IUSV vs VOE: Grades, Fees and Holdings Compared

iShares Core S&P U.S. Value ETF

IUSVANasdaq

Vanguard Morningstar Mid-Cap Value ETF

VOEANYSE Arca

Overlap

19.5%by weight

Expense ratio

IUSV −0.01pt a year

IUSV0.04%VOE0.05%

Avg volume · 30D

IUSV 1.7×the volume

IUSV575KVOE331K

10Y return · a year

IUSV +1.1pt

IUSV+12.3%VOE+11.2%

IUSV vs VOE Performance

Oct 29, 2021 – Oct 30, 2026

+72.6%IUSV+62.0%VOE

Expense ratio: IUSV 0.04%, better; VOE 0.05%
Fund size: IUSV $28.5B; VOE $36.7B
1Y total return: IUSV +16.6%; VOE +25.0%, better
Yield (12M): IUSV 1.63%; VOE 1.84%, better
Holdings: IUSV 734; VOE 173
Avg volume (30D): IUSV 575K sh, better; VOE 331K sh
NAV per share: IUSV $115.73; VOE $211.25
52W range

ETF.net Grade

Pillar letters and Scores for IUSV, VOE, with each pillar’s weight
Pillar	IUSV	VOE
Cost30% weight	A96Higher	A86
Mission25% weight	A88	A96Higher
Risk15% weight	B64	B67Higher
Tradability15% weight	A82Higher	C48
Holdings10% weight	C48	B62Higher
Durability5% weight	A79	A84Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. IUSV and VOE 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 VOE 4th of 40 funds in the US Value Index Category.

Rank 1ASCHVSchwab U.S. Large-Cap Value ETFScore 84
Rank 2AVTVVanguard Morningstar Value ETFScore 83
Rank 3AIUSViShares Core S&P U.S. Value ETFScore 81
Rank 4AIWDiShares Russell 1000 Value ETFScore 77
Rank 4AVOEVanguard Morningstar Mid-Cap Value ETFScore 77
Rank 6AVLUState Street SPDR S&P 1500 Value Tilt ETFScore 75

Our read on each fund

ETF.net Research

IUSVAiShares Core S&P U.S. Value ETF

VOEAVanguard Morningstar Mid-Cap 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.

VOE The value aisle is stacked with large-cap funds. VOE works the middle of the market instead: roughly 190 mid-cap US value stocks, picked by CRSP's five-factor cheapness screen, at five basis points.

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.

VOE The fund seeks to track the CRSP US Mid Cap Value Index through passive, full replication of its U.S. mid-cap value equity holdings 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.

VOE Five basis points a year, against a cohort median of 0.18%. Under a third of what the typical US value ETF charges.
Mid-cap value is the slot most value funds skip. The other heavyweights on this shelf (VTV, SCHV, IUSV) fish mainly in large caps.
Full replication: it buys the index outright rather than sampling it, and has tracked that index very closely.vanguard.com
Trading since 2006 and now a multi-billion-dollar fund, run as an ETF share class of Vanguard's mid-cap value index fund.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.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

VOE Mid-caps swing wider than large caps, so this is the bumpier seat among the value ETFs it sits beside, most of which lean large.
CRSP scores stocks on both value and growth and can split a name across the two, so some holdings also appear in the mid-cap growth index.crsp.com
The screen is price-based (book, earnings, dividends and sales to price), not quality. Cheap-looking cyclicals come with the territory.crsp.com

Full IUSV profile⁠

Full VOE profile⁠

IUSV vs VOE Holdings

How IUSV and VOE differ

Overlap by weight

19.5%

Shared holdings make up 94.1% of VOE and 19.5% of IUSV.

Level by level

Holdings157 in both19.5%
Sector11 Sectors77.4%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in IUSV and VOE, widest gap first
Sector	More in IUSVMore in VOE	IUSV	VOE
Technology	IUSV +12.7 points	20.2%	7.5%
Utilities	VOE +7.0 points	4.0%	11.0%
Energy	VOE +5.5 points	8.2%	13.7%
Consumer Discretionary	IUSV +4.1 points	9.9%	5.8%
Health Care	IUSV +3.9 points	12.8%	8.9%
Financials	VOE +3.4 points	15.5%	18.9%
Materials	VOE +2.4 points	3.5%	5.9%
Industrials	VOE +2.4 points	11.2%	13.6%
Real Estate	VOE +2.0 points	3.3%	5.3%
Consumer Staples	IUSV +1.1 points	8.8%	7.7%
Communication	IUSV +0.7 points	2.4%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in IUSV and VOE, widest gap first
Country	More in IUSVMore in VOE	IUSV	VOE
United States	VOE +0.8 points	99.2%	100.0%
Switzerland	IUSV +0.5 points	0.5%	0.0%
Other countries (5)	IUSV +0.2 points	0.2%	0.0%

