VFMF vs VONV: Grades, Fees and Holdings Compared

Vanguard U.S. Multifactor ETF

VFMFBCboe

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

24.5%by weight

Expense ratio

VONV −0.12pt a year

VFMF0.18%VONV0.06%

Avg volume · 30D

VONV 12.6×the volume

VFMF61.6KVONV774K

5Y return · a year

VFMF +2.7pt

VFMF+14.4%VONV+11.7%

VFMF vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+95.6%VFMF+73.8%VONV

Expense ratio: VFMF 0.18%; VONV 0.06%, better
Fund size: VFMF $1.1B; VONV $23.3B
1Y total return: VFMF +33.1%, better; VONV +28.5%
Yield (12M): VFMF 1.37%; VONV 1.53%, better
Holdings: VFMF 707; VONV 873
Avg volume (30D): VFMF 61.6K sh; VONV 774K sh, better
NAV per share: VFMF $187.68; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for VFMF, VONV, with each pillar’s weight
Pillar	VFMF	VONV
Cost30% weight	A77	A96Higher
Mission25% weight	B64	A100Higher
Risk15% weight	A70	A86Higher
Tradability15% weight	C50	B60Higher
Holdings10% weight	A72Higher	C49
Durability5% weight	A73	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. VFMF 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 VFMF 30th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 30BJPMEJPMorgan Diversified Return U.S. Mid Cap Equity ETFScore 67
Rank 30BVFMFVanguard U.S. Multifactor ETFScore 67
Rank 32BANGUSEI Ang Research Enhanced U.S. Large Cap ETFScore 66

Our read on each fund

ETF.net Research

VFMFBVanguard U.S. Multifactor ETF

VONVAVanguard Russell 1000 Value ETF

In short

VFMF Three factor bets in one Vanguard wrapper: a quantitative model sifts the broad U.S. market down to roughly 600 stocks tilted toward momentum, quality and value, for 0.18% a year (about half the going rate in the multifactor aisle).

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

VFMF Seeks long-term capital appreciation by using a quantitative model to build a diversified U.S. common-stock portfolio with exposure to momentum, quality, and value characteristics.

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

VFMF Costs 0.18% a year against a 0.32% median for its multifactor peer group. Unusually cheap for a strategy run by a quant model rather than a plain index copy.
Momentum, quality and value in a single ticker, so there is no bolting three single-factor funds together and rebalancing them yourself.
Roughly 600 names drawn from the Russell 3000 universe. The wager is on factor tilts across a wide bench, not on a concentrated handful of stocks.
Sits in the upper tier of a crowded multifactor field on our review, with its cost and portfolio build doing the heavy lifting.

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

VFMF Trades lighter than the household-name factor funds. Spreads and limit orders matter more here than with a mega-cap index ETF.
The model targets factor characteristics, not the Russell 3000's weights, so results can wander well away from the plain broad market for long stretches.
If you want one tilt rather than three, Vanguard siblings run cheaper: VONV at 0.06% and VYM at 0.04%.

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 VFMF profile⁠

Full VONV profile⁠

VFMF vs VONV Holdings

How VFMF and VONV differ

Overlap by weight

24.5%

Shared holdings make up 63.5% of VFMF and 48.6% of VONV.

Level by level

Holdings281 in both24.5%
Sector11 Sectors84.8%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in VFMF and VONV, widest gap first
Sector	More in VFMFMore in VONV	VFMF	VONV
Technology	VONV +6.9 points	14.9%	21.9%
Financials	VFMF +6.8 points	24.7%	17.9%
Energy	VFMF +4.4 points	10.6%	6.2%
Utilities	VONV +3.4 points	0.0%	3.4%
Real Estate	VONV +3.3 points	0.2%	3.5%
Consumer Discretionary	VFMF +1.5 points	11.9%	10.4%
Health Care	VFMF +1.2 points	14.6%	13.4%
Industrials	VONV +1.3 points	8.2%	9.5%
Communication	VFMF +1.2 points	4.6%	3.4%
Consumer Staples	VONV +0.2 points	7.0%	7.2%
Materials	Same weight	3.3%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in VFMF and VONV, widest gap first
Country	More in VFMFMore in VONV	VFMF	VONV
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

