MGV vs PRF: Grades, Fees and Holdings Compared

Vanguard Morningstar Mega Cap Value ETF

MGVANYSE Arca

Invesco RAFI US 1000 ETF

PRFBNYSE Arca

Overlap

41.1%by weight

Expense ratio

MGV −0.29pt a year

MGV0.05%PRF0.34%

Avg volume · 30D

PRF 1.2×the volume

MGV247KPRF307K

10Y return · a year

PRF +0.7pt

MGV+13.3%PRF+14.0%

MGV vs PRF Performance

Oct 29, 2021 – Oct 30, 2026

+83.6%MGV+84.2%PRF

Expense ratio: MGV 0.05%, better; PRF 0.34%
Fund size: MGV $13.6B; PRF $10.1B
1Y total return: MGV +25.6%, better; PRF +24.7%
Yield (12M): MGV 1.82%, better; PRF 1.32%
Holdings: MGV 117; PRF 995
Avg volume (30D): MGV 247K sh; PRF 307K sh, better
NAV per share: MGV $168.92; PRF $56.12
52W range

ETF.net Grade

Pillar letters and Scores for MGV, PRF, with each pillar’s weight
Pillar	MGV	PRF
Cost30% weight	A100Higher	C43
Mission25% weight	B67	B67
Risk15% weight	A92Higher	A90
Tradability15% weight	C49	A78Higher
Holdings10% weight	B57	A78Higher
Durability5% weight	A90Higher	A75

Rank among US Factor Index funds

How we build Categories ›

Same Category. MGV and PRF are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

MGV ranks 1st and PRF 8th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 7BSPMOInvesco S&P 500 Momentum ETFScore 67
Rank 8BPRFInvesco RAFI US 1000 ETFScore 66
Rank 9BMMTMState Street SPDR S&P 1500 Momentum Tilt ETFScore 65

Our read on each fund

ETF.net Research

MGVAVanguard Morningstar Mega Cap Value ETF

PRFBInvesco RAFI US 1000 ETF

In short

MGV Most "value" ETFs slide down into mid caps. MGV stays at the very top of the US market and buys the value half of it for five basis points. Vanguard's plain, cheap way to own the old-guard giants.

PRF PRF throws out market cap. Since 2005 it has weighted about 1,000 big US companies by book value, cash flow, sales and dividends, so a holding's size reflects its business footprint rather than its share price.

Stated mandate

MGV The ETF seeks to track the Morningstar US Mega Cap Value Index and provides passive, diversified exposure to the largest value stocks in the U.S. market.

PRF The Fund seeks to track the RAFI Fundamental Select US 1000 Index, which selects large US equities using fundamental measures such as book value, cash flow, sales and dividends.

Why people hold it

MGV At 0.05% it is the cheapest fund in its factor peer group, where the median charges 0.28%. It undercuts fellow top-rated peers SIZE (0.15%) and SUSA (0.25%).vanguard.com
Launched December 2007, straight into the crash, and now a multi-billion-dollar fund. Long history, quarterly distributions, Vanguard plumbing behind it.
One of the strongest overall showings in its US factor peer group, built on cost and staying power rather than a clever screen.

PRF Position sizes come from sales, cash flow, book value and dividends, so the fund leans away from names as their prices climb and back toward them as prices fall.
Trading since 2005 and now a multi-billion-dollar fund: a long-running strategy with a record across full market cycles, not a recent launch.
About 1,000 US companies deep, so the fundamental tilt is spread across many small weight differences instead of a handful of concentrated bets.
Lands in the upper half of its US factor peer group, with its risk profile one of the sturdier parts of the package.

Worth knowing

MGV About 130 names, all mega caps. The biggest holdings carry real weight, and small and mid caps are absent by design.
It tracks a Morningstar index of the largest US value stocks, so it leaves out the market's growth giants and can move very differently from a total-market fund.vanguard.com
Moderately traded rather than a household-name ticker, so limit orders and mid-session trading matter more here than with the very largest index ETFs.

PRF At 0.34% a year it prices above the typical US factor ETF, and well above cheap cap-weighted value peers such as MGV at 0.05%.
Fundamental weighting holds richly priced mega caps at smaller weights than a cap-weighted index does, so this fund's path can look very different for years at a stretch.
Income arrives quarterly, and trading activity is moderate rather than heavy, which can matter on larger orders.

Full MGV profile⁠

Full PRF profile⁠

MGV vs PRF Holdings

How MGV and PRF differ

Overlap by weight

41.1%

Shared holdings make up 98.9% of MGV and 41.3% of PRF.

