ILCV vs VFMF: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Vanguard U.S. Multifactor ETF

VFMFBCboe

Overlap

24.0%by weight

Expense ratio

ILCV −0.14pt a year

ILCV0.04%VFMF0.18%

Avg volume · 30D

VFMF 2.5×the volume

ILCV24.4KVFMF61.6K

5Y return · a year

VFMF +1.8pt

ILCV+12.6%VFMF+14.4%

ILCV vs VFMF Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+95.6%VFMF

Expense ratio: ILCV 0.04%, better; VFMF 0.18%
Fund size: ILCV $1.37B; VFMF $1.1B
1Y total return: ILCV +21.0%; VFMF +33.1%, better
Yield (12M): ILCV 1.51%, better; VFMF 1.37%
Holdings: ILCV 375; VFMF 707
Avg volume (30D): ILCV 24.4K sh; VFMF 61.6K sh, better
NAV per share: ILCV $109.27; VFMF $187.68
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, VFMF, with each pillar’s weight
Pillar	ILCV	VFMF
Cost30% weight	A99Higher	A77
Mission25% weight	A82Higher	B64
Risk15% weight	A90Higher	A70
Tradability15% weight	B64Higher	C50
Holdings10% weight	D39	A72Higher
Durability5% weight	A82Higher	A73

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and VFMF 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 VFMF 30th 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 30BJPMEJPMorgan Diversified Return U.S. Mid Cap Equity ETFScore 67
Rank 30BVFMFVanguard U.S. Multifactor ETFScore 67
Rank 32BANGUSEI Ang Research Enhanced U.S. Large Cap ETFScore 66

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

VFMFBVanguard U.S. Multifactor 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.

VFMF Three factor bets in one Vanguard wrapper: a quantitative model sifts the broad U.S. market down to roughly 600 stocks tilted toward momentum, quality and value, for 0.18% a year (about half the going rate in the multifactor aisle).

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.

VFMF Seeks long-term capital appreciation by using a quantitative model to build a diversified U.S. common-stock portfolio with exposure to momentum, quality, and value characteristics.

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.

VFMF Costs 0.18% a year against a 0.32% median for its multifactor peer group. Unusually cheap for a strategy run by a quant model rather than a plain index copy.
Momentum, quality and value in a single ticker, so there is no bolting three single-factor funds together and rebalancing them yourself.
Roughly 600 names drawn from the Russell 3000 universe. The wager is on factor tilts across a wide bench, not on a concentrated handful of stocks.
Sits in the upper tier of a crowded multifactor field on our review, with its cost and portfolio build doing the heavy lifting.

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.

VFMF Trades lighter than the household-name factor funds. Spreads and limit orders matter more here than with a mega-cap index ETF.
The model targets factor characteristics, not the Russell 3000's weights, so results can wander well away from the plain broad market for long stretches.
If you want one tilt rather than three, Vanguard siblings run cheaper: VONV at 0.06% and VYM at 0.04%.

Full ILCV profile⁠

Full VFMF profile⁠

ILCV vs VFMF Holdings

How ILCV and VFMF differ

Overlap by weight

24.0%

Shared holdings make up 51.6% of ILCV and 42.5% of VFMF.

Level by level

Holdings137 in both24.0%
Sector11 Sectors82.0%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in ILCV and VFMF, widest gap first
Sector	More in ILCVMore in VFMF	ILCV	VFMF
Technology	ILCV +8.9 points	23.9%	14.9%
Financials	VFMF +7.0 points	17.7%	24.7%
Communication	ILCV +4.2 points	8.8%	4.6%
Energy	VFMF +4.0 points	6.6%	10.6%
Consumer Discretionary	VFMF +3.3 points	8.6%	11.9%
Utilities	ILCV +3.0 points	3.0%	0.0%
Real Estate	ILCV +1.5 points	1.7%	0.2%
Industrials	VFMF +1.3 points	6.9%	8.2%
Health Care	VFMF +1.2 points	13.4%	14.6%
Materials	VFMF +1.2 points	2.1%	3.3%
Consumer Staples	ILCV +0.3 points	7.3%	7.0%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and VFMF, widest gap first
Country	More in ILCVMore in VFMF	ILCV	VFMF
United States	VFMF +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

