IMCV vs VFMF: Grades, Fees and Holdings Compared

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Vanguard U.S. Multifactor ETF

VFMFBCboe

Overlap

19.4%by weight

Expense ratio

IMCV −0.12pt a year

IMCV0.06%VFMF0.18%

Avg volume · 30D

VFMF 1.6×the volume

IMCV38.9KVFMF61.6K

5Y return · a year

VFMF +3.4pt

IMCV+11.0%VFMF+14.4%

IMCV vs VFMF Performance

Oct 29, 2021 – Oct 30, 2026

+68.3%IMCV+95.6%VFMF

Expense ratio: IMCV 0.06%, better; VFMF 0.18%
Fund size: IMCV $1.27B; VFMF $1.1B
1Y total return: IMCV +27.0%; VFMF +33.1%, better
Yield (12M): IMCV 1.84%, better; VFMF 1.37%
Holdings: IMCV 271; VFMF 707
Avg volume (30D): IMCV 38.9K sh; VFMF 61.6K sh, better
NAV per share: IMCV $99.16; VFMF $187.68
52W range

ETF.net Grade

Pillar letters and Scores for IMCV, VFMF, with each pillar’s weight
Pillar	IMCV	VFMF
Cost30% weight	A96Higher	A77
Mission25% weight	A76Higher	B64
Risk15% weight	A77Higher	A70
Tradability15% weight	B69Higher	C50
Holdings10% weight	B69	A72Higher
Durability5% weight	A77Higher	A73

Rank among US Multifactor funds

How we build Categories ›

Same Category. IMCV 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 ›

IMCV ranks 4th 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 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 5ADCORU.S. Core Equity 1 Portfolio ETF Class SharesScore 79
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

IMCVAiShares Morningstar Mid-Cap Value ETF

VFMFBVanguard U.S. Multifactor ETF

In short

IMCV No data

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

IMCV No data

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

IMCV No data

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

IMCV No data

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 IMCV profile⁠

Full VFMF profile⁠

IMCV vs VFMF Holdings

How IMCV and VFMF differ

Overlap by weight

19.4%

Shared holdings make up 40.9% of IMCV and 21.5% of VFMF.

Level by level

Holdings90 in both19.4%
Sector11 Sectors74.4%
Countryby domicile98.7%
Asset classEquity100%

Sector

Sector weights in IMCV and VFMF, widest gap first
Sector	More in IMCVMore in VFMF	IMCV	VFMF
Utilities	IMCV +9.0 points	9.0%	0.0%
Technology	VFMF +8.5 points	6.5%	14.9%
Financials	VFMF +6.2 points	18.5%	24.7%
Industrials	IMCV +6.0 points	14.2%	8.2%
Consumer Discretionary	VFMF +5.0 points	6.9%	11.9%
Real Estate	IMCV +4.4 points	4.6%	0.2%
Communication	VFMF +3.5 points	1.1%	4.6%
Energy	IMCV +2.8 points	13.4%	10.6%
Health Care	VFMF +2.4 points	12.2%	14.6%
Consumer Staples	IMCV +1.7 points	8.7%	7.0%
Materials	IMCV +1.7 points	5.0%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in IMCV and VFMF, widest gap first
Country	More in IMCVMore in VFMF	IMCV	VFMF
United States	VFMF +1.3 points	98.7%	100.0%
Other countries (4)	IMCV +1.3 points	1.3%	0.0%

