ILCV vs VONV: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

74.3%by weight

Expense ratio

ILCV −0.02pt a year

ILCV0.04%VONV0.06%

Avg volume · 30D

VONV 32.6×the volume

ILCV23.7KVONV772K

10Y return · a year

ILCV +0.4pt

ILCV+12.4%VONV+12.0%

ILCV vs VONV Performance

Oct 28, 2021 – Oct 28, 2026

+81.2%ILCV+73.8%VONV

Expense ratio: ILCV 0.04%, better; VONV 0.06%
Fund size: ILCV $1.37B; VONV $23.3B
1Y total return: ILCV +21.2%; VONV +27.7%, better
Yield (12M): ILCV 1.51%; VONV 1.53%, better
Holdings: ILCV 375; VONV 873
Avg volume (30D): ILCV 23.7K sh; VONV 772K sh, better
NAV per share: ILCV $109.51; VONV $113.36
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, VONV, with each pillar’s weight
Pillar	ILCV	VONV
Cost30% weight	A99Higher	A96
Mission25% weight	A82	A100Higher
Risk15% weight	A89Higher	A85
Tradability15% weight	B64Higher	B60
Holdings10% weight	C40	C49Higher
Durability5% weight	A82	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and VONV 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 ›

VONV ranks 1st and ILCV 2nd 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

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

VONVAVanguard Russell 1000 Value 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.

VONV The plain-vanilla value trade, done cheap: about 900 large US value stocks, full replication of the Russell 1000 Value Index, 0.06% a year. No factor cocktail, no premium price tag, and one of the strongest implementations in its factor peer group.

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.

VONV The fund seeks to track the Russell 1000 Value Index, representing large-capitalization value stocks in the United States. It uses passive indexing and full replication to remain closely aligned with that benchmark.

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.

VONV 0.06% a year, a fraction of the typical fee among factor ETFs. On a rules-based value index there is little room for cleverness, so cost does most of the work.vanguard.com
Full replication, not sampling: it owns the index's roughly 900 names and has stayed tightly aligned with the Russell 1000 Value benchmark since launching in 2010.
Same Russell benchmark as pricier rivals for less: the Goldman MarketBeta version (GVUS) charges 0.12% to track the identical value index.
A multi-billion-dollar fund that trades actively, among the easiest in its group to get in and out of, and it distributes quarterly.

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.

VONV One screen, one style. Value only, with no quality or momentum overlay, so the ride follows the value side of the market wherever it goes.vanguard.com
This is the entire value bucket, not a best-ideas portfolio. About 900 holdings means results hug the large-cap value category rather than stray from it.
Cheaper exists nearby: Vanguard's VYM charges 0.04%, but it screens for dividend yield, a different portfolio than a Russell value index.

Full ILCV profile⁠

Full VONV profile⁠

ILCV vs VONV Holdings

Holdings as of Oct 28, 2026 for ILCV and Oct 27, 2026 for VONV

How ILCV and VONV differ

Overlap by weight

74.3%

Shared holdings make up 88.4% of ILCV and 83.8% of VONV.

Level by level

Holdings345 in both74.3%
Sector11 Sectors92.2%
Countryby domicile97.1%
Asset classEquity100%

Sector

Sector weights in ILCV and VONV, widest gap first
Sector	More in ILCVMore in VONV	ILCV	VONV
Communication	ILCV +5.6 points	9.0%	3.4%
Industrials	VONV +2.6 points	6.9%	9.5%
Real Estate	VONV +1.9 points	1.6%	3.5%
Consumer Discretionary	VONV +1.8 points	8.6%	10.4%
Technology	ILCV +1.6 points	23.5%	21.9%
Materials	VONV +1.2 points	2.1%	3.3%
Utilities	VONV +0.4 points	3.0%	3.4%
Energy	ILCV +0.3 points	6.5%	6.2%
Consumer Staples	ILCV +0.3 points	7.5%	7.2%
Health Care	ILCV +0.1 points	13.5%	13.4%
Financials	VONV +0.1 points	17.8%	17.9%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and VONV, widest gap first
Country	More in ILCVMore in VONV	ILCV	VONV
United States	VONV +2.9 points	97.1%	100.0%
Ireland	ILCV +1.3 points	1.3%	0.0%
United Kingdom	ILCV +0.8 points	0.8%	0.0%
Other countries (5)	ILCV +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