Level by level

Holdings113 in both41.1%
Sector11 Sectors78.6%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in MGV and PRF, widest gap first
Sector	More in MGVMore in PRF	MGV	PRF
Financials	MGV +7.6 points	23.3%	15.7%
Communication	PRF +5.9 points	3.4%	9.3%
Technology	PRF +5.6 points	16.1%	21.7%
Health Care	MGV +5.1 points	18.4%	13.3%
Consumer Discretionary	PRF +5.0 points	3.8%	8.8%
Consumer Staples	MGV +4.5 points	10.9%	6.4%
Industrials	MGV +4.2 points	12.7%	8.5%
Energy	PRF +1.6 points	6.6%	8.2%
Real Estate	PRF +1.5 points	1.0%	2.5%
Utilities	PRF +1.2 points	1.7%	2.9%
Materials	PRF +0.6 points	2.3%	2.9%

Country, concentration and asset class

Country by domicile

Country weights in MGV and PRF, widest gap first
Country	More in MGVMore in PRF	MGV	PRF
United States	MGV +0.6 points	100.0%	99.4%
Other countries (7)	PRF +0.6 points	0.0%	0.6%

Concentration

Weight in the 10 largest Holdings

MGV30.4%
PRF22.8%

Securities held

MGV116
PRF992

Asset class

MGV: Equity
PRF: Equity

Holdings

Only in MGV3
In both113
Only in PRF879

Only in MGV

3 securities, 1.4% of MGV by weight

Berkshire Hathaway Inc1.04%
Elevance Health Inc0.40%
SLBBH11420.00%

Only in PRF

879 securities, 58.6% of PRF by weight

Apple Inc4.75%
Microsoft Corp3.17%
Alphabet Inc2.71%
Amazon.com Inc2.18%
Meta Platforms Inc1.75%
Intel Corp1.06%
NVIDIA Corp0.72%
Valero Energy Corp0.63%
Marathon Petroleum Corp0.61%
Moderna Inc0.59%
Broadcom Inc0.51%
General Motors Co0.47%
Phillips 660.45%
Elevance Health Inc0.44%
Visa Inc0.44%
Advanced Micro Devices Inc0.43%
Ford Motor Co0.40%
Target Corp0.37%
Eli Lilly & Co0.37%
Humana Inc0.36%
Tesla Inc0.34%
Centene Corp0.32%
Applied Materials Inc0.31%
Hewlett Packard Enterprise Co0.31%
Mastercard Inc0.28%
Oracle Corp0.28%
Nucor Corp0.27%
PayPal Holdings Inc0.25%
Dow Inc0.23%
Truist Financial Corp0.22%
HP Inc0.22%
Devon Energy Corp0.22%
American International Group Inc0.22%
MetLife Inc0.21%
Kroger Co/The0.21%
Netflix Inc0.19%
Archer-Daniels-Midland Co0.19%
Lam Research Corp0.19%
SLB Ltd0.18%
Allstate Corp/The0.18%
eBay Inc0.17%
Aflac Inc0.17%
Dominion Energy Inc0.17%
Occidental Petroleum Corp0.16%
DR Horton Inc0.16%
Kraft Heinz Co/The0.16%
NIKE Inc0.16%
Synchrony Financial0.15%
Prudential Financial Inc0.15%
Charter Communications Inc0.15%

Weight gaps

The 100 widest of 113 Holdings in both funds.

