IWD vs VOE: Grades, Fees and Holdings Compared

iShares Russell 1000 Value ETF

IWDANYSE Arca

Vanguard Morningstar Mid-Cap Value ETF

VOEANYSE Arca

Overlap

17.1%by weight

Expense ratio

VOE −0.13pt a year

IWD0.18%VOE0.05%

Avg volume · 30D

IWD 6.1×the volume

IWD2.01MVOE331K

10Y return · a year

IWD +0.7pt

IWD+11.9%VOE+11.2%

IWD vs VOE Performance

Oct 29, 2021 – Oct 30, 2026

+72.9%IWD+62.0%VOE

Expense ratio: IWD 0.18%; VOE 0.05%, better
Fund size: IWD $83.2B; VOE $36.7B
1Y total return: IWD +28.4%, better; VOE +25.0%
Yield (12M): IWD 1.37%; VOE 1.84%, better
Holdings: IWD 874; VOE 173
Avg volume (30D): IWD 2.01M sh, better; VOE 331K sh
NAV per share: IWD $258.68; VOE $211.25
52W range

ETF.net Grade

Pillar letters and Scores for IWD, VOE, with each pillar’s weight
Pillar	IWD	VOE
Cost30% weight	B59	A86Higher
Mission25% weight	A100Higher	A96
Risk15% weight	A79Higher	B67
Tradability15% weight	A96Higher	C48
Holdings10% weight	C42	B62Higher
Durability5% weight	A82	A84Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. IWD and VOE 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 VOE 4th 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

Our read on each fund

ETF.net Research

IWDAiShares Russell 1000 Value ETF

VOEAVanguard Morningstar Mid-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.

VOE The value aisle is stacked with large-cap funds. VOE works the middle of the market instead: roughly 190 mid-cap US value stocks, picked by CRSP's five-factor cheapness screen, at five basis points.

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.

VOE The fund seeks to track the CRSP US Mid Cap Value Index through passive, full replication of its U.S. mid-cap value equity holdings 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.

VOE Five basis points a year, against a cohort median of 0.18%. Under a third of what the typical US value ETF charges.
Mid-cap value is the slot most value funds skip. The other heavyweights on this shelf (VTV, SCHV, IUSV) fish mainly in large caps.
Full replication: it buys the index outright rather than sampling it, and has tracked that index very closely.vanguard.com
Trading since 2006 and now a multi-billion-dollar fund, run as an ETF share class of Vanguard's mid-cap value index fund.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.

VOE Mid-caps swing wider than large caps, so this is the bumpier seat among the value ETFs it sits beside, most of which lean large.
CRSP scores stocks on both value and growth and can split a name across the two, so some holdings also appear in the mid-cap growth index.crsp.com
The screen is price-based (book, earnings, dividends and sales to price), not quality. Cheap-looking cyclicals come with the territory.crsp.com

Full IWD profile⁠

Full VOE profile⁠

IWD vs VOE Holdings

How IWD and VOE differ

Overlap by weight

17.1%

Shared holdings make up 95.3% of VOE and 17.1% of IWD.

Level by level

Holdings162 in both17.1%
Sector11 Sectors77.2%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in IWD and VOE, widest gap first
Sector	More in IWDMore in VOE	IWD	VOE
Technology	IWD +12.7 points	20.2%	7.5%
Utilities	VOE +7.5 points	3.5%	11.0%
Energy	VOE +7.0 points	6.7%	13.7%
Health Care	IWD +4.6 points	13.5%	8.9%
Consumer Discretionary	IWD +4.4 points	10.2%	5.8%
Industrials	VOE +3.1 points	10.5%	13.6%
Materials	VOE +2.4 points	3.5%	5.9%
Real Estate	VOE +2.0 points	3.3%	5.3%
Communication	IWD +1.2 points	2.9%	1.7%
Financials	VOE +0.6 points	18.3%	18.9%
Consumer Staples	VOE +0.1 points	7.6%	7.7%

Country, concentration and asset class

Country by domicile

Country weights in IWD and VOE, widest gap first
Country	More in IWDMore in VOE	IWD	VOE
United States	VOE +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%
VOE14.1%

Securities held

IWD871
VOE168

Asset class

IWD: Equity
VOE: Equity

Holdings

Only in IWD709
In both162
Only in VOE6

Only in IWD

709 securities, 82.7% 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 VOE

6 securities, 4.7% of VOE by weight

Warner Bros Discovery Inc1.26%
Simon Property Group Inc1.05%
TE Connectivity PLC1.04%
Cencora Inc0.93%
Darden Restaurants Inc0.37%
SLCMT1142<0.01%

Weight gaps

The 100 widest of 162 Holdings in both funds.