ILCV35.0%
VONV29.8%

Securities held

ILCV372
VONV871

Asset class

ILCV: Equity
VONV: Equity

Holdings

Only in ILCV27
In both345
Only in VONV526

Only in ILCV

27 securities, 11.4% of ILCV by weight

Alphabet Class A2.31%
Alphabet Class C1.86%
Micron Technology1.35%
Tesla Inc1.25%
Visa Class A0.98%
Mastercard Class A0.61%
Texas Instrument0.44%
Caterpillar Inc0.43%
Lockheed Martin0.35%
Oracle0.33%
Booking Holdings0.32%
Sandisk0.29%
Trane Technologies PLC0.14%
Mercadolibre0.13%
Targa Resources0.10%
Simon Property Group Reit Inc0.10%
Te Connectivity PLC0.07%
Revolution Medicines0.06%
Vylor0.06%
Nxp Semiconductors NV0.06%
Expedia Group0.04%
Darden Restaurants Inc0.04%
Nrg Energy Inc0.03%
Coreweave Class A0.02%
Tapestry0.02%
Las Vegas Sands0.01%
Hologic Inc0.00%

Only in VONV

526 securities, 16.0% of VONV by weight

Intel Corp1.51%
Welltower Inc0.46%
Freeport-McMoRan Inc0.28%
Johnson Controls International plc0.23%
Warner Bros Discovery Inc0.20%
O'Reilly Automotive Inc0.19%
Ecolab Inc0.19%
Aon PLC0.16%
AMETEK Inc0.16%
Baker Hughes Co0.15%
Boeing Co/The0.14%
Edwards Lifesciences Corp0.14%
Honeywell Aerospace Inc0.14%
Westinghouse Air Brake Technologies Corp0.13%
Motorola Solutions Inc0.13%
Ventas Inc0.12%
Coherent Corp0.12%
Veeva Systems Inc0.12%
Coinbase Global Inc0.11%
Nasdaq Inc0.11%
Flex Ltd0.11%
AutoZone Inc0.11%
Cummins Inc0.11%
Block Inc0.11%
Twilio Inc0.10%
Moody's Corp0.10%
MSCI Inc0.10%
Okta Inc0.10%
Monster Beverage Corp0.09%
Vulcan Materials Co0.09%
TransDigm Group Inc0.08%
Royal Caribbean Cruises Ltd0.08%
Cboe Global Markets Inc0.08%
Martin Marietta Materials Inc0.08%
ON Semiconductor Corp0.08%
Keysight Technologies Inc0.07%
Qnity Electronics Inc0.07%
West Pharmaceutical Services Inc0.07%
SLBBH11420.07%
Old Dominion Freight Line Inc0.07%
Hubbell Inc0.07%
VeriSign Inc0.06%
Interactive Brokers Group Inc0.06%
Super Micro Computer Inc0.06%
Entegris Inc0.06%
Royal Gold Inc0.06%
Estee Lauder Cos Inc/The0.05%
Nutanix Inc0.05%
ITT Inc0.05%
Zebra Technologies Corp0.05%

Weight gaps

The 100 widest of 345 Holdings in both funds.