Concentration

Weight in the 10 largest Holdings

IUSV23.0%
VOE14.1%

Securities held

IUSV731
VOE168

Asset class

IUSV: Equity
VOE: Equity

Holdings

Only in IUSV574
In both157
Only in VOE11

Only in IUSV

574 securities, 80.3% of IUSV by weight

Apple7.81%
Amazon.com Inc3.44%
Exxonmobil Holdings Corp2.39%
Walmart1.71%
Chevron1.44%
Costco Wholesale Corp1.39%
Tesla Inc1.33%
Procter & Gamble1.17%
Merck & Co Inc1.15%
UnitedHealth Group1.13%
Home Depot1.02%
Intel Corporation1.01%
Bank of America1.01%
Visa Class A0.98%
JPMorgan Chase & Co0.89%
AbbVie0.87%
Texas Instrument0.85%
Johnson & Johnson0.84%
Thermo Fisher Scientific0.80%
Wells Fargo0.78%
Linde PLC0.74%
Coca-Cola0.66%
Citigroup0.64%
Analog Devices0.63%
Cisco Systems Inc0.60%
Walt Disney0.59%
Salesforce0.58%
Pepsico0.58%
Verizon Communications Inc0.58%
Conocophillips0.57%
Abbott Laboratories0.57%
Union Pacific0.56%
Qualcomm0.55%
Nextera Energy0.54%
Pfizer0.54%
Mastercard Class A0.53%
Deere0.53%
BlackRock0.51%
Accenture PLC Class A0.49%
Ge Aerospace0.47%
AT&T0.46%
Danaher0.45%
Eaton PLC0.45%
Philip Morris International0.44%
Charles Schwab0.44%
Vertex Pharmaceuticals0.44%
Western Digital Corp0.41%
Palo Alto Networks0.41%
Altria Group Inc0.40%
Lockheed Martin0.40%

Only in VOE

11 securities, 5.9% of VOE by weight

Warner Bros Discovery Inc1.26%
Newmont Corp1.04%
Strategy Inc0.95%
Cheniere Energy Inc0.95%
Sunbelt Rentals Holdings Inc0.51%
Zoom Communications Inc0.41%
Medline Inc0.34%
Carnival Corp Ltd0.26%
Markel Group Inc0.17%
Lennar Corp0.03%
SLCMT1142<0.01%

Weight gaps

The 100 widest of 157 Holdings in both funds.

