SMLF vs VONV: Grades, Fees and Holdings Compared

iShares U.S. Small-Cap Equity Factor ETF

SMLFANYSE Arca

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

6.7%by weight

Expense ratio

VONV −0.09pt a year

SMLF0.15%VONV0.06%

Avg volume · 30D

VONV 4.3×the volume

SMLF179KVONV774K

10Y return · a year

SMLF+12.0%VONV+12.0%

SMLF vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+61.1%SMLF+73.8%VONV

Expense ratio: SMLF 0.15%; VONV 0.06%, better
Fund size: SMLF $4.21B; VONV $23.3B
1Y total return: SMLF +16.2%; VONV +28.5%, better
Yield (12M): SMLF 0.99%; VONV 1.53%, better
Holdings: SMLF 936; VONV 873
Avg volume (30D): SMLF 179K sh; VONV 774K sh, better
NAV per share: SMLF $85.25; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for SMLF, VONV, with each pillar’s weight
Pillar	SMLF	VONV
Cost30% weight	A83	A96Higher
Mission25% weight	A92	A100Higher
Risk15% weight	D35	A86Higher
Tradability15% weight	A71Higher	B60
Holdings10% weight	A84Higher	C49
Durability5% weight	A88	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. SMLF and VONV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

VONV ranks 1st and SMLF 12th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 12ARECSColumbia Research Enhanced Core ETFScore 76
Rank 12ASMLFiShares U.S. Small-Cap Equity Factor ETFScore 76
Rank 14AAVUSAvantis U.S. Equity ETFScore 75

Our read on each fund

ETF.net Research

SMLFAiShares U.S. Small-Cap Equity Factor ETF

VONVAVanguard Russell 1000 Value ETF

In short

SMLF Four factors (value, quality, momentum, low volatility) applied to roughly 900 U.S. small caps for 0.15% a year. Small-cap factor investing at a plain-index price, from the biggest ETF shop on the street.

VONV The plain-vanilla value trade, done cheap: about 900 large US value stocks, full replication of the Russell 1000 Value Index, 0.06% a year. No factor cocktail, no premium price tag, and one of the strongest implementations in its factor peer group.

Stated mandate

SMLF The Fund tracks an index of U.S. small-cap stocks selected for favorable exposure to style factors under constraints. Its rules-based index targets momentum, quality, value, and low volatility while controlling industry exposure, turnover, and risk relative to the parent index.

VONV The fund seeks to track the Russell 1000 Value Index, representing large-capitalization value stocks in the United States. It uses passive indexing and full replication to remain closely aligned with that benchmark.

Why people hold it

SMLF 0.15% a year, less than half the typical fee in its multifactor peer group. The tilts aren't being eaten by the price of admission.
Roughly 900 small caps picked on value, quality, momentum and low volatility, with industry weights, turnover and risk held close to the parent index. Tilts, not bets.ishares.com
Trading since 2015 and now a billion-dollar-plus fund: one of the strongest implementations in a multifactor field that leans heavily large-cap.
Rules-based and index-tracked, so the portfolio follows a published methodology rather than a manager's mood. Pays out quarterly.

VONV 0.06% a year, a fraction of the typical fee among factor ETFs. On a rules-based value index there is little room for cleverness, so cost does most of the work.vanguard.com
Full replication, not sampling: it owns the index's roughly 900 names and has stayed tightly aligned with the Russell 1000 Value benchmark since launching in 2010.
Same Russell benchmark as pricier rivals for less: the Goldman MarketBeta version (GVUS) charges 0.12% to track the identical value index.
A multi-billion-dollar fund that trades actively, among the easiest in its group to get in and out of, and it distributes quarterly.

Worth knowing

SMLF Small caps swing harder than blue chips. The low-volatility screen softens the ride; it doesn't flatten it.
Stacking four factors means the holdings rarely look like a plain small-cap index, so results can drift from it in either direction for long stretches.
Moderately traded rather than a tape heavyweight, so spreads deserve a glance before you hit the button.