Holding weights in MGV and PRF, widest gap first
Holding	More in MGVMore in PRF	MGV	PRF
Micron Technology IncMU	MGV +5.35 points	5.91%	0.56%
JPMorgan Chase & CoJPM	MGV +2.69 points	4.32%	1.63%
Johnson & JohnsonJNJ	MGV +2.02 points	3.14%	1.12%
AbbVie IncABBV	MGV +1.61 points	2.27%	0.66%
Berkshire Hathaway IncBRK.B	MGV +1.59 points	3.46%	1.87%
Caterpillar IncCAT	MGV +1.54 points	1.83%	0.29%
Costco Wholesale CorpCOST	MGV +1.50 points	1.99%	0.49%
General Electric CoGE	MGV +1.43 points	1.59%	0.16%
Walmart IncWMT	MGV +1.41 points	2.24%	0.83%
Coca-Cola Co/TheKO	MGV +1.27 points	1.64%	0.37%
ExxonMobil Holdings CorpXOM	MGV +1.25 points	3.32%	2.07%
Cisco Systems IncCSCO	MGV +1.17 points	1.88%	0.71%
Philip Morris International IncPM	MGV +1.10 points	1.46%	0.36%
Merck & Co IncMRK	MGV +0.96 points	1.76%	0.80%
Home Depot Inc/TheHD	MGV +0.89 points	1.40%	0.51%
Texas Instruments IncTXN	MGV +0.89 points	1.26%	0.37%
Procter & Gamble Co/ThePG	MGV +0.87 points	1.66%	0.79%
Thermo Fisher Scientific IncTMO	MGV +0.81 points	1.23%	0.42%
RTX CorpRTX	MGV +0.80 points	1.23%	0.43%
Bank of America CorpBAC	MGV +0.79 points	1.78%	0.99%
Linde PLCLIN	MGV +0.79 points	1.08%	0.29%
Morgan StanleyMS	MGV +0.72 points	1.09%	0.37%
Goldman Sachs Group Inc/TheGS	MGV +0.71 points	1.21%	0.50%
Analog Devices IncADI	MGV +0.69 points	0.95%	0.26%
Eaton Corp PLCETN	MGV +0.68 points	0.82%	0.14%
Amgen IncAMGN	MGV +0.67 points	1.12%	0.45%
Charles Schwab Corp/TheSCHW	MGV +0.66 points	0.79%	0.13%
International Business Machines CorpIBM	MGV +0.62 points	1.02%	0.40%
Dell Technologies IncDELL	MGV +0.61 points	0.77%	0.16%
McDonald's CorpMCD	MGV +0.59 points	0.80%	0.21%
Uber Technologies IncUBER	MGV +0.56 points	0.65%	0.09%
American Express CoAXP	MGV +0.57 points	0.76%	0.19%
NextEra Energy IncNEE	MGV +0.55 points	0.78%	0.23%
Deere & CoDE	MGV +0.53 points	0.85%	0.32%
Blackrock IncBLK	MGV +0.53 points	0.73%	0.20%
Salesforce IncCRM	MGV +0.51 points	0.88%	0.37%
PepsiCo IncPEP	MGV +0.51 points	0.85%	0.34%
QUALCOMM IncQCOM	MGV +0.51 points	0.95%	0.44%
Parker-Hannifin CorpPH	MGV +0.50 points	0.59%	0.09%
Gilead Sciences IncGILD	MGV +0.51 points	0.91%	0.40%
Abbott LaboratoriesABT	MGV +0.48 points	0.84%	0.36%
Walt Disney Co/TheDIS	MGV +0.47 points	0.89%	0.42%
Union Pacific CorpUNP	MGV +0.45 points	0.79%	0.34%
Danaher CorpDHR	MGV +0.45 points	0.69%	0.24%
Prologis IncPLD	MGV +0.45 points	0.61%	0.16%
Trane Technologies PLCTT	MGV +0.44 points	0.49%	0.05%
Chevron CorpCVX	MGV +0.41 points	1.88%	1.47%
Progressive Corp/ThePGR	MGV +0.41 points	0.59%	0.18%
UnitedHealth Group IncUNH	MGV +0.40 points	1.62%	1.22%
Wells Fargo & CoWFC	MGV +0.38 points	1.19%	0.81%
Starbucks CorpSBUX	MGV +0.38 points	0.53%	0.15%
S&P Global IncSPGI	MGV +0.37 points	0.56%	0.19%
McKesson CorpMCK	MGV +0.36 points	0.49%	0.13%
Stryker CorpSYK	MGV +0.35 points	0.47%	0.12%
Freeport-McMoRan IncFCX	MGV +0.35 points	0.49%	0.14%
Automatic Data Processing IncADP	MGV +0.34 points	0.50%	0.16%
Blackstone IncBX	MGV +0.34 points	0.41%	0.07%
CME Group IncCME	MGV +0.33 points	0.46%	0.13%
Sherwin-Williams Co/TheSHW	MGV +0.33 points	0.39%	0.06%
Chubb LtdCB	MGV +0.32 points	0.56%	0.24%
Intercontinental Exchange IncICE	MGV +0.30 points	0.42%	0.12%
Waste Management IncWM	MGV +0.28 points	0.40%	0.12%
Citigroup IncC	MGV +0.28 points	1.06%	0.78%
Altria Group IncMO	MGV +0.28 points	0.55%	0.27%
American Tower CorpAMT	MGV +0.27 points	0.38%	0.11%
Bank of New York Mellon Corp/TheBNY	MGV +0.26 points	0.48%	0.22%
Marsh & McLennan Cos IncMRSH	MGV +0.26 points	0.40%	0.14%
Emerson Electric CoEMR	MGV +0.26 points	0.43%	0.17%
Intuit IncINTU	MGV +0.25 points	0.37%	0.12%
Southern Co/TheSO	MGV +0.25 points	0.46%	0.21%
KKR & Co IncKKR	MGV +0.25 points	0.30%	0.05%
General Dynamics CorpGD	MGV +0.25 points	0.42%	0.17%
Capital One Financial CorpCOF	MGV +0.24 points	0.58%	0.34%
Medtronic PLCMDT	MGV +0.23 points	0.54%	0.31%
Adobe IncADBE	MGV +0.23 points	0.47%	0.24%
Illinois Tool Works IncITW	MGV +0.22 points	0.34%	0.12%
3M CoMMM	MGV +0.23 points	0.42%	0.19%
Verizon Communications IncVZ	MGV +0.21 points	0.94%	0.73%
PNC Financial Services Group Inc/ThePNC	MGV +0.21 points	0.44%	0.23%
TJX Cos Inc/TheTJX	MGV +0.21 points	0.36%	0.15%
CSX CorpCSX	MGV +0.20 points	0.42%	0.22%
Lockheed Martin CorpLMT	MGV +0.20 points	0.58%	0.38%
T-Mobile US IncTMUS	MGV +0.19 points	0.34%	0.15%
US BancorpUSB	MGV +0.19 points	0.44%	0.25%
Lowe's Cos IncLOW	MGV +0.20 points	0.51%	0.31%
AT&T IncT	MGV +0.19 points	0.82%	0.63%
Duke Energy CorpDUK	MGV +0.18 points	0.44%	0.26%
Northrop Grumman CorpNOC	MGV +0.16 points	0.34%	0.18%
Newmont CorpNEM	MGV +0.16 points	0.30%	0.14%
HCA Healthcare IncHCA	MGV +0.14 points	0.30%	0.16%
Marriott International Inc/MDMAR	MGV +0.13 points	0.18%	0.05%
Accenture PLCACN	MGV +0.13 points	0.55%	0.42%
Mondelez International IncMDLZ	MGV +0.13 points	0.36%	0.23%
Bristol-Myers Squibb CoBMY	MGV +0.12 points	0.63%	0.51%
Johnson Controls International plcJCI	MGV +0.09 points	0.22%	0.13%
Boston Scientific CorpBSX	MGV +0.09 points	0.16%	0.07%
Williams Cos Inc/TheWMB	MGV +0.08 points	0.20%	0.12%
United Parcel Service IncUPS	MGV +0.07 points	0.34%	0.27%
Apollo Global Management IncAPO	MGV +0.08 points	0.12%	0.04%
FedEx CorpFDX	PRF +0.07 points	0.15%	0.22%