Holding weights in IUSV and VOE, widest gap first
Holding	More in IUSVMore in VOE	IUSV	VOE
Valero Energy CorpVLO	VOE +1.54 points	0.36%	1.90%
Marathon PetroleumMPC	VOE +1.50 points	0.39%	1.89%
Phillips 66PSX	VOE +1.39 points	0.35%	1.74%
Hewlett Packard EnterpriseHPE	VOE +1.14 points	0.23%	1.37%
Cummins IncCMI	VOE +1.14 points	0.07%	1.21%
Target CorpTGT	VOE +0.99 points	0.22%	1.21%
SlbSLB	VOE +0.98 points	0.25%	1.23%
Te Connectivity PLCTEL	VOE +0.98 points	0.06%	1.04%
United RentalsURI	VOE +0.96 points	0.10%	1.06%
Simon Property Group Reit IncSPG	VOE +0.92 points	0.13%	1.05%
General MotorsGM	VOE +0.91 points	0.24%	1.15%
Digital Realty Trust ReitDLR	VOE +0.91 points	0.20%	1.11%
American Electric Power IncAEP	VOE +0.88 points	0.22%	1.10%
CortevaCTVA	VOE +0.86 points	0.02%	0.88%
Air Products and ChemicalsAPD	VOE +0.84 points	0.22%	1.06%
Paccar IncPCAR	VOE +0.82 points	0.17%	0.99%
Aon PLC Class AAON	VOE +0.79 points	0.21%	1.00%
Truist FinancialTFC	VOE +0.77 points	0.19%	0.96%
Arthur J GallagherAJG	VOE +0.78 points	0.22%	1.00%
Baker Hughes Class ABKR	VOE +0.76 points	0.17%	0.93%
Allstate CorpALL	VOE +0.76 points	0.20%	0.96%
Crh Public Limited PLCCRH	VOE +0.75 points	0.19%	0.94%
CencoraCOR	VOE +0.73 points	0.20%	0.93%
OneokOKE	VOE +0.73 points	0.19%	0.92%
Dominion EnergyD	VOE +0.73 points	0.18%	0.91%
NucorNUE	VOE +0.71 points	0.19%	0.90%
Cardinal HealthCAH	VOE +0.70 points	0.18%	0.88%
MetlifeMET	VOE +0.70 points	0.17%	0.87%
SempraSRE	VOE +0.69 points	0.17%	0.87%
Delta Air LinesDAL	VOE +0.69 points	0.15%	0.84%
AflacAFL	VOE +0.69 points	0.17%	0.86%
Devon EnergyDVN	VOE +0.68 points	0.18%	0.86%
EbayEBAY	VOE +0.68 points	0.04%	0.72%
Johnson Controls International PLCJCI	VOE +0.67 points	0.10%	0.77%
Vivmark ResidentialVMRK	VOE +0.66 points	0.14%	0.80%
Becton DickinsonBDX	VOE +0.66 points	0.17%	0.83%
Ford Motor CoF	VOE +0.66 points	0.15%	0.81%
Ferguson EnterprisesFERG	VOE +0.65 points	0.08%	0.73%
Nasdaq IncNDAQ	VOE +0.64 points	0.15%	0.79%
Public Storage ReitPSA	VOE +0.64 points	0.17%	0.81%
Westinghouse Air Brake TechnologieWAB	VOE +0.64 points	0.15%	0.79%
State StreetSTT	VOE +0.63 points	0.15%	0.78%
Fifth Third BancorpFITB	VOE +0.63 points	0.15%	0.78%
Entergy CorpETR	VOE +0.63 points	0.16%	0.79%
HumanaHUM	VOE +0.63 points	0.15%	0.78%
Iqvia Holdings IncIQV	VOE +0.61 points	0.14%	0.75%
Ameriprise Finance IncAMP	VOE +0.61 points	0.13%	0.74%
Carrier GlobalCARR	VOE +0.59 points	0.14%	0.73%
Xcel Energy IncXEL	VOE +0.59 points	0.16%	0.75%
L3HARRIS TechnologiesLHX	VOE +0.59 points	0.16%	0.75%
Netapp IncNTAP	VOE +0.58 points	0.12%	0.70%
Nike Class BNKE	VOE +0.59 points	0.14%	0.73%
Occidental Petroleum CorpOXY	VOE +0.57 points	0.14%	0.71%
Exelon CorpEXC	VOE +0.56 points	0.15%	0.70%
Prudential Financial IncPRU	VOE +0.55 points	0.12%	0.67%
Archer Daniels MidlandADM	VOE +0.53 points	0.12%	0.65%
American International GroupAIG	VOE +0.53 points	0.13%	0.66%
Diamondback EnergyFANG	VOE +0.53 points	0.13%	0.66%
Cbre Group Class ACBRE	VOE +0.52 points	0.11%	0.63%
Keurig Dr Pepper IncKDP	VOE +0.52 points	0.15%	0.67%
SyscoSYY	VOE +0.52 points	0.12%	0.64%
Consolidated EdisonED	VOE +0.51 points	0.13%	0.64%
United Airlines HoldingsUAL	VOE +0.50 points	0.10%	0.61%
Boston ScientificBSX	VOE +0.48 points	0.06%	0.54%
D R HortonDHI	VOE +0.47 points	0.12%	0.59%
KrogerKR	VOE +0.46 points	0.12%	0.58%
KenvueKVUE	VOE +0.46 points	0.12%	0.58%
Public Service Enterprise GroupPEG	VOE +0.45 points	0.12%	0.57%
Hartford Insurance GroupHIG	VOE +0.46 points	0.11%	0.57%
BiogenBIIB	VOE +0.45 points	0.12%	0.57%
Roper TechnologiesROP	VOE +0.45 points	0.14%	0.59%
Wec Energy GroupWEC	VOE +0.44 points	0.12%	0.56%
Kimberly ClarkKMB	VOE +0.44 points	0.11%	0.55%
Cboe Global MarketsCBOE	VOE +0.44 points	0.05%	0.49%
M&T BankMTB	VOE +0.44 points	0.10%	0.54%
Huntington Bancshares IncHBAN	VOE +0.43 points	0.10%	0.53%
WilliamsWMB	VOE +0.43 points	0.28%	0.71%
Northern TrustNTRS	VOE +0.40 points	0.10%	0.50%
Hp IncHPQ	VOE +0.40 points	0.08%	0.48%
Arch Capital GroupACGL	VOE +0.40 points	0.11%	0.51%
Ge Healthcare TechnologiesGEHC	VOE +0.39 points	0.11%	0.50%
Cincinnati FinancialCINF	VOE +0.38 points	0.04%	0.42%
Travelers CompaniesTRV	VOE +0.37 points	0.26%	0.63%
AmerenAEE	VOE +0.37 points	0.10%	0.47%
Regeneron PharmaceuticalsREGN	VOE +0.37 points	0.28%	0.65%
Crown Castle IncCCI	VOE +0.36 points	0.12%	0.48%
Keysight TechnologiesKEYS	VOE +0.37 points	0.16%	0.53%
Willis Towers WatsonWTW	VOE +0.37 points	0.09%	0.46%
Raymond JamesRJF	VOE +0.36 points	0.08%	0.44%
Dollar General CorpDG	VOE +0.36 points	0.09%	0.45%
PG&E CorpPCG	VOE +0.36 points	0.09%	0.45%
Honeywell International IncHON	VOE +0.36 points	0.21%	0.57%
Norfolk Southern CorpNSC	VOE +0.35 points	0.24%	0.59%
Quest Diagnostics IncDGX	VOE +0.35 points	0.09%	0.44%
Citizens Financial Group IncCFG	VOE +0.36 points	0.08%	0.44%
Cognizant Technology Solutions ClaCTSH	VOE +0.35 points	0.09%	0.44%
American Water WorksAWK	VOE +0.35 points	0.09%	0.44%
Vici Pptys IncVICI	VOE +0.35 points	0.08%	0.43%
Dte EnergyDTE	VOE +0.34 points	0.09%	0.43%
Colgate-PalmoliveCL	VOE +0.34 points	0.24%	0.58%

