IWD vs VMAX: Grades, Fees and Holdings Compared

iShares Russell 1000 Value ETF

IWDANYSE Arca

Hartford US Value ETF

VMAXCCboe

Overlap

26.8%by weight

Expense ratio

IWD −0.11pt a year

IWD0.18%VMAX0.29%

Avg volume · 30D

IWD 2986.6×the volume

IWD1.81MVMAX607

IWD vs VMAX Performance

Nov 7, 2025 – Nov 9, 2026

+30.5%IWD+28.2%VMAX

Expense ratio: IWD 0.18%, better; VMAX 0.29%
Fund size: IWD $82.9B; VMAX $3M
1Y total return: IWD +30.5%, better; VMAX +28.2%
Yield (12M): IWD 1.34%; VMAX 2.03%, better
Holdings: IWD 872; VMAX 127
Avg volume (30D): IWD 1.81M sh, better; VMAX 607 sh
NAV per share: IWD $257.40; VMAX $65.23
52W range

ETF.net Grade

Pillar letters and Scores for IWD, VMAX, with each pillar’s weight
Pillar	IWD	VMAX
Cost30% weight	B59Higher	D36
Mission25% weight	A100Higher	A77
Risk15% weight	A84Higher	B65
Tradability15% weight	A95Higher	F14
Holdings10% weight	C41	C51Higher
Durability5% weight	A85Higher	F10

Rank among US Value Index funds

How we build Categories ›

Same Category. IWD and VMAX 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 VMAX 36th of 40 funds in the US Value Index Category.

Rank 1ASCHVSchwab U.S. Large-Cap Value ETFScore 85
Rank 2AVTVVanguard Morningstar Value ETFScore 82
Rank 3AIUSViShares Core S&P U.S. Value ETFScore 81
Rank 4AIWDiShares Russell 1000 Value ETFScore 77
Rank 5AVOEVanguard Morningstar Mid-Cap Value ETFScore 76
Rank 34CRZVInvesco S&P SmallCap 600 Pure Value ETFScore 44
Rank 36CVMAXHartford US Value ETFScore 40
Rank 37DMVALVanEck Morningstar Wide Moat Value ETFScore 36

Our read on each fund

ETF.net Research

IWDAiShares Russell 1000 Value ETF

VMAXCHartford US 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.

VMAX Hartford skipped the off-the-shelf benchmark and built its own value index, then wrapped an ETF around it: about 170 US stocks screened for low valuations, priced above what plain-vanilla value beta costs.

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.

VMAX The Fund seeks to track the total return of the Hartford US Value Index, which invests in U.S. equities selected for favorable value characteristics and relatively low valuations.

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.

VMAX Runs on Hartford's own index (LVMAXX) rather than a licensed S&P or Russell benchmark, screening US equities for favorable value characteristics and relatively low valuations.
Does what the label says: a pure US value equity mandate that has stayed tightly aligned with the index it advertises.
About 170 names, wide enough to blunt single-stock blowups without diluting the value screen into the whole market.
Distributions land quarterly, the standard cadence for a plain equity index fund.

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.

VMAX At 0.29% a year it costs more than the typical US value fund (median 0.18%), and the category's largest names (VTV, SCHV, IUSV) charge 0.03% to 0.04%.
One of the smaller, lightly traded funds in a cohort of giants, so bid-ask spreads can run wider than the household-name value ETFs.
Launched in December 2023, so the strategy has a short live record and a proprietary index with no long public history behind it.

Full IWD profile⁠

Full VMAX profile⁠

IWD vs VMAX Holdings

How IWD and VMAX differ

Overlap by weight

26.8%

Shared holdings make up 84.3% of VMAX and 49.8% of IWD.

Level by level

Holdings110 in both26.8%
Sector11 Sectors72.5%
Asset classStocks100%
Countryby domicile99.6%

Sector

Sector weights in IWD and VMAX, widest gap first
Sector	Gap	IWD	VMAX
Financials	VMAX +14.9 points	18.8%	33.7%
Technology	IWD +10.3 points	18.8%	8.5%
Consumer Discretionary	IWD +6.6 points	10.6%	4.0%
Industrials	IWD +5.7 points	10.4%	4.7%
Energy	VMAX +5.3 points	6.0%	11.3%
Consumer Staples	IWD +4.1 points	8.0%	3.9%
Utilities	VMAX +3.0 points	3.6%	6.6%
Communication	VMAX +2.4 points	3.0%	5.4%
Real Estate	VMAX +1.4 points	3.5%	4.9%
Health Care	IWD +0.8 points	13.7%	12.9%
Materials	VMAX +0.6 points	3.5%	4.1%

