IYF vs VFH: Grades, Fees and Holdings Compared

iShares U.S. Financials ETF

IYFBNYSE Arca

Vanguard Financials ETF

VFHBNYSE Arca

Overlap

74.4%by weight

Expense ratio

VFH −0.28pt a year

IYF0.37%VFH0.09%

Avg volume · 30D

VFH 1.6×the volume

IYF372KVFH579K

10Y return · a year

IYF +0.2pt

IYF+13.1%VFH+12.9%

IYF vs VFH Performance

Oct 29, 2021 – Oct 30, 2026

+59.0%IYF+52.3%VFH

Expense ratio: IYF 0.37%; VFH 0.09%, better
Fund size: IYF $3.74B; VFH $13.9B
1Y total return: IYF +8.5%; VFH +9.6%, better
Yield (12M): IYF 1.49%; VFH 1.71%, better
Holdings: IYF 146; VFH 426
Avg volume (30D): IYF 372K sh; VFH 579K sh, better
NAV per share: IYF $130.91; VFH $137.29
52W range

ETF.net Grade

Pillar letters and Scores for IYF, VFH, with each pillar’s weight
Pillar	IYF	VFH
Cost30% weight	C53	A88Higher
Mission25% weight	A84	Not scored
Risk15% weight	B57Higher	C53
Tradability15% weight	A76Higher	B56
Holdings10% weight	B55Higher	C53
Durability5% weight	A76	A84Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. IYF and VFH are both graded against the same 18 Financials (Broad) funds, so their Grades compare head to head.

Financials (Broad)⁠

Category · 18 funds

See all 18 ›

VFH ranks 4th and IYF 5th of 18 funds in the Financials (Broad) Category.

Rank 1AXLFState Street Financial Select Sector SPDR ETFScore 82
Rank 2AFNCLFidelity MSCI Financials Index ETFScore 76
Rank 3AKIEState Street SPDR S&P Insurance ETFScore 72
Rank 4BVFHVanguard Financials ETFScore 69
Rank 5BIXGiShares Global Financials ETFScore 66
Rank 5BIYFiShares U.S. Financials ETFScore 66
Rank 7BKBWPInvesco KBW Property & Casualty Insurance ETFScore 61

Our read on each fund

ETF.net Research

IYFBiShares U.S. Financials ETF

VFHBVanguard Financials ETF

In short

IYF Trading since May 2000, IYF runs the US financials trade off the Russell 1000's financials slice, so mid-cap banks, insurers and brokers ride along with the megabanks. About 140 names at 0.37%, near the category median fee.

VFH Financials without the size filter. VFH holds roughly 400 US financial stocks, from the megabanks down to small regional lenders and insurers, for 0.09% a year.

Stated mandate

IYF The fund seeks to track an index composed of U.S. equities in the financials sector.

VFH VFH seeks to track the MSCI US Investable Market Index (IMI)/Financials 25/50, providing passively managed, multicapitalization exposure to U.S. financial-sector equities.

Why people hold it

IYF The index is the financials cut of the Russell 1000 and includes large- and mid-cap companies, not just the giants: about 140 holdings spanning banks, insurers and card networks.sec.gov ishares.com
Built-in guardrails: no single issuer above 15%, and all names over 4.5% capped at 22.5% combined, monitored daily between quarterly rebalances.sec.gov
A multi-billion-dollar fund with a quarter-century track record, quarterly distributions, and enough daily turnover for ordinary-size orders.
Sits in the upper half of the broad US financials group, a crowded shelf of 18 funds.

VFH Owns the whole sector, not just the giants: roughly 400 US financial names through MSCI's US IMI Financials 25/50 index, megabanks through small regional lenders and insurers.vanguard.com
Costs 0.09% a year, a fraction of what the typical broad financials fund charges.vanguard.com
Running since 2004, now a multi-billion-dollar fund that trades actively, and it has stayed close to its index. One of the strongest implementations in the financials group.
Pays out quarterly, passively managed, no manager stock-picking inside the sector.

Worth knowing

IYF 0.37% is near the median for broad financials, but the index cheapskates undercut it badly: XLF at 0.08%, FNCL at 0.084%, VFH at 0.09%.
Capped is not spread thin. A few mega-cap financials can fill most of that 22.5% bucket, so the top of the book drives most of the movement.sec.gov
One sector, one country. Rates, credit losses and regulation hit banks, insurers and card networks at the same time, with no other sector to cushion it.

VFH One sector, one storyline: banks, insurers and brokers tend to move together with interest rates and the credit cycle.
The multicap reach cuts both ways. Small regional banks and niche insurers ride along with the megacaps, and they can swing harder.
Cost isn't the edge here: XLF and FNCL sit at essentially the same fee. Breadth of coverage is the real differentiator.