All 732 IUSV holdings⁠All 186 VOE 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 VOE Cost

Overpaying VOE vs IUSV

$211

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

IUSV 0.04%
$849
VOE 0.05%
$1,060

Amount$10,000

Years30 years

Cost over time

IUSV 0.04%
VOE 0.05%
Overpaying

Year by year

Year	IUSV	VOE	Overpaying
10	$73	$92	$19
20	$288	$360	$72
30	$849	$1,060	$211

Expense ratio

0.04%IUSV, cheaper
0.05%VOE

IUSV0.04%VOE0.05%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

IUSV 3rd cheapest of 40 funds

VOE 5th cheapest of 40 funds

IUSV vs VOE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IUSV 1.63%; VOE 1.84%, better
Payout (12M): IUSV $1.89; VOE $3.88
Last payment: IUSV $0.49; VOE $1.03
Ex-dividend: IUSV Sep 15, 2026; VOE Sep 28, 2026
Paid on: IUSV Sep 18, 2026; VOE Sep 30, 2026
Frequency: IUSV Quarterly; VOE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IUSVQuarterly · 39 paymentsAll IUSV payments⁠

VOEQuarterly · 39 paymentsAll VOE payments⁠

IUSV vs VOE Risk

Fall from peak · 5 years

IUSV
VOE

Risk facts

VolatilityStd dev, 3 years: IUSV 11.9%, betterVOE 13.3%
Return per unit of riskSharpe ratio, 3 years: IUSV 1.15VOE 1.20, better
Worst fallMax drawdown, 5 years: IUSV −17.9%, betterVOE −19.7%
Market sensitivityBeta, 5 years: IUSV 0.85VOE 0.76; Market = 1

IUSV and VOE 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 VOE

In short

Stated mandate

Why people hold it

Worth knowing

How IUSV and VOE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IUSV

Only in VOE

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 VOE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IUSV

Only in VOE

Weight gaps