IUSV vs VIOV

IUSVAiShares Core S&P U.S. Value ETF

VIOVBVanguard S&P Small-Cap 600 Value ETF

In short

IUSV A value fund with a wider net: it tracks the S&P 900 Value Index, which screens S&P 500 and MidCap 400 stocks on book value, earnings and sales versus price. Roughly 700 names, 0.04% a year, running since 2000.

VIOV Vanguard's small-cap value corner: the value slice of the S&P Small-Cap 600, held in full, for 0.10% a year. Same narrow job, same low price, since 2010.

Stated mandate

IUSV The fund seeks to track the S&P 900 Value Index, which represents large- and mid-capitalization U.S. value equities. Value characteristics are identified using book value, earnings, and sales relative to price.

VIOV The ETF seeks to track the S&P Small-Cap 600 Value Index using passive full replication and remains fully invested.

Why people hold it

• IUSV Costs 0.04% a year, a fraction of the typical US value ETF, and level with the cheapest of its large peers like SCHV.
• The index reaches past the S&P 500 into the S&P MidCap 400, so mid-cap value names come along. Large-cap-only rivals such as SCHV stop short of them.spindices.com
• A 2000 vintage and now a multi-billion-dollar iShares Core holding: it trades actively, tracks its index closely, and pays quarterly.

• VIOV 0.10% a year, roughly half the median fee among US value ETFs. On a small-cap portfolio, that gap compounds quietly in your favor.
• Full replication, not sampling: it owns about 500 stocks and stays fully invested, and it has tracked its index very tightly.
• Live since 2010 and now a billion-dollar-plus fund, with Vanguard's index plumbing behind it. No exotic wrapper, just a 1940 Act ETF.
• One pure job, clearly stated: US small-cap value, advertised as such in the prospectus. Nothing hidden in the engine room.vanguard.com

Worth knowing

• IUSV S&P's style system splits the parent index by formula, and stocks with both value and growth traits can sit in each. This is the cheap half of the market, not a deep-value sleeve.spglobal.comspglobal.com 2
• The screen is pure price ratios (book value, earnings, sales), with no profitability or quality filter, so cheap-for-a-reason names are part of the deal.spglobal.com
• Holdings are float-market-cap weighted, so the biggest value names drive most of the movement.spglobal.com

• VIOV Thinly traded next to the giants of the value aisle. Spreads can run wider, which matters more on big or hurried orders than on small ones.
• Small-cap value is the choppy end of the value shelf. Expect deeper swings than large-cap value funds like VTV or SCHV.
• Income arrives quarterly, not monthly, and this is a total-market-value sleeve rather than a yield product.

Full IUSV profile⁠

Full VIOV profile⁠