IUSV vs VMAX: Grades, Fees and Holdings Compared

iShares Core S&P U.S. Value ETF

IUSVANasdaq

Hartford US Value ETF

VMAXCCboe

Overlap

27.5%by weight

Expense ratio

IUSV −0.25pt a year

IUSV0.04%VMAX0.29%

Avg volume · 30D

IUSV 959.6×the volume

IUSV582KVMAX607

IUSV vs VMAX Performance

Nov 7, 2025 – Nov 9, 2026

+17.6%IUSV+28.2%VMAX

Expense ratio: IUSV 0.04%, better; VMAX 0.29%
Fund size: IUSV $28.2B; VMAX $3M
1Y total return: IUSV +17.6%; VMAX +28.2%, better
Yield (12M): IUSV 1.62%; VMAX 2.03%, better
Holdings: IUSV 734; VMAX 127
Avg volume (30D): IUSV 582K sh, better; VMAX 607 sh
NAV per share: IUSV $114.31; VMAX $65.23
52W range

ETF.net Grade

Pillar letters and Scores for IUSV, VMAX, with each pillar’s weight
Pillar	IUSV	VMAX
Cost30% weight	A96Higher	D36
Mission25% weight	A89Higher	A77
Risk15% weight	B62	B65Higher
Tradability15% weight	A81Higher	F14
Holdings10% weight	C48	C51Higher
Durability5% weight	A82Higher	F10

Rank among US Value Index funds

How we build Categories ›

Same Category. IUSV and VMAX are both graded against the same 40 US Value Index funds, so their Grades compare head to head.

US Value Index⁠

Category · 40 funds

See all 40 ›

IUSV ranks 3rd and VMAX 36th of 40 funds in the US Value Index Category.

Rank 1ASCHVSchwab U.S. Large-Cap Value ETFScore 85
Rank 2AVTVVanguard Morningstar Value ETFScore 82
Rank 3AIUSViShares Core S&P U.S. Value ETFScore 81
Rank 4AIWDiShares Russell 1000 Value ETFScore 77
Rank 34CRZVInvesco S&P SmallCap 600 Pure Value ETFScore 44
Rank 36CVMAXHartford US Value ETFScore 40
Rank 37DMVALVanEck Morningstar Wide Moat Value ETFScore 36

Our read on each fund

ETF.net Research

IUSVAiShares Core S&P U.S. Value ETF

VMAXCHartford US 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.

VMAX Hartford skipped the off-the-shelf benchmark and built its own value index, then wrapped an ETF around it: about 170 US stocks screened for low valuations, priced above what plain-vanilla value beta costs.

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.

VMAX The Fund seeks to track the total return of the Hartford US Value Index, which invests in U.S. equities selected for favorable value characteristics and relatively low valuations.

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.

VMAX Runs on Hartford's own index (LVMAXX) rather than a licensed S&P or Russell benchmark, screening US equities for favorable value characteristics and relatively low valuations.
Does what the label says: a pure US value equity mandate that has stayed tightly aligned with the index it advertises.
About 170 names, wide enough to blunt single-stock blowups without diluting the value screen into the whole market.
Distributions land quarterly, the standard cadence for a plain equity index fund.

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.com spglobal.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

VMAX At 0.29% a year it costs more than the typical US value fund (median 0.18%), and the category's largest names (VTV, SCHV, IUSV) charge 0.03% to 0.04%.
One of the smaller, lightly traded funds in a cohort of giants, so bid-ask spreads can run wider than the household-name value ETFs.
Launched in December 2023, so the strategy has a short live record and a proprietary index with no long public history behind it.

Full IUSV profile⁠

Full VMAX profile⁠

IUSV vs VMAX Holdings

How IUSV and VMAX differ

Overlap by weight

27.5%

Shared holdings make up 82.9% of VMAX and 43.3% of IUSV.

Level by level

Holdings106 in both27.5%
Sector11 Sectors71.5%
Asset classStocks100%
Countryby domicile99.7%

Sector

Sector weights in IUSV and VMAX, widest gap first
Sector	Gap	IUSV	VMAX
Financials	VMAX +17.6 points	16.1%	33.7%
Technology	IUSV +9.7 points	18.2%	8.5%
Industrials	IUSV +6.6 points	11.3%	4.7%
Consumer Discretionary	IUSV +6.3 points	10.3%	4.0%
Consumer Staples	IUSV +5.5 points	9.4%	3.9%
Energy	VMAX +3.8 points	7.5%	11.3%
Communication	VMAX +2.8 points	2.6%	5.4%
Utilities	VMAX +2.4 points	4.2%	6.6%
Real Estate	VMAX +1.4 points	3.5%	4.9%
Materials	VMAX +0.5 points	3.6%	4.1%
Health Care	IUSV +0.4 points	13.3%	12.9%

