MGV vs SIZE: Grades, Fees and Holdings Compared

Vanguard Morningstar Mega Cap Value ETF

MGVANYSE Arca

iShares MSCI USA Size Factor ETF

SIZEANYSE Arca

Overlap

21.3%by weight

Expense ratio

MGV −0.10pt a year

MGV0.05%SIZE0.15%

Avg volume · 30D

MGV 47.3×the volume

MGV247KSIZE5.21K

10Y return · a year

MGV +1.3pt

MGV+13.3%SIZE+12.0%

MGV vs SIZE Performance

Oct 29, 2021 – Oct 30, 2026

+83.6%MGV+43.6%SIZE

Expense ratio: MGV 0.05%, better; SIZE 0.15%
Fund size: MGV $13.6B; SIZE $433M
1Y total return: MGV +25.6%, better; SIZE +13.8%
Yield (12M): MGV 1.82%, better; SIZE 1.37%
Holdings: MGV 117; SIZE 518
Avg volume (30D): MGV 247K sh, better; SIZE 5.21K sh
NAV per share: MGV $168.92; SIZE $180.22
52W range

ETF.net Grade

Pillar letters and Scores for MGV, SIZE, with each pillar’s weight
Pillar	MGV	SIZE
Cost30% weight	A100Higher	A81
Mission25% weight	B67	A93Higher
Risk15% weight	A92Higher	B66
Tradability15% weight	C49Higher	F23
Holdings10% weight	B57	A88Higher
Durability5% weight	A90Higher	B57

Rank among US Factor Index funds

How we build Categories ›

Same Category. MGV and SIZE 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 SIZE 3rd 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 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 4ADXUVU.S. Vector Equity Portfolio ETF Class SharesScore 70

Our read on each fund

ETF.net Research

MGVAVanguard Morningstar Mega Cap Value ETF

SIZEAiShares MSCI USA Size Factor 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.

SIZE The size factor without leaving the large-cap pool: SIZE holds roughly 500 US stocks and leans toward the smaller names in that universe, spreading weight away from the mega-cap giants. An iShares factor original from 2013.

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.

SIZE The fund seeks to track an index of U.S. stocks that have smaller market capitalizations relative to their peers.

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.

SIZE Charges 0.15%, roughly half the typical fee among US factor ETFs.
Tracks the MSCI USA Low Size Index tightly, one of the closer index implementations in its peer group.
Roughly 500 holdings, so no single name dominates the way it does in a cap-weighted US index.
Running since 2013, one of the original iShares single-factor funds rather than a recent launch.ishares.com

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.

SIZE Thinly traded next to headline index funds, so bid-ask spreads can run wider and bigger orders need more care.
This is a tilt, not a small-cap fund: the index draws from US large and mid caps and favors the smaller end of that pool.
A mid-sized fund by category standards, not one of the asset-gathering giants. Pays quarterly.

Full MGV profile⁠

Full SIZE profile⁠

MGV vs SIZE Holdings

How MGV and SIZE differ

Overlap by weight

21.3%

Shared holdings make up 99.3% of MGV and 21.6% of SIZE.

Level by level

Holdings114 in both21.3%
Sector11 Sectors79.8%
Countryby domicile97.7%
Asset classEquity100%

Sector

Sector weights in MGV and SIZE, widest gap first
Sector	More in MGVMore in SIZE	MGV	SIZE
Financials	MGV +7.2 points	23.3%	16.1%
Health Care	MGV +5.6 points	18.4%	12.8%
Consumer Discretionary	SIZE +5.2 points	3.8%	9.0%
Consumer Staples	MGV +5.2 points	10.9%	5.7%
Utilities	SIZE +3.5 points	1.7%	5.2%
Industrials	SIZE +3.5 points	12.7%	16.2%
Real Estate	SIZE +3.5 points	1.0%	4.5%
Materials	SIZE +2.5 points	2.3%	4.8%
Energy	MGV +2.3 points	6.6%	4.3%
Technology	SIZE +1.8 points	16.1%	17.9%
Communication	MGV +0.1 points	3.4%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in MGV and SIZE, widest gap first
Country	More in MGVMore in SIZE	MGV	SIZE
United States	MGV +2.3 points	100.0%	97.7%
United Kingdom	SIZE +0.6 points	0.0%	0.6%
Switzerland	SIZE +0.6 points	0.0%	0.6%
Other countries (6)	SIZE +1.1 points	0.0%	1.1%