Full IYF profile⁠

Full VFH profile⁠

IYF vs VFH Holdings

How IYF and VFH differ

Overlap by weight

74.4%

Shared holdings make up 98.0% of IYF and 74.9% of VFH.

Level by level

Sector11 Sectors47.9%
Holdings131 in both74.4%
Countryby domicile97.0%
Asset classEquity100%

Sector

Sector weights in IYF and VFH, widest gap first
Sector	More in IYFMore in VFH	IYF	VFH
Financials	VFH +49.4 points	47.9%	97.3%
Banks	IYF +31.9 points	31.9%	0.0%
Insurance	IYF +19.4 points	19.4%	0.0%
Technology	VFH +1.9 points	0.0%	1.9%
Real Estate	VFH +0.6 points	0.0%	0.6%
Software & Services	IYF +0.5 points	0.5%	0.0%
Commercial & Professional Services	IYF +0.3 points	0.3%	0.0%
Health Care	VFH +0.1 points	0.0%	0.1%
Industrials	VFH +0.1 points	0.0%	0.1%
Consumer Discretionary	Same weight	0.0%	0.0%
Communication	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in IYF and VFH, widest gap first
Country	More in IYFMore in VFH	IYF	VFH
United States	VFH +3.0 points	97.0%	100.0%
Switzerland	IYF +2.0 points	2.0%	0.0%
Brazil	IYF +0.7 points	0.7%	0.0%
Canada	IYF +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

IYF48.1%
VFH48.5%

Securities held

IYF143
VFH424

Asset class

IYF: Equity
VFH: Equity

Holdings

Only in IYF12
In both131
Only in VFH293

Only in IYF

12 securities, 1.9% of IYF by weight

Nu Holdings Class A0.63%
Broadridge Financial Solutions Inc0.32%
Brookfield Asset Management Voting0.28%
Fair Isaac0.24%
Circle Internet Group Inc Class A0.20%
Xp Class A Inc0.09%
Freedom Holding Corp0.06%
Central Bancompany Class A0.02%
Cna Financial Corp0.02%
Tfs Financial Corp0.01%
Bullish<0.01%
Uwm Holdings Rights When Issued Ex0.00%

Only in VFH

293 securities, 24.6% of VFH by weight

Visa Inc7.10%
Mastercard Inc5.32%
American Express Co1.91%
Capital One Financial Corp1.34%
Block Inc0.45%
PayPal Holdings Inc0.33%
Corpay Inc0.29%
Fiserv Inc0.29%
Synchrony Financial0.28%
Affirm Holdings Inc0.23%
Global Payments Inc0.23%
Fidelity National Information Services Inc0.20%
Toast Inc0.17%
SLBBH11420.14%
Jack Henry & Associates Inc0.12%
UMB Financial Corp0.11%
FirstCash Holdings Inc0.10%
Old National Bancorp/IN0.10%
Jackson Financial Inc0.10%
Oscar Health Inc0.09%
StoneX Group Inc0.08%
United Bankshares Inc/WV0.08%
Valley National Bancorp0.07%
Hancock Whitney Corp0.07%
Glacier Bancorp Inc0.07%
Erie Indemnity Co0.07%
WEX Inc0.07%
Atlantic Union Bankshares Corp0.06%
Home BancShares Inc/AR0.06%
Ameris Bancorp0.06%
Essent Group Ltd0.06%
Selective Insurance Group Inc0.06%
CNO Financial Group Inc0.06%
Associated Banc-Corp0.06%
Victory Capital Holdings Inc0.06%
HA Sustainable Infrastructure Capital Inc0.05%
Piper Sandler Cos0.05%
Axos Financial Inc0.05%
Eastern Bankshares Inc0.05%
Moelis & Co0.05%
BGC Group Inc0.05%
Fulton Financial Corp0.05%
ServisFirst Bancshares Inc0.05%
First Financial Bankshares Inc0.05%
First BanCorp/Puerto Rico0.05%
Radian Group Inc0.05%
Texas Capital Bancshares Inc0.05%
Federated Hermes Inc0.05%
United Community Banks Inc/GA0.05%
Enova International Inc0.05%

Weight gaps

The 100 widest of 131 Holdings in both funds.

