IWD vs VLU: Grades, Fees and Holdings Compared

iShares Russell 1000 Value ETF

IWDANYSE Arca

State Street SPDR S&P 1500 Value Tilt ETF

VLUANYSE Arca

Overlap

64.4%by weight

Expense ratio

VLU −0.06pt a year

IWD0.18%VLU0.12%

Avg volume · 30D

IWD 251.0×the volume

IWD2.01MVLU7.99K

10Y return · a year

VLU +2.2pt

IWD+11.9%VLU+14.1%

IWD vs VLU Performance

Oct 29, 2021 – Oct 30, 2026

+72.9%IWD+79.9%VLU

Expense ratio: IWD 0.18%; VLU 0.12%, better
Fund size: IWD $83.2B; VLU $793M
1Y total return: IWD +28.4%, better; VLU +22.1%
Yield (12M): IWD 1.37%; VLU 1.61%, better
Holdings: IWD 874; VLU 1451
Avg volume (30D): IWD 2.01M sh, better; VLU 7.99K sh
NAV per share: IWD $258.68; VLU $248.51
52W range

ETF.net Grade

Pillar letters and Scores for IWD, VLU, with each pillar’s weight
Pillar	IWD	VLU
Cost30% weight	B59	A76Higher
Mission25% weight	A100	A100
Risk15% weight	A79Higher	A77
Tradability15% weight	A96Higher	C45
Holdings10% weight	C42	B62Higher
Durability5% weight	A82Higher	B64

Rank among US Value Index funds

How we build Categories ›

Same Category. IWD and VLU 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 VLU 6th 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
Rank 7AISCViShares Morningstar Small Cap Value ETFScore 70

Our read on each fund

ETF.net Research

IWDAiShares Russell 1000 Value ETF

VLUAState Street SPDR S&P 1500 Value Tilt 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.

VLU Most value funds throw out half the market. VLU keeps all roughly 1,500 names in the S&P Composite 1500 and simply leans the weights toward the cheaper ones. Running since 2012.

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.

VLU The fund seeks to track, before fees and expenses, the total return performance of the S&P 1500 Low Valuation Tilt 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.

VLU Owns large, mid and small caps together and reweights toward cheap stocks rather than deleting rich ones, so the value lean comes without dropping half the US market.ssga.com spindices.com
0.12% a year, under the median fee among US value ETFs, for an all-cap portfolio of roughly 1,500 stocks.
A plain rules-based index mandate with no manager discretion, and one of the stronger implementations in its value peer group.
Live since 2012, so it carries a long record through both value droughts and value comebacks.

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.

VLU Thinly traded next to the category giants, so bid-ask spreads and order size matter more than they would in a heavily traded fund.
A tilt, not a purge: pricey stocks stay in at lower weights, so the value exposure is milder than a concentrated deep-value fund.ssga.com spindices.com
Cheap for the category but not the floor. VTV and IUSV charge less, though they cover large-cap value only.

Full IWD profile⁠

Full VLU profile⁠

IWD vs VLU Holdings

How IWD and VLU differ

Overlap by weight

64.4%

Shared holdings make up 97.4% of IWD and 82.0% of VLU.

Level by level

Holdings749 in both64.4%
Sector11 Sectors92.9%
Asset classEquity100%
Countryby domicile99.8%

Sector

Sector weights in IWD and VLU, widest gap first
Sector	More in IWDMore in VLU	IWD	VLU
Communication	VLU +4.5 points	2.9%	7.4%
Technology	IWD +2.3 points	20.2%	17.9%
Industrials	IWD +2.1 points	10.5%	8.4%
Energy	VLU +1.4 points	6.7%	8.1%
Financials	VLU +1.2 points	18.3%	19.5%
Consumer Discretionary	IWD +0.8 points	10.2%	9.4%
Materials	IWD +0.8 points	3.5%	2.7%
Health Care	IWD +0.4 points	13.5%	13.1%
Real Estate	IWD +0.3 points	3.3%	3.0%
Consumer Staples	IWD +0.3 points	7.6%	7.3%
Utilities	IWD +0.2 points	3.5%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in IWD and VLU, widest gap first
Country	More in IWDMore in VLU	IWD	VLU
United States	VLU +0.1 points	99.1%	99.2%
Switzerland	IWD +0.1 points	0.5%	0.4%
United Kingdom	Same weight	0.1%	0.1%
China	VLU +0.1 points	0.0%	0.1%
Ireland	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Sweden	VLU +0.1 points	0.0%	0.1%
Canada	Same weight	0.0%	0.0%
Other countries (6)	Same weight	0.1%	0.1%