ILCV34.4%
VFMF9.3%

Securities held

ILCV372
VFMF706

Asset class

ILCV: Equity
VFMF: Equity

Holdings

Only in ILCV235
In both137
Only in VFMF569

Only in ILCV

235 securities, 48.2% of ILCV by weight

Microsoft8.45%
Berkshire Hathaway Inc Class B2.84%
Meta Platforms Class A2.50%
Tesla Inc1.24%
Coca-Cola1.03%
Visa Class A1.00%
Home Depot0.93%
Philip Morris International0.92%
Rtx0.76%
Thermo Fisher Scientific0.75%
Costco Wholesale Corp0.71%
International Business Machines Co0.69%
Linde PLC0.66%
Mastercard Class A0.63%
Qualcomm0.56%
Walt Disney0.54%
Salesforce0.52%
Mcdonalds Corp0.52%
Abbott Laboratories0.51%
Union Pacific0.51%
Nextera Energy0.49%
BlackRock0.46%
Danaher0.43%
AT&T0.41%
Caterpillar Inc0.38%
Progressive0.38%
Capital One Financial Corp0.36%
Medtronic PLC0.35%
Oracle0.35%
Prologis Reit0.35%
Lowes Companies Inc0.33%
Southern0.30%
Cme Group Class A0.30%
Sandisk0.29%
Analog Devices0.28%
Duke Energy Corp0.28%
Uber Technologies0.27%
Us Bancorp0.27%
Eaton PLC0.26%
S&P Global0.26%
Pnc Financial Services Group0.26%
Intercontinental Exchange Inc0.26%
Elevance Health Inc0.25%
Deere0.25%
American Tower Reit0.25%
Waste Management Inc0.24%
United Parcel Service Inc Class B0.23%
Mondelez International Class A0.23%
Stryker0.23%
Comcast Class A0.22%

Only in VFMF

569 securities, 64.4% of VFMF by weight

Cummins Inc0.71%
Western Digital Corp0.65%
Airbnb Inc0.62%
Fortinet Inc0.57%
Lam Research Corp0.50%
Johnson Controls International plc0.42%
Moody's Corp0.35%
HF Sinclair Corp0.32%
Arista Networks Inc0.29%
10X Genomics Inc0.28%
Exelixis Inc0.28%
Apa Corp0.27%
Anglogold Ashanti Plc0.27%
Macy's Inc0.27%
RenaissanceRe Holdings Ltd0.27%
Arrow Electronics Inc0.26%
Dillard's Inc0.26%
Best Buy Co Inc0.26%
American Airlines Group Inc0.26%
DaVita Inc0.26%
EnerSys0.26%
Chord Energy Corp0.25%
Jazz Pharmaceuticals PLC0.25%
MSC Industrial Direct Co Inc0.24%
RingCentral Inc0.24%
Globe Life Inc0.24%
Etsy Inc0.24%
BorgWarner Inc0.24%
Popular Inc0.24%
Affiliated Managers Group Inc0.24%
CareDx Inc0.24%
Match Group Inc0.24%
Maplebear Inc0.24%
Primerica Inc0.23%
Axis Capital Holdings Ltd0.23%
Ryder System Inc0.23%
Ingram Micro Holding Corp0.23%
Skyworks Solutions Inc0.22%
Hecla Mining Co0.22%
Enact Holdings Inc0.22%
Align Technology Inc0.22%
Stanley Black & Decker Inc0.22%
J M Smucker Co/The0.21%
Crocs Inc0.21%
Lear Corp0.21%
BOK Financial Corp0.21%
Hasbro Inc0.21%
VF Corp0.21%
Autodesk Inc0.21%
NOV Inc0.21%

Weight gaps

The 100 widest of 137 Holdings in both funds.

