IYG vs VFH: Grades, Fees and Holdings Compared

iShares U.S. Financial Services ETF

IYGCNYSE Arca

Vanguard Financials ETF

VFHBNYSE Arca

Overlap

77.3%by weight

Expense ratio

VFH −0.28pt a year

IYG0.37%VFH0.09%

Avg volume · 30D

VFH 4.9×the volume

IYG117KVFH579K

10Y return · a year

IYG +1.0pt

IYG+13.9%VFH+12.9%

IYG vs VFH Performance

Oct 29, 2021 – Oct 30, 2026

+52.9%IYG+52.3%VFH

Expense ratio: IYG 0.37%; VFH 0.09%, better
Fund size: IYG $2.24B; VFH $13.9B
1Y total return: IYG +8.2%; VFH +9.6%, better
Yield (12M): IYG 1.09%; VFH 1.71%, better
Holdings: IYG 99; VFH 426
Avg volume (30D): IYG 117K sh; VFH 579K sh, better
NAV per share: IYG $94.23; VFH $137.29
52W range

ETF.net Grade

Pillar letters and Scores for IYG, VFH, with each pillar’s weight
Pillar	IYG	VFH
Cost30% weight	C53	A88Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C45	C53Higher
Tradability15% weight	B57Higher	B56
Holdings10% weight	D35	C53Higher
Durability5% weight	A71	A84Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. IYG 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 IYG 12th 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 11CRSPFInvesco S&P 500 Equal Weight Financials ETFScore 53
Rank 12CIYGiShares U.S. Financial Services ETFScore 50
Rank 13CEUFNiShares MSCI Europe Financials ETFScore 45

Our read on each fund

ETF.net Research

IYGCiShares U.S. Financial Services ETF

VFHBVanguard Financials ETF

In short

IYG Financials, minus the insurers. IYG tracks a Dow Jones index built only from banks, brokers, asset managers and consumer finance names, and it has done so since 2000. The fee is 0.37%, near the category norm.

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

IYG The fund seeks to track an index of U.S. equities in the financial services sector, providing diversified access to investment banks, asset managers, and exchanges.

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

IYG The index leaves insurance out by design: eligible subsectors are banks, asset managers, consumer finance, specialty finance, investment services and mortgage finance.spglobal.com
Listed in June 2000, it is one of the original US sector ETFs and today a multi-billion-dollar fund with iShares running the plumbing.
About 100 stocks, quarterly distributions, and a full holdings list published on the issuer's fund page.ishares.com

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

IYG At 0.37% it is a pricier route into US financials: XLF charges 0.08% and VFH 0.09%. Both carry insurers, so the gap buys a different mix, not the same basket cheaper.
Broad sibling IYF costs the same 0.37% and adds the insurers back, so picking between them comes down to exposure rather than price.
Market-cap weighted, so the biggest lenders and payment names sit at the top of the book. This is a narrow slice of one sector, not a diversifier.spglobal.com

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 IYG profile⁠

Full VFH profile⁠

IYG vs VFH Holdings

How IYG and VFH differ

Overlap by weight

77.3%

Shared holdings make up 99.9% of IYG and 77.4% of VFH.

Level by level

Sector8 Sectors67.4%
Holdings96 in both77.3%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in IYG and VFH, widest gap first
Sector	More in IYGMore in VFH	IYG	VFH
Banks	IYG +32.6 points	32.6%	0.0%
Financials	VFH +29.9 points	67.4%	97.3%
Technology	VFH +1.9 points	0.0%	1.9%
Real Estate	VFH +0.6 points	0.0%	0.6%
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 IYG and VFH, widest gap first
Country	More in IYGMore in VFH	IYG	VFH
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