Concentration

Weight in the 10 largest Holdings

IMCV13.2%
VFMF9.3%

Securities held

IMCV268
VFMF706

Asset class

IMCV: Equity
VFMF: Equity

Holdings

Only in IMCV178
In both90
Only in VFMF616

Only in IMCV

178 securities, 58.9% of IMCV by weight

Us Bancorp1.27%
Pnc Financial Services Group1.24%
Elevance Health Inc1.20%
Mondelez International Class A1.14%
United Parcel Service Inc Class B1.11%
Moderna1.08%
Cheniere Energy0.93%
Kinder Morgan0.91%
Oneok0.83%
Marsh0.82%
Sempra0.77%
Dominion Energy0.77%
Becton Dickinson0.74%
Williams0.72%
Paccar Inc0.69%
Xcel Energy Inc0.68%
PayPal Holdings0.67%
Keurig Dr Pepper Inc0.66%
Strategy Inc Class A0.65%
Exelon Corp0.65%
Northrop Grumman Corp0.64%
Nike Class B0.62%
Iqvia Holdings Inc0.60%
Consolidated Edison0.59%
Norfolk Southern Corp0.59%
American Electric Power Inc0.56%
Prudential Financial Inc0.55%
Crh Public Limited PLC0.53%
Workday Class A0.53%
Air Products and Chemicals0.52%
Crown Castle Inc0.52%
Illinois Tool Inc0.52%
D R Horton0.50%
Emerson Electric0.49%
Kimberly Clark0.49%
Paychex0.49%
Realty Income Reit0.48%
Targa Resources0.48%
Ge Healthcare Technologies0.48%
Public Storage Reit0.47%
Simon Property Group Reit Inc0.47%
Kenvue0.46%
Csx0.43%
Huntington Bancshares Inc0.42%
Roper Technologies0.41%
Labcorp Holdings0.41%
Fifth Third Bancorp0.40%
PG&E Corp0.40%
Dte Energy0.38%
Quest Diagnostics Inc0.38%

Only in VFMF

616 securities, 85.5% of VFMF by weight

Micron Technology Inc1.14%
Newmont Corp0.91%
Amgen Inc0.87%
ConocoPhillips0.86%
Altria Group Inc0.85%
Bristol-Myers Squibb Co0.81%
Johnson & Johnson0.81%
Gilead Sciences Inc0.77%
AbbVie Inc0.75%
ExxonMobil Holdings Corp0.72%
CVS Health Corp0.71%
Cummins Inc0.71%
Merck & Co Inc0.71%
Adobe Inc0.71%
Western Digital Corp0.65%
FedEx Corp0.65%
Airbnb Inc0.62%
PepsiCo Inc0.59%
Intuit Inc0.57%
Accenture PLC0.57%
Fortinet Inc0.57%
UnitedHealth Group Inc0.54%
HCA Healthcare Inc0.52%
McKesson Corp0.51%
Lam Research Corp0.50%
Charles Schwab Corp/The0.50%
Wells Fargo & Co0.48%
Cisco Systems Inc0.46%
Alphabet Inc0.46%
Citigroup Inc0.45%
Johnson Controls International plc0.42%
Bank of America Corp0.41%
Walmart Inc0.37%
Pfizer Inc0.37%
Apple Inc0.36%
Booking Holdings Inc0.35%
JPMorgan Chase & Co0.35%
Moody's Corp0.35%
HF Sinclair Corp0.32%
Goldman Sachs Group Inc/The0.30%
Arista Networks Inc0.29%
10X Genomics Inc0.28%
Exelixis Inc0.28%
Southern Copper Corp0.27%
Apa Corp0.27%
Anglogold Ashanti Plc0.27%
Macy's Inc0.27%
RenaissanceRe Holdings Ltd0.27%
Arrow Electronics Inc0.26%
Dillard's Inc0.26%

Weight gaps

All 90 Holdings in both funds, largest gap first.