Concentration

Weight in the 10 largest Holdings

IWD29.3%
VLU18.6%

Securities held

IWD871
VLU1,449

Asset class

IWD: Equity
VLU: Equity

Holdings

Only in IWD122
In both749
Only in VLU700

Only in IWD

122 securities, 2.4% of IWD by weight

Cheniere Energy0.17%
Veeva Systems Class A0.12%
Strategy Inc Class A0.12%
Ferguson Enterprises0.11%
Sunbelt Rentals Holdings Inc0.09%
Royalty Pharma PLC Class A0.07%
Zoom Communications Class A0.07%
Markel Group0.06%
Liberty Media Series C0.05%
First Citizens Bancshares Class A0.05%
Sofi Technologies0.05%
Ss and C Technologies Holdings0.04%
Gfl Environmental Subordinate Voti0.04%
Sharkninja0.04%
Lpl Financial Holdings0.04%
Medline Class A0.04%
Sun Communities Reit Inc0.04%
Unity Software0.04%
Coeur Mining0.04%
Tradeweb Markets Inc Class A0.03%
Circle Internet Group Inc Class A0.03%
Southern Copper Corp0.03%
Rocket Companies Inc Class A0.03%
Bitmine Immersion Technologies0.03%
Wayfair Class A0.03%
Flutter Entertainment PLC0.03%
Ionq0.03%
Qxo0.03%
Restaurants Brands International0.03%
Qiagen0.03%
Rivian Automotive Class A0.03%
Agnc Investment Reit0.03%
Popular0.02%
Gitlab Class A0.02%
Space Exploration Technologies Cor0.02%
Axis Capital Holdings0.02%
Allison Transmission Holdings0.02%
Iren0.02%
Millicom International Cellular0.02%
James Hardie Industries PLC0.02%
Chime Financial Class A0.02%
Blue Owl Capital Class A0.02%
Tpg Inc Class A0.02%
Amdocs0.02%
Onemain Holdings0.02%
Rubrik Class A0.02%
Aurora Innovation Class A0.02%
Xp Class A Inc0.01%
White Mountains Insurance Group0.01%
Globalfoundries0.01%

Only in VLU

700 securities, 17.9% of VLU by weight

Alphabet Inc Class C1.27%
Micron Technology Inc1.00%
NVIDIA Corp0.96%
Advanced Micro Devices0.87%
Tesla Inc0.55%
Visa Inc Class A Shares0.52%
Alphabet Inc Class A0.45%
Broadcom Inc0.44%
Cencora Inc0.43%
Eli Lilly & Co0.37%
Oracle Corp0.32%
Texas Instruments Inc0.28%
Lockheed Martin Corp0.25%
Netflix Inc0.24%
Mastercard Inc A0.22%
Arista Networks Inc0.18%
General Electric0.16%
Intuitive Surgical Inc0.15%
Applied Materials Inc0.14%
Palo Alto Networks Inc0.13%
Palantir Technologies Inc A0.12%
Lam Research Corp0.10%
Airbnb Inc Class A0.09%
Crowdstrike Holdings Inc A0.09%
Nxp Semiconductors NV0.09%
Booking Holdings Inc0.08%
Caterpillar Inc0.08%
Te Connectivity PLC0.08%
Kla Corp0.07%
Trane Technologies PLC0.07%
Simon Property Group Inc0.07%
Amphenol Corp Class A0.07%
Fortinet Inc0.06%
Ge Vernova Inc0.06%
Targa Resources Corp0.06%
Jackson Financial Inc A0.06%
American Airlines Group Inc0.06%
Autoliv Inc0.05%
Cintas Corp0.05%
Seagate Technology Holdings0.05%
Sandisk Corp0.05%
Microchip Technology Inc0.05%
Pbf Energy Inc Class A0.05%
Doordash Inc A0.05%
Darden Restaurants Inc0.05%
Western Digital Corp0.05%
Jabil Inc0.05%
Valley National Bancorp0.05%
Quanta Services Inc0.05%
Ares Management Corp A0.05%

Weight gaps

The 100 widest of 749 Holdings in both funds.

