IWX vs VTV: Grades, Fees and Holdings Compared

iShares Russell Top 200 Value ETF

IWXBNYSE Arca

Vanguard Morningstar Value ETF

VTVANYSE Arca

Overlap

66.2%by weight

Expense ratio

VTV −0.17pt a year

IWX0.20%VTV0.03%

Avg volume · 30D

VTV 6.0×the volume

IWX472KVTV2.83M

10Y return · a year

VTV +0.6pt

IWX+12.4%VTV+13.0%

IWX vs VTV Performance

Oct 29, 2021 – Oct 30, 2026

+81.7%IWX+79.8%VTV

Expense ratio: IWX 0.20%; VTV 0.03%, better
Fund size: IWX $3.88B; VTV $252B
1Y total return: IWX +29.8%, better; VTV +25.3%
Yield (12M): IWX 1.35%; VTV 1.83%, better
Holdings: IWX 155; VTV 300
Avg volume (30D): IWX 472K sh; VTV 2.83M sh, better
NAV per share: IWX $113.65; VTV $228.00
52W range

ETF.net Grade

Pillar letters and Scores for IWX, VTV, with each pillar’s weight
Pillar	IWX	VTV
Cost30% weight	C51	A96Higher
Mission25% weight	A87	A89Higher
Risk15% weight	A88Higher	A84
Tradability15% weight	A78Higher	B65
Holdings10% weight	D31	C51Higher
Durability5% weight	B69	A88Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. IWX and VTV 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 ›

VTV ranks 2nd and IWX 9th 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 9BIWSiShares Russell Mid-Cap Value ETFScore 68
Rank 9BIWXiShares Russell Top 200 Value ETFScore 68
Rank 9BVBRVanguard Morningstar Small-Cap Value ETFScore 68

Our read on each fund

ETF.net Research

IWXBiShares Russell Top 200 Value ETF

VTVAVanguard Morningstar Value ETF

In short

IWX Value investing with a height requirement. IWX runs its cheap-stock screen only across the Russell Top 200, the biggest end of the US market, and holds roughly 150 of them. Large-cap value with no mid-cap drift, on iShares plumbing since 2009.

VTV Value investing for three cents on every hundred dollars a year. Since 2004, VTV has run a passive, fully invested portfolio of roughly 300 large US companies that screen cheap, at a fee near the industry floor.

Stated mandate

IWX The fund seeks to follow an index of large-cap U.S. stocks that may be undervalued compared with similar companies.

VTV The fund seeks to track a large-capitalization U.S. value-stock benchmark through passive indexing and substantial replication of that index.

Why people hold it

IWX The mandate stays big. The value screen runs on the Russell Top 200 Value Index, so it is a mega-cap value sleeve, not a large-and-mid grab bag.ishares.com
It hugs the index it advertises closely, and lands in the upper half of its US value peer group on our review.
Seasoned and sizable: trading since 2009, a multi-billion-dollar fund, paying distributions quarterly.

VTV 0.03% a year, about a sixth of the 0.18% median for US value funds. Cost is the part of the outcome the fund actually controls.
Same recipe, very different sticker: PRXV tracks the same declared value index and charges 0.36%, twelve times VTV's fee.
Passively managed, full replication, fully invested. No manager hunches, no cash sitting idle, and the fund has tracked its benchmark closely.vanguard.com
One of the largest and most actively traded funds in the US value aisle, the kind of scale that keeps bid-ask spreads thin for ordinary orders.

Worth knowing

IWX The 0.20% fee sits above the value-cohort median of 0.18%, and far above core rivals like VTV at 0.03% and IUSV at 0.04%.
About 150 mega-caps is a short bench. Value funds holding several hundred names spread sector and single-stock moves more thinly.
Volume is moderate rather than heavy, so spreads can run wider than the busiest value ETFs, which matters most on large or hurried orders.

VTV Large caps only, about 300 of them. Cheap mid- and small-cap stocks live in separate funds (VOE, VTWV), so this is one slice of value, not the whole market.
It is a value screen by design, so the priciest fast growers are largely filtered out. In growth-led stretches it can move very differently from a total-market fund.
Income arrives quarterly, in four instalments rather than a monthly drip.

Full IWX profile⁠

Full VTV profile⁠

IWX vs VTV Holdings

How IWX and VTV differ

Overlap by weight

66.2%

Shared holdings make up 71.7% of VTV and 69.3% of IWX.