Country, concentration and asset class

Country by domicile

Country weights in IUSV and VMAX, widest gap first
Country	Gap	IUSV	VMAX
United States	IUSV +0.1 points	99.2%	99.1%
Switzerland	VMAX +0.3 points	0.6%	0.9%
United Kingdom	IUSV +0.1 points	0.1%	0.0%
Ireland	IUSV +0.1 points	0.1%	0.0%
China	IUSV +0.1 points	0.1%	0.0%
India	Same weight	0.0%	0.0%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IUSV23.1%
VMAX19.3%

Securities held

IUSV731
VMAX125

Asset class

IUSV: Stocks
VMAX: Stocks

Holdings

Only in IUSV625
In both106
Only in VMAX19

Only in IUSV

625 securities, 56.4% of IUSV by weight

Costco Wholesale Corp1.47%
Procter & Gamble1.21%
Tesla Inc1.21%
Intel Corporation0.88%
Thermo Fisher Scientific0.81%
Texas Instrument0.80%
Linde PLC0.75%
Coca-Cola0.68%
Walt Disney0.64%
Abbott Laboratories0.60%
Analog Devices0.56%
Salesforce0.55%
Cisco Systems Inc0.55%
Union Pacific0.54%
BlackRock0.54%
Deere0.53%
Ge Aerospace0.51%
Accenture PLC Class A0.50%
Charles Schwab0.47%
Danaher0.45%
Vertex Pharmaceuticals0.44%
Eaton PLC0.42%
Chubb0.40%
Medtronic PLC0.39%
Capital One Financial Corp0.39%
Mckesson Corp0.39%
Automatic Data Processing Inc0.38%
Starbucks Corp0.38%
Lockheed Martin0.36%
Palo Alto Networks0.36%
International Business Machines Co0.35%
Mcdonalds Corp0.35%
Oracle0.35%
Dell Technologies Inc Class C0.31%
Phillips 660.31%
Marsh0.31%
Intercontinental Exchange Inc0.31%
3M0.30%
Adobe Inc0.30%
Western Digital Corp0.30%
Moderna0.30%
Elevance Health Inc0.29%
Csx0.29%
Emerson Electric0.29%
Blackstone0.28%
Regeneron Pharmaceuticals0.28%
Goldman Sachs Group0.28%
American Tower Reit0.28%
Waste Management Inc0.28%
Synopsys0.27%

Only in VMAX

19 securities, 17.0% of VMAX by weight

Elevance Health Inc Common Stock USD.012.00%
Berkshire Hathaway Inc Class B Common Stock USD.00332.00%
Meta Platforms Inc Class A Common Stock USD.0000061.55%
Accenture PLC Class A Common Stock USD.00002251.54%
Newmont Corp Common Stock USD1.61.51%
Alphabet Inc Class A Common Stock USD.0011.28%
NVIDIA Corp Common Stock USD.0011.24%
Everest Group Ltd Common Stock USD.011.16%
Eli Lilly & Co Common Stock1.12%
Lincoln National Corp Common Stock0.96%
Chubb Ltd Common Stock0.91%
Block Inc Common Stock USD.00000010.39%
Micron Technology Inc Common Stock USD.10.36%
Microsoft Corp Common Stock USD.000006250.33%
Incyte Corp Common Stock USD.0010.25%
Fiserv Inc Common Stock USD.010.20%
Caterpillar Inc Common Stock USD1.00.15%
Crh PLC Common Stock EUR.320.10%
Match Group Inc Common Stock USD.001<0.01%

Weight gaps

The 100 widest of 106 Holdings in both funds.

