IWD vs VBR: Grades, Fees and Holdings Compared

iShares Russell 1000 Value ETF

IWDANYSE Arca

Vanguard Morningstar Small-Cap Value ETF

VBRBNYSE Arca

Overlap

9.3%by weight

Expense ratio

VBR −0.13pt a year

IWD0.18%VBR0.05%

Avg volume · 30D

IWD 7.8×the volume

IWD2.01MVBR259K

10Y return · a year

IWD +1.0pt

IWD+12.1%VBR+11.1%

IWD vs VBR Performance

Nov 2, 2021 – Nov 2, 2026

+72.0%IWD+51.1%VBR

Expense ratio: IWD 0.18%; VBR 0.05%, better
Fund size: IWD $83.2B; VBR $64.1B
1Y total return: IWD +28.8%, better; VBR +21.5%
Yield (12M): IWD 1.36%; VBR 1.80%, better
Holdings: IWD 874; VBR 836
Avg volume (30D): IWD 2.01M sh, better; VBR 259K sh
NAV per share: IWD $258.68; VBR $243.34
52W range

ETF.net Grade

Pillar letters and Scores for IWD, VBR, with each pillar’s weight
Pillar	IWD	VBR
Cost30% weight	B59	A86Higher
Mission25% weight	A100Higher	B69
Risk15% weight	A79Higher	D32
Tradability15% weight	A97Higher	C54
Holdings10% weight	C42	A87Higher
Durability5% weight	A82	A86Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. IWD and VBR 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 VBR 9th 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 9BIWXiShares Russell Top 200 Value ETFScore 68
Rank 9BVBRVanguard Morningstar Small-Cap Value ETFScore 68
Rank 12BVIOVVanguard S&P Small-Cap 600 Value ETFScore 65

Our read on each fund

ETF.net Research

IWDAiShares Russell 1000 Value ETF

VBRBVanguard Morningstar Small-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.

VBR Vanguard's small-cap value index fund, running since 2004 at five basis points. It owns roughly 800 names off the CRSP index, and CRSP's definition of "small" stretches up toward mid-cap turf, making it a gentler read on small-cap value than Russell 2000 versions.

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.

VBR Vanguard Small-Cap Value ETF seeks to follow the CRSP US Small Cap Value Index, which represents U.S. small-cap value stocks. It uses a passive, full-replication approach and normally remains fully invested.

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.

VBR 0.05% a year, against a peer-group median of 0.18%. Roughly a quarter of what the typical value fund in its group charges.
Full replication across about 800 small-cap value names, cap-weighted, so no single stock steers the portfolio.vanguard.com
CRSP shifts companies between size indexes in half-position "packets" inside buffer bands, softening turnover when a holding drifts across the small-cap line.crsp.org
Live since 2004, a multi-billion-dollar fund on one index mandate the whole way. Distributions land quarterly.

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.

VBR CRSP calls the bottom 2%-15% of the investable market "small," so this leans larger than Russell 2000 value funds such as VTWV.crsp.com
Small companies swing harder than large ones, and the fund normally stays fully invested through the swings.vanguard.com
Value here is CRSP's price-ratio screen (book, earnings, dividends, sales to price). No profitability or quality filter sits on top.pnc.com

Full IWD profile⁠

Full VBR profile⁠

IWD vs VBR Holdings

How IWD and VBR differ

Overlap by weight

9.3%

Shared holdings make up 70.7% of VBR and 9.3% of IWD.

Level by level

Holdings365 in both9.3%
Sector11 Sectors80.7%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in IWD and VBR, widest gap first
Sector	More in IWDMore in VBR	IWD	VBR
Technology	IWD +9.5 points	20.2%	10.7%
Real Estate	VBR +7.2 points	3.3%	10.5%
Industrials	VBR +5.0 points	10.5%	15.5%
Health Care	IWD +4.2 points	13.5%	9.3%
Consumer Discretionary	VBR +3.7 points	10.2%	13.9%
Consumer Staples	IWD +3.1 points	7.6%	4.5%
Materials	VBR +1.9 points	3.5%	5.4%
Energy	IWD +1.6 points	6.7%	5.1%
Utilities	VBR +1.5 points	3.5%	5.0%
Financials	IWD +0.7 points	18.3%	17.6%
Communication	IWD +0.3 points	2.9%	2.6%

Country, concentration and asset class

Country by domicile

Country weights in IWD and VBR, widest gap first
Country	More in IWDMore in VBR	IWD	VBR
United States	VBR +0.9 points	99.1%	100.0%
Other countries (10)	IWD +0.9 points	0.9%	0.0%

