IWL vs VV: Grades, Fees and Holdings Compared

iShares Russell Top 200 ETF

IWLANYSE Arca

Vanguard Morningstar Large-Cap ETF

VVANYSE Arca

Overlap

86.5%by weight

Expense ratio

VV −0.12pt a year

IWL0.15%VV0.03%

Avg volume · 30D

VV 4.9×the volume

IWL45.6KVV223K

10Y return · a year

IWL +0.8pt

IWL+16.2%VV+15.4%

IWL vs VV Performance

Oct 29, 2021 – Oct 30, 2026

+79.8%IWL+73.2%VV

Expense ratio: IWL 0.15%; VV 0.03%, better
Fund size: IWL $2.21B; VV $76B
1Y total return: IWL +10.5%; VV +11.5%, better
Yield (12M): IWL 0.85%; VV 1.03%, better
Holdings: IWL 204; VV 423
Avg volume (30D): IWL 45.6K sh; VV 223K sh, better
NAV per share: IWL $187.08; VV $348.06
52W range

ETF.net Grade

Pillar letters and Scores for IWL, VV, with each pillar’s weight
Pillar	IWL	VV
Cost30% weight	B63	A91Higher
Mission25% weight	A100Higher	A99
Risk15% weight	D38	B55Higher
Tradability15% weight	A81Higher	B57
Holdings10% weight	D34	C51Higher
Durability5% weight	A82	A93Higher

Rank among US Large-Cap funds

How we build Categories ›

Same Category. IWL and VV are both graded against the same 29 US Large-Cap funds, so their Grades compare head to head.

US Large-Cap⁠

Category · 29 funds

See all 29 ›

VV ranks 4th and IWL 7th of 29 funds in the US Large-Cap Category.

Rank 1ASCHXSchwab U.S. Large-Cap ETFScore 83
Rank 2ABKLCBNY Mellon US Large Cap Core Equity ETFScore 82
Rank 3AEPSWisdomTree U.S. LargeCap FundScore 80
Rank 4AVVVanguard Morningstar Large-Cap ETFScore 78
Rank 5AIWBiShares Russell 1000 ETFScore 77
Rank 5AVONEVanguard Russell 1000 ETFScore 77
Rank 7AIWLiShares Russell Top 200 ETFScore 69
Rank 8BHDUSHartford Disciplined US Equity ETFScore 67

Our read on each fund

ETF.net Research

IWLAiShares Russell Top 200 ETF

VVAVanguard Morningstar Large-Cap ETF

In short

IWL Most broad U.S. large-cap funds hold many hundreds of stocks. IWL tracks the Russell Top 200, about 200 names, so the market's biggest companies do the heavy lifting. Narrower lens, standard iShares plumbing.

VV Vanguard's rules-based read on large cap: own whatever sits in the top 85% of the US market, about 500 names, for 0.03% a year. Running since 2004.

Stated mandate

IWL The fund seeks to track the Russell Top 200 Index and provide broad exposure to U.S. large-cap stocks.

VV The fund seeks to track the CRSP US Large Cap Index through a passive, full-replication strategy focused predominantly on large U.S. companies diversified across growth and value styles.

Why people hold it

IWL About 200 holdings rather than a full large-cap sweep, so the market's largest companies carry real weight instead of being diluted by hundreds of smaller names.ishares.com
Hugs the Russell Top 200 Index closely. Index-following is among the tightest in its large-cap peer group.
Running since 2009 under BlackRock's iShares roof, a multi-billion-dollar fund that pays quarterly.

VV Charges 0.03% a year against a 0.14% median for its large-cap peer group. Among the cohort's top names, only SCHX matches that fee.
Full replication: it buys every stock in the index at roughly index weight, and it has tracked that benchmark very closely.vanguard.com
The ETF share class of a Vanguard index fund launched in 2004, now a multi-billion-dollar strategy with mutual fund siblings alongside it.vanguard.com
Cost, tracking and staying power put it in the top tier of a crowded 24-fund large-cap cohort.

Worth knowing

IWL 0.15% a year is above the large-cap norm. SCHX and VV run 0.03%, so the mega-cap slice costs extra.
Thinly traded next to the household-name large-cap funds, which can mean wider spreads at the moment you trade.
Stopping at the top tier leaves out the mid and smaller companies that Russell 1000 trackers like VONE include.

VV Market-cap weighted, so the biggest US companies (and their sector tilts) carry most of the weight.vanguard.com
The index stops at the top 85% of US investable market cap: mid- and small-cap names sit outside it.vanguard.com
After Morningstar acquired CRSP, the benchmark and the fund name picked up the Morningstar label. Same index, same fund.vanguard.com vanguard.com 2

Full IWL profile⁠

Full VV profile⁠

IWL vs VV Holdings

How IWL and VV differ

Overlap by weight

86.5%

Shared holdings make up 99.5% of IWL and 88.1% of VV.