Holding weights in IWD and VLU, widest gap first
Holding	More in IWDMore in VLU	IWD	VLU
AppleAAPL	IWD +3.87 points	6.03%	2.16%
Amazon.com IncAMZN	IWD +3.07 points	5.64%	2.57%
MicrosoftMSFT	IWD +1.99 points	5.12%	3.13%
Johnson & JohnsonJNJ	IWD +1.02 points	1.74%	0.72%
JPMorgan Chase & CoJPM	IWD +0.93 points	2.38%	1.45%
AbbVieABBV	IWD +0.75 points	1.27%	0.52%
Verizon Communications IncVZ	VLU +0.75 points	0.49%	1.24%
Dell Technologies Inc Class CDELL	VLU +0.68 points	0.30%	0.98%
Marathon PetroleumMPC	VLU +0.66 points	0.17%	0.83%
Cisco Systems IncCSCO	IWD +0.58 points	1.09%	0.51%
Meta Platforms Class AMETA	VLU +0.58 points	0.65%	1.23%
Exxonmobil Holdings CorpXOM	IWD +0.58 points	2.04%	1.46%
Procter & GamblePG	IWD +0.55 points	0.99%	0.44%
Philip Morris InternationalPM	IWD +0.51 points	0.86%	0.35%
Cvs HealthCVS	VLU +0.48 points	0.31%	0.79%
Coca-ColaKO	IWD +0.47 points	0.85%	0.38%
RtxRTX	IWD +0.44 points	0.71%	0.27%
Thermo Fisher ScientificTMO	IWD +0.42 points	0.68%	0.26%
Linde PLCLIN	IWD +0.42 points	0.63%	0.21%
Merck & Co IncMRK	IWD +0.40 points	0.98%	0.58%
Mckesson CorpMCK	VLU +0.39 points	0.02%	0.41%
Elevance Health IncELV	VLU +0.39 points	0.24%	0.63%
UnitedHealth GroupUNH	VLU +0.36 points	0.97%	1.33%
Goldman Sachs GroupGS	IWD +0.36 points	0.68%	0.32%
Analog DevicesADI	IWD +0.35 points	0.50%	0.15%
United Parcel Service Inc Class BUPS	VLU +0.34 points	0.21%	0.55%
CignaCI	VLU +0.33 points	0.21%	0.54%
Mcdonalds CorpMCD	IWD +0.32 points	0.48%	0.16%
Comcast Class ACMCSA	VLU +0.32 points	0.22%	0.54%
International Business Machines CoIBM	IWD +0.32 points	0.64%	0.32%
Costco Wholesale CorpCOST	IWD +0.32 points	0.67%	0.35%
Gilead SciencesGILD	IWD +0.32 points	0.56%	0.24%
Cardinal HealthCAH	VLU +0.32 points	0.08%	0.40%
General MotorsGM	VLU +0.31 points	0.20%	0.51%
Home DepotHD	VLU +0.29 points	0.23%	0.52%
WelltowerWELL	IWD +0.29 points	0.45%	0.16%
T Mobile Us IncTMUS	VLU +0.29 points	0.20%	0.49%
Target CorpTGT	VLU +0.28 points	0.18%	0.47%
Vertex PharmaceuticalsVRTX	IWD +0.28 points	0.38%	0.10%
Parker-HannifinPH	IWD +0.27 points	0.30%	0.03%
SalesforceCRM	IWD +0.25 points	0.48%	0.23%
Truist FinancialTFC	VLU +0.25 points	0.16%	0.41%
DeereDE	IWD +0.24 points	0.44%	0.20%
BlackRockBLK	IWD +0.24 points	0.46%	0.22%
S&P GlobalSPGI	IWD +0.24 points	0.36%	0.12%
Devon EnergyDVN	VLU +0.22 points	0.16%	0.38%
Nextera EnergyNEE	IWD +0.23 points	0.46%	0.23%
MetlifeMET	VLU +0.23 points	0.14%	0.37%
Union PacificUNP	IWD +0.21 points	0.44%	0.23%
Eaton PLCETN	IWD +0.21 points	0.32%	0.11%
HumanaHUM	VLU +0.21 points	0.13%	0.34%
Ford Motor CoF	VLU +0.20 points	0.13%	0.33%
Abbott LaboratoriesABT	IWD +0.20 points	0.49%	0.29%
DanaherDHR	IWD +0.20 points	0.39%	0.19%
Intel CorporationINTC	IWD +0.19 points	0.79%	0.60%
Morgan StanleyMS	IWD +0.19 points	0.55%	0.36%
Equinix ReitEQIX	IWD +0.18 points	0.26%	0.07%
Cme Group Class ACME	IWD +0.18 points	0.29%	0.11%
Prologis ReitPLD	IWD +0.18 points	0.32%	0.14%
Charles SchwabSCHW	IWD +0.17 points	0.35%	0.18%
American International GroupAIG	VLU +0.17 points	0.12%	0.29%
Diamondback EnergyFANG	VLU +0.17 points	0.12%	0.29%
StrykerSYK	IWD +0.17 points	0.27%	0.10%
NewmontNEM	IWD +0.17 points	0.30%	0.13%
Prudential Financial IncPRU	VLU +0.16 points	0.11%	0.27%
SynopsysSNPS	IWD +0.16 points	0.23%	0.07%
Intercontinental Exchange IncICE	IWD +0.16 points	0.25%	0.09%
KenvueKVUE	VLU +0.16 points	0.10%	0.26%
PfizerPFE	VLU +0.16 points	0.46%	0.62%
KrogerKR	VLU +0.15 points	0.10%	0.25%
Archer Daniels MidlandADM	VLU +0.15 points	0.10%	0.25%
Centene CorpCNC	VLU +0.15 points	0.08%	0.23%
United Airlines HoldingsUAL	VLU +0.15 points	0.08%	0.23%
Uber TechnologiesUBER	IWD +0.14 points	0.30%	0.16%
Constellation Energy CorpCEG	IWD +0.15 points	0.21%	0.06%
CsxCSX	IWD +0.14 points	0.25%	0.11%
AT&TT	VLU +0.14 points	0.38%	0.52%
Regeneron PharmaceuticalsREGN	IWD +0.13 points	0.24%	0.11%
Freeport Mcmoran IncFCX	IWD +0.14 points	0.24%	0.10%
Oreilly Automotive IncORLY	IWD +0.14 points	0.19%	0.05%
Valero Energy CorpVLO	VLU +0.13 points	0.27%	0.40%
WilliamsWMB	IWD +0.13 points	0.24%	0.11%
MarshMRSH	IWD +0.14 points	0.26%	0.12%
EcolabECL	IWD +0.13 points	0.20%	0.07%
Hp IncHPQ	VLU +0.13 points	0.07%	0.20%
Johnson Controls International PLCJCI	IWD +0.12 points	0.22%	0.10%
Lowes Companies IncLOW	IWD +0.13 points	0.31%	0.18%
Emerson ElectricEMR	IWD +0.12 points	0.24%	0.12%
Arthur J GallagherAJG	IWD +0.12 points	0.19%	0.07%
Aon PLC Class AAON	IWD +0.12 points	0.18%	0.06%
Vici Pptys IncVICI	VLU +0.11 points	0.07%	0.18%
Digital Realty Trust ReitDLR	IWD +0.12 points	0.18%	0.06%
Phillips 66PSX	VLU +0.11 points	0.28%	0.39%
TjxTJX	IWD +0.11 points	0.22%	0.11%
Honeywell International IncHON	IWD +0.11 points	0.18%	0.07%
Synchrony FinancialSYF	VLU +0.11 points	0.06%	0.17%
Fiserv IncFISV	VLU +0.11 points	0.07%	0.18%
CitigroupC	VLU +0.10 points	0.46%	0.56%
General Dynamics CorpGD	IWD +0.10 points	0.25%	0.15%
Norfolk Southern CorpNSC	IWD +0.10 points	0.20%	0.10%