Concentration

Weight in the 10 largest Holdings

IWD29.3%
VBR5.9%

Securities held

IWD871
VBR827

Asset class

IWD: Equity
VBR: Equity

Holdings

Only in IWD506
In both365
Only in VBR462

Only in IWD

506 securities, 90.5% of IWD by weight

Apple6.03%
Amazon.com Inc5.64%
Microsoft5.12%
Berkshire Hathaway Inc Class B2.67%
JPMorgan Chase & Co2.38%
Exxonmobil Holdings Corp2.04%
Johnson & Johnson1.74%
Walmart1.31%
AbbVie1.27%
Chevron1.15%
Cisco Systems Inc1.09%
Procter & Gamble0.99%
Merck & Co Inc0.98%
UnitedHealth Group0.97%
Philip Morris International0.86%
Coca-Cola0.85%
Bank of America0.80%
Intel Corporation0.79%
Rtx0.71%
Thermo Fisher Scientific0.68%
Goldman Sachs Group0.68%
Costco Wholesale Corp0.67%
Wells Fargo0.67%
Meta Platforms Class A0.65%
International Business Machines Co0.64%
Linde PLC0.63%
Gilead Sciences0.56%
Morgan Stanley0.55%
Walt Disney0.51%
Analog Devices0.50%
Conocophillips0.50%
Verizon Communications Inc0.49%
Abbott Laboratories0.49%
Mcdonalds Corp0.48%
Salesforce0.48%
BlackRock0.46%
Nextera Energy0.46%
Qualcomm0.46%
Pfizer0.46%
Citigroup0.46%
Welltower0.45%
Union Pacific0.44%
Deere0.44%
Pepsico0.44%
Accenture PLC Class A0.42%
Danaher0.39%
AT&T0.38%
Vertex Pharmaceuticals0.38%
S&P Global0.36%
Progressive0.36%

Only in VBR

462 securities, 29.2% of VBR by weight

Jabil Inc0.68%
SLCMT11420.62%
Tapestry Inc0.52%
NRG Energy Inc0.46%
Gartner Inc0.25%
Moog Inc0.25%
Qorvo Inc0.22%
Viasat Inc0.21%
UMB Financial Corp0.20%
American Airlines Group Inc0.20%
Jackson Financial Inc0.20%
Old National Bancorp/IN0.19%
Murphy USA Inc0.19%
FirstCash Holdings Inc0.19%
SM Energy Co0.18%
PBF Energy Inc0.18%
Praxis Precision Medicines Inc0.17%
Spyre Therapeutics Inc0.17%
Zurn Elkay Water Solutions Corp0.17%
Arcosa Inc0.16%
Terreno Realty Corp0.16%
Victoria's Secret & Co0.16%
Plexus Corp0.16%
Commercial Metals Co0.16%
EnerSys0.15%
Enpro Inc0.15%
TXNM Energy Inc0.15%
Fluor Corp0.15%
Macerich Co/The0.14%
United Bankshares Inc/WV0.14%
Matson Inc0.14%
GATX Corp0.14%
Abercrombie & Fitch Co0.14%
Valley National Bancorp0.13%
Snap Inc0.13%
Hancock Whitney Corp0.13%
Terex Corp0.13%
Glacier Bancorp Inc0.13%
Materion Corp0.13%
Southwest Gas Holdings Inc0.13%
Sensient Technologies Corp0.13%
Victory Capital Holdings Inc0.12%
Atlantic Union Bankshares Corp0.12%
Black Hills Corp0.12%
Cogent Biosciences Inc0.12%
Rigetti Computing Inc0.12%
Portland General Electric Co0.12%
Home BancShares Inc/AR0.12%
New Jersey Resources Corp0.12%
U-Haul Holding Co0.12%

Weight gaps

The 100 widest of 365 Holdings in both funds.