Holding weights in ILCV and VFMF, widest gap first
Holding	More in ILCVMore in VFMF	ILCV	VFMF
AppleAAPL	ILCV +6.88 points	7.24%	0.36%
Amazon.com IncAMZN	ILCV +2.95 points	3.08%	0.13%
JPMorgan Chase & CoJPM	ILCV +2.25 points	2.60%	0.35%
Alphabet Class AGOOGL	ILCV +1.58 points	2.04%	0.46%
Alphabet Class CGOOG	ILCV +1.49 points	1.65%	0.16%
Exxonmobil Holdings CorpXOM	ILCV +1.42 points	2.14%	0.72%
ChevronCVX	ILCV +1.12 points	1.23%	0.11%
Johnson & JohnsonJNJ	ILCV +1.08 points	1.89%	0.81%
Procter & GamblePG	ILCV +1.01 points	1.06%	0.05%
Dell Technologies Inc Class CDELL	VFMF +0.91 points	0.11%	1.02%
Valero Energy CorpVLO	VFMF +0.76 points	0.31%	1.07%
Cisco Systems IncCSCO	ILCV +0.76 points	1.22%	0.46%
AbbVieABBV	ILCV +0.71 points	1.46%	0.75%
Marathon PetroleumMPC	VFMF +0.70 points	0.18%	0.88%
Eog ResourcesEOG	VFMF +0.62 points	0.24%	0.86%
Morgan StanleyMS	ILCV +0.62 points	0.64%	0.02%
Travelers CompaniesTRV	VFMF +0.60 points	0.24%	0.84%
NewmontNEM	VFMF +0.58 points	0.33%	0.91%
Ross Stores IncROST	VFMF +0.57 points	0.06%	0.63%
Bank of New York Mellon CorpBNY	VFMF +0.57 points	0.11%	0.68%
WalmartWMT	ILCV +0.54 points	0.91%	0.37%
Bank of AmericaBAC	ILCV +0.53 points	0.94%	0.41%
UnitedHealth GroupUNH	ILCV +0.51 points	1.05%	0.54%
Altria Group IncMO	VFMF +0.49 points	0.36%	0.85%
Goldman Sachs GroupGS	ILCV +0.47 points	0.77%	0.30%
Colgate-PalmoliveCL	VFMF +0.46 points	0.14%	0.60%
Bristol Myers SquibbBMY	VFMF +0.46 points	0.36%	0.81%
Fedex CorpFDX	VFMF +0.46 points	0.19%	0.65%
Adobe IncADBE	VFMF +0.43 points	0.28%	0.71%
Cvs HealthCVS	VFMF +0.38 points	0.33%	0.71%
ConocophillipsCOP	VFMF +0.35 points	0.51%	0.86%
Verizon Communications IncVZ	ILCV +0.35 points	0.52%	0.17%
ChubbCB	ILCV +0.34 points	0.36%	0.02%
General MotorsGM	VFMF +0.34 points	0.21%	0.55%
Hca HealthcareHCA	VFMF +0.32 points	0.20%	0.52%
Allstate CorpALL	VFMF +0.32 points	0.09%	0.41%
Regeneron PharmaceuticalsREGN	VFMF +0.32 points	0.23%	0.55%
IntuitINTU	VFMF +0.32 points	0.25%	0.57%
Lockheed MartinLMT	ILCV +0.32 points	0.36%	0.04%
Merck & Co IncMRK	ILCV +0.32 points	1.03%	0.71%
Texas InstrumentTXN	ILCV +0.29 points	0.45%	0.16%
Southwest AirlinesLUV	VFMF +0.27 points	0.02%	0.29%
Mckesson CorpMCK	VFMF +0.27 points	0.24%	0.51%
Wells FargoWFC	ILCV +0.25 points	0.73%	0.48%
TjxTJX	ILCV +0.25 points	0.28%	0.03%
Charles SchwabSCHW	VFMF +0.23 points	0.27%	0.50%
Southern Copper CorpSCCO	VFMF +0.22 points	0.05%	0.27%
Micron TechnologyMU	ILCV +0.21 points	1.35%	1.14%
CignaCI	VFMF +0.21 points	0.22%	0.43%
Illumina IncILMN	VFMF +0.21 points	0.05%	0.26%
United TherapeuticsUTHR	VFMF +0.21 points	0.03%	0.24%
Expedia GroupEXPE	VFMF +0.21 points	0.04%	0.25%
Incyte CorpINCY	VFMF +0.21 points	0.03%	0.24%
ViatrisVTRS	VFMF +0.21 points	0.06%	0.27%
Centene CorpCNC	VFMF +0.20 points	0.05%	0.25%
News Class ANWSA	VFMF +0.20 points	0.03%	0.23%
State StreetSTT	VFMF +0.20 points	0.08%	0.28%
General Dynamics CorpGD	ILCV +0.20 points	0.26%	0.06%
First Citizens Bancshares Class AFCNCA	VFMF +0.19 points	0.04%	0.23%
TapestryTPR	VFMF +0.19 points	0.02%	0.21%
OvintivOVV	VFMF +0.18 points	0.06%	0.24%
Cf Industries Holdings IncCF	VFMF +0.19 points	0.05%	0.24%
Gilead SciencesGILD	VFMF +0.19 points	0.58%	0.77%
American ExpressAXP	ILCV +0.17 points	0.35%	0.18%
Northern TrustNTRS	VFMF +0.18 points	0.04%	0.22%
Permian Resources Class APR	VFMF +0.16 points	0.06%	0.22%
Hp IncHPQ	VFMF +0.17 points	0.08%	0.25%
Honeywell International IncHON	ILCV +0.16 points	0.20%	0.04%
Technipfmc PLCFTI	VFMF +0.17 points	0.02%	0.19%
Amgen IncAMGN	VFMF +0.16 points	0.71%	0.87%
Expand EnergyEXE	VFMF +0.16 points	0.02%	0.18%
BiogenBIIB	VFMF +0.16 points	0.10%	0.26%
CitigroupC	ILCV +0.15 points	0.60%	0.45%
Accenture PLC Class AACN	VFMF +0.14 points	0.43%	0.57%
MetlifeMET	ILCV +0.13 points	0.15%	0.02%
M&T BankMTB	VFMF +0.13 points	0.09%	0.22%
Delta Air LinesDAL	VFMF +0.13 points	0.15%	0.28%
KrogerKR	VFMF +0.12 points	0.11%	0.23%
Cardinal HealthCAH	VFMF +0.13 points	0.07%	0.20%
Fox Class AFOXA	VFMF +0.12 points	0.04%	0.16%
Occidental Petroleum CorpOXY	VFMF +0.12 points	0.13%	0.25%
Synchrony FinancialSYF	VFMF +0.12 points	0.07%	0.19%
PfizerPFE	ILCV +0.12 points	0.49%	0.37%
Dollar General CorpDG	VFMF +0.11 points	0.08%	0.19%
Citizens Financial Group IncCFG	VFMF +0.11 points	0.04%	0.15%
Arch Capital GroupACGL	VFMF +0.11 points	0.10%	0.21%
Dollar Tree IncDLTR	VFMF +0.11 points	0.07%	0.18%
Ford Motor CoF	ILCV +0.11 points	0.14%	0.03%
Reliance Steel & AluminumRS	VFMF +0.10 points	0.03%	0.13%
United Airlines HoldingsUAL	VFMF +0.10 points	0.10%	0.20%
Regions FinancialRF	VFMF +0.09 points	0.07%	0.16%
East West BancorpEWBC	VFMF +0.10 points	0.05%	0.15%
Us Foods HoldingUSFD	VFMF +0.10 points	0.03%	0.13%
Albemarle CorpALB	VFMF +0.10 points	0.01%	0.11%
Truist FinancialTFC	VFMF +0.09 points	0.17%	0.26%
Hewlett Packard EnterpriseHPE	VFMF +0.08 points	0.22%	0.30%
Cognizant Technology Solutions ClaCTSH	VFMF +0.08 points	0.08%	0.16%
AflacAFL	VFMF +0.07 points	0.16%	0.23%
Phillips 66PSX	VFMF +0.08 points	0.31%	0.39%
Diamondback EnergyFANG	VFMF +0.07 points	0.11%	0.18%