Concentration

Weight in the 10 largest Holdings

MGV30.4%
SIZE3.7%

Securities held

MGV116
SIZE515

Asset class

MGV: Equity
SIZE: Equity

Holdings

Only in MGV2
In both114
Only in SIZE401

Only in MGV

2 securities, 1.0% of MGV by weight

Berkshire Hathaway Inc1.04%
SLBBH11420.00%

Only in SIZE

401 securities, 78.3% of SIZE by weight

Okta Class A0.47%
Atlassian Corp Class A0.42%
Natera0.40%
Sharkninja0.39%
Veeva Systems Class A0.36%
Vivmark Residential0.36%
Snowflake0.33%
Illumina Inc0.32%
Everpure Inc Class A0.32%
Best Buy0.32%
Netapp Inc0.31%
Hewlett Packard Enterprise0.31%
Marathon Petroleum0.31%
Mettler Toledo0.30%
Agilent Technologies Inc0.30%
Iqvia Holdings Inc0.29%
Cdw0.29%
Workday Class A0.29%
Crowdstrike Holdings Class A0.29%
Dollar Tree Inc0.28%
Phillips 660.28%
Williams Sonoma Inc0.28%
Valero Energy Corp0.28%
Global Payments Inc0.27%
Labcorp Holdings0.27%
Estee Lauder Inc Class A0.27%
Jacobs Solutions Inc0.27%
Roper Technologies0.27%
Toast Class A0.27%
Palo Alto Networks0.27%
Hp Inc0.26%
Samsara Class A0.26%
Waters Corp0.26%
Ptc0.26%
West Pharmaceutical Services0.26%
Zscaler0.26%
Genuine Parts0.26%
Corebridge Financial Inc0.25%
Ulta Beauty Inc0.25%
Quest Diagnostics Inc0.25%
Expedia Group0.25%
Biogen0.25%
Arthur J Gallagher0.25%
Becton Dickinson0.25%
Humana0.25%
Amcor PLC0.25%
International Flavors & Fragrances0.25%
Cloudflare Class A0.25%
Cheniere Energy0.25%
Veralto0.25%

Weight gaps

The 100 widest of 114 Holdings in both funds.