Holding weights in IWD and VBR, widest gap first
Holding	More in IWDMore in VBR	IWD	VBR
ModernaMRNA	VBR +0.58 points	0.21%	0.79%
Williams Sonoma IncWSM	VBR +0.54 points	0.07%	0.61%
Atmos EnergyATO	VBR +0.52 points	0.08%	0.60%
F5FFIV	VBR +0.52 points	0.05%	0.57%
Smurfit Westrock PLCSW	VBR +0.47 points	0.06%	0.53%
Tenet Healthcare CorpTHC	VBR +0.41 points	0.06%	0.47%
ViatrisVTRS	VBR +0.40 points	0.06%	0.46%
Omnicom Group IncOMC	VBR +0.40 points	0.06%	0.46%
Us Foods HoldingUSFD	VBR +0.39 points	0.06%	0.45%
Expand EnergyEXE	VBR +0.39 points	0.05%	0.44%
Reliance Steel & AluminumRS	VBR +0.39 points	0.06%	0.45%
Td SynnexSNX	VBR +0.37 points	0.05%	0.42%
Ch Robinson WorldwideCHRW	VBR +0.37 points	<0.01%	0.37%
NisourceNI	VBR +0.36 points	0.06%	0.42%
Zebra Technologies Corp Class AZBRA	VBR +0.35 points	0.05%	0.40%
Wesco InternationalWCC	VBR +0.36 points	0.04%	0.40%
Best BuyBBY	VBR +0.35 points	0.05%	0.40%
Genuine PartsGPC	VBR +0.35 points	0.04%	0.39%
Essex Property Trust ReitESS	VBR +0.35 points	0.04%	0.39%
Dupont De NemoursDD	VBR +0.35 points	0.05%	0.40%
Cf Industries Holdings IncCF	VBR +0.35 points	0.05%	0.40%
RevvityRVTY	VBR +0.34 points	0.05%	0.39%
Bunge Global SABG	VBR +0.34 points	0.03%	0.37%
East West BancorpEWBC	VBR +0.34 points	0.05%	0.39%
Jb Hunt Transport ServicesJBHT	VBR +0.34 points	0.04%	0.38%
EvergyEVRG	VBR +0.34 points	0.05%	0.39%
Zimmer Biomet HoldingsZBH	VBR +0.33 points	0.05%	0.38%
IdexIEX	VBR +0.33 points	0.05%	0.38%
Bitmine Immersion TechnologiesBMNR	VBR +0.33 points	0.03%	0.36%
NvrNVR	VBR +0.33 points	0.02%	0.35%
Alliant Energy CorpLNT	VBR +0.32 points	0.05%	0.37%
FortiveFTV	VBR +0.33 points	0.05%	0.38%
Tractor SupplyTSCO	VBR +0.32 points	0.05%	0.37%
Hf SinclairDINO	VBR +0.32 points	0.05%	0.37%
Reinsurance Group of AmericaRGA	VBR +0.32 points	0.05%	0.37%
CdwCDW	VBR +0.31 points	0.05%	0.36%
Jacobs Solutions IncJ	VBR +0.31 points	0.05%	0.36%
Akamai Technologies IncAKAM	VBR +0.31 points	0.04%	0.35%
Invitation HomesINVH	VBR +0.31 points	0.04%	0.35%
OvintivOVV	VBR +0.31 points	0.05%	0.36%
Ss and C Technologies HoldingsSSNC	VBR +0.31 points	0.04%	0.35%
Host Hotels & Resorts ReitHST	VBR +0.30 points	0.05%	0.35%
Equitable HoldingsEQH	VBR +0.30 points	0.02%	0.32%
Leidos HoldingsLDOS	VBR +0.30 points	0.05%	0.35%
Kimco Realty Reit CorpKIM	VBR +0.30 points	0.04%	0.34%
Api GroupAPG	VBR +0.30 points	0.04%	0.34%
W. P. Carey ReitWPC	VBR +0.29 points	0.04%	0.33%
Jazz Pharmaceuticals PLCJAZZ	VBR +0.29 points	0.03%	0.32%
Ball CorpBALL	VBR +0.29 points	0.05%	0.34%
First Citizens Bancshares Class AFCNCA	VBR +0.29 points	0.05%	0.34%
Annaly Capital Management ReitNLY	VBR +0.28 points	0.04%	0.32%
AramarkARMK	VBR +0.28 points	0.04%	0.32%
ApaAPA	VBR +0.28 points	0.05%	0.33%
Omega Healthcare Investors ReitOHI	VBR +0.28 points	0.04%	0.32%
Healthpeak Properties IncDOC	VBR +0.28 points	0.03%	0.31%
Jones Lang LasalleJLL	VBR +0.28 points	0.04%	0.32%
Everest GroupEG	VBR +0.28 points	0.04%	0.32%
Invesco LtdIVZ	VBR +0.27 points	0.03%	0.30%
Mid America Apartment CommunitiesMAA	VBR +0.27 points	0.04%	0.31%
Charles River Laboratories InternaCRL	VBR +0.27 points	0.05%	0.32%
Mueller Industries IncMLI	VBR +0.27 points	0.03%	0.30%
Performance Food GroupPFGC	VBR +0.27 points	0.04%	0.31%
Echostar Class AECHO	VBR +0.27 points	<0.01%	0.27%
Centene CorpCNC	VBR +0.27 points	0.08%	0.35%
Regency Centers Reit CorpREG	VBR +0.26 points	0.04%	0.30%
Renaissancere HoldingRNR	VBR +0.26 points	0.04%	0.30%
Trimble IncTRMB	VBR +0.26 points	0.04%	0.30%
Stanley Black & DeckerSWK	VBR +0.26 points	0.04%	0.30%
UnumUNM	VBR +0.26 points	0.04%	0.30%
Steel Dynamics IncSTLD	VBR +0.26 points	0.08%	0.34%
MascoMAS	VBR +0.26 points	0.04%	0.30%
Textron IncTXT	VBR +0.26 points	0.04%	0.30%
SolventumSOLV	VBR +0.26 points	0.03%	0.29%
Avery Dennison CorpAVY	VBR +0.25 points	0.04%	0.29%
EqtEQT	VBR +0.25 points	0.09%	0.34%
Globe LifeGL	VBR +0.26 points	0.03%	0.29%
Assurant IncAIZ	VBR +0.26 points	0.04%	0.30%
Allegion PLCALLE	VBR +0.26 points	0.04%	0.30%
Carlisle CompaniesCSL	VBR +0.25 points	0.04%	0.29%
Rpm International IncRPM	VBR +0.26 points	0.03%	0.29%
Caci International Inc Class ACACI	VBR +0.25 points	0.04%	0.29%
BorgwarnerBWA	VBR +0.25 points	0.03%	0.28%
Toll Brothers IncTOL	VBR +0.25 points	0.04%	0.29%
HasbroHAS	VBR +0.25 points	0.03%	0.28%
Dt MidstreamDTM	VBR +0.25 points	0.03%	0.28%
Skyworks SolutionsSWKS	VBR +0.24 points	0.05%	0.29%
Jm SmuckerSJM	VBR +0.23 points	0.04%	0.27%
Encompass HealthEHC	VBR +0.23 points	0.04%	0.27%
Mccormick & Co Non-VotingMKC	VBR +0.24 points	0.03%	0.27%
Arrow ElectronicsARW	VBR +0.23 points	0.03%	0.26%
Gen DigitalGEN	VBR +0.23 points	0.04%	0.27%
Bjs Wholesale Club HoldingsBJ	VBR +0.22 points	0.04%	0.26%
TransunionTRU	VBR +0.23 points	0.04%	0.27%
Cnh Industrial N.v.CNH	VBR +0.22 points	0.03%	0.25%
Crown Holdings IncCCK	VBR +0.23 points	0.03%	0.26%
Alcoa CorpAA	VBR +0.22 points	0.03%	0.25%
Sei InvestmentsSEIC	VBR +0.22 points	0.03%	0.25%
Elanco Animal HealthELAN	VBR +0.22 points	0.03%	0.25%
Baxter InternationalBAX	VBR +0.23 points	0.03%	0.26%
Pinnacle WestPNW	VBR +0.23 points	0.03%	0.26%