Holding weights in ILCV and VONV, widest gap first
Holding	More in ILCVMore in VONV	ILCV	VONV
MicrosoftMSFT	ILCV +3.26 points	8.50%	5.24%
Amazon.com IncAMZN	VONV +2.88 points	3.21%	6.09%
Meta Platforms Class AMETA	ILCV +1.69 points	2.49%	0.80%
AppleAAPL	ILCV +1.16 points	7.23%	6.07%
Home DepotHD	ILCV +0.71 points	0.91%	0.20%
Amgen IncAMGN	ILCV +0.51 points	0.69%	0.18%
Berkshire Hathaway Inc Class BBRK.B	ILCV +0.31 points	2.86%	2.55%
Dell Technologies Inc Class CDELL	VONV +0.27 points	0.12%	0.39%
AbbVieABBV	ILCV +0.27 points	1.44%	1.17%
Exxonmobil Holdings CorpXOM	ILCV +0.27 points	2.11%	1.84%
WalmartWMT	VONV +0.25 points	0.90%	1.15%
Mckesson CorpMCK	ILCV +0.22 points	0.24%	0.02%
Analog DevicesADI	VONV +0.21 points	0.28%	0.49%
DeereDE	VONV +0.22 points	0.24%	0.46%
Coca-ColaKO	ILCV +0.21 points	1.02%	0.81%
Adobe IncADBE	ILCV +0.20 points	0.28%	0.08%
ChevronCVX	ILCV +0.18 points	1.22%	1.04%
American Tower ReitAMT	ILCV +0.18 points	0.25%	0.07%
Equinix ReitEQIX	VONV +0.15 points	0.12%	0.27%
Automatic Data Processing IncADP	ILCV +0.15 points	0.33%	0.18%
CsxCSX	VONV +0.15 points	0.09%	0.24%
Parker-HannifinPH	VONV +0.14 points	0.19%	0.33%
Bank of New York Mellon CorpBNY	VONV +0.14 points	0.11%	0.25%
UnitedHealth GroupUNH	ILCV +0.14 points	1.05%	0.91%
Emerson ElectricEMR	VONV +0.14 points	0.10%	0.24%
CortevaCTVA	VONV +0.13 points	<0.01%	0.14%
Charles SchwabSCHW	VONV +0.14 points	0.27%	0.41%
Eaton PLCETN	VONV +0.13 points	0.26%	0.39%
Procter & GamblePG	ILCV +0.13 points	1.06%	0.93%
BlackstoneBX	ILCV +0.12 points	0.17%	0.05%
SynopsysSNPS	VONV +0.12 points	0.10%	0.22%
JPMorgan Chase & CoJPM	ILCV +0.12 points	2.55%	2.43%
IntuitINTU	ILCV +0.11 points	0.25%	0.14%
Vivmark ResidentialVMRK	VONV +0.12 points	0.01%	0.13%
Digital Realty Trust ReitDLR	VONV +0.11 points	0.07%	0.18%
Constellation Energy CorpCEG	VONV +0.11 points	0.10%	0.21%
International Business Machines CoIBM	ILCV +0.10 points	0.67%	0.57%
Accenture PLC Class AACN	ILCV +0.10 points	0.41%	0.31%
PepsicoPEP	ILCV +0.10 points	0.52%	0.42%
Vertex PharmaceuticalsVRTX	VONV +0.10 points	0.27%	0.37%
Waste Management IncWM	ILCV +0.10 points	0.25%	0.15%
Johnson & JohnsonJNJ	ILCV +0.10 points	1.85%	1.75%
Union PacificUNP	ILCV +0.10 points	0.51%	0.41%
Marriott International Class AMAR	ILCV +0.10 points	0.15%	0.05%
ConocophillipsCOP	ILCV +0.09 points	0.51%	0.42%
Apollo Global ManagementAPO	VONV +0.08 points	0.05%	0.13%
GarminGRMN	VONV +0.09 points	0.04%	0.13%
CitigroupC	ILCV +0.09 points	0.59%	0.50%
Arthur J GallagherAJG	VONV +0.09 points	0.07%	0.16%
Goldman Sachs GroupGS	ILCV +0.09 points	0.76%	0.67%
Cisco Systems IncCSCO	ILCV +0.08 points	1.25%	1.17%
Costco Wholesale CorpCOST	ILCV +0.08 points	0.71%	0.63%
Philip Morris InternationalPM	ILCV +0.08 points	0.90%	0.82%
Waters CorpWAT	VONV +0.08 points	0.04%	0.12%
WilliamsWMB	VONV +0.08 points	0.15%	0.23%
NucorNUE	VONV +0.07 points	0.07%	0.14%
Sherwin WilliamsSHW	VONV +0.07 points	0.08%	0.15%
Illumina IncILMN	VONV +0.07 points	0.04%	0.11%
Norfolk Southern CorpNSC	VONV +0.07 points	0.12%	0.19%
L3HARRIS TechnologiesLHX	VONV +0.07 points	0.05%	0.12%
Linde PLCLIN	ILCV +0.07 points	0.67%	0.60%
United Parcel Service Inc Class BUPS	ILCV +0.07 points	0.23%	0.16%
United RentalsURI	VONV +0.06 points	0.07%	0.13%
Allstate CorpALL	VONV +0.07 points	0.09%	0.16%
MarshMRSH	VONV +0.07 points	0.16%	0.23%
Ferguson EnterprisesFERG	VONV +0.06 points	0.05%	0.11%
S&P GlobalSPGI	VONV +0.06 points	0.26%	0.32%
Iron Mountain IncIRM	VONV +0.06 points	0.03%	0.09%
Air Products and ChemicalsAPD	VONV +0.06 points	0.11%	0.17%
Republic Services IncRSG	VONV +0.06 points	0.05%	0.11%
American Electric Power IncAEP	VONV +0.06 points	0.12%	0.18%
Agilent Technologies IncA	VONV +0.06 points	0.07%	0.13%
RtxRTX	ILCV +0.06 points	0.75%	0.69%
PayPal HoldingsPYPL	ILCV +0.06 points	0.14%	0.08%
Uber TechnologiesUBER	VONV +0.06 points	0.27%	0.33%
Entergy CorpETR	VONV +0.06 points	0.07%	0.13%
SyscoSYY	ILCV +0.06 points	0.11%	0.05%
TjxTJX	ILCV +0.06 points	0.28%	0.22%
Morgan StanleyMS	ILCV +0.05 points	0.63%	0.58%
Nextera EnergyNEE	ILCV +0.05 points	0.49%	0.43%
Gilead SciencesGILD	ILCV +0.05 points	0.56%	0.51%
State StreetSTT	VONV +0.06 points	0.07%	0.13%
Mcdonalds CorpMCD	ILCV +0.05 points	0.50%	0.45%
3MMMM	ILCV +0.05 points	0.25%	0.20%
Valero Energy CorpVLO	ILCV +0.05 points	0.32%	0.27%
Wells FargoWFC	ILCV +0.04 points	0.71%	0.67%
Steel Dynamics IncSTLD	VONV +0.05 points	0.03%	0.08%
Crh Public Limited PLCCRH	VONV +0.04 points	0.11%	0.15%
SalesforceCRM	ILCV +0.05 points	0.55%	0.50%
Teledyne TechnologiesTDY	VONV +0.05 points	0.03%	0.08%
Northrop Grumman CorpNOC	VONV +0.05 points	0.13%	0.18%
ChubbCB	ILCV +0.05 points	0.36%	0.31%
Fifth Third BancorpFITB	VONV +0.05 points	0.08%	0.13%
Carrier GlobalCARR	VONV +0.04 points	0.06%	0.10%
Kimberly ClarkKMB	ILCV +0.04 points	0.10%	0.06%
StrykerSYK	VONV +0.04 points	0.22%	0.26%
SouthernSO	ILCV +0.04 points	0.30%	0.26%
Walt DisneyDIS	ILCV +0.04 points	0.54%	0.50%
Thermo Fisher ScientificTMO	ILCV +0.04 points	0.73%	0.69%
HumanaHUM	VONV +0.05 points	0.08%	0.13%