Level by level

Holdings127 in both66.2%
Sector11 Sectors83.0%
Asset classEquity100%
Countryby domicile99.5%

Sector

Sector weights in IWX and VTV, widest gap first
Sector	More in IWXMore in VTV	IWX	VTV
Technology	IWX +9.3 points	23.6%	14.3%
Consumer Discretionary	IWX +7.3 points	11.0%	3.7%
Industrials	VTV +4.9 points	8.3%	13.2%
Financials	VTV +3.5 points	18.9%	22.4%
Health Care	VTV +2.8 points	14.0%	16.8%
Energy	VTV +2.0 points	6.2%	8.2%
Utilities	VTV +1.9 points	2.3%	4.2%
Real Estate	VTV +0.8 points	1.7%	2.5%
Consumer Staples	VTV +0.6 points	8.1%	8.7%
Materials	VTV +0.5 points	2.6%	3.1%
Communication	IWX +0.3 points	3.3%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in IWX and VTV, widest gap first
Country	More in IWXMore in VTV	IWX	VTV
United States	VTV +0.5 points	99.5%	100.0%
Switzerland	IWX +0.5 points	0.5%	0.0%

Concentration

Weight in the 10 largest Holdings

IWX40.3%
VTV23.6%

Securities held

IWX152
VTV299

Asset class

IWX: Equity
VTV: Equity

Holdings

Only in IWX25
In both127
Only in VTV172

Only in IWX

25 securities, 30.4% of IWX by weight

Apple8.33%
Amazon.com Inc7.81%
Microsoft7.10%
Intel Corporation1.52%
Meta Platforms Class A0.90%
Costco Wholesale Corp0.89%
Welltower0.61%
Vertex Pharmaceuticals0.49%
Equinix Reit0.37%
Synopsys0.33%
Tjx0.31%
Ecolab0.27%
Oreilly Automotive Inc0.26%
Starbucks Corp0.20%
Motorola Solutions Inc0.18%
Boeing0.17%
Autozone0.16%
Moodys Corp0.14%
Monster Beverage0.13%
Transdigm Group0.12%
Marriott International Class A0.08%
Southern Copper Corp0.05%
Space Exploration Technologies Cor0.03%
Mobility Global Inc0.02%
Brookfield Asset Management Voting<0.01%

Only in VTV

172 securities, 28.4% of VTV by weight

Micron Technology Inc4.57%
Caterpillar Inc1.42%
General Electric Co0.62%
Berkshire Hathaway Inc0.55%
Texas Instruments Inc0.49%
Lockheed Martin Corp0.45%
Marathon Petroleum Corp0.42%
Phillips 660.39%
Trane Technologies PLC0.38%
Hewlett Packard Enterprise Co0.31%
Warner Bros Discovery Inc0.28%
Digital Realty Trust Inc0.25%
United Rentals Inc0.24%
Keysight Technologies Inc0.24%
Simon Property Group Inc0.23%
TE Connectivity PLC0.23%
Kinder Morgan Inc0.22%
AMETEK Inc0.22%
Allstate Corp/The0.21%
Cheniere Energy Inc0.21%
Baker Hughes Co0.21%
Cencora Inc0.21%
ONEOK Inc0.20%
Nucor Corp0.20%
Corteva Inc0.20%
Cardinal Health Inc0.20%
Realty Income Corp0.20%
Devon Energy Corp0.19%
Edwards Lifesciences Corp0.19%
Delta Air Lines Inc0.19%
Becton Dickinson & Co0.19%
Agilent Technologies Inc0.18%
Rockwell Automation Inc0.18%
Ford Motor Co0.18%
Vivmark Residential0.18%
Garmin Ltd0.18%
Vistra Corp0.18%
Entergy Corp0.18%
Nasdaq Inc0.18%
Westinghouse Air Brake Technologies Corp0.18%
Fifth Third Bancorp0.17%
Humana Inc0.17%
State Street Corp0.17%
IQVIA Holdings Inc0.17%
L3Harris Technologies Inc0.17%
Xcel Energy Inc0.17%
Ameriprise Financial Inc0.17%
Ferguson Enterprises Inc0.16%
eBay Inc0.16%
Microchip Technology Inc0.16%

Weight gaps

The 100 widest of 127 Holdings in both funds.