All 372 ILCV holdings⁠All 553 VFMF 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 VFMF Cost

Overpaying VFMF vs ILCV

$2,900

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

ILCV 0.04%
$849
VFMF 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
VFMF 0.18%
Overpaying

Year by year

Year	ILCV	VFMF	Overpaying
10	$73	$328	$255
20	$288	$1,281	$993
30	$849	$3,749	$2,900

Expense ratio

0.04%ILCV, cheaper
0.18%VFMF

ILCV0.04%VFMF0.18%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

VFMF 24th cheapest of 99 funds

ILCV vs VFMF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%, better; VFMF 1.37%
Payout (12M): ILCV $1.65; VFMF $2.58
Last payment: ILCV $0.42; VFMF $0.60
Ex-dividend: ILCV Sep 15, 2026; VFMF Sep 23, 2026
Paid on: ILCV Sep 18, 2026; VFMF Sep 25, 2026
Frequency: ILCV Quarterly; VFMF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

VFMFQuarterly · 34 paymentsAll VFMF payments⁠

ILCV vs VFMF Risk

Fall from peak · 5 years

ILCV
VFMF

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterVFMF 14.2%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterVFMF 1.39
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterVFMF −20.6%
Market sensitivityBeta, 5 years: ILCV 0.82VFMF 0.94; Market = 1

ILCV and VFMF in the news

All news⁠

Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VFMF

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ILCV vs VFMF

In short

Stated mandate

Why people hold it

Worth knowing

How ILCV and VFMF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ILCV

Only in VFMF

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

US multifactor funds ran 30 points apart

How ILCV and VFMF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ILCV

Only in VFMF

Weight gaps