All 372 ILCV holdings⁠All 872 VONV 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 VONV Cost

Overpaying VONV vs ILCV

$421

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

ILCV 0.04%
$849
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
VONV 0.06%
Overpaying

Year by year

Year	ILCV	VONV	Overpaying
10	$73	$110	$37
20	$288	$432	$144
30	$849	$1,270	$421

Expense ratio

0.04%ILCV, cheaper
0.06%VONV

ILCV0.04%VONV0.06%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

VONV 4th cheapest of 99 funds

ILCV vs VONV Dividends

Last 12 months to Oct 28, 2026

Yield (12M): ILCV 1.51%; VONV 1.53%, better
Payout (12M): ILCV $1.65; VONV $1.74
Last payment: ILCV $0.42; VONV $0.42
Ex-dividend: ILCV Sep 15, 2026; VONV Sep 23, 2026
Paid on: ILCV Sep 18, 2026; VONV Sep 25, 2026
Frequency: ILCV Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

ILCV vs VONV Risk

Fall from peak · 5 years

ILCV
VONV

Risk facts

VolatilityStd dev, 3 years: ILCV 11.0%, betterVONV 12.4%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.31, betterVONV 1.18
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterVONV −18.9%
Market sensitivityBeta, 5 years: ILCV 0.82VONV 0.85; Market = 1

ILCV and VONV in the news

All news⁠

Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VONV
Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VONV

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ILCV vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How ILCV and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ILCV

Only in VONV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

How ILCV and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ILCV

Only in VONV

Weight gaps