Holding weights in MGV and SIZE, widest gap first
Holding	More in MGVMore in SIZE	MGV	SIZE
Micron Technology IncMU	MGV +5.70 points	5.91%	0.21%
JPMorgan Chase & CoJPM	MGV +4.13 points	4.32%	0.19%
Berkshire Hathaway IncBRK.B	MGV +3.27 points	3.46%	0.19%
ExxonMobil Holdings CorpXOM	MGV +3.13 points	3.32%	0.19%
Johnson & JohnsonJNJ	MGV +2.94 points	3.14%	0.20%
Walmart IncWMT	MGV +2.09 points	2.24%	0.15%
AbbVie IncABBV	MGV +2.03 points	2.27%	0.24%
Costco Wholesale CorpCOST	MGV +1.83 points	1.99%	0.16%
Cisco Systems IncCSCO	MGV +1.73 points	1.88%	0.15%
Caterpillar IncCAT	MGV +1.71 points	1.83%	0.12%
Chevron CorpCVX	MGV +1.68 points	1.88%	0.20%
Bank of America CorpBAC	MGV +1.61 points	1.78%	0.17%
Merck & Co IncMRK	MGV +1.53 points	1.76%	0.23%
Procter & Gamble Co/ThePG	MGV +1.46 points	1.66%	0.20%
Coca-Cola Co/TheKO	MGV +1.44 points	1.64%	0.20%
UnitedHealth Group IncUNH	MGV +1.44 points	1.62%	0.18%
General Electric CoGE	MGV +1.41 points	1.59%	0.18%
Philip Morris International IncPM	MGV +1.27 points	1.46%	0.19%
Home Depot Inc/TheHD	MGV +1.21 points	1.40%	0.19%
Texas Instruments IncTXN	MGV +1.09 points	1.26%	0.17%
Goldman Sachs Group Inc/TheGS	MGV +1.04 points	1.21%	0.17%
RTX CorpRTX	MGV +1.03 points	1.23%	0.20%
Wells Fargo & CoWFC	MGV +1.00 points	1.19%	0.19%
Thermo Fisher Scientific IncTMO	MGV +0.96 points	1.23%	0.27%
Morgan StanleyMS	MGV +0.92 points	1.09%	0.17%
Linde PLCLIN	MGV +0.90 points	1.08%	0.18%
Citigroup IncC	MGV +0.88 points	1.06%	0.18%
Amgen IncAMGN	MGV +0.87 points	1.12%	0.25%
International Business Machines CorpIBM	MGV +0.82 points	1.02%	0.20%
QUALCOMM IncQCOM	MGV +0.80 points	0.95%	0.15%
Verizon Communications IncVZ	MGV +0.78 points	0.94%	0.16%
Analog Devices IncADI	MGV +0.77 points	0.95%	0.18%
Walt Disney Co/TheDIS	MGV +0.70 points	0.89%	0.19%
PepsiCo IncPEP	MGV +0.69 points	0.85%	0.16%
Gilead Sciences IncGILD	MGV +0.68 points	0.91%	0.23%
AT&T IncT	MGV +0.67 points	0.82%	0.15%
Salesforce IncCRM	MGV +0.65 points	0.88%	0.23%
Eaton Corp PLCETN	MGV +0.64 points	0.82%	0.18%
McDonald's CorpMCD	MGV +0.64 points	0.80%	0.16%
Deere & CoDE	MGV +0.64 points	0.85%	0.21%
Abbott LaboratoriesABT	MGV +0.63 points	0.84%	0.21%
Charles Schwab Corp/TheSCHW	MGV +0.62 points	0.79%	0.17%
NextEra Energy IncNEE	MGV +0.62 points	0.78%	0.16%
Union Pacific CorpUNP	MGV +0.59 points	0.79%	0.20%
Pfizer IncPFE	MGV +0.59 points	0.80%	0.21%
American Express CoAXP	MGV +0.58 points	0.76%	0.18%
Blackrock IncBLK	MGV +0.54 points	0.73%	0.19%
ConocoPhillipsCOP	MGV +0.52 points	0.74%	0.22%
Uber Technologies IncUBER	MGV +0.49 points	0.65%	0.16%
Dell Technologies IncDELL	MGV +0.45 points	0.77%	0.32%
Prologis IncPLD	MGV +0.45 points	0.61%	0.16%
Danaher CorpDHR	MGV +0.44 points	0.69%	0.25%
Bristol-Myers Squibb CoBMY	MGV +0.44 points	0.63%	0.19%
Parker-Hannifin CorpPH	MGV +0.40 points	0.59%	0.19%
Progressive Corp/ThePGR	MGV +0.39 points	0.59%	0.20%
Capital One Financial CorpCOF	MGV +0.38 points	0.58%	0.20%
CVS Health CorpCVS	MGV +0.37 points	0.54%	0.17%
Altria Group IncMO	MGV +0.36 points	0.55%	0.19%
Lockheed Martin CorpLMT	MGV +0.36 points	0.58%	0.22%
Chubb LtdCB	MGV +0.36 points	0.56%	0.20%
S&P Global IncSPGI	MGV +0.36 points	0.56%	0.20%
Starbucks CorpSBUX	MGV +0.36 points	0.53%	0.17%
Lowe's Cos IncLOW	MGV +0.34 points	0.51%	0.17%
Trane Technologies PLCTT	MGV +0.33 points	0.49%	0.16%
Medtronic PLCMDT	MGV +0.32 points	0.54%	0.22%
Stryker CorpSYK	MGV +0.31 points	0.47%	0.16%
Freeport-McMoRan IncFCX	MGV +0.30 points	0.49%	0.19%
Adobe IncADBE	MGV +0.29 points	0.47%	0.18%
Accenture PLCACN	MGV +0.29 points	0.55%	0.26%
Bank of New York Mellon Corp/TheBNY	MGV +0.29 points	0.48%	0.19%
CME Group IncCME	MGV +0.28 points	0.46%	0.18%
Southern Co/TheSO	MGV +0.28 points	0.46%	0.18%
Automatic Data Processing IncADP	MGV +0.26 points	0.50%	0.24%
McKesson CorpMCK	MGV +0.26 points	0.49%	0.23%
Duke Energy CorpDUK	MGV +0.26 points	0.44%	0.18%
PNC Financial Services Group Inc/ThePNC	MGV +0.25 points	0.44%	0.19%
US BancorpUSB	MGV +0.24 points	0.44%	0.20%
Blackstone IncBX	MGV +0.22 points	0.41%	0.19%
General Dynamics CorpGD	MGV +0.22 points	0.42%	0.20%
Intercontinental Exchange IncICE	MGV +0.22 points	0.42%	0.20%
CSX CorpCSX	MGV +0.22 points	0.42%	0.20%
Intuit IncINTU	MGV +0.22 points	0.37%	0.15%
Elevance Health IncELV	MGV +0.21 points	0.40%	0.19%
Waste Management IncWM	MGV +0.21 points	0.40%	0.19%
Comcast CorpCMCSA	MGV +0.21 points	0.38%	0.17%
3M CoMMM	MGV +0.21 points	0.42%	0.21%
T-Mobile US IncTMUS	MGV +0.20 points	0.34%	0.14%
Emerson Electric CoEMR	MGV +0.20 points	0.43%	0.23%
TJX Cos Inc/TheTJX	MGV +0.20 points	0.36%	0.16%
American Tower CorpAMT	MGV +0.19 points	0.38%	0.19%
Sherwin-Williams Co/TheSHW	MGV +0.19 points	0.39%	0.20%
Marsh & McLennan Cos IncMRSH	MGV +0.18 points	0.40%	0.22%
Mondelez International IncMDLZ	MGV +0.17 points	0.36%	0.19%
Cigna Group/TheCI	MGV +0.16 points	0.35%	0.19%
Northrop Grumman CorpNOC	MGV +0.16 points	0.34%	0.18%
EOG Resources IncEOG	MGV +0.15 points	0.36%	0.21%
United Parcel Service IncUPS	MGV +0.14 points	0.34%	0.20%
Illinois Tool Works IncITW	MGV +0.14 points	0.34%	0.20%
KKR & Co IncKKR	MGV +0.12 points	0.30%	0.18%
Newmont CorpNEM	MGV +0.12 points	0.30%	0.18%