Holding weights in IYF and VFH, widest gap first
Holding	More in IYFMore in VFH	IYF	VFH
Berkshire Hathaway Inc Class BBRK.B	IYF +4.02 points	12.38%	8.36%
BlackRockBLK	IYF +0.90 points	2.75%	1.85%
Wells FargoWFC	IYF +0.84 points	3.72%	2.88%
S&P GlobalSPGI	IYF +0.74 points	2.16%	1.42%
ProgressivePGR	IYF +0.68 points	2.12%	1.44%
ChubbCB	IYF +0.66 points	2.01%	1.35%
Goldman Sachs GroupGS	IYF +0.63 points	3.59%	2.96%
CitigroupC	IYF +0.61 points	3.22%	2.61%
Morgan StanleyMS	IYF +0.60 points	3.24%	2.64%
Cme Group Class ACME	IYF +0.59 points	1.72%	1.13%
JPMorgan Chase & CoJPM	IYF +0.58 points	11.04%	10.46%
MarshMRSH	IYF +0.54 points	1.52%	0.98%
Bank of AmericaBAC	VFH +0.50 points	3.70%	4.20%
Intercontinental Exchange IncICE	IYF +0.47 points	1.49%	1.02%
Travelers CompaniesTRV	IYF +0.41 points	1.29%	0.88%
Arthur J GallagherAJG	IYF +0.40 points	1.10%	0.70%
Bank of New York Mellon CorpBNY	IYF +0.39 points	1.56%	1.17%
BlackstoneBX	IYF +0.39 points	1.38%	0.99%
Aon PLC Class AAON	IYF +0.38 points	1.05%	0.67%
Us BancorpUSB	IYF +0.38 points	1.45%	1.07%
Pnc Financial Services GroupPNC	IYF +0.38 points	1.44%	1.06%
Allstate CorpALL	IYF +0.37 points	1.05%	0.68%
Moodys CorpMCO	IYF +0.36 points	1.16%	0.80%
Charles SchwabSCHW	IYF +0.34 points	2.26%	1.92%
Kkr and Co IncKKR	IYF +0.34 points	1.02%	0.68%
AflacAFL	IYF +0.28 points	0.89%	0.61%
Truist FinancialTFC	IYF +0.27 points	0.94%	0.67%
Nasdaq IncNDAQ	IYF +0.24 points	0.74%	0.50%
MetlifeMET	IYF +0.24 points	0.85%	0.61%
MsciMSCI	IYF +0.23 points	0.69%	0.46%
Fifth Third BancorpFITB	IYF +0.21 points	0.76%	0.55%
American International GroupAIG	IYF +0.21 points	0.68%	0.47%
Cboe Global MarketsCBOE	IYF +0.21 points	0.55%	0.34%
Apollo Global ManagementAPO	IYF +0.18 points	0.76%	0.58%
Arch Capital GroupACGL	IYF +0.18 points	0.55%	0.37%
Prudential Financial IncPRU	IYF +0.16 points	0.63%	0.47%
Hartford Insurance GroupHIG	IYF +0.16 points	0.56%	0.40%
Ameriprise Finance IncAMP	IYF +0.15 points	0.68%	0.53%
Willis Towers WatsonWTW	IYF +0.15 points	0.47%	0.32%
Cincinnati FinancialCINF	IYF +0.14 points	0.43%	0.29%
State StreetSTT	IYF +0.14 points	0.71%	0.57%
Huntington Bancshares IncHBAN	IYF +0.13 points	0.50%	0.37%
Northern TrustNTRS	IYF +0.13 points	0.48%	0.35%
M&T BankMTB	IYF +0.12 points	0.50%	0.38%
First Citizens Bancshares Class AFCNCA	IYF +0.12 points	0.30%	0.18%
Raymond JamesRJF	IYF +0.12 points	0.43%	0.31%
Brown & Brown IncBRO	IYF +0.11 points	0.32%	0.21%
Regions FinancialRF	IYF +0.11 points	0.38%	0.27%
Markel GroupMKL	IYF +0.10 points	0.36%	0.26%
Ares Management Class AARES	IYF +0.11 points	0.40%	0.29%
Citizens Financial Group IncCFG	IYF +0.10 points	0.42%	0.32%
Interactive Brokers Group Inc ClasIBKR	IYF +0.10 points	0.53%	0.43%
Sofi TechnologiesSOFI	IYF +0.09 points	0.33%	0.24%
Principal Financial Group IncPFG	IYF +0.09 points	0.38%	0.29%
KeycorpKEY	IYF +0.08 points	0.30%	0.22%
LoewsL	IYF +0.08 points	0.29%	0.21%
Tradeweb Markets Inc Class ATW	IYF +0.08 points	0.22%	0.14%
Reinsurance Group of AmericaRGA	IYF +0.08 points	0.27%	0.19%
Wr BerkleyWRB	IYF +0.08 points	0.25%	0.17%
T Rowe Price GroupTROW	IYF +0.07 points	0.34%	0.27%
East West BancorpEWBC	IYF +0.08 points	0.28%	0.20%
UnumUNM	IYF +0.08 points	0.23%	0.15%
Everest GroupEG	IYF +0.08 points	0.25%	0.17%
Chime Financial Class ACHYM	IYF +0.07 points	0.11%	0.04%
Assurant IncAIZ	IYF +0.07 points	0.23%	0.16%
Rocket Companies Inc Class ARKT	IYF +0.08 points	0.20%	0.12%
Pinnacle Financial PartnersPNFP	IYF +0.07 points	0.24%	0.17%
Factset Research SystemsFDS	IYF +0.07 points	0.18%	0.11%
Equitable HoldingsEQH	IYF +0.06 points	0.23%	0.17%
Lpl Financial HoldingsLPLA	IYF +0.07 points	0.36%	0.29%
Evercore Class AEVR	IYF +0.06 points	0.17%	0.11%
Renaissancere HoldingRNR	IYF +0.06 points	0.22%	0.16%
American Financial GroupAFG	IYF +0.05 points	0.16%	0.11%
Annaly Capital Management ReitNLY	IYF +0.06 points	0.22%	0.16%
Wintrust FinancialWTFC	IYF +0.05 points	0.16%	0.11%
Fidelity National Financial IncFNF	IYF +0.05 points	0.16%	0.11%
Axis Capital HoldingsAXS	IYF +0.05 points	0.13%	0.08%
Carlyle Group IncCG	IYF +0.05 points	0.17%	0.12%
Affiliated Managers GroupAMG	IYF +0.04 points	0.15%	0.11%
Ally Financial IncALLY	IYF +0.05 points	0.17%	0.12%
Sei InvestmentsSEIC	IYF +0.04 points	0.16%	0.12%
Hanover Insurance GroupTHG	IYF +0.04 points	0.13%	0.09%
Southstate Bank CorpSSB	IYF +0.04 points	0.16%	0.12%
First HorizonFHN	IYF +0.04 points	0.17%	0.13%
Zions BancorporationZION	IYF +0.04 points	0.15%	0.11%
Corebridge Financial IncCRBG	IYF +0.04 points	0.14%	0.10%
Prosperity BancsharesPB	IYF +0.04 points	0.13%	0.09%
Kinsale Capital Group IncKNSL	IYF +0.04 points	0.12%	0.08%
Globe LifeGL	IYF +0.04 points	0.19%	0.15%
Blue Owl Capital Class AOWL	IYF +0.04 points	0.11%	0.07%
Voya FinancialVOYA	IYF +0.04 points	0.14%	0.10%
PrimericaPRI	IYF +0.04 points	0.14%	0.10%
Columbia Banking System IncCOLB	IYF +0.04 points	0.14%	0.10%
Houlihan Lokey Class AHLI	IYF +0.04 points	0.12%	0.08%
Old Republic InternationalORI	IYF +0.04 points	0.14%	0.10%
Cullen Frost BankersCFR	IYF +0.04 points	0.15%	0.11%
Western AllianceWAL	IYF +0.04 points	0.13%	0.09%
Agnc Investment ReitAGNC	IYF +0.04 points	0.16%	0.12%
PopularBPOP	IYF +0.03 points	0.15%	0.12%
Tpg Inc Class ATPG	IYF +0.04 points	0.11%	0.07%