VONV One screen, one style. Value only, with no quality or momentum overlay, so the ride follows the value side of the market wherever it goes.vanguard.com
This is the entire value bucket, not a best-ideas portfolio. About 900 holdings means results hug the large-cap value category rather than stray from it.
Cheaper exists nearby: Vanguard's VYM charges 0.04%, but it screens for dividend yield, a different portfolio than a Russell value index.

Full SMLF profile⁠

Full VONV profile⁠

SMLF vs VONV Holdings

How SMLF and VONV differ

Overlap by weight

6.7%

Shared holdings make up 49.8% of SMLF and 6.8% of VONV.

Level by level

Holdings317 in both6.7%
Sector11 Sectors85.4%
Countryby domicile96.9%
Asset classEquity100%

Sector

Sector weights in SMLF and VONV, widest gap first
Sector	More in SMLFMore in VONV	SMLF	VONV
Industrials	SMLF +9.3 points	18.8%	9.5%
Technology	VONV +5.5 points	16.4%	21.9%
Consumer Staples	VONV +4.1 points	3.1%	7.2%
Financials	VONV +2.3 points	15.6%	17.9%
Real Estate	SMLF +1.7 points	5.2%	3.5%
Energy	VONV +1.3 points	4.9%	6.2%
Consumer Discretionary	SMLF +1.3 points	11.7%	10.4%
Health Care	SMLF +1.2 points	14.6%	13.4%
Materials	SMLF +0.8 points	4.1%	3.3%
Utilities	VONV +0.8 points	2.6%	3.4%
Communication	VONV +0.4 points	3.0%	3.4%

Country, concentration and asset class

Country by domicile

Country weights in SMLF and VONV, widest gap first
Country	More in SMLFMore in VONV	SMLF	VONV
United States	VONV +3.1 points	96.9%	100.0%
United Kingdom	SMLF +1.0 points	1.0%	0.0%
Mexico	SMLF +0.7 points	0.7%	0.0%
Other countries (10)	SMLF +1.4 points	1.4%	0.0%

Concentration

Weight in the 10 largest Holdings

SMLF6.5%
VONV29.8%

Securities held

SMLF932
VONV871

Asset class

SMLF: Equity
VONV: Equity

Holdings

Only in SMLF615
In both317
Only in VONV554

Only in SMLF

615 securities, 49.6% of SMLF by weight

Emcor Group0.82%
Jabil0.69%
Medpace Holdings0.52%
Tapestry0.51%
Halozyme Therapeutics0.51%
Ati0.37%
Jackson Financial Class A0.36%
Huron Consulting Group0.34%
Insmed0.33%
Manhattan Associates0.33%
Procore Technologies Inc0.31%
Jfrog0.31%
Samsara Class A0.29%
Woodward0.29%
Alkermes0.29%
Axsome Therapeutics0.29%
Twist Bioscience0.29%
Sl Green Realty Reit Corp0.28%
Sterling Infrastructure0.28%
Macerich Reit0.28%
Reddit Class A0.28%
Signet Jewelers0.28%
Ftai Aviation0.27%
Livanova PLC0.27%
Semtech0.26%
American States Water0.26%
Kite Realty Group Trust Reit0.26%
Affirm Holdings Class A0.26%
Carpenter Technology0.25%
Abercrombie and Fitch Class A0.25%
Ofg Bancorp0.25%
Clear Secure Class A0.24%
Slide Insurance Holdings0.24%
Axos Financial0.23%
Workiva Class A0.22%
John Wiley and Sons Class A0.22%
Hci Group Inc0.22%
Xpo0.22%
Tanger0.22%
Murphy Oil0.22%
Ligand Pharmaceuticals0.21%
Matson Inc0.21%
Rambus0.21%
Oscar Health Class A0.21%
Argan0.21%
Perdoceo Education0.20%
Piper Sandler Companies0.20%
Powell Industries Inc0.20%
Cno Financial Group0.20%
Griffon0.20%