Holding weights in IMCV and VFMF, widest gap first
Holding	More in IMCVMore in VFMF	IMCV	VFMF
Automatic Data Processing IncADP	IMCV +1.24 points	1.60%	0.36%
Phillips 66PSX	IMCV +1.15 points	1.54%	0.39%
3MMMM	IMCV +1.04 points	1.23%	0.19%
SlbSLB	IMCV +0.91 points	1.09%	0.18%
MetlifeMET	IMCV +0.71 points	0.73%	0.02%
Regeneron PharmaceuticalsREGN	IMCV +0.70 points	1.25%	0.55%
Target CorpTGT	IMCV +0.70 points	0.96%	0.26%
Hewlett Packard EnterpriseHPE	IMCV +0.70 points	1.00%	0.30%
Ford Motor CoF	IMCV +0.63 points	0.66%	0.03%
Devon EnergyDVN	IMCV +0.62 points	0.78%	0.16%
CignaCI	IMCV +0.61 points	1.04%	0.43%
Truist FinancialTFC	IMCV +0.56 points	0.82%	0.26%
Dell Technologies Inc Class CDELL	VFMF +0.54 points	0.48%	1.02%
AflacAFL	IMCV +0.53 points	0.76%	0.23%
Valero Energy CorpVLO	IMCV +0.50 points	1.57%	1.07%
General MotorsGM	IMCV +0.50 points	1.05%	0.55%
Delta Air LinesDAL	IMCV +0.44 points	0.72%	0.28%
American International GroupAIG	IMCV +0.40 points	0.56%	0.16%
SyscoSYY	IMCV +0.39 points	0.54%	0.15%
Occidental Petroleum CorpOXY	IMCV +0.39 points	0.64%	0.25%
Ross Stores IncROST	VFMF +0.36 points	0.27%	0.63%
EbayEBAY	IMCV +0.36 points	0.46%	0.10%
Diamondback EnergyFANG	IMCV +0.35 points	0.53%	0.18%
Hartford Insurance GroupHIG	IMCV +0.34 points	0.50%	0.16%
Archer Daniels MidlandADM	IMCV +0.33 points	0.48%	0.15%
Eog ResourcesEOG	IMCV +0.33 points	1.19%	0.86%
KrogerKR	IMCV +0.29 points	0.52%	0.23%
Travelers CompaniesTRV	IMCV +0.29 points	1.13%	0.84%
Arch Capital GroupACGL	IMCV +0.27 points	0.48%	0.21%
HumanaHUM	IMCV +0.27 points	0.41%	0.14%
United Airlines HoldingsUAL	IMCV +0.26 points	0.46%	0.20%
HalliburtonHAL	IMCV +0.27 points	0.42%	0.15%
Netapp IncNTAP	IMCV +0.25 points	0.34%	0.09%
FortiveFTV	IMCV +0.25 points	0.27%	0.02%
BiogenBIIB	IMCV +0.25 points	0.51%	0.26%
Cognizant Technology Solutions ClaCTSH	IMCV +0.24 points	0.40%	0.16%
Principal Financial Group IncPFG	IMCV +0.25 points	0.33%	0.08%
M&T BankMTB	IMCV +0.22 points	0.44%	0.22%
T Rowe Price GroupTROW	IMCV +0.21 points	0.30%	0.09%
Zoom Communications Class AZM	IMCV +0.21 points	0.31%	0.10%
Genuine PartsGPC	IMCV +0.21 points	0.23%	0.02%
Dollar General CorpDG	IMCV +0.21 points	0.40%	0.19%
DowDOW	IMCV +0.20 points	0.34%	0.14%
Ameriprise Finance IncAMP	IMCV +0.21 points	0.34%	0.13%
Tyson Foods Inc Class ATSN	IMCV +0.20 points	0.22%	0.02%
Williams Sonoma IncWSM	IMCV +0.20 points	0.23%	0.03%
Southwest AirlinesLUV	VFMF +0.18 points	0.11%	0.29%
Cardinal HealthCAH	IMCV +0.16 points	0.36%	0.20%
GarminGRMN	IMCV +0.17 points	0.20%	0.03%
Performance Food GroupPFGC	IMCV +0.16 points	0.21%	0.05%
Dollar Tree IncDLTR	IMCV +0.15 points	0.33%	0.18%
Regions FinancialRF	IMCV +0.16 points	0.32%	0.16%
Bank of New York Mellon CorpBNY	VFMF +0.16 points	0.52%	0.68%
Synchrony FinancialSYF	IMCV +0.15 points	0.34%	0.19%
Lyondellbasell Industries Class ALYB	IMCV +0.13 points	0.24%	0.11%
Hp IncHPQ	IMCV +0.11 points	0.36%	0.25%
United TherapeuticsUTHR	VFMF +0.11 points	0.13%	0.24%
Snap On IncSNA	IMCV +0.11 points	0.15%	0.04%
Lululemon AthleticaLULU	IMCV +0.11 points	0.15%	0.04%
TapestryTPR	VFMF +0.10 points	0.11%	0.21%
East West BancorpEWBC	IMCV +0.10 points	0.25%	0.15%
News Class ANWSA	VFMF +0.08 points	0.15%	0.23%
Colgate-PalmoliveCL	IMCV +0.09 points	0.69%	0.60%
State StreetSTT	IMCV +0.08 points	0.36%	0.28%
Illumina IncILMN	VFMF +0.09 points	0.17%	0.26%
Td SynnexSNX	IMCV +0.08 points	0.15%	0.07%
Incyte CorpINCY	VFMF +0.08 points	0.16%	0.24%
Expeditors International of WashinEXPD	IMCV +0.08 points	0.17%	0.09%
Expand EnergyEXE	VFMF +0.08 points	0.10%	0.18%
First SolarFSLR	IMCV +0.07 points	0.11%	0.04%
CorpayCPAY	IMCV +0.07 points	0.18%	0.11%
Technipfmc PLCFTI	VFMF +0.07 points	0.12%	0.19%
First Citizens Bancshares Class AFCNCA	VFMF +0.06 points	0.17%	0.23%
Permian Resources Class APR	IMCV +0.05 points	0.27%	0.22%
Expedia GroupEXPE	VFMF +0.05 points	0.20%	0.25%
Fidelity National Financial IncFNF	IMCV +0.04 points	0.14%	0.10%
Allstate CorpALL	IMCV +0.04 points	0.45%	0.41%
Albemarle CorpALB	VFMF +0.04 points	0.07%	0.11%
Citizens Financial Group IncCFG	IMCV +0.03 points	0.18%	0.15%
F5FFIV	IMCV +0.03 points	0.13%	0.10%
OvintivOVV	IMCV +0.03 points	0.27%	0.24%
Centene CorpCNC	VFMF +0.03 points	0.22%	0.25%
ViatrisVTRS	IMCV +0.02 points	0.29%	0.27%
Us Foods HoldingUSFD	IMCV +0.02 points	0.15%	0.13%
Cf Industries Holdings IncCF	IMCV +0.02 points	0.26%	0.24%
Reliance Steel & AluminumRS	IMCV +0.01 points	0.14%	0.13%
Fox Class AFOXA	IMCV +0.01 points	0.17%	0.16%
Northern TrustNTRS	VFMF +0.01 points	0.21%	0.22%
CortevaCTVA	IMCV +0.01 points	0.05%	0.04%
Marathon PetroleumMPC	Same weight	0.88%	0.88%