All 143 IYF holdings⁠All 404 VFH 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.

IYF vs VFH Cost

Overpaying IYF vs VFH

$5,615

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

IYF 0.37%
$7,513
VFH 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

IYF 0.37%
VFH 0.09%
Overpaying

Year by year

Year	IYF	VFH	Overpaying
10	$670	$165	$505
20	$2,590	$646	$1,944
30	$7,513	$1,898	$5,615

Expense ratio

0.37%IYF
0.09%VFH, cheaper

VFH0.09%IYF0.37%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

VFH 3rd cheapest of 18 funds

IYF 7th cheapest of 18 funds

IYF vs VFH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IYF 1.49%; VFH 1.71%, better
Payout (12M): IYF $1.95; VFH $2.35
Last payment: IYF $0.42; VFH $0.45
Ex-dividend: IYF Sep 15, 2026; VFH Sep 23, 2026
Paid on: IYF Sep 18, 2026; VFH Sep 25, 2026
Frequency: IYF Quarterly; VFH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IYFQuarterly · 39 paymentsAll IYF payments⁠

VFHQuarterly · 39 paymentsAll VFH payments⁠

IYF vs VFH Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IYF 15.8%, betterVFH 15.9%
Return per unit of riskSharpe ratio, 3 years: IYF 1.15, betterVFH 1.11
Worst fallMax drawdown, 5 years: IYF −25.1%, betterVFH −25.7%
Market sensitivityBeta, 5 years: IYF 0.82VFH 0.82; Market = 1

IYF and VFH in the news

All news⁠

Deep Dive
Bank earnings week will miss most of what a financials fund owns
Oct 12, 2026IYFVFH

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IYF vs VFH

In short

Stated mandate

Why people hold it

Worth knowing

How IYF and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IYF

Only in VFH

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Bank earnings week will miss most of what a financials fund owns

How IYF and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IYF

Only in VFH

Weight gaps