Only in VONV

554 securities, 93.0% of VONV by weight

Amazon.com Inc6.09%
Apple Inc6.07%
Microsoft Corp5.24%
Berkshire Hathaway Inc2.55%
JPMorgan Chase & Co2.43%
ExxonMobil Holdings Corp1.84%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.15%
Chevron Corp1.04%
Merck & Co Inc0.99%
Procter & Gamble Co/The0.93%
UnitedHealth Group Inc0.91%
Bank of America Corp0.91%
Philip Morris International Inc0.82%
Coca-Cola Co/The0.81%
Meta Platforms Inc0.80%
Thermo Fisher Scientific Inc0.69%
RTX Corp0.69%
Goldman Sachs Group Inc/The0.67%
Wells Fargo & Co0.67%
Costco Wholesale Corp0.63%
Linde PLC0.60%
Morgan Stanley0.58%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Verizon Communications Inc0.53%
Gilead Sciences Inc0.51%
Salesforce Inc0.50%
Walt Disney Co/The0.50%
Citigroup Inc0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
McDonald's Corp0.45%
AT&T Inc0.45%
Pfizer Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
ConocoPhillips0.42%
PepsiCo Inc0.42%
Union Pacific Corp0.41%
Charles Schwab Corp/The0.41%
Dell Technologies Inc0.39%
Eaton Corp PLC0.39%
Danaher Corp0.39%
Vertex Pharmaceuticals Inc0.37%

Weight gaps

The 100 widest of 317 Holdings in both funds.