All 268 IMCV 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.

IMCV vs VFMF Cost

Overpaying VFMF vs IMCV

$2,479

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

IMCV 0.06%
$1,270
VFMF 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

IMCV 0.06%
VFMF 0.18%
Overpaying

Year by year

Year	IMCV	VFMF	Overpaying
10	$110	$328	$218
20	$432	$1,281	$849
30	$1,270	$3,749	$2,479

Expense ratio

0.06%IMCV, cheaper
0.18%VFMF

IMCV0.06%VFMF0.18%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

VFMF 24th cheapest of 99 funds

IMCV vs VFMF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IMCV 1.84%, better; VFMF 1.37%
Payout (12M): IMCV $1.83; VFMF $2.58
Last payment: IMCV $0.52; VFMF $0.60
Ex-dividend: IMCV Sep 15, 2026; VFMF Sep 23, 2026
Paid on: IMCV Sep 18, 2026; VFMF Sep 25, 2026
Frequency: IMCV Quarterly; VFMF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

VFMFQuarterly · 34 paymentsAll VFMF payments⁠

IMCV vs VFMF Risk

Fall from peak · 5 years

IMCV
VFMF

Risk facts

VolatilityStd dev, 3 years: IMCV 13.6%, betterVFMF 14.2%
Return per unit of riskSharpe ratio, 3 years: IMCV 1.22VFMF 1.39, better
Worst fallMax drawdown, 5 years: IMCV −19.9%, betterVFMF −20.6%
Market sensitivityBeta, 5 years: IMCV 0.88VFMF 0.94; Market = 1

IMCV and VFMF in the news

All news⁠

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

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IMCV vs VFMF

In short

Stated mandate

Why people hold it

Worth knowing

How IMCV and VFMF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IMCV

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 IMCV and VFMF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IMCV

Only in VFMF

Weight gaps