VFMF9.3%
VONV29.8%

Securities held

VFMF706
VONV871

Asset class

VFMF: Equity
VONV: Equity

Holdings

Only in VFMF425
In both281
Only in VONV590

Only in VFMF

425 securities, 43.6% of VFMF by weight

Micron Technology Inc1.14%
Western Digital Corp0.65%
Airbnb Inc0.62%
Fortinet Inc0.57%
Lam Research Corp0.50%
Alphabet Inc0.46%
Booking Holdings Inc0.35%
Arista Networks Inc0.29%
10X Genomics Inc0.28%
American Airlines Group Inc0.26%
EnerSys0.26%
Expedia Group Inc0.25%
CareDx Inc0.24%
Enact Holdings Inc0.22%
Tapestry Inc0.21%
Autodesk Inc0.21%
SSR Mining Inc0.20%
Aura Minerals Inc0.20%
Hancock Whitney Corp0.20%
Murphy USA Inc0.19%
Ingles Markets Inc0.19%
CNO Financial Group Inc0.19%
Pelagos Insurance Capital Ltd0.18%
Teekay Tankers Ltd0.18%
Capitol Federal Financial Inc0.18%
EverQuote Inc0.18%
Essent Group Ltd0.18%
AMN Healthcare Services Inc0.18%
TrustCo Bank Corp NY0.18%
FormFactor Inc0.18%
Carter's Inc0.18%
Signet Jewelers Ltd0.18%
Kelly Services Inc0.17%
Applied Materials Inc0.17%
Westamerica BanCorp0.17%
Amerant Bancorp Inc0.17%
Hamilton Insurance Group Ltd0.17%
Forum Energy Technologies Inc0.17%
WSFS Financial Corp0.17%
Bank of NT Butterfield & Son Ltd/The0.17%
Weis Markets Inc0.17%
S&T Bancorp Inc0.17%
Amneal Pharmaceuticals Inc0.17%
Univest Financial Corp0.17%
1st Source Corp0.17%
Financial Institutions Inc0.16%
Teradyne Inc0.16%
Amalgamated Financial Corp0.16%
Movado Group Inc0.16%
SM Energy Co0.16%

Only in VONV

590 securities, 51.4% of VONV by weight

Microsoft Corp5.24%
Berkshire Hathaway Inc2.55%
Intel Corp1.51%
Philip Morris International Inc0.82%
Coca-Cola Co/The0.81%
Meta Platforms Inc0.80%
Thermo Fisher Scientific Inc0.69%
RTX Corp0.69%
Costco Wholesale Corp0.63%
Linde PLC0.60%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Salesforce Inc0.50%
Walt Disney Co/The0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
McDonald's Corp0.45%
AT&T Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
Union Pacific Corp0.41%
Eaton Corp PLC0.39%
Danaher Corp0.39%
Prologis Inc0.34%
Progressive Corp/The0.33%
Uber Technologies Inc0.33%
Parker-Hannifin Corp0.33%
S&P Global Inc0.32%
Capital One Financial Corp0.32%
Medtronic PLC0.30%
Lowe's Cos Inc0.28%
Equinix Inc0.27%
Southern Co/The0.26%
Stryker Corp0.26%
CME Group Inc0.26%
US Bancorp0.25%
PNC Financial Services Group Inc/The0.25%
Duke Energy Corp0.24%
Emerson Electric Co0.24%
CSX Corp0.24%
Intercontinental Exchange Inc0.23%
Williams Cos Inc/The0.23%
Marsh & McLennan Cos Inc0.23%
Elevance Health Inc0.23%
Synopsys Inc0.22%
T-Mobile US Inc0.22%
Comcast Corp0.21%
Constellation Energy Corp0.21%

Weight gaps

The 100 widest of 281 Holdings in both funds.

Holding weights in VFMF and VONV, widest gap first
Holding	More in VFMFMore in VONV	VFMF	VONV
Amazon.com IncAMZN	VONV +5.96 points	0.13%	6.09%
Apple IncAAPL	VONV +5.71 points	0.36%	6.07%
JPMorgan Chase & CoJPM	VONV +2.08 points	0.35%	2.43%
ExxonMobil Holdings CorpXOM	VONV +1.12 points	0.72%	1.84%
Johnson & JohnsonJNJ	VONV +0.94 points	0.81%	1.75%
Chevron CorpCVX	VONV +0.93 points	0.11%	1.04%
Procter & Gamble Co/ThePG	VONV +0.88 points	0.05%	0.93%
Valero Energy CorpVLO	VFMF +0.80 points	1.07%	0.27%
Walmart IncWMT	VONV +0.78 points	0.37%	1.15%
Marathon Petroleum CorpMPC	VFMF +0.72 points	0.88%	0.16%
Cisco Systems IncCSCO	VONV +0.71 points	0.46%	1.17%
Amgen IncAMGN	VFMF +0.69 points	0.87%	0.18%
EOG Resources IncEOG	VFMF +0.66 points	0.86%	0.20%
Travelers Cos Inc/TheTRV	VFMF +0.64 points	0.84%	0.20%
Dell Technologies IncDELL	VFMF +0.63 points	1.02%	0.39%
Adobe IncADBE	VFMF +0.63 points	0.71%	0.08%
Cummins IncCMI	VFMF +0.60 points	0.71%	0.11%
Ross Stores IncROST	VFMF +0.60 points	0.63%	0.03%
Newmont CorpNEM	VFMF +0.58 points	0.91%	0.33%
Morgan StanleyMS	VONV +0.56 points	0.02%	0.58%
Altria Group IncMO	VFMF +0.54 points	0.85%	0.31%
Colgate-Palmolive CoCL	VFMF +0.49 points	0.60%	0.11%
Bank of America CorpBAC	VONV +0.50 points	0.41%	0.91%
McKesson CorpMCK	VFMF +0.49 points	0.51%	0.02%
FedEx CorpFDX	VFMF +0.48 points	0.65%	0.17%
Bristol-Myers Squibb CoBMY	VFMF +0.47 points	0.81%	0.35%
ConocoPhillipsCOP	VFMF +0.44 points	0.86%	0.42%
Intuit IncINTU	VFMF +0.43 points	0.57%	0.14%
AbbVie IncABBV	VONV +0.42 points	0.75%	1.17%
Bank of New York Mellon Corp/TheBNY	VFMF +0.43 points	0.68%	0.25%
CVS Health CorpCVS	VFMF +0.41 points	0.