Holding weights in IWD and VOE, widest gap first
Holding	More in IWDMore in VOE	IWD	VOE
Marathon PetroleumMPC	VOE +1.72 points	0.17%	1.89%
Valero Energy CorpVLO	VOE +1.63 points	0.27%	1.90%
Phillips 66PSX	VOE +1.46 points	0.28%	1.74%
Hewlett Packard EnterpriseHPE	VOE +1.18 points	0.19%	1.37%
Cummins IncCMI	VOE +1.11 points	0.10%	1.21%
Target CorpTGT	VOE +1.02 points	0.18%	1.21%
SlbSLB	VOE +1.02 points	0.21%	1.23%
General MotorsGM	VOE +0.95 points	0.20%	1.15%
Digital Realty Trust ReitDLR	VOE +0.93 points	0.18%	1.11%
American Electric Power IncAEP	VOE +0.91 points	0.19%	1.10%
United RentalsURI	VOE +0.91 points	0.15%	1.06%
Air Products and ChemicalsAPD	VOE +0.88 points	0.18%	1.06%
CortevaCTVA	VOE +0.86 points	0.02%	0.88%
Paccar IncPCAR	VOE +0.85 points	0.14%	0.99%
Strategy Inc Class AMSTR	VOE +0.83 points	0.12%	0.95%
Aon PLC Class AAON	VOE +0.82 points	0.18%	1.00%
Arthur J GallagherAJG	VOE +0.81 points	0.19%	1.00%
Truist FinancialTFC	VOE +0.80 points	0.16%	0.96%
Cardinal HealthCAH	VOE +0.80 points	0.08%	0.88%
Baker Hughes Class ABKR	VOE +0.79 points	0.14%	0.93%
Allstate CorpALL	VOE +0.78 points	0.18%	0.96%
Crh Public Limited PLCCRH	VOE +0.78 points	0.16%	0.94%
Cheniere EnergyLNG	VOE +0.78 points	0.17%	0.95%
OneokOKE	VOE +0.76 points	0.16%	0.92%
Dominion EnergyD	VOE +0.76 points	0.15%	0.91%
NucorNUE	VOE +0.74 points	0.16%	0.90%
NewmontNEM	VOE +0.74 points	0.30%	1.04%
MetlifeMET	VOE +0.73 points	0.14%	0.87%
SempraSRE	VOE +0.72 points	0.15%	0.87%
Delta Air LinesDAL	VOE +0.72 points	0.12%	0.84%
AflacAFL	VOE +0.71 points	0.15%	0.86%
Devon EnergyDVN	VOE +0.70 points	0.16%	0.86%
Becton DickinsonBDX	VOE +0.69 points	0.14%	0.83%
Public Storage ReitPSA	VOE +0.68 points	0.13%	0.81%
Ford Motor CoF	VOE +0.68 points	0.13%	0.81%
Vivmark ResidentialVMRK	VOE +0.68 points	0.12%	0.80%
Nasdaq IncNDAQ	VOE +0.67 points	0.12%	0.79%
Westinghouse Air Brake TechnologieWAB	VOE +0.67 points	0.12%	0.79%
State StreetSTT	VOE +0.66 points	0.12%	0.78%
Entergy CorpETR	VOE +0.65 points	0.14%	0.79%
Fifth Third BancorpFITB	VOE +0.65 points	0.13%	0.78%
HumanaHUM	VOE +0.65 points	0.13%	0.78%
Iqvia Holdings IncIQV	VOE +0.63 points	0.12%	0.75%
Ameriprise Finance IncAMP	VOE +0.64 points	0.10%	0.74%
Netapp IncNTAP	VOE +0.63 points	0.07%	0.70%
EbayEBAY	VOE +0.62 points	0.10%	0.72%
Carrier GlobalCARR	VOE +0.62 points	0.11%	0.73%
Ferguson EnterprisesFERG	VOE +0.62 points	0.11%	0.73%
Xcel Energy IncXEL	VOE +0.62 points	0.13%	0.75%
L3HARRIS TechnologiesLHX	VOE +0.61 points	0.14%	0.75%
Nike Class BNKE	VOE +0.61 points	0.12%	0.73%
Occidental Petroleum CorpOXY	VOE +0.59 points	0.12%	0.71%
SyscoSYY	VOE +0.59 points	0.05%	0.64%
Exelon CorpEXC	VOE +0.59 points	0.12%	0.70%
Prudential Financial IncPRU	VOE +0.56 points	0.11%	0.67%
Archer Daniels MidlandADM	VOE +0.55 points	0.10%	0.65%
American International GroupAIG	VOE +0.54 points	0.12%	0.66%
Keurig Dr Pepper IncKDP	VOE +0.55 points	0.12%	0.67%
Johnson Controls International PLCJCI	VOE +0.55 points	0.22%	0.77%
Cbre Group Class ACBRE	VOE +0.54 points	0.09%	0.63%
Diamondback EnergyFANG	VOE +0.54 points	0.12%	0.66%
Consolidated EdisonED	VOE +0.53 points	0.11%	0.64%
United Airlines HoldingsUAL	VOE +0.53 points	0.08%	0.61%
D R HortonDHI	VOE +0.49 points	0.10%	0.59%
Kimberly ClarkKMB	VOE +0.49 points	0.06%	0.55%
KrogerKR	VOE +0.48 points	0.10%	0.58%
KenvueKVUE	VOE +0.48 points	0.10%	0.58%
Public Service Enterprise GroupPEG	VOE +0.47 points	0.10%	0.57%
Hartford Insurance GroupHIG	VOE +0.48 points	0.09%	0.57%
BiogenBIIB	VOE +0.47 points	0.10%	0.57%
WilliamsWMB	VOE +0.47 points	0.24%	0.71%
Keysight TechnologiesKEYS	VOE +0.47 points	0.06%	0.53%
Roper TechnologiesROP	VOE +0.47 points	0.12%	0.59%
Colgate-PalmoliveCL	VOE +0.47 points	0.11%	0.58%
Wec Energy GroupWEC	VOE +0.46 points	0.10%	0.56%
M&T BankMTB	VOE +0.46 points	0.08%	0.54%
Huntington Bancshares IncHBAN	VOE +0.45 points	0.08%	0.53%
Northern TrustNTRS	VOE +0.42 points	0.08%	0.50%
Sunbelt Rentals Holdings IncSUNB	VOE +0.42 points	0.09%	0.51%
Arch Capital GroupACGL	VOE +0.42 points	0.09%	0.51%
Travelers CompaniesTRV	VOE +0.41 points	0.22%	0.63%
Ge Healthcare TechnologiesGEHC	VOE +0.41 points	0.09%	0.50%
Hp IncHPQ	VOE +0.41 points	0.07%	0.48%
Regeneron PharmaceuticalsREGN	VOE +0.41 points	0.24%	0.65%
Cboe Global MarketsCBOE	VOE +0.40 points	0.09%	0.49%
Rockwell Automation IncROK	VOE +0.39 points	0.02%	0.41%
AmerenAEE	VOE +0.39 points	0.08%	0.47%
Norfolk Southern CorpNSC	VOE +0.39 points	0.20%	0.59%
Honeywell International IncHON	VOE +0.39 points	0.18%	0.57%
Crown Castle IncCCI	VOE +0.38 points	0.10%	0.48%
Willis Towers WatsonWTW	VOE +0.38 points	0.08%	0.46%
ModernaMRNA	VOE +0.38 points	0.21%	0.59%
Boston ScientificBSX	VOE +0.38 points	0.16%	0.54%
Dollar General CorpDG	VOE +0.37 points	0.08%	0.45%
Raymond JamesRJF	VOE +0.37 points	0.07%	0.44%
PG&E CorpPCG	VOE +0.37 points	0.08%	0.45%
Quest Diagnostics IncDGX	VOE +0.37 points	0.07%	0.44%
Cognizant Technology Solutions ClaCTSH	VOE +0.36 points	0.08%	0.44%
Citizens Financial Group IncCFG	VOE +0.37 points	0.07%	0.44%
American Water WorksAWK	VOE +0.36 points	0.08%	0.44%