IYG64.1%
VFH48.5%

Securities held

IYG97
VFH424

Asset class

IYG: Equity
VFH: Equity

Holdings

Only in IYG1
In both96
Only in VFH328

Only in IYG

1 security, 0.0% of IYG by weight

Pershing Square Inc<0.01%

Only in VFH

328 securities, 22.1% of VFH by weight

Progressive Corp/The1.44%
Chubb Ltd1.35%
Marsh & McLennan Cos Inc0.98%
Travelers Cos Inc/The0.88%
Arthur J Gallagher & Co0.70%
Allstate Corp/The0.68%
Aon PLC0.67%
MetLife Inc0.61%
Aflac Inc0.61%
American International Group Inc0.47%
Prudential Financial Inc0.47%
Block Inc0.45%
Hartford Insurance Group Inc/The0.40%
Arch Capital Group Ltd0.37%
PayPal Holdings Inc0.33%
Willis Towers Watson PLC0.32%
Cincinnati Financial Corp0.29%
Principal Financial Group Inc0.29%
Corpay Inc0.29%
Fiserv Inc0.29%
Markel Group Inc0.26%
Affirm Holdings Inc0.23%
Global Payments Inc0.23%
Loews Corp0.21%
Brown & Brown Inc0.21%
Fidelity National Information Services Inc0.20%
Reinsurance Group of America Inc0.19%
W R Berkley Corp0.17%
Everest Group Ltd0.17%
Toast Inc0.17%
Annaly Capital Management Inc0.16%
RenaissanceRe Holdings Ltd0.16%
Assurant Inc0.16%
Globe Life Inc0.15%
Unum Group0.15%
SLBBH11420.14%
AGNC Investment Corp0.12%
Jack Henry & Associates Inc0.12%
Fidelity National Financial Inc0.11%
American Financial Group Inc/OH0.11%
Primerica Inc0.10%
Old Republic International Corp0.10%
Old National Bancorp/IN0.10%
Columbia Banking System Inc0.10%
Jackson Financial Inc0.10%
Hanover Insurance Group Inc/The0.09%
Oscar Health Inc0.09%
Kinsale Capital Group Inc0.08%
Axis Capital Holdings Ltd0.08%
Lincoln National Corp0.08%

Weight gaps

All 96 Holdings in both funds, largest gap first.