All 127 MGV holdings⁠All 994 PRF 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.

MGV vs PRF Cost

Overpaying PRF vs MGV

$5,872

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

MGV 0.05%
$1,060
PRF 0.34%
$6,932

Amount$10,000

Years30 years

Cost over time

MGV 0.05%
PRF 0.34%
Overpaying

Year by year

Year	MGV	PRF	Overpaying
10	$92	$616	$524
20	$360	$2,386	$2,026
30	$1,060	$6,932	$5,872

Expense ratio

0.05%MGV, cheaper
0.34%PRF

MGV0.05%PRF0.34%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

MGV cheapest of 30 funds

PRF 17th cheapest of 30 funds

MGV vs PRF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MGV 1.82%, better; PRF 1.32%
Payout (12M): MGV $3.07; PRF $0.74
Last payment: MGV $0.72; PRF $0.19
Ex-dividend: MGV Sep 28, 2026; PRF Sep 21, 2026
Paid on: MGV Sep 30, 2026; PRF Sep 25, 2026
Frequency: MGV Quarterly; PRF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MGVQuarterly · 39 paymentsAll MGV payments⁠

PRFQuarterly · 39 paymentsAll PRF payments⁠

MGV vs PRF Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: MGV 11.1%, betterPRF 11.6%
Return per unit of riskSharpe ratio, 3 years: MGV 1.48PRF 1.54, better
Worst fallMax drawdown, 5 years: MGV −16.5%, betterPRF −19.8%
Market sensitivityBeta, 5 years: MGV 0.66PRF 0.89; Market = 1

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