Holding weights in SMLF and VONV, widest gap first
Holding	More in SMLFMore in VONV	SMLF	VONV
Everpure Inc Class AP	SMLF +0.68 points	0.70%	0.02%
Nvent Electric PLCNVT	SMLF +0.68 points	0.72%	0.04%
Williams Sonoma IncWSM	SMLF +0.63 points	0.69%	0.06%
Reliance Steel & AluminumRS	SMLF +0.56 points	0.61%	0.05%
Guardant HealthGH	SMLF +0.55 points	0.56%	<0.01%
Flex LtdFLEX	SMLF +0.53 points	0.64%	0.11%
HasbroHAS	SMLF +0.49 points	0.52%	0.03%
PopularBPOP	SMLF +0.47 points	0.49%	0.02%
Mueller Industries IncMLI	SMLF +0.46 points	0.50%	0.04%
Tenet Healthcare CorpTHC	SMLF +0.45 points	0.51%	0.06%
SharkninjaSN	SMLF +0.45 points	0.49%	0.04%
IdacorpIDA	SMLF +0.42 points	0.44%	0.02%
Rubrik Class ARBRK	SMLF +0.40 points	0.42%	0.02%
Affiliated Managers GroupAMG	SMLF +0.40 points	0.43%	0.03%
ApaAPA	SMLF +0.40 points	0.44%	0.04%
East West BancorpEWBC	SMLF +0.39 points	0.44%	0.05%
United TherapeuticsUTHR	SMLF +0.39 points	0.45%	0.06%
Ryder SystemR	SMLF +0.38 points	0.40%	0.02%
Exelixis IncEXEL	SMLF +0.37 points	0.40%	0.03%
Evercore Class AEVR	SMLF +0.36 points	0.39%	0.03%
Ralph Lauren Class ARL	SMLF +0.34 points	0.35%	0.01%
Dupont De NemoursDD	SMLF +0.34 points	0.39%	0.05%
CraneCR	SMLF +0.34 points	0.37%	0.03%
Nutanix Class ANTNX	SMLF +0.34 points	0.39%	0.05%
Bridgebio PharmaBBIO	SMLF +0.33 points	0.33%	<0.01%
Royal GoldRGLD	SMLF +0.33 points	0.39%	0.06%
Antero MidstreamAM	SMLF +0.33 points	0.35%	0.02%
Roku Class AROKU	SMLF +0.33 points	0.33%	<0.01%
Lamar Advertising Company ClasLAMR	SMLF +0.31 points	0.34%	0.03%
EtsyETSY	SMLF +0.31 points	0.32%	<0.01%
Itt IncITT	SMLF +0.31 points	0.36%	0.05%
Weatherford International PLCWFRD	SMLF +0.31 points	0.33%	0.02%
Coca Cola Consolidated IncCOKE	SMLF +0.31 points	0.34%	0.03%
Core & Main Inc Class ACNM	SMLF +0.31 points	0.33%	0.02%
AcuityAYI	SMLF +0.30 points	0.33%	0.03%
Brixmor Property Group Reit IncBRX	SMLF +0.31 points	0.33%	0.02%
OvintivOVV	SMLF +0.31 points	0.35%	0.04%
Wayfair Class AW	SMLF +0.28 points	0.31%	0.03%
Vornado Realty Trust ReitVNO	SMLF +0.28 points	0.30%	0.02%
Sofi TechnologiesSOFI	SMLF +0.28 points	0.32%	0.04%
Starwood Property Trust Reit IncSTWD	SMLF +0.27 points	0.28%	0.01%
Allison Transmission HoldingsALSN	SMLF +0.27 points	0.29%	0.02%
GapGAP	SMLF +0.27 points	0.28%	0.01%
First Industrial Realty TrustFR	SMLF +0.27 points	0.29%	0.02%
First Citizens Bancshares Class AFCNCA	SMLF +0.26 points	0.31%	0.05%
Carlisle CompaniesCSL	SMLF +0.26 points	0.29%	0.03%
Curtiss WrightCW	SMLF +0.26 points	0.29%	0.03%
Gitlab Class AGTLB	SMLF +0.26 points	0.28%	0.02%
ElasticESTC	SMLF +0.25 points	0.26%	0.01%
Range ResourcesRRC	SMLF +0.25 points	0.27%	0.02%
Talen EnergyTLN	SMLF +0.25 points	0.26%	0.01%
Expand EnergyEXE	SMLF +0.25 points	0.30%	0.05%
Entegris IncENTG	SMLF +0.24 points	0.30%	0.06%
Caseys General Stores IncCASY	SMLF +0.24 points	0.25%	<0.01%
Spx Technologies IncSPXC	SMLF +0.25 points	0.27%	0.02%
H&R Block IncHRB	SMLF +0.25 points	0.26%	0.01%
Ringcentral Class ARNG	SMLF +0.25 points	0.26%	0.01%
Chime Financial Class ACHYM	SMLF +0.24 points	0.26%	0.02%
UgiUGI	SMLF +0.24 points	0.26%	0.02%
Deckers OutdoorDECK	SMLF +0.22 points	0.25%	0.03%
Cullen Frost BankersCFR	SMLF +0.23 points	0.25%	0.02%
Antero ResourcesAR	SMLF +0.22 points	0.25%	0.03%
Charles River Laboratories InternaCRL	SMLF +0.22 points	0.26%	0.04%
AesAES	SMLF +0.22 points	0.25%	0.03%
Old Republic InternationalORI	SMLF +0.22 points	0.24%	0.02%
MacysM	SMLF +0.21 points	0.23%	0.02%
Tetra TechTTEK	SMLF +0.22 points	0.24%	0.02%
SolventumSOLV	SMLF +0.21 points	0.25%	0.04%
Xp Class A IncXP	SMLF +0.21 points	0.23%	0.02%
PrimericaPRI	SMLF +0.21 points	0.23%	0.02%
Fedex Freight Holding Company IncFDXF	SMLF +0.21 points	0.25%	0.04%
Renaissancere HoldingRNR	SMLF +0.20 points	0.24%	0.04%
Zions BancorporationZION	SMLF +0.20 points	0.23%	0.03%
Element Solutions IncESI	SMLF +0.21 points	0.23%	0.02%
Wesco InternationalWCC	SMLF +0.20 points	0.25%	0.05%
DocusignDOCU	SMLF +0.20 points	0.23%	0.03%
Lyft Class ALYFT	SMLF +0.20 points	0.21%	0.01%
MaplebearCART	SMLF +0.19 points	0.20%	<0.01%
Dt MidstreamDTM	SMLF +0.19 points	0.22%	0.03%
Unity SoftwareU	SMLF +0.19 points	0.23%	0.04%
Us Foods HoldingUSFD	SMLF +0.18 points	0.24%	0.06%
CrocsCROX	SMLF +0.18 points	0.20%	0.02%
Dillards Class ADDS	SMLF +0.18 points	0.19%	<0.01%
Echostar Class AECHO	SMLF +0.19 points	0.19%	<0.01%
Travel LeisureTNL	SMLF +0.18 points	0.19%	<0.01%
Dicks SportingDKS	SMLF +0.18 points	0.20%	0.02%
Bwx Technologies IncBWXT	SMLF +0.18 points	0.18%	<0.01%
Skyworks SolutionsSWKS	SMLF +0.17 points	0.21%	0.04%
AgcoAGCO	SMLF +0.18 points	0.20%	0.02%
Jefferies Financial Group IncJEF	SMLF +0.17 points	0.19%	0.02%
Arrow ElectronicsARW	SMLF +0.18 points	0.21%	0.03%
Somnigroup InternationalSGI	SMLF +0.18 points	0.21%	0.03%
Cirrus LogicCRUS	SMLF +0.17 points	0.19%	0.02%
Assurant IncAIZ	SMLF +0.16 points	0.20%	0.04%
UnumUNM	SMLF +0.17 points	0.21%	0.04%
Rocket Companies Inc Class ARKT	SMLF +0.17 points	0.20%	0.03%
Tfs Financial CorpTFSL	SMLF +0.17 points	0.17%	<0.01%
RalliantRAL	SMLF +0.16 points	0.18%	0.02%
Assured Guaranty LtdAGO	SMLF +0.16 points	0.17%	<0.01%
Invesco LtdIVZ	SMLF +0.16 points	0.19%	0.03%

