IWD vs PWV: Grades, Fees and Holdings Compared

iShares Russell 1000 Value ETF

IWDANYSE Arca

Invesco Large Cap Value ETF

PWVCNYSE Arca

Overlap

18.5%by weight

Expense ratio

IWD −0.37pt a year

IWD0.18%PWV0.55%

Avg volume · 30D

IWD 13.3×the volume

IWD2.01MPWV151K

10Y return · a year

PWV +0.7pt

IWD+11.9%PWV+12.6%

IWD vs PWV Performance

Oct 29, 2021 – Oct 30, 2026

+72.9%IWD+91.4%PWV

Expense ratio: IWD 0.18%, better; PWV 0.55%
Fund size: IWD $83.2B; PWV $1.89B
1Y total return: IWD +28.4%, better; PWV +27.2%
Yield (12M): IWD 1.37%; PWV 1.70%, better
Holdings: IWD 874; PWV 51
Avg volume (30D): IWD 2.01M sh, better; PWV 151K sh
NAV per share: IWD $258.68; PWV $80.86
52W range

ETF.net Grade

Pillar letters and Scores for IWD, PWV, with each pillar’s weight
Pillar	IWD	PWV
Cost30% weight	B59Higher	F13
Mission25% weight	A100Higher	B63
Risk15% weight	A79	A81Higher
Tradability15% weight	A96Higher	B64
Holdings10% weight	C42Higher	D38
Durability5% weight	A82Higher	B63

Rank among US Value Index funds

How we build Categories ›

Same Category. IWD and PWV 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 ›

IWD ranks 4th and PWV 30th 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 28CVFVAVanguard U.S. Value Factor ETFScore 49
Rank 30CPWVInvesco Large Cap Value ETFScore 48
Rank 31CDFATDimensional US Targeted Value ETFScore 46

Our read on each fund

ETF.net Research

IWDAiShares Russell 1000 Value ETF

PWVCInvesco Large Cap Value ETF

In short

IWD The original Russell 1000 Value tracker, live since 2000 and still one of the most traded ways to own the value half of US large caps. Roughly 900 stocks, followed closely, at a price that reflects the plumbing.

PWV A 2005-vintage value fund that doesn't just buy the cheap half of the market. Invesco's Intellidex rules screen large caps down to roughly 50 names, and you pay 0.55% a year for that selectivity.

Stated mandate

IWD The fund seeks to track an index of U.S. large- and mid-cap stocks that may be undervalued relative to comparable companies.

PWV The Fund seeks capital appreciation by investing primarily in common stocks that comprise its underlying index.

Why people hold it

IWD Follows the Russell 1000 Value Index closely, one of the tightest index-following records among US value funds.
About 900 large- and mid-cap names, so no single stock or sector drives the result.
Trading since 2000 and actively traded, it is among the easier value ETFs to move in and out of, in size.

PWV About 50 large-cap names picked by a rules-based Intellidex screen, not a few hundred sorted by price tag. Concentration is the whole point.invesco.com
Running since 2005 and now a multi-billion-dollar fund, so it's a long-tenured strategy rather than a recent launch riding a value revival.
Pays quarterly, and its swings have been mild for a stock fund compared with others in the value group.

Worth knowing

IWD At 0.18% a year, it costs more than several broad value rivals (VTV 0.03%, SCHV 0.04%, IUSV 0.04%). The extra buys the Russell index and the trading depth.
Holding roughly 900 names out of a 1,000-stock parent index, the value tilt is wide and mild, not a concentrated deep-value bet.ishares.com
Distributions land quarterly, and the amount rides on what the underlying companies pay.

PWV At 0.55%, one of the pricier ways to own large-cap value. VTV, SCHV and IUSV run the plain-index version for 0.03% to 0.04%.
A 50-stock screen can wander well away from broad value benchmarks, in either direction, between rebalances.
Moderately traded, so spreads won't be as tight as the biggest value ETFs. That shows up most on large or hurried orders.

Full IWD profile⁠

Full PWV profile⁠

IWD vs PWV Holdings

How IWD and PWV differ

Overlap by weight

18.5%

Shared holdings make up 93.8% of PWV and 18.5% of IWD.