All 871 IWD holdings⁠All 841 VBR 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 VBR Cost

Overpaying IWD vs VBR

$2,689

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

IWD 0.18%
$3,749
VBR 0.05%
$1,060

Amount$10,000

Years30 years

Cost over time

IWD 0.18%
VBR 0.05%
Overpaying

Year by year

Year	IWD	VBR	Overpaying
10	$328	$92	$236
20	$1,281	$360	$921
30	$3,749	$1,060	$2,689

Expense ratio

0.18%IWD
0.05%VBR, cheaper

VBR0.05%IWD0.18%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

VBR 5th cheapest of 40 funds

IWD 16th cheapest of 40 funds

IWD vs VBR Dividends

Last 12 months to Nov 2, 2026

Yield (12M): IWD 1.36%; VBR 1.80%, better
Payout (12M): IWD $3.53; VBR $4.42
Last payment: IWD $0.93; VBR $1.03
Ex-dividend: IWD Sep 15, 2026; VBR Sep 28, 2026
Paid on: IWD Sep 18, 2026; VBR Sep 30, 2026
Frequency: IWD Quarterly; VBR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWDQuarterly · 39 paymentsAll IWD payments⁠

VBRQuarterly · 39 paymentsAll VBR payments⁠

IWD vs VBR Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IWD 12.1%, betterVBR 15.9%
Return per unit of riskSharpe ratio, 3 years: IWD 1.42, betterVBR 0.93
Worst fallMax drawdown, 5 years: IWD −19.0%, betterVBR −24.2%
Market sensitivityBeta, 5 years: IWD 0.85VBR 0.98; Market = 1

IWD and VBR in the news

All news⁠

Head-to-Head
IWD vs VBR: a lower fee does not buy the other value portfolio
17 hours agoIWDVBR
Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026IWDVBR
Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026IWD
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

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IWD vs VBR

In short

Stated mandate

Why people hold it