Level by level

Holdings196 in both86.5%
Sector11 Sectors97.4%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in IWL and VV, widest gap first
Sector	More in IWLMore in VV	IWL	VV
Consumer Discretionary	IWL +0.8 points	9.1%	8.3%
Utilities	VV +0.6 points	1.1%	1.7%
Financials	IWL +0.6 points	11.9%	11.3%
Real Estate	VV +0.6 points	0.9%	1.5%
Technology	IWL +0.4 points	41.5%	41.1%
Health Care	IWL +0.4 points	9.6%	9.2%
Energy	VV +0.5 points	3.0%	3.5%
Industrials	VV +0.4 points	7.2%	7.6%
Materials	VV +0.3 points	1.3%	1.6%
Consumer Staples	IWL +0.3 points	4.6%	4.3%
Communication	VV +0.3 points	9.7%	10.0%

Country, concentration and asset class

Country by domicile

Country weights in IWL and VV, widest gap first
Country	More in IWLMore in VV	IWL	VV
United States	VV +0.3 points	99.7%	100.0%
Switzerland	IWL +0.2 points	0.2%	0.0%
Brazil	IWL +0.1 points	0.1%	0.0%
Canada	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IWL42.9%
VV39.5%

Securities held

IWL201
VV422

Asset class

IWL: Equity
VV: Equity

Holdings

Only in IWL5
In both196
Only in VV226

Only in IWL

5 securities, 0.3% of IWL by weight

Spotify Technology0.17%
Nu Holdings Class A0.07%
Brookfield Asset Management Voting0.03%
Southern Copper Corp0.03%
Mobility Global Inc<0.01%

Only in VV

226 securities, 11.9% of VV by weight

Seagate Technology Holdings PLC0.32%
Cloudflare Inc0.17%
Snowflake Inc0.17%
Marathon Petroleum Corp0.17%
Phillips 660.16%
Datadog Inc0.14%
Robinhood Markets Inc0.14%
Lumentum Holdings Inc0.14%
Hewlett Packard Enterprise Co0.12%
Warner Bros Discovery Inc0.11%
Royal Caribbean Cruises Ltd0.11%
Digital Realty Trust Inc0.10%
Teradyne Inc0.10%
United Rentals Inc0.10%
Keysight Technologies Inc0.10%
Simon Property Group Inc0.10%
TE Connectivity PLC0.09%
Comfort Systems USA Inc0.09%
Targa Resources Corp0.09%
Kinder Morgan Inc0.09%
Fastenal Co0.09%
AMETEK Inc0.09%
Coherent Corp0.09%
Allstate Corp/The0.09%
WW Grainger Inc0.09%
Astera Labs Inc0.09%
Cheniere Energy Inc0.09%
Baker Hughes Co0.08%
Cencora Inc0.08%
ONEOK Inc0.08%
Nucor Corp0.08%
Corteva Inc0.08%
Cardinal Health Inc0.08%
Realty Income Corp0.08%
Devon Energy Corp0.08%
Edwards Lifesciences Corp0.08%
Delta Air Lines Inc0.08%
Becton Dickinson & Co0.08%
Agilent Technologies Inc0.08%
Rockwell Automation Inc0.08%
Ford Motor Co0.07%
Vivmark Residential0.07%
Garmin Ltd0.07%
Vistra Corp0.07%
Entergy Corp0.07%
Nasdaq Inc0.07%
Westinghouse Air Brake Technologies Corp0.07%
Fifth Third Bancorp0.07%
Humana Inc0.07%
Berkshire Hathaway Inc0.07%

Weight gaps

The 100 widest of 196 Holdings in both funds.