Level by level

Holdings46 in both18.5%
Countryby domicile98.9%
Asset classEquity100%

Sector

No Sector split for PWV.

Country, concentration and asset class

Country by domicile

Country weights in IWD and PWV, widest gap first
Country	More in IWDMore in PWV	IWD	PWV
Switzerland	PWV +1.0 points	0.5%	1.5%
United States	IWD +0.6 points	99.1%	98.5%
Other countries (9)	IWD +0.4 points	0.4%	0.0%

Concentration

Weight in the 10 largest Holdings

IWD29.3%
PWV34.2%

Securities held

IWD871
PWV50

Asset class

IWD: Equity
PWV: Equity

Holdings

Only in IWD825
In both46
Only in PWV4

Only in IWD

825 securities, 81.3% of IWD by weight

Apple6.03%
Amazon.com Inc5.64%
Microsoft5.12%
Berkshire Hathaway Inc Class B2.67%
Johnson & Johnson1.74%
Walmart1.31%
AbbVie1.27%
Cisco Systems Inc1.09%
Procter & Gamble0.99%
Merck & Co Inc0.98%
Philip Morris International0.86%
Coca-Cola0.85%
Intel Corporation0.79%
Rtx0.71%
Thermo Fisher Scientific0.68%
Costco Wholesale Corp0.67%
Meta Platforms Class A0.65%
International Business Machines Co0.64%
Linde PLC0.63%
Gilead Sciences0.56%
Analog Devices0.50%
Abbott Laboratories0.49%
Mcdonalds Corp0.48%
Salesforce0.48%
BlackRock0.46%
Nextera Energy0.46%
Qualcomm0.46%
Pfizer0.46%
Welltower0.45%
Union Pacific0.44%
Deere0.44%
Accenture PLC Class A0.42%
Danaher0.39%
Vertex Pharmaceuticals0.38%
S&P Global0.36%
Progressive0.36%
Charles Schwab0.35%
Altria Group Inc0.34%
Eaton PLC0.32%
Prologis Reit0.32%
American Express0.31%
Medtronic PLC0.31%
Lowes Companies Inc0.31%
Uber Technologies0.30%
Parker-Hannifin0.30%
Dell Technologies Inc Class C0.30%
Newmont0.30%
Cme Group Class A0.29%
Southern0.28%
Stryker0.27%

Only in PWV

4 securities, 6.0% of PWV by weight

Targa Resources Corp1.58%
Elevance Health Inc1.54%
Cencora Inc1.46%
Energy Transfer LP1.44%

Weight gaps

All 46 Holdings in both funds, largest gap first.