All 871 IWD holdings⁠All 1,450 VLU 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 VLU Cost

Overpaying IWD vs VLU

$1,229

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

IWD 0.18%
$3,749
VLU 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

IWD 0.18%
VLU 0.12%
Overpaying

Year by year

Year	IWD	VLU	Overpaying
10	$328	$220	$108
20	$1,281	$859	$422
30	$3,749	$2,520	$1,229

Expense ratio

0.18%IWD
0.12%VLU, cheaper

VLU0.12%IWD0.18%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

VLU 10th cheapest of 40 funds

IWD 16th cheapest of 40 funds

IWD vs VLU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWD 1.37%; VLU 1.61%, better
Payout (12M): IWD $3.53; VLU $3.97
Last payment: IWD $0.93; VLU $1.05
Ex-dividend: IWD Sep 15, 2026; VLU Sep 21, 2026
Paid on: IWD Sep 18, 2026; VLU Sep 23, 2026
Frequency: IWD Quarterly; VLU Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWDQuarterly · 39 paymentsAll IWD payments⁠

VLUQuarterly · 39 paymentsAll VLU payments⁠

IWD vs VLU Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IWD 12.1%VLU 11.6%, better
Return per unit of riskSharpe ratio, 3 years: IWD 1.42VLU 1.47, better
Worst fallMax drawdown, 5 years: IWD −19.0%, betterVLU −19.6%
Market sensitivityBeta, 5 years: IWD 0.85VLU 0.88; Market = 1

IWD and VLU in the news

All news⁠

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
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 VLU

In short

Stated mandate

Why people hold it