Holding weights in IWL and VV, widest gap first
Holding	More in IWLMore in VV	IWL	VV
AppleAAPL	IWL +1.32 points	8.87%	7.55%
MicrosoftMSFT	IWL +0.98 points	6.90%	5.92%
Tesla IncTSLA	IWL +0.53 points	2.08%	1.55%
Eli LillyLLY	IWL +0.49 points	2.01%	1.52%
Berkshire Hathaway Inc Class BBRK.B	IWL +0.45 points	1.80%	1.35%
Amazon.com IncAMZN	IWL +0.39 points	4.15%	3.76%
NVIDIANVDA	IWL +0.38 points	8.50%	8.12%
Visa Class AV	IWL +0.37 points	1.25%	0.88%
Exxonmobil Holdings CorpXOM	IWL +0.32 points	1.37%	1.05%
Intel CorporationINTC	VV +0.31 points	0.53%	0.84%
WalmartWMT	IWL +0.26 points	0.97%	0.71%
Mastercard Class AMA	IWL +0.25 points	0.92%	0.67%
JPMorgan Chase & CoJPM	IWL +0.23 points	1.60%	1.37%
Alphabet Class AGOOGL	VV +0.24 points	2.90%	3.14%
AbbVieABBV	IWL +0.21 points	0.93%	0.72%
ChevronCVX	IWL +0.18 points	0.78%	0.60%
Johnson & JohnsonJNJ	IWL +0.18 points	1.17%	0.99%
Costco Wholesale CorpCOST	IWL +0.17 points	0.80%	0.63%
Procter & GamblePG	IWL +0.15 points	0.67%	0.52%
Home DepotHD	IWL +0.14 points	0.58%	0.44%
UnitedHealth GroupUNH	IWL +0.14 points	0.65%	0.51%
Cisco Systems IncCSCO	IWL +0.14 points	0.73%	0.59%
Coca-ColaKO	IWL +0.13 points	0.65%	0.52%
Alphabet Class CGOOG	VV +0.14 points	2.35%	2.49%
Philip Morris InternationalPM	IWL +0.12 points	0.58%	0.46%
International Business Machines CoIBM	IWL +0.11 points	0.43%	0.32%
Accenture PLC Class AACN	IWL +0.11 points	0.28%	0.17%
Lam ResearchLRCX	VV +0.11 points	0.53%	0.64%
Broadcom IncAVGO	IWL +0.10 points	2.70%	2.60%
Merck & Co IncMRK	IWL +0.10 points	0.66%	0.56%
ConocophillipsCOP	IWL +0.10 points	0.33%	0.23%
SandiskSNDK	VV +0.10 points	0.30%	0.40%
Amgen IncAMGN	IWL +0.10 points	0.45%	0.35%
Palantir Technologies Class APLTR	IWL +0.09 points	0.73%	0.64%
Micron TechnologyMU	VV +0.09 points	1.78%	1.87%
RtxRTX	IWL +0.09 points	0.48%	0.39%
Gilead SciencesGILD	IWL +0.09 points	0.38%	0.29%
Advanced Micro DevicesAMD	VV +0.09 points	1.46%	1.55%
Texas InstrumentTXN	IWL +0.09 points	0.49%	0.40%
Linde PLCLIN	IWL +0.08 points	0.42%	0.34%
BlackRockBLK	IWL +0.08 points	0.31%	0.23%
Applied Material IncAMAT	VV +0.08 points	0.55%	0.63%
Goldman Sachs GroupGS	IWL +0.08 points	0.46%	0.38%
Meta Platforms Class AMETA	VV +0.07 points	2.41%	2.48%
Caterpillar IncCAT	VV +0.08 points	0.50%	0.58%
Wells FargoWFC	IWL +0.07 points	0.45%	0.38%
Thermo Fisher ScientificTMO	IWL +0.07 points	0.46%	0.39%
Mcdonalds CorpMCD	IWL +0.08 points	0.33%	0.25%
Union PacificUNP	IWL +0.07 points	0.32%	0.25%
S&P GlobalSPGI	IWL +0.07 points	0.25%	0.18%
PepsicoPEP	IWL +0.06 points	0.33%	0.27%
Nextera EnergyNEE	IWL +0.06 points	0.31%	0.25%
Analog DevicesADI	IWL +0.06 points	0.36%	0.30%
Walt DisneyDIS	IWL +0.06 points	0.34%	0.28%
Abbott LaboratoriesABT	IWL +0.06 points	0.33%	0.27%
American ExpressAXP	IWL +0.06 points	0.30%	0.24%
Altria Group IncMO	IWL +0.06 points	0.23%	0.17%
PfizerPFE	IWL +0.06 points	0.31%	0.25%
Marvell TechnologyMRVL	VV +0.05 points	0.31%	0.36%
ProgressivePGR	IWL +0.05 points	0.24%	0.19%
Mckesson CorpMCK	IWL +0.06 points	0.21%	0.15%
ChubbCB	IWL +0.05 points	0.23%	0.18%
Ge AerospaceGE	IWL +0.05 points	0.55%	0.50%
Automatic Data Processing IncADP	IWL +0.05 points	0.21%	0.16%
TjxTJX	IWL +0.05 points	0.28%	0.23%
Lowes Companies IncLOW	IWL +0.05 points	0.21%	0.16%
Intuitive SurgicalISRG	IWL +0.05 points	0.27%	0.22%
Cme Group Class ACME	IWL +0.04 points	0.19%	0.15%
Lockheed MartinLMT	IWL +0.05 points	0.23%	0.18%
Crowdstrike Holdings Class ACRWD	IWL +0.05 points	0.45%	0.40%
SouthernSO	IWL +0.04 points	0.19%	0.15%
Vertex PharmaceuticalsVRTX	IWL +0.04 points	0.25%	0.21%
MarshMRSH	IWL +0.04 points	0.17%	0.13%
IntuitINTU	IWL +0.04 points	0.16%	0.12%
Eog ResourcesEOG	IWL +0.05 points	0.16%	0.11%
SalesforceCRM	IWL +0.04 points	0.32%	0.28%
Regeneron PharmaceuticalsREGN	IWL +0.04 points	0.16%	0.12%
Starbucks CorpSBUX	IWL +0.04 points	0.21%	0.17%
WelltowerWELL	IWL +0.04 points	0.30%	0.26%
DanaherDHR	IWL +0.04 points	0.26%	0.22%
Marriott International Class AMAR	IWL +0.03 points	0.15%	0.12%
Medtronic PLCMDT	IWL +0.04 points	0.21%	0.17%
Duke Energy CorpDUK	IWL +0.04 points	0.18%	0.14%
General Dynamics CorpGD	IWL +0.04 points	0.17%	0.13%
CsxCSX	IWL +0.04 points	0.17%	0.13%
American Tower ReitAMT	IWL +0.04 points	0.16%	0.12%
Verizon Communications IncVZ	IWL +0.03 points	0.33%	0.30%
Cvs HealthCVS	IWL +0.04 points	0.21%	0.17%
Intercontinental Exchange IncICE	IWL +0.04 points	0.17%	0.13%
Capital One Financial CorpCOF	IWL +0.04 points	0.22%	0.18%
United Parcel Service Inc Class BUPS	IWL +0.03 points	0.14%	0.11%
Elevance Health IncELV	IWL +0.03 points	0.16%	0.13%
Illinois Tool IncITW	IWL +0.03 points	0.14%	0.11%
Arthur J GallagherAJG	IWL +0.04 points	0.13%	0.09%
Mondelez International Class AMDLZ	IWL +0.04 points	0.15%	0.11%
WilliamsWMB	IWL +0.03 points	0.16%	0.13%
Applovin Class AAPP	VV +0.03 points	0.10%	0.13%
StrykerSYK	IWL +0.03 points	0.18%	0.15%
General MotorsGM	IWL +0.03 points	0.14%	0.10%
Travelers CompaniesTRV	IWL +0.03 points	0.15%	0.12%