All 957 SMLF holdings⁠All 872 VONV 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.

SMLF vs VONV Cost

Overpaying SMLF vs VONV

$1,867

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

SMLF 0.15%
$3,137
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

SMLF 0.15%
VONV 0.06%
Overpaying

Year by year

Year	SMLF	VONV	Overpaying
10	$274	$110	$164
20	$1,071	$432	$639
30	$3,137	$1,270	$1,867

Expense ratio

0.15%SMLF
0.06%VONV, cheaper

VONV0.06%SMLF0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

SMLF 13th cheapest of 99 funds

SMLF vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SMLF 0.99%; VONV 1.53%, better
Payout (12M): SMLF $0.85; VONV $1.74
Last payment: SMLF $0.21; VONV $0.42
Ex-dividend: SMLF Sep 15, 2026; VONV Sep 23, 2026
Paid on: SMLF Sep 18, 2026; VONV Sep 25, 2026
Frequency: SMLF Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SMLFQuarterly · 39 paymentsAll SMLF payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

SMLF vs VONV Risk

Fall from peak · 5 years

SMLF
VONV

Risk facts

VolatilityStd dev, 3 years: SMLF 17.2%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: SMLF 0.99VONV 1.43, better
Worst fallMax drawdown, 5 years: SMLF −26.3%VONV −18.9%, better
Market sensitivityBeta, 5 years: SMLF 1.09VONV 0.85; Market = 1

SMLF and VONV in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026VONV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VONV
Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VONV

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SMLF vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How SMLF and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SMLF

Only in VONV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

How SMLF and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SMLF

Only in VONV

Weight gaps