All 127 MGV holdings⁠All 515 SIZE 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 SIZE Cost

Overpaying SIZE vs MGV

$2,077

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

MGV 0.05%
$1,060
SIZE 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

MGV 0.05%
SIZE 0.15%
Overpaying

Year by year

Year	MGV	SIZE	Overpaying
10	$92	$274	$182
20	$360	$1,071	$711
30	$1,060	$3,137	$2,077

Expense ratio

0.05%MGV, cheaper
0.15%SIZE

MGV0.05%SIZE0.15%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

MGV cheapest of 30 funds

SIZE 5th cheapest of 30 funds

MGV vs SIZE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MGV 1.82%, better; SIZE 1.37%
Payout (12M): MGV $3.07; SIZE $2.47
Last payment: MGV $0.72; SIZE $0.65
Ex-dividend: MGV Sep 28, 2026; SIZE Sep 15, 2026
Paid on: MGV Sep 30, 2026; SIZE Sep 18, 2026
Frequency: MGV Quarterly; SIZE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MGVQuarterly · 39 paymentsAll MGV payments⁠

SIZEQuarterly · 41 paymentsAll SIZE payments⁠

MGV vs SIZE Risk

Fall from peak · 5 years

MGV
SIZE

Risk facts

VolatilityStd dev, 3 years: MGV 11.1%, betterSIZE 13.0%
Return per unit of riskSharpe ratio, 3 years: MGV 1.48, betterSIZE 1.06
Worst fallMax drawdown, 5 years: MGV −16.5%, betterSIZE −24.0%
Market sensitivityBeta, 5 years: MGV 0.66SIZE 0.97; Market = 1

Popular comparisons

MGVAvsUSCAA
Vanguard Morningstar Mega Cap Value ETF · Xtrackers MSCI USA Climate Action Equity ETF
Expense ratio
0.05% · 0.07%
Category
SIZEAvsUSCAA
iShares MSCI USA Size Factor ETF · Xtrackers MSCI USA Climate Action Equity ETF
Expense ratio
0.15% · 0.07%
Category
MGVAvsDXUVA
Vanguard Morningstar Mega Cap Value ETF · U.S. Vector Equity Portfolio ETF Class Shares
Expense ratio
0.05% · 0.25%
Category
SIZEAvsDXUVA
iShares MSCI USA Size Factor ETF · U.S. Vector Equity Portfolio ETF Class Shares
Expense ratio
0.15% · 0.25%
Category
MGVAvsSUSAA
Vanguard Morningstar Mega Cap Value ETF · iShares ESG Optimized MSCI USA ETF
Expense ratio
0.05% · 0.25%
Category
SIZEAvsSUSAA
iShares MSCI USA Size Factor ETF · iShares ESG Optimized MSCI USA ETF
Expense ratio
0.15% · 0.25%
Category