All 201 IWL holdings⁠All 479 VV 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.

IWL vs VV Cost

Overpaying IWL vs VV

$2,499

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

IWL 0.15%
$3,137
VV 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IWL 0.15%
VV 0.03%
Overpaying

Year by year

Year	IWL	VV	Overpaying
10	$274	$55	$219
20	$1,071	$216	$855
30	$3,137	$638	$2,499

Expense ratio

0.15%IWL
0.03%VV, cheaper

VV0.03%IWL0.15%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

VV 3rd cheapest of 29 funds

IWL 11th cheapest of 29 funds

IWL vs VV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWL 0.85%; VV 1.03%, better
Payout (12M): IWL $1.60; VV $3.60
Last payment: IWL $0.42; VV $0.90
Ex-dividend: IWL Sep 15, 2026; VV Sep 28, 2026
Paid on: IWL Sep 18, 2026; VV Sep 30, 2026
Frequency: IWL Quarterly; VV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWLQuarterly · 39 paymentsAll IWL payments⁠

VVQuarterly · 39 paymentsAll VV payments⁠

IWL vs VV Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IWL 12.8%VV 12.5%, better
Return per unit of riskSharpe ratio, 3 years: IWL 1.40VV 1.41, better
Worst fallMax drawdown, 5 years: IWL −25.6%, betterVV −25.7%
Market sensitivityBeta, 5 years: IWL 1.02VV 1.02; Market = 1

IWL and VV in the news

All news⁠

Head-to-Head
IVW vs. VV: iShares’ growth ETF holds almost nothing Vanguard’s doesn’t, at six times the fee
Oct 28, 2026VV
Category Review
Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.
Updated Oct 16, 2026VV

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IWL vs VV

In short

Stated mandate

Why people hold it

Worth knowing

How IWL and VV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IWL

Only in VV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

IVW vs. VV: iShares’ growth ETF holds almost nothing Vanguard’s doesn’t, at six times the fee

Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.

How IWL and VV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IWL

Only in VV

Weight gaps