Holding weights in IUSV and VMAX, widest gap first
Holding	Gap	IUSV	VMAX
AppleAAPL	IUSV +6.56 points	7.88%	1.32%
Amazon.com IncAMZN	IUSV +3.17 points	3.77%	0.60%
Eog ResourcesEOG	VMAX +1.79 points	0.24%	2.03%
ProgressivePGR	VMAX +1.72 points	0.18%	1.90%
Best BuyBBY	VMAX +1.71 points	0.06%	1.77%
Prudential Financial IncPRU	VMAX +1.67 points	0.13%	1.79%
Target CorpTGT	VMAX +1.64 points	0.23%	1.87%
Allstate CorpALL	VMAX +1.62 points	0.20%	1.82%
MacysM	VMAX +1.50 points	0.02%	1.52%
ApaAPA	VMAX +1.48 points	0.05%	1.53%
Mastercard Class AMA	VMAX +1.47 points	0.55%	2.02%
Bristol Myers SquibbBMY	VMAX +1.41 points	0.40%	1.81%
T Rowe Price GroupTROW	VMAX +1.37 points	0.07%	1.44%
PayPal HoldingsPYPL	VMAX +1.30 points	0.16%	1.46%
Hp IncHPQ	VMAX +1.30 points	0.08%	1.38%
Travelers CompaniesTRV	VMAX +1.24 points	0.26%	1.50%
Expand EnergyEXE	VMAX +1.20 points	0.06%	1.26%
Edison InternationalEIX	VMAX +1.17 points	0.07%	1.24%
Gilead SciencesGILD	VMAX +1.12 points	0.30%	1.42%
Devon EnergyDVN	VMAX +1.11 points	0.15%	1.26%
Exxonmobil Holdings CorpXOM	IUSV +1.11 points	2.15%	1.04%
WalmartWMT	IUSV +1.09 points	1.76%	0.67%
Bank of New York Mellon CorpBNY	VMAX +1.08 points	0.12%	1.20%
Visa Class AV	VMAX +1.05 points	1.02%	2.07%
Cf Industries Holdings IncCF	VMAX +1.02 points	0.06%	1.08%
Home DepotHD	IUSV +1.01 points	1.08%	0.07%
Vici Pptys IncVICI	VMAX +0.98 points	0.09%	1.07%
ChevronCVX	IUSV +0.94 points	1.33%	0.39%
Simon Property Group Reit IncSPG	VMAX +0.92 points	0.14%	1.06%
Lamar Advertising Company ClasLAMR	VMAX +0.90 points	0.02%	0.92%
Host Hotels & Resorts ReitHST	VMAX +0.90 points	0.05%	0.95%
Hf SinclairDINO	VMAX +0.86 points	0.05%	0.91%
ConocophillipsCOP	VMAX +0.84 points	0.52%	1.36%
American International GroupAIG	VMAX +0.83 points	0.13%	0.96%
UgiUGI	VMAX +0.82 points	0.02%	0.84%
CitigroupC	VMAX +0.80 points	0.63%	1.43%
Cincinnati FinancialCINF	VMAX +0.79 points	0.04%	0.83%
Reliance Steel & AluminumRS	VMAX +0.75 points	0.07%	0.82%
Duke Energy CorpDUK	VMAX +0.71 points	0.31%	1.02%
Ferguson EnterprisesFERG	VMAX +0.69 points	0.08%	0.77%
Us BancorpUSB	VMAX +0.69 points	0.29%	0.98%
State StreetSTT	VMAX +0.69 points	0.14%	0.83%
Fedex CorpFDX	VMAX +0.66 points	0.21%	0.87%
CignaCI	VMAX +0.64 points	0.24%	0.88%
Synchrony FinancialSYF	VMAX +0.63 points	0.08%	0.71%
Verizon Communications IncVZ	VMAX +0.60 points	0.60%	1.20%
Ww Grainger IncGWW	VMAX +0.59 points	0.20%	0.79%
MascoMAS	VMAX +0.58 points	0.05%	0.63%
Valero Energy CorpVLO	VMAX +0.53 points	0.31%	0.84%
Exelon CorpEXC	VMAX +0.51 points	0.15%	0.66%
Regions FinancialRF	VMAX +0.49 points	0.08%	0.57%
AbbVieABBV	IUSV +0.50 points	0.88%	0.38%
Renaissancere HoldingRNR	VMAX +0.46 points	0.02%	0.48%
Ppg IndustriesPPG	VMAX +0.43 points	0.09%	0.52%
Eversource EnergyES	VMAX +0.41 points	0.08%	0.49%
Factset Research SystemsFDS	VMAX +0.40 points	0.04%	0.44%
HumanaHUM	VMAX +0.40 points	0.16%	0.56%
Lowes Companies IncLOW	IUSV +0.39 points	0.40%	<0.01%
National Fuel GasNFG	VMAX +0.39 points	<0.01%	0.40%
Comcast Class ACMCSA	VMAX +0.39 points	0.27%	0.66%
Philip Morris InternationalPM	IUSV +0.37 points	0.43%	0.06%
Cognizant Technology Solutions ClaCTSH	VMAX +0.37 points	0.09%	0.46%
Northern TrustNTRS	VMAX +0.34 points	0.10%	0.44%
Jack Henry and Associates IncJKHY	VMAX +0.34 points	0.04%	0.38%
Booz Allen Hamilton Holding ClassBAH	VMAX +0.33 points	0.03%	0.36%
SouthernSO	VMAX +0.32 points	0.34%	0.66%
United Parcel Service Inc Class BUPS	VMAX +0.31 points	0.26%	0.57%
Consolidated EdisonED	VMAX +0.26 points	0.14%	0.40%
MsciMSCI	VMAX +0.26 points	0.07%	0.33%
Ally Financial IncALLY	VMAX +0.25 points	0.03%	0.28%
Truist FinancialTFC	VMAX +0.24 points	0.19%	0.43%
Ryder SystemR	VMAX +0.23 points	0.03%	0.26%
Pnc Financial Services GroupPNC	VMAX +0.23 points	0.28%	0.51%
Wells FargoWFC	VMAX +0.22 points	0.80%	1.02%
AT&TT	VMAX +0.22 points	0.47%	0.69%
QualcommQCOM	VMAX +0.22 points	0.56%	0.78%
PepsicoPEP	IUSV +0.22 points	0.61%	0.39%
Altria Group IncMO	VMAX +0.21 points	0.40%	0.61%
M&T BankMTB	VMAX +0.17 points	0.10%	0.27%
American Electric Power IncAEP	VMAX +0.16 points	0.22%	0.38%
KrogerKR	VMAX +0.16 points	0.12%	0.28%
Prologis ReitPLD	IUSV +0.15 points	0.38%	0.23%
Morgan StanleyMS	IUSV +0.14 points	0.27%	0.13%
Amgen IncAMGN	VMAX +0.13 points	0.25%	0.38%
Bank of AmericaBAC	VMAX +0.12 points	1.01%	1.13%
Iron Mountain IncIRM	VMAX +0.12 points	0.10%	0.22%
Cvs HealthCVS	VMAX +0.11 points	0.34%	0.45%
Moodys CorpMCO	VMAX +0.11 points	0.12%	0.23%
Marathon PetroleumMPC	IUSV +0.09 points	0.33%	0.24%
Illinois Tool IncITW	VMAX +0.09 points	0.23%	0.32%
Equinix ReitEQIX	VMAX +0.08 points	0.32%	0.40%
JPMorgan Chase & CoJPM	VMAX +0.08 points	0.90%	0.98%
Fidelity National Information ServFIS	VMAX +0.08 points	0.05%	0.13%
MetlifeMET	VMAX +0.07 points	0.17%	0.24%
PG&E CorpPCG	VMAX +0.07 points	0.09%	0.16%
Merck & Co IncMRK	VMAX +0.07 points	1.14%	1.21%
PfizerPFE	IUSV +0.06 points	0.53%	0.47%
Dominion EnergyD	IUSV +0.04 points	0.19%	0.15%
Nextera EnergyNEE	VMAX +0.04 points	0.57%	0.61%
UnitedHealth GroupUNH	VMAX +0.02 points	1.12%	1.14%