Holding weights in IWX and VTV, widest gap first
Holding	More in IWXMore in VTV	IWX	VTV
Home DepotHD	VTV +0.77 points	0.31%	1.08%
Berkshire Hathaway Inc Class BBRK.B	IWX +0.71 points	3.64%	2.93%
Amgen IncAMGN	VTV +0.61 points	0.26%	0.87%
Mckesson CorpMCK	VTV +0.36 points	0.02%	0.38%
Mcdonalds CorpMCD	IWX +0.35 points	0.66%	0.31%
Bank of AmericaBAC	VTV +0.26 points	1.11%	1.37%
Adobe IncADBE	VTV +0.25 points	0.11%	0.36%
Ross Stores IncROST	VTV +0.25 points	0.03%	0.28%
American Tower ReitAMT	VTV +0.18 points	0.11%	0.29%
CitigroupC	VTV +0.18 points	0.64%	0.82%
Eaton PLCETN	VTV +0.16 points	0.47%	0.63%
Exxonmobil Holdings CorpXOM	IWX +0.16 points	2.72%	2.56%
Dell Technologies Inc Class CDELL	IWX +0.15 points	0.45%	0.30%
American ExpressAXP	VTV +0.15 points	0.43%	0.58%
AT&TT	VTV +0.14 points	0.50%	0.64%
Cummins IncCMI	VTV +0.13 points	0.14%	0.27%
Automatic Data Processing IncADP	VTV +0.13 points	0.26%	0.39%
Charles SchwabSCHW	VTV +0.12 points	0.49%	0.61%
Accenture PLC Class AACN	IWX +0.12 points	0.55%	0.43%
Coca-ColaKO	VTV +0.12 points	1.15%	1.27%
Colgate-PalmoliveCL	VTV +0.11 points	0.15%	0.26%
Sherwin WilliamsSHW	VTV +0.10 points	0.20%	0.30%
Cisco Systems IncCSCO	IWX +0.10 points	1.55%	1.45%
BlackstoneBX	VTV +0.09 points	0.07%	0.16%
ChevronCVX	IWX +0.09 points	1.55%	1.46%
International Business Machines CoIBM	IWX +0.09 points	0.88%	0.79%
ConocophillipsCOP	IWX +0.09 points	0.66%	0.57%
Uber TechnologiesUBER	VTV +0.08 points	0.42%	0.50%
UnitedHealth GroupUNH	IWX +0.09 points	1.34%	1.25%
BlackRockBLK	IWX +0.08 points	0.64%	0.56%
Waste Management IncWM	VTV +0.08 points	0.23%	0.31%
PepsicoPEP	VTV +0.08 points	0.58%	0.66%
Valero Energy CorpVLO	VTV +0.07 points	0.35%	0.42%
Morgan StanleyMS	VTV +0.07 points	0.77%	0.84%
IntuitINTU	VTV +0.07 points	0.22%	0.29%
Procter & GamblePG	IWX +0.07 points	1.35%	1.28%
DeereDE	VTV +0.06 points	0.59%	0.65%
Verizon Communications IncVZ	VTV +0.06 points	0.66%	0.72%
S&P GlobalSPGI	IWX +0.06 points	0.49%	0.43%
Illinois Tool IncITW	VTV +0.05 points	0.21%	0.26%
Merck & Co IncMRK	VTV +0.06 points	1.30%	1.36%
AbbVieABBV	VTV +0.05 points	1.71%	1.76%
Kkr and Co IncKKR	VTV +0.04 points	0.18%	0.23%
Nextera EnergyNEE	IWX +0.05 points	0.62%	0.57%
Philip Morris InternationalPM	IWX +0.04 points	1.17%	1.13%
Freeport Mcmoran IncFCX	VTV +0.04 points	0.34%	0.38%
Gilead SciencesGILD	IWX +0.04 points	0.74%	0.70%
Constellation Energy CorpCEG	VTV +0.03 points	0.29%	0.32%
Eog ResourcesEOG	IWX +0.04 points	0.31%	0.27%
3MMMM	VTV +0.04 points	0.28%	0.32%
NewmontNEM	VTV +0.04 points	0.42%	0.46%
Parker-HannifinPH	VTV +0.04 points	0.42%	0.46%
Altria Group IncMO	IWX +0.03 points	0.46%	0.43%
Johnson & JohnsonJNJ	VTV +0.03 points	2.39%	2.42%
MarshMRSH	IWX +0.03 points	0.34%	0.31%
Strategy Inc Class AMSTR	VTV +0.03 points	0.18%	0.21%
Bristol Myers SquibbBMY	VTV +0.03 points	0.45%	0.48%
SouthernSO	IWX +0.03 points	0.39%	0.36%
Prologis ReitPLD	VTV +0.03 points	0.44%	0.47%
Bank of New York Mellon CorpBNY	VTV +0.03 points	0.34%	0.37%
JPMorgan Chase & CoJPM	VTV +0.03 points	3.31%	3.34%
Goldman Sachs GroupGS	IWX +0.03 points	0.96%	0.93%
Paccar IncPCAR	VTV +0.03 points	0.19%	0.22%
QualcommQCOM	VTV +0.03 points	0.70%	0.73%
ChubbCB	IWX +0.03 points	0.46%	0.43%
StrykerSYK	IWX +0.03 points	0.39%	0.36%
Cme Group Class ACME	IWX +0.03 points	0.39%	0.36%
Lowes Companies IncLOW	IWX +0.03 points	0.42%	0.39%
WalmartWMT	IWX +0.02 points	1.75%	1.73%
ProgressivePGR	IWX +0.02 points	0.48%	0.46%
Arthur J GallagherAJG	IWX +0.03 points	0.25%	0.22%
United Parcel Service Inc Class BUPS	IWX +0.02 points	0.29%	0.27%
Hca HealthcareHCA	IWX +0.02 points	0.25%	0.23%
CsxCSX	IWX +0.02 points	0.35%	0.33%
Analog DevicesADI	VTV +0.02 points	0.71%	0.73%
Target CorpTGT	VTV +0.02 points	0.25%	0.27%
SalesforceCRM	VTV +0.02 points	0.66%	0.68%
RtxRTX	IWX +0.02 points	0.97%	0.95%
Johnson Controls International PLCJCI	VTV +0.02 points	0.32%	0.34%
Aon PLC Class AAON	IWX +0.02 points	0.24%	0.22%
Elevance Health IncELV	IWX +0.02 points	0.33%	0.31%
General Dynamics CorpGD	IWX +0.02 points	0.34%	0.32%
Emerson ElectricEMR	IWX +0.02 points	0.35%	0.33%
Duke Energy CorpDUK	IWX +0.01 points	0.35%	0.34%
Travelers CompaniesTRV	IWX +0.02 points	0.30%	0.28%
SlbSLB	IWX +0.02 points	0.29%	0.27%
General MotorsGM	IWX +0.01 points	0.27%	0.26%
WilliamsWMB	IWX +0.01 points	0.33%	0.32%
Norfolk Southern CorpNSC	IWX +0.02 points	0.28%	0.26%
Boston ScientificBSX	VTV +0.01 points	0.23%	0.24%
Union PacificUNP	VTV +0.01 points	0.60%	0.61%
Fedex CorpFDX	IWX +0.01 points	0.24%	0.23%
AflacAFL	IWX +0.01 points	0.20%	0.19%
Republic Services IncRSG	IWX +0.01 points	0.17%	0.16%
Air Products and ChemicalsAPD	IWX +0.01 points	0.25%	0.24%
Medtronic PLCMDT	IWX +0.01 points	0.43%	0.42%
Northrop Grumman CorpNOC	IWX +0.01 points	0.27%	0.26%
Public Storage ReitPSA	VTV +0.01 points	0.17%	0.18%
Crh Public Limited PLCCRH	IWX +0.01 points	0.22%	0.21%
Mondelez International Class AMDLZ	IWX +0.01 points	0.29%	0.28%