Holding weights in IWD and PWV, widest gap first
Holding	More in IWDMore in PWV	IWD	PWV
Amgen IncAMGN	PWV +3.34 points	0.19%	3.53%
Walt DisneyDIS	PWV +2.86 points	0.51%	3.37%
ChevronCVX	PWV +2.77 points	1.15%	3.92%
PepsicoPEP	PWV +2.74 points	0.44%	3.18%
CitigroupC	PWV +2.73 points	0.46%	3.19%
Wells FargoWFC	PWV +2.72 points	0.67%	3.39%
T Mobile Us IncTMUS	PWV +2.55 points	0.20%	2.75%
UnitedHealth GroupUNH	PWV +2.54 points	0.97%	3.51%
Verizon Communications IncVZ	PWV +2.45 points	0.49%	2.94%
Morgan StanleyMS	PWV +2.42 points	0.55%	2.97%
AT&TT	PWV +2.37 points	0.38%	2.75%
Goldman Sachs GroupGS	PWV +2.28 points	0.68%	2.96%
Bank of AmericaBAC	PWV +1.97 points	0.80%	2.77%
Exxonmobil Holdings CorpXOM	PWV +1.82 points	2.04%	3.86%
Occidental Petroleum CorpOXY	PWV +1.45 points	0.12%	1.57%
Devon EnergyDVN	PWV +1.42 points	0.16%	1.58%
Kinder MorganKMI	PWV +1.42 points	0.17%	1.59%
Phillips 66PSX	PWV +1.40 points	0.28%	1.68%
MetlifeMET	PWV +1.39 points	0.14%	1.53%
Diamondback EnergyFANG	PWV +1.38 points	0.12%	1.50%
Valero Energy CorpVLO	PWV +1.37 points	0.27%	1.64%
Eog ResourcesEOG	PWV +1.37 points	0.23%	1.60%
OneokOKE	PWV +1.35 points	0.16%	1.51%
Travelers CompaniesTRV	PWV +1.34 points	0.22%	1.56%
CignaCI	PWV +1.34 points	0.21%	1.55%
American Electric Power IncAEP	PWV +1.34 points	0.19%	1.53%
Delta Air LinesDAL	PWV +1.30 points	0.12%	1.42%
United Parcel Service Inc Class BUPS	PWV +1.27 points	0.21%	1.48%
Allstate CorpALL	PWV +1.26 points	0.18%	1.44%
Truist FinancialTFC	PWV +1.26 points	0.16%	1.42%
General MotorsGM	PWV +1.25 points	0.20%	1.45%
Cummins IncCMI	PWV +1.21 points	0.10%	1.31%
ChubbCB	PWV +1.19 points	0.34%	1.53%
Ameriprise Finance IncAMP	PWV +1.19 points	0.10%	1.29%
Regeneron PharmaceuticalsREGN	PWV +1.18 points	0.24%	1.42%
General Dynamics CorpGD	PWV +1.18 points	0.25%	1.43%
Us BancorpUSB	PWV +1.17 points	0.24%	1.41%
Target CorpTGT	PWV +1.16 points	0.18%	1.35%
Ford Motor CoF	PWV +1.15 points	0.13%	1.28%
ConocophillipsCOP	PWV +1.15 points	0.50%	1.65%
Pnc Financial Services GroupPNC	PWV +1.14 points	0.24%	1.38%
Baker Hughes Class ABKR	PWV +1.14 points	0.14%	1.28%
Cvs HealthCVS	PWV +1.10 points	0.31%	1.41%
Capital One Financial CorpCOF	PWV +1.07 points	0.33%	1.40%
Bristol Myers SquibbBMY	PWV +0.97 points	0.34%	1.31%
JPMorgan Chase & CoJPM	PWV +0.88 points	2.38%	3.26%

All 871 IWD holdings⁠All 50 PWV 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.

IWD vs PWV Cost

Overpaying PWV vs IWD

$7,155

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

IWD 0.18%
$3,749
PWV 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

IWD 0.18%
PWV 0.55%
Overpaying

Year by year

Year	IWD	PWV	Overpaying
10	$328	$988	$660
20	$1,281	$3,790	$2,509
30	$3,749	$10,904	$7,155

Expense ratio

0.18%IWD, cheaper
0.55%PWV

IWD0.18%PWV0.55%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

IWD 16th cheapest of 40 funds

PWV 35th cheapest of 40 funds

IWD vs PWV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWD 1.37%; PWV 1.70%, better
Payout (12M): IWD $3.53; PWV $1.37
Last payment: IWD $0.93; PWV $0.34
Ex-dividend: IWD Sep 15, 2026; PWV Sep 21, 2026
Paid on: IWD Sep 18, 2026; PWV Sep 25, 2026
Frequency: IWD Quarterly; PWV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWDQuarterly · 39 paymentsAll IWD payments⁠

PWVQuarterly · 39 paymentsAll PWV payments⁠

IWD vs PWV Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IWD 12.1%, betterPWV 12.6%
Return per unit of riskSharpe ratio, 3 years: IWD 1.42PWV 1.44, better
Worst fallMax drawdown, 5 years: IWD −19.0%PWV −16.4%, better
Market sensitivityBeta, 5 years: IWD 0.85PWV 0.65; Market = 1

IWD and PWV in the news

All news⁠

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Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026IWD
Head-to-Head
IWD vs VBR: a lower fee does not buy the other value portfolio
12 hours agoIWD
Category Review
U.S. value funds beat the S&P 500 over the past year, but the funds did not move together
Updated Oct 21, 2026IWD
New ETFs
Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026IWD
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026IWD
Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026IWD

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IWD vs PWV

In short

Stated mandate

Why people hold it