Holding weights in IYG and VFH, widest gap first
Holding	More in IYGMore in VFH	IYG	VFH
Berkshire Hathaway Inc Class BBRK.B	IYG +5.84 points	14.20%	8.36%
Visa Class AV	IYG +2.81 points	9.91%	7.10%
JPMorgan Chase & CoJPM	IYG +2.14 points	12.60%	10.46%
Mastercard Class AMA	IYG +1.93 points	7.25%	5.32%
Goldman Sachs GroupGS	IYG +0.70 points	3.66%	2.96%
Wells FargoWFC	IYG +0.67 points	3.55%	2.88%
S&P GlobalSPGI	IYG +0.56 points	1.98%	1.42%
BlackRockBLK	IYG +0.47 points	2.32%	1.85%
Morgan StanleyMS	IYG +0.45 points	3.09%	2.64%
American ExpressAXP	IYG +0.45 points	2.36%	1.91%
Capital One Financial CorpCOF	IYG +0.43 points	1.77%	1.34%
Cme Group Class ACME	IYG +0.40 points	1.53%	1.13%
Bank of AmericaBAC	IYG +0.37 points	4.57%	4.20%
Intercontinental Exchange IncICE	IYG +0.31 points	1.33%	1.02%
CitigroupC	IYG +0.28 points	2.89%	2.61%
BlackstoneBX	IYG +0.26 points	1.25%	0.99%
Bank of New York Mellon CorpBNY	IYG +0.23 points	1.40%	1.17%
Kkr and Co IncKKR	IYG +0.24 points	0.92%	0.68%
Moodys CorpMCO	IYG +0.23 points	1.03%	0.80%
Us BancorpUSB	IYG +0.23 points	1.30%	1.07%
Pnc Financial Services GroupPNC	IYG +0.22 points	1.28%	1.06%
Apollo Global ManagementAPO	IYG +0.19 points	0.77%	0.58%
MsciMSCI	IYG +0.18 points	0.64%	0.46%
Truist FinancialTFC	IYG +0.17 points	0.84%	0.67%
Nasdaq IncNDAQ	IYG +0.16 points	0.66%	0.50%
Cboe Global MarketsCBOE	IYG +0.16 points	0.50%	0.34%
Fifth Third BancorpFITB	IYG +0.14 points	0.69%	0.55%
Ares Management Class AARES	IYG +0.11 points	0.40%	0.29%
First Citizens Bancshares Class AFCNCA	IYG +0.11 points	0.29%	0.18%
Charles SchwabSCHW	IYG +0.09 points	2.01%	1.92%
Ameriprise Finance IncAMP	IYG +0.08 points	0.61%	0.53%
Northern TrustNTRS	IYG +0.09 points	0.44%	0.35%
State StreetSTT	IYG +0.09 points	0.66%	0.57%
Huntington Bancshares IncHBAN	IYG +0.08 points	0.45%	0.37%
M&T BankMTB	IYG +0.07 points	0.45%	0.38%
Regions FinancialRF	IYG +0.07 points	0.34%	0.27%
Raymond JamesRJF	IYG +0.07 points	0.38%	0.31%
Sofi TechnologiesSOFI	IYG +0.06 points	0.30%	0.24%
Robinhood Markets Class AHOOD	VFH +0.07 points	0.94%	1.01%
Synchrony FinancialSYF	IYG +0.07 points	0.35%	0.28%
Interactive Brokers Group Inc ClasIBKR	IYG +0.06 points	0.49%	0.43%
Tradeweb Markets Inc Class ATW	IYG +0.06 points	0.20%	0.14%
Citizens Financial Group IncCFG	IYG +0.06 points	0.38%	0.32%
Rocket Companies Inc Class ARKT	IYG +0.06 points	0.18%	0.12%
Factset Research SystemsFDS	IYG +0.06 points	0.17%	0.11%
KeycorpKEY	IYG +0.05 points	0.27%	0.22%
East West BancorpEWBC	IYG +0.05 points	0.25%	0.20%
Pinnacle Financial PartnersPNFP	IYG +0.05 points	0.22%	0.17%
T Rowe Price GroupTROW	IYG +0.04 points	0.31%	0.27%
Invesco LtdIVZ	IYG +0.04 points	0.17%	0.13%
Evercore Class AEVR	IYG +0.04 points	0.15%	0.11%
Prosperity BancsharesPB	IYG +0.03 points	0.12%	0.09%
Wintrust FinancialWTFC	IYG +0.03 points	0.14%	0.11%
Sei InvestmentsSEIC	IYG +0.03 points	0.15%	0.12%
Affiliated Managers GroupAMG	IYG +0.03 points	0.14%	0.11%
Cullen Frost BankersCFR	IYG +0.03 points	0.14%	0.11%
Corebridge Financial IncCRBG	IYG +0.03 points	0.13%	0.10%
Southstate Bank CorpSSB	IYG +0.02 points	0.14%	0.12%
Blue Owl Capital Class AOWL	IYG +0.02 points	0.09%	0.07%
Carlyle Group IncCG	IYG +0.03 points	0.15%	0.12%
First HorizonFHN	IYG +0.03 points	0.16%	0.13%
Equitable HoldingsEQH	IYG +0.02 points	0.19%	0.17%
Umb FinancialUMBF	IYG +0.03 points	0.14%	0.11%
Houlihan Lokey Class AHLI	IYG +0.03 points	0.11%	0.08%
Essent GroupESNT	IYG +0.02 points	0.08%	0.06%
Ally Financial IncALLY	IYG +0.03 points	0.15%	0.12%
Valley NationalVLY	IYG +0.02 points	0.09%	0.07%
Lpl Financial HoldingsLPLA	IYG +0.02 points	0.31%	0.29%
Voya FinancialVOYA	IYG +0.03 points	0.13%	0.10%
Glacier Bancorp IncGBCI	IYG +0.02 points	0.09%	0.07%
Franklin TempletonBEN	IYG +0.02 points	0.13%	0.11%
PopularBPOP	IYG +0.02 points	0.14%	0.12%
Jefferies Financial Group IncJEF	IYG +0.02 points	0.10%	0.08%
Tpg Inc Class ATPG	IYG +0.02 points	0.09%	0.07%
Zions BancorporationZION	IYG +0.02 points	0.13%	0.11%
Coinbase Global Class ACOIN	VFH +0.02 points	0.45%	0.47%
Radian GroupRDN	IYG +0.02 points	0.07%	0.05%
Mgic InvestmentMTG	IYG +0.01 points	0.08%	0.07%
Stifel FinancialSF	IYG +0.02 points	0.14%	0.12%
Fnb CorpFNB	IYG +0.02 points	0.09%	0.07%
Western AllianceWAL	IYG +0.02 points	0.11%	0.09%
Commerce BancsharesCBSH	IYG +0.01 points	0.10%	0.09%
MorningstarMORN	IYG +0.01 points	0.06%	0.05%
Onemain HoldingsOMF	IYG +0.01 points	0.09%	0.08%
Home Bancshares IncHOMB	IYG +0.02 points	0.08%	0.06%
United BanksharesUBSI	IYG +0.01 points	0.09%	0.08%
Bank OzkOZK	IYG +0.01 points	0.07%	0.06%
Virtu Financial Inc Class AVIRT	IYG +0.01 points	0.06%	0.05%
First Financial Bankshares IncFFIN	IYG +0.01 points	0.06%	0.05%
Marketaxess HoldingsMKTX	IYG +0.01 points	0.08%	0.07%
Galaxy Digital Inc Class AGLXY	VFH +0.01 points	0.04%	0.05%
Bok Financial CorpBOKF	IYG +0.01 points	0.04%	0.03%
Hamilton Lane Class AHLNE	IYG +0.01 points	0.05%	0.04%
Slm CorpSLM	VFH +0.01 points	0.04%	0.05%
Firstcash Holdings IncFCFS	Same weight	0.10%	0.10%
Credit Acceptance CorpCACC	Same weight	0.03%	0.03%

