-dollar asset base suggests.
Small and mid caps swing harder than large caps, and a value-plus-momentum tilt can wander well away from the broad market for long stretches.
Cheap for a factor strategy, but plain-vanilla peers like VYM (0.04%) and IUSG (0.04%) cost a fraction as much.

Full ILCV profile⁠

Full USVM profile⁠

ILCV vs USVM Holdings

How ILCV and USVM differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ILCV and 0.0% of USVM.

Level by level

Holdings0 in both0.0%
Sector11 Sectors74.1%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in ILCV and USVM, widest gap first
Sector	More in ILCVMore in USVM	ILCV	USVM
Technology	ILCV +14.0 points	23.9%	9.9%
Financials	USVM +7.2 points	17.7%	24.9%
Industrials	USVM +6.6 points	6.9%	13.5%
Real Estate	USVM +6.0 points	1.7%	7.7%
Communication	ILCV +5.4 points	8.8%	3.4%
Consumer Staples	ILCV +3.4 points	7.3%	3.9%
Utilities	USVM +3.2 points	3.0%	6.2%
Consumer Discretionary	USVM +2.9 points	8.6%	11.5%
Energy	ILCV +1.7 points	6.6%	4.9%
Health Care	ILCV +0.9 points	13.4%	12.5%
Materials	ILCV +0.5 points	2.1%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and USVM, widest gap first
Country	More in ILCVMore in USVM	ILCV	USVM
United States	USVM +0.1 points	99.2%	99.3%
Switzerland	ILCV +0.2 points	0.4%	0.2%
Brazil	USVM +0.2 points	0.1%	0.3%
Singapore	USVM +0.1 points	0.0%	0.1%
United Kingdom	ILCV +0.1 points	0.1%	0.0%
China	ILCV +0.1 points	0.1%	0.0%
Ireland	ILCV +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
USVM6.8%

Securities held

ILCV372
USVM292

Asset class

ILCV: Equity
USVM: Equity

Holdings

Only in ILCV372
In both0
Only in USVM292

Only in ILCV

372 securities, 99.8% of ILCV by weight

Microsoft8.45%
Apple7.24%
Amazon.com Inc3.08%
Berkshire Hathaway Inc Class B2.84%
JPMorgan Chase & Co2.60%
Meta Platforms Class A2.50%
Exxonmobil Holdings Corp2.14%
Alphabet Class A2.04%
Johnson & Johnson1.89%
Alphabet Class C1.65%
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%
Visa Class A1.00%
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%
Mastercard Class A0.63%
Citigroup0.60%
Gilead Sciences0.58%
Qualcomm0.56%
Walt Disney0.54%
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%

Only in USVM

292 securities, 99.8% of USVM by weight

Pinnacle West Capital0.78%
Southwest Gas Holdings In0.73%
White Mountains Insurance0.69%
Spire Inc0.68%
Kite Realty Group Trust0.68%
New Jersey Resources Corp0.67%
One Gas Inc0.67%
Avista Corp0.64%
Everest Group Ltd0.64%
Apple Hospitality Reit In0.63%
Sunstone Hotel Investors0.63%
Mdu Resources Group Inc.0.63%
Hanover Insurance Group0.63%
Cno Financial Group Inc0.63%
United Bankshares Inc0.62%
Bok Financial Corp0.62%
Cathay General Bancorp0.61%
Ellington Financial Inc0.61%
Black Hills Corp0.60%
Independent Bank Corp.0.60%
Portland General Electric0.58%
Diamondrock Hospitality C0.58%
Adt Inc0.57%
Otter Tail Corp.0.57%
Host Hotels & Resorts Inc0.57%
Wsfs Financial Corp0.57%
Bank Ozk0.57%
Graham Holdings Co0.57%
First Busey Corp0.56%
Ameris Bancorp0.56%
Globe Life Inc0.55%
Hancock Whitney Corp0.54%
Renaissancere Holdings Lt0.54%
Fnb Corp0.54%
Broadstone Net Lease Inc0.53%
Unum Group0.53%
First Horizon Corp0.53%
H20 America0.53%
Innoviva Inc0.53%
Fulton Financial Corp0.53%
First Financial Bancorp0.52%
Valley National Bancorp0.52%
Associated Banc-Corp0.52%
Concentra Group Holdings0.52%
First Interstate Bancsys-0.52%
Axis Capital Holdings Ltd0.52%
Essent Group Ltd0.51%
Outfront Media Inc0.51%
Popular Inc0.51%
Provident Financial Svcs0.51%

Weight gaps

ILCV and USVM share no securities.

All 372 ILCV holdings⁠All 296 USVM 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 USVM Cost

Overpaying USVM vs ILCV

$3,709

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

ILCV 0.04%
$849
USVM 0.22%
$4,558

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
USVM 0.22%
Overpaying

Year by year

Year	ILCV	USVM	Overpaying
10	$73	$401	$328
20	$288	$1,561	$1,273
30	$849	$4,558	$3,709

Expense ratio

0.04%ILCV, cheaper
0.22%USVM

ILCV0.04%USVM0.22%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

USVM 33rd cheapest of 99 funds

ILCV vs USVM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%; USVM 1.88%, better
Payout (12M): ILCV $1.65; USVM $2.00
Last payment: ILCV $0.42; USVM $0.25
Ex-dividend: ILCV Sep 15, 2026; USVM Oct 8, 2026
Paid on: ILCV Sep 18, 2026; USVM Oct 9, 2026
Frequency: ILCV Quarterly; USVM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ILCVQuarterly · 15 paymentsAll ILCV payments⁠

USVMMonthly · 45 paymentsAll USVM payments⁠

ILCV vs USVM Risk

Fall from peak · 5 years

ILCV
USVM

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterUSVM 16.8%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterUSVM 1.02
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterUSVM −25.3%
Market sensitivityBeta, 5 years: ILCV 0.82USVM 1.00; Market = 1

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