All 871 IWD holdings⁠All 186 VOE 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 VOE Cost

Overpaying IWD vs VOE

$2,689

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

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

Amount$10,000

Years30 years

Cost over time

IWD 0.18%
VOE 0.05%
Overpaying

Year by year

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

Expense ratio

0.18%IWD
0.05%VOE, cheaper

VOE0.05%IWD0.18%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

VOE 5th cheapest of 40 funds

IWD 16th cheapest of 40 funds

IWD vs VOE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWD 1.37%; VOE 1.84%, better
Payout (12M): IWD $3.53; VOE $3.88
Last payment: IWD $0.93; VOE $1.03
Ex-dividend: IWD Sep 15, 2026; VOE Sep 28, 2026
Paid on: IWD Sep 18, 2026; VOE Sep 30, 2026
Frequency: IWD Quarterly; VOE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWDQuarterly · 39 paymentsAll IWD payments⁠

VOEQuarterly · 39 paymentsAll VOE payments⁠

IWD vs VOE Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IWD 12.1%, betterVOE 13.3%
Return per unit of riskSharpe ratio, 3 years: IWD 1.42, betterVOE 1.20
Worst fallMax drawdown, 5 years: IWD −19.0%, betterVOE −19.7%
Market sensitivityBeta, 5 years: IWD 0.85VOE 0.76; Market = 1

IWD and VOE 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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