All 97 IYG 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.

IYG vs VFH Cost

Overpaying IYG vs VFH

$5,615

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

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

Amount$10,000

Years30 years

Cost over time

IYG 0.37%
VFH 0.09%
Overpaying

Year by year

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

Expense ratio

0.37%IYG
0.09%VFH, cheaper

VFH0.09%IYG0.37%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

VFH 3rd cheapest of 18 funds

IYG 7th cheapest of 18 funds

IYG vs VFH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IYG 1.09%; VFH 1.71%, better
Payout (12M): IYG $1.03; VFH $2.35
Last payment: IYG $0.27; VFH $0.45
Ex-dividend: IYG Sep 15, 2026; VFH Sep 23, 2026
Paid on: IYG Sep 18, 2026; VFH Sep 25, 2026
Frequency: IYG Quarterly; VFH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IYGQuarterly · 41 paymentsAll IYG payments⁠

VFHQuarterly · 39 paymentsAll VFH payments⁠

IYG vs VFH Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IYG 16.0%VFH 15.9%, better
Return per unit of riskSharpe ratio, 3 years: IYG 1.23, betterVFH 1.11
Worst fallMax drawdown, 5 years: IYG −29.6%VFH −25.7%, better
Market sensitivityBeta, 5 years: IYG 0.99VFH 0.82; Market = 1

IYG and VFH in the news

All news⁠

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

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IYG vs VFH

In short

Stated mandate

Why people hold it

Worth knowing

How IYG and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IYG

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 IYG and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IYG

Only in VFH

Weight gaps