All 732 IUSV holdings⁠All 166 VMAX 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.

IUSV vs VMAX Cost

Overpaying VMAX vs IUSV

$5,103

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

IUSV 0.04%
$849
VMAX 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

IUSV 0.04%
VMAX 0.29%
Overpaying

Year by year

Year	IUSV	VMAX	Overpaying
10	$73	$527	$454
20	$288	$2,044	$1,756
30	$849	$5,952	$5,103

Expense ratio

0.04%IUSV, cheaper
0.29%VMAX

IUSV0.04%VMAX0.29%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

IUSV 3rd cheapest of 40 funds

VMAX 26th cheapest of 40 funds

IUSV vs VMAX Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IUSV 1.62%; VMAX 2.03%, better
Payout (12M): IUSV $1.89; VMAX $1.35
Last payment: IUSV $0.49; VMAX $0.44
Ex-dividend: IUSV Sep 15, 2026; VMAX Sep 25, 2026
Paid on: IUSV Sep 18, 2026; VMAX Sep 29, 2026
Frequency: IUSV Quarterly; VMAX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IUSVQuarterly · 39 paymentsAll IUSV payments⁠

VMAXQuarterly · 11 paymentsAll VMAX payments⁠

IUSV vs VMAX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IUSV 11.9%VMAX 12.5%since Jan 2024
Return per unit of riskSharpe ratio, 3 years: IUSV 1.15VMAX 1.16since Jan 2024
Worst fallMax drawdown, 5 years: IUSV −17.9%VMAX −19.1%since Dec 2023
Market sensitivityBeta, 5 years: IUSV 0.84VMAX 0.72; Market = 1

IUSV and VMAX in the news

All news⁠

Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026IUSV

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IUSV vs VMAX

In short

Stated mandate

Why people hold it

Worth knowing

How IUSV and VMAX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IUSV

Only in VMAX

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

One US value fund returned 68% with Micron at 22.5%. The median returned 22%

How IUSV and VMAX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IUSV

Only in VMAX

Weight gaps