PWV vs VTV

PWVCInvesco Large Cap Value ETF

VTVAVanguard Morningstar Value ETF

In short

PWV A 2005-vintage value fund that doesn't just buy the cheap half of the market. Invesco's Intellidex rules screen large caps down to roughly 50 names, and you pay 0.55% a year for that selectivity.

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

PWV The Fund seeks capital appreciation by investing primarily in common stocks that comprise its underlying index.

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

• PWV About 50 large-cap names picked by a rules-based Intellidex screen, not a few hundred sorted by price tag. Concentration is the whole point.invesco.com
• Running since 2005 and now a multi-billion-dollar fund, so it's a long-tenured strategy rather than a recent launch riding a value revival.
• Pays quarterly, and its swings have been mild for a stock fund compared with others in the value group.

• 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

• PWV At 0.55%, one of the pricier ways to own large-cap value. VTV, SCHV and IUSV run the plain-index version for 0.03% to 0.04%.
• A 50-stock screen can wander well away from broad value benchmarks, in either direction, between rebalances.
• Moderately traded, so spreads won't be as tight as the biggest value ETFs. That shows up 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 PWV profile⁠

Full VTV profile⁠