All 152 IWX holdings⁠All 331 VTV 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.

IWX vs VTV Cost

Overpaying IWX vs VTV

$3,517

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

IWX 0.20%
$4,155
VTV 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IWX 0.20%
VTV 0.03%
Overpaying

Year by year

Year	IWX	VTV	Overpaying
10	$365	$55	$310
20	$1,421	$216	$1,205
30	$4,155	$638	$3,517

Expense ratio

0.20%IWX
0.03%VTV, cheaper

VTV0.03%IWX0.20%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

VTV cheapest of 40 funds

IWX 19th cheapest of 40 funds

IWX vs VTV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWX 1.35%; VTV 1.83%, better
Payout (12M): IWX $1.54; VTV $4.16
Last payment: IWX $0.40; VTV $1.02
Ex-dividend: IWX Sep 15, 2026; VTV Sep 28, 2026
Paid on: IWX Sep 18, 2026; VTV Sep 30, 2026
Frequency: IWX Quarterly; VTV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWXQuarterly · 39 paymentsAll IWX payments⁠

VTVQuarterly · 39 paymentsAll VTV payments⁠

IWX vs VTV Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IWX 11.4%VTV 11.3%, better
Return per unit of riskSharpe ratio, 3 years: IWX 1.54, betterVTV 1.44
Worst fallMax drawdown, 5 years: IWX −18.1%VTV −17.0%, better
Market sensitivityBeta, 5 years: IWX 0.79VTV 0.69; Market = 1

IWX and VTV 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, 2026IWXVTV
Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026VTV
Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026VTV
Head-to-Head
VTV leads VYM over 10 years. The recent gap is one year
Oct 23, 2026VTV
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, 2026VTV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VTV

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IWX vs VTV

In short

Stated mandate

Why people hold it