Country, concentration and asset class

Country by domicile

Country weights in IWD and VMAX, widest gap first
Country	Gap	IWD	VMAX
United States	IWD +0.1 points	99.2%	99.1%
Switzerland	VMAX +0.4 points	0.5%	0.9%
United Kingdom	IWD +0.1 points	0.1%	0.0%
Mexico	IWD +0.1 points	0.1%	0.0%
Ireland	IWD +0.1 points	0.1%	0.0%
Canada	Same weight	0.0%	0.0%
India	Same weight	0.0%	0.0%
Brazil	Same weight	0.0%	0.0%
Other countries (3)	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IWD29.8%
VMAX19.3%

Securities held

IWD869
VMAX125

Asset class

IWD: Stocks
VMAX: Stocks

Holdings

Only in IWD759
In both110
Only in VMAX15

Only in IWD

759 securities, 49.9% of IWD by weight

Procter & Gamble1.02%
Cisco Systems Inc0.98%
Coca-Cola0.87%
Costco Wholesale Corp0.70%
Thermo Fisher Scientific0.69%
Intel Corporation0.68%
Rtx0.68%
Goldman Sachs Group0.66%
Linde PLC0.63%
International Business Machines Co0.61%
Walt Disney0.54%
Mcdonalds Corp0.52%
Abbott Laboratories0.51%
BlackRock0.48%
Welltower0.47%
Salesforce0.45%
Deere0.44%
Analog Devices0.44%
Union Pacific0.43%
Accenture PLC Class A0.42%
Danaher0.39%
Vertex Pharmaceuticals0.37%
Charles Schwab0.37%
S&P Global0.37%
Chubb0.34%
Medtronic PLC0.33%
Capital One Financial Corp0.32%
Uber Technologies0.32%
American Express0.32%
Parker-Hannifin0.31%
Stryker0.30%
Eaton PLC0.30%
Cme Group Class A0.29%
Marsh0.26%
Intercontinental Exchange Inc0.26%
Moderna0.25%
Phillips 660.25%
Elevance Health Inc0.25%
Csx0.24%
Emerson Electric0.24%
General Dynamics Corp0.24%
Regeneron Pharmaceuticals0.24%
Dell Technologies Inc Class C0.23%
Freeport Mcmoran Inc0.23%
Mondelez International Class A0.22%
Synopsys0.22%
3M0.22%
Tjx0.22%
T Mobile Us Inc0.21%
Williams0.21%

Only in VMAX

15 securities, 15.6% of VMAX by weight

Visa Inc Class A Shares Common Stock USD.00012.07%
Mastercard Inc A Common Stock USD.00012.02%
Elevance Health Inc Common Stock USD.012.00%
Accenture PLC Class A Common Stock USD.00002251.54%
Alphabet Inc Class A Common Stock USD.0011.28%
NVIDIA Corp Common Stock USD.0011.24%
Everest Group Ltd Common Stock USD.011.16%
Eli Lilly & Co Common Stock1.12%
Simon Property Group Inc Reit USD.00011.06%
Chubb Ltd Common Stock0.91%
Block Inc Common Stock USD.00000010.39%
Micron Technology Inc Common Stock USD.10.36%
Fiserv Inc Common Stock USD.010.20%
Caterpillar Inc Common Stock USD1.00.15%
Crh PLC Common Stock EUR.320.10%

Weight gaps

The 100 widest of 110 Holdings in both funds.

Holding weights in IWD and VMAX, widest gap first
Holding	Gap	IWD	VMAX
Amazon.com IncAMZN	IWD +5.52 points	6.12%	0.60%
MicrosoftMSFT	IWD +4.90 points	5.23%	0.33%
AppleAAPL	IWD +4.70 points	6.02%	1.32%
Eog ResourcesEOG	VMAX +1.82 points	0.21%	2.03%
Best BuyBBY	VMAX +1.72 points	0.05%	1.77%
Prudential Financial IncPRU	VMAX +1.69 points	0.11%	1.79%
Target CorpTGT	VMAX +1.68 points	0.19%	1.87%
Allstate CorpALL	VMAX +1.65 points	0.17%	1.82%
ProgressivePGR	VMAX +1.55 points	0.35%	1.90%
MacysM	VMAX +1.50 points	0.02%	1.52%
ApaAPA	VMAX +1.49 points	0.04%	1.53%
Bristol Myers SquibbBMY	VMAX +1.47 points	0.34%	1.81%
JPMorgan Chase & CoJPM	IWD +1.39 points	2.37%	0.98%
T Rowe Price GroupTROW	VMAX +1.38 points	0.06%	1.44%
PayPal HoldingsPYPL	VMAX +1.33 points	0.13%	1.46%
Hp IncHPQ	VMAX +1.31 points	0.07%	1.38%
Travelers CompaniesTRV	VMAX +1.28 points	0.22%	1.50%
Expand EnergyEXE	VMAX +1.21 points	0.05%	1.26%
Edison InternationalEIX	VMAX +1.18 points	0.06%	1.24%
NewmontNEM	VMAX +1.17 points	0.34%	1.51%
Devon EnergyDVN	VMAX +1.13 points	0.13%	1.26%
Cf Industries Holdings IncCF	VMAX +1.03 points	0.05%	1.08%
Vici Pptys IncVICI	VMAX +1.00 points	0.07%	1.07%
CitigroupC	VMAX +0.98 points	0.45%	1.43%
Bank of New York Mellon CorpBNY	VMAX +0.95 points	0.25%	1.20%
Lincoln National CorpLNC	VMAX +0.94 points	0.02%	0.96%
ConocophillipsCOP	VMAX +0.92 points	0.44%	1.36%
Host Hotels & Resorts ReitHST	VMAX +0.91 points	0.04%	0.95%
Meta Platforms Class AMETA	VMAX +0.90 points	0.65%	1.55%
Johnson & JohnsonJNJ	IWD +0.91 points	1.77%	0.86%
Lamar Advertising Company ClasLAMR	VMAX +0.89 points	0.03%	0.92%
AbbVieABBV	IWD +0.88 points	1.26%	0.38%
Gilead SciencesGILD	VMAX +0.87 points	0.55%	1.42%
Hf SinclairDINO	VMAX +0.87 points	0.04%	0.91%
American International GroupAIG	VMAX +0.85 points	0.11%	0.96%
Berkshire Hathaway Inc Class BBRK.B	IWD +0.82 points	2.82%	2.00%
UgiUGI	VMAX +0.82 points	0.02%	0.84%
Ww Grainger IncGWW	VMAX +0.77 points	0.02%	0.79%
Exxonmobil Holdings CorpXOM	IWD +0.77 points	1.81%	1.04%
Reliance Steel & AluminumRS	VMAX +0.76 points	0.06%	0.82%
Duke Energy CorpDUK	VMAX +0.76 points	0.26%	1.02%
Philip Morris InternationalPM	IWD +0.76 points	0.82%	0.06%
Cincinnati FinancialCINF	VMAX +0.75 points	0.07%	0.83%
Us BancorpUSB	VMAX +0.73 points	0.25%	0.98%
State StreetSTT	VMAX +0.71 points	0.12%	0.83%
Verizon Communications IncVZ	VMAX +0.69 points	0.51%	1.20%
Fedex CorpFDX	VMAX +0.69 points	0.18%	0.87%
CignaCI	VMAX +0.68 points	0.20%	0.88%
WalmartWMT	IWD +0.67 points	1.34%	0.67%
Ferguson EnterprisesFERG	VMAX +0.66 points	0.11%	0.77%
ChevronCVX	IWD +0.66 points	1.05%	0.39%
Synchrony FinancialSYF	VMAX +0.65 points	0.06%	0.71%
Valero Energy CorpVLO	VMAX +0.61 points	0.23%	0.84%
MascoMAS	VMAX +0.59 points	0.04%	0.63%
Exelon CorpEXC	VMAX +0.54 points	0.12%	0.66%
Regions FinancialRF	VMAX +0.51 points	0.06%	0.57%
Ppg IndustriesPPG	VMAX +0.45 points	0.07%	0.52%
Renaissancere HoldingRNR	VMAX +0.44 points	0.04%	0.48%
Comcast Class ACMCSA	VMAX +0.43 points	0.23%	0.66%
Eversource EnergyES	VMAX +0.42 points	0.07%	0.49%
HumanaHUM	VMAX +0.42 points	0.14%	0.56%
Morgan StanleyMS	IWD +0.41 points	0.54%	0.13%
Factset Research SystemsFDS	VMAX +0.41 points	0.03%	0.44%
SouthernSO	VMAX +0.38 points	0.28%	0.66%
Cognizant Technology Solutions ClaCTSH	VMAX +0.38 points	0.08%	0.46%
National Fuel GasNFG	VMAX +0.38 points	0.02%	0.40%
Northern TrustNTRS	VMAX +0.36 points	0.08%	0.44%
United Parcel Service Inc Class BUPS	VMAX +0.36 points	0.21%	0.57%
Jack Henry and Associates IncJKHY	VMAX +0.35 points	0.03%	0.38%
Wells FargoWFC	VMAX +0.35 points	0.67%	1.02%
Booz Allen Hamilton Holding ClassBAH	VMAX +0.34 points	0.02%	0.36%
Bank of AmericaBAC	VMAX +0.34 points	0.79%	1.13%
Lowes Companies IncLOW	IWD +0.32 points	0.33%	<0.01%
QualcommQCOM	VMAX +0.32 points	0.46%	0.78%
AT&TT	VMAX +0.31 points	0.38%	0.69%
Consolidated EdisonED	VMAX +0.28 points	0.12%	0.40%
Altria Group IncMO	VMAX +0.27 points	0.34%	0.61%
Pnc Financial Services GroupPNC	VMAX +0.27 points	0.24%	0.51%
Truist FinancialTFC	VMAX +0.27 points	0.16%	0.43%
Ally Financial IncALLY	VMAX +0.25 points	0.03%	0.28%
Merck & Co IncMRK	VMAX +0.25 points	0.96%	1.21%
Ryder SystemR	VMAX +0.23 points	0.03%	0.26%
MsciMSCI	VMAX +0.22 points	0.11%	0.33%
American Electric Power IncAEP	VMAX +0.20 points	0.18%	0.38%
Incyte CorpINCY	VMAX +0.20 points	0.05%	0.25%
UnitedHealth GroupUNH	VMAX +0.20 points	0.94%	1.14%
M&T BankMTB	VMAX +0.19 points	0.08%	0.27%
Amgen IncAMGN	VMAX +0.19 points	0.19%	0.38%
KrogerKR	VMAX +0.18 points	0.10%	0.28%
Illinois Tool IncITW	VMAX +0.17 points	0.15%	0.32%
Home DepotHD	IWD +0.17 points	0.24%	0.07%
Cvs HealthCVS	VMAX +0.16 points	0.29%	0.45%
Equinix ReitEQIX	VMAX +0.14 points	0.26%	0.40%
Iron Mountain IncIRM	VMAX +0.14 points	0.08%	0.22%
Nextera EnergyNEE	VMAX +0.13 points	0.48%	0.61%
Moodys CorpMCO	VMAX +0.12 points	0.11%	0.23%
MetlifeMET	VMAX +0.10 points	0.14%	0.24%
Marathon PetroleumMPC	VMAX +0.10 points	0.14%	0.24%
Fidelity National Information ServFIS	VMAX +0.09 points	0.04%	0.13%
Prologis ReitPLD	IWD +0.09 points	0.32%	0.23%

All 869 IWD holdings⁠All 166 VMAX 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 VMAX Cost

Overpaying VMAX vs IWD

$2,203

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

IWD 0.18%
$3,749
VMAX 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

IWD 0.18%
VMAX 0.29%
Overpaying

Year by year

Year	IWD	VMAX	Overpaying
10	$328	$527	$199
20	$1,281	$2,044	$763
30	$3,749	$5,952	$2,203

Expense ratio

0.18%IWD, cheaper
0.29%VMAX

IWD0.18%VMAX0.29%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

IWD 16th cheapest of 40 funds

VMAX 26th cheapest of 40 funds

IWD vs VMAX Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IWD 1.34%; VMAX 2.03%, better
Payout (12M): IWD $3.53; VMAX $1.35
Last payment: IWD $0.93; VMAX $0.44
Ex-dividend: IWD Sep 15, 2026; VMAX Sep 25, 2026
Paid on: IWD Sep 18, 2026; VMAX Sep 29, 2026
Frequency: IWD Quarterly; VMAX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWDQuarterly · 39 paymentsAll IWD payments⁠

VMAXQuarterly · 11 paymentsAll VMAX payments⁠

IWD vs VMAX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IWD 12.1%VMAX 12.5%since Jan 2024
Return per unit of riskSharpe ratio, 3 years: IWD 1.42VMAX 1.16since Jan 2024
Worst fallMax drawdown, 5 years: IWD −19.0%VMAX −19.1%since Dec 2023
Market sensitivityBeta, 5 years: IWD 0.85VMAX 0.72; Market = 1

IWD and VMAX in the news

All news⁠

Best ETFs
Best large-cap value ETFs: Vanguard’s VTV at 0.03%, or VONV for the Russell 1000 Value
Updated Nov 3, 2026IWD
Head-to-Head
IWD vs VBR: a lower fee does not buy the other value portfolio
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
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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