IWD vs VIOV: Grades, Fees and Holdings Compared

iShares Russell 1000 Value ETF

IWDANYSE Arca

Vanguard S&P Small-Cap 600 Value ETF

VIOVBNYSE Arca

Overlap

0.6%by weight

Expense ratio

VIOV −0.08pt a year

IWD0.18%VIOV0.10%

Avg volume · 30D

IWD 33.9×the volume

IWD2.01MVIOV59.2K

10Y return · a year

IWD +1.7pt

IWD+11.9%VIOV+10.2%

IWD vs VIOV Performance

Oct 29, 2021 – Oct 30, 2026

+72.9%IWD+40.5%VIOV

Expense ratio: IWD 0.18%; VIOV 0.10%, better
Fund size: IWD $83.2B; VIOV $1.8B
1Y total return: IWD +28.4%, better; VIOV +22.4%
Yield (12M): IWD 1.37%; VIOV 1.64%, better
Holdings: IWD 874; VIOV 470
Avg volume (30D): IWD 2.01M sh, better; VIOV 59.2K sh
NAV per share: IWD $258.68; VIOV $114.11
52W range

ETF.net Grade

Pillar letters and Scores for IWD, VIOV, with each pillar’s weight
Pillar	IWD	VIOV
Cost30% weight	B59	A79Higher
Mission25% weight	A100Higher	A90
Risk15% weight	A79Higher	F15
Tradability15% weight	A96Higher	D36
Holdings10% weight	C42	A74Higher
Durability5% weight	A82Higher	A76

Rank among US Value Index funds

How we build Categories ›

Same Category. IWD and VIOV 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 VIOV 12th 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 9BVBRVanguard Morningstar Small-Cap Value ETFScore 68
Rank 12BVIOVVanguard S&P Small-Cap 600 Value ETFScore 65
Rank 13BJVALJPMorgan U.S. Value Factor ETFScore 64

Our read on each fund

ETF.net Research

IWDAiShares Russell 1000 Value ETF

VIOVBVanguard S&P Small-Cap 600 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.

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

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

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

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.

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

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.

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 IWD profile⁠

Full VIOV profile⁠

IWD vs VIOV Holdings

How IWD and VIOV differ

Overlap by weight

0.6%

Shared holdings make up 20.7% of VIOV and 0.6% of IWD.

Level by level

Holdings48 in both0.6%
Sector11 Sectors83.1%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in IWD and VIOV, widest gap first
Sector	More in IWDMore in VIOV	IWD	VIOV
Health Care	IWD +6.8 points	13.5%	6.7%
Technology	IWD +6.5 points	20.2%	13.7%
Real Estate	VIOV +4.3 points	3.3%	7.6%
Consumer Discretionary	VIOV +4.2 points	10.2%	14.4%
Industrials	VIOV +2.7 points	10.5%	13.2%
Materials	VIOV +2.2 points	3.5%	5.7%
Consumer Staples	IWD +2.0 points	7.6%	5.6%
Utilities	IWD +1.6 points	3.5%	1.9%
Communication	VIOV +1.4 points	2.9%	4.3%
Financials	VIOV +1.4 points	18.3%	19.7%
Energy	VIOV +0.7 points	6.7%	7.4%

Country, concentration and asset class

Country by domicile

Country weights in IWD and VIOV, widest gap first
Country	More in IWDMore in VIOV	IWD	VIOV
United States	VIOV +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%
VIOV8.5%

Securities held

IWD871
VIOV464

Asset class

IWD: Equity
VIOV: Equity

Holdings

Only in IWD823
In both48
Only in VIOV416

Only in IWD

823 securities, 99.2% 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 VIOV

416 securities, 79.0% of VIOV by weight

Jackson Financial Inc0.90%
SM Energy Co0.90%
Victoria's Secret & Co0.78%
Matson Inc0.73%
Magnolia Oil & Gas Corp0.62%
Atlantic Union Bankshares Corp0.60%
Kulicke & Soffa Industries Inc0.55%
Vishay Intertechnology Inc0.51%
Insight Enterprises Inc0.51%
Diodes Inc0.50%
Eastern Bankshares Inc0.49%
Delek US Holdings Inc0.49%
MaxLinear Inc0.48%
Rush Enterprises Inc0.48%
Fulton Financial Corp0.48%
Integer Holdings Corp0.48%
Core Natural Resources Inc0.47%
Patterson-UTI Energy Inc0.46%
California Resources Corp0.46%
Meritage Homes Corp0.46%
Signet Jewelers Ltd0.45%
United Community Banks Inc/GA0.45%
Cathay General Bancorp0.44%
GEO Group Inc/The0.44%
Plexus Corp0.43%
Crescent Energy Co0.43%
Bread Financial Holdings Inc0.42%
Korn Ferry0.41%
Ultra Clean Holdings Inc0.41%
CVB Financial Corp0.40%
WesBanco Inc0.40%
Renasant Corp0.40%
Apple Hospitality REIT Inc0.40%
Qorvo Inc0.39%
SL Green Realty Corp0.39%
M/I Homes Inc0.38%
Genworth Financial Inc0.38%
RXO Inc0.38%
Telephone and Data Systems Inc0.37%
First Financial Bancorp0.37%
HNI Corp0.36%
Simmons First National Corp0.36%
Cohu Inc0.36%
Stride Inc0.36%
Highwoods Properties Inc0.36%
CoreCivic Inc0.36%
Versigent PLC0.35%
Asbury Automotive Group Inc0.34%
Macerich Co/The0.34%
Glaukos Corp0.33%

Weight gaps

All 48 Holdings in both funds, largest gap first.

Holding weights in IWD and VIOV, widest gap first
Holding	More in IWDMore in VIOV	IWD	VIOV
Match Group IncMTCH	VIOV +1.00 points	0.03%	1.03%
Paycom SoftwarePAYC	VIOV +0.90 points	0.03%	0.93%
Carmax IncKMX	VIOV +0.85 points	0.02%	0.87%
Eastman ChemicalEMN	VIOV +0.81 points	0.02%	0.83%
Lincoln National CorpLNC	VIOV +0.75 points	0.02%	0.77%
Conagra BrandsCAG	VIOV +0.70 points	0.02%	0.72%
Mohawk IndustriesMHK	VIOV +0.69 points	0.02%	0.71%
Builders Firstsource IncBLDR	VIOV +0.66 points	0.02%	0.68%
Caesars Entertainment IncCZR	VIOV +0.65 points	0.02%	0.67%
PoolPOOL	VIOV +0.64 points	0.02%	0.66%
Molson Coors Brewing Class BTAP	VIOV +0.63 points	0.02%	0.65%
Lkq CorpLKQ	VIOV +0.63 points	0.01%	0.64%
Lamb Weston HoldingsLW	VIOV +0.62 points	0.02%	0.64%
Epam SystemsEPAM	VIOV +0.60 points	0.02%	0.62%
TeleflexTFX	VIOV +0.57 points	0.02%	0.59%
Trade Desk Class ATTD	VIOV +0.57 points	<0.01%	0.58%
Rithm CapitalRITM	VIOV +0.55 points	0.01%	0.56%
Versant Media Group Inc Class AVSNT	VIOV +0.48 points	0.01%	0.49%
Enphase EnergyENPH	VIOV +0.48 points	<0.01%	0.49%
Element Solutions IncESI	VIOV +0.44 points	0.02%	0.46%
Mdu Resources GroupMDU	VIOV +0.42 points	0.01%	0.43%
Campbell SoupCPB	VIOV +0.42 points	0.01%	0.43%
Robert HalfRHI	VIOV +0.40 points	0.01%	0.41%
OrganonOGN	VIOV +0.39 points	<0.01%	0.40%
RalliantRAL	VIOV +0.39 points	0.02%	0.41%
First HawaiianFHB	VIOV +0.32 points	<0.01%	0.33%
Gates Industrial PLCGTES	VIOV +0.32 points	0.02%	0.34%
Celanese CorpCE	VIOV +0.33 points	0.01%	0.34%
Amentum HoldingsAMTM	VIOV +0.30 points	<0.01%	0.31%
Mobility Global IncMBGL	VIOV +0.31 points	0.01%	0.32%
PeoplePPLI	VIOV +0.28 points	<0.01%	0.29%
Marketaxess HoldingsMKTX	VIOV +0.28 points	0.02%	0.30%
Ringcentral Class ARNG	VIOV +0.24 points	0.01%	0.25%
LazardLAZ	VIOV +0.23 points	<0.01%	0.24%
Adt IncADT	VIOV +0.23 points	0.01%	0.24%
Iridium CommunicationsIRDM	VIOV +0.21 points	<0.01%	0.22%
Western UnionWU	VIOV +0.21 points	<0.01%	0.21%
Medical Properties Trust ReitMPT	VIOV +0.19 points	<0.01%	0.19%
Midera Food Processing IncMFP	VIOV +0.19 points	<0.01%	0.19%
Schneider National Class BSNDR	VIOV +0.18 points	<0.01%	0.18%
Millrose Properties Inc Class AMRP	VIOV +0.17 points	0.01%	0.18%
Credit Acceptance CorpCACC	VIOV +0.17 points	<0.01%	0.17%
Assured Guaranty LtdAGO	VIOV +0.14 points	<0.01%	0.15%
Hayward HoldingsHAYW	VIOV +0.14 points	<0.01%	0.15%
Willscot Holdings Class AWSC	VIOV +0.13 points	<0.01%	0.14%
Bright Horizons Family SolutionsBFAM	VIOV +0.11 points	<0.01%	0.12%
FreshpetFRPT	VIOV +0.10 points	<0.01%	0.11%
Reynolds Consumer Products IncREYN	VIOV +0.07 points	<0.01%	0.07%

All 871 IWD holdings⁠All 461 VIOV 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 VIOV Cost

Overpaying IWD vs VIOV

$1,643

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

IWD 0.18%
$3,749
VIOV 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

IWD 0.18%
VIOV 0.10%
Overpaying

Year by year

Year	IWD	VIOV	Overpaying
10	$328	$183	$145
20	$1,281	$717	$564
30	$3,749	$2,106	$1,643

Expense ratio

0.18%IWD
0.10%VIOV, cheaper

VIOV0.10%IWD0.18%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

VIOV 9th cheapest of 40 funds

IWD 16th cheapest of 40 funds

IWD vs VIOV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWD 1.37%; VIOV 1.64%, better
Payout (12M): IWD $3.53; VIOV $1.88
Last payment: IWD $0.93; VIOV $0.45
Ex-dividend: IWD Sep 15, 2026; VIOV Sep 23, 2026
Paid on: IWD Sep 18, 2026; VIOV Sep 25, 2026
Frequency: IWD Quarterly; VIOV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWDQuarterly · 39 paymentsAll IWD payments⁠

VIOVQuarterly · 39 paymentsAll VIOV payments⁠

IWD vs VIOV Risk

Fall from peak · 5 years

IWD
VIOV

Risk facts

VolatilityStd dev, 3 years: IWD 12.1%, betterVIOV 19.0%
Return per unit of riskSharpe ratio, 3 years: IWD 1.42, betterVIOV 0.77
Worst fallMax drawdown, 5 years: IWD −19.0%, betterVIOV −28.4%
Market sensitivityBeta, 5 years: IWD 0.85VIOV 1.03; Market = 1

IWD and VIOV 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, 2026IWDVIOV
Best ETFs
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
14 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

Popular comparisons

IWDAvsSCHVA
iShares Russell 1000 Value ETF · Schwab U.S. Large-Cap Value ETF
Expense ratio
0.18% · 0.04%
Category
VIOVBvsSCHVA
Vanguard S&P Small-Cap 600 Value ETF · Schwab U.S. Large-Cap Value ETF
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0.10% · 0.04%
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IWDAvsVTVA
iShares Russell 1000 Value ETF · Vanguard Morningstar Value ETF
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VIOVBvsVTVA
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0.10% · 0.03%
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IWDAvsIUSVA
iShares Russell 1000 Value ETF · iShares Core S&P U.S. Value ETF
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0.18% · 0.04%
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VIOVBvsIUSVA
Vanguard S&P Small-Cap 600 Value ETF · iShares Core S&P U.S. Value ETF
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0.10% · 0.04%
Category

IWD vs VIOV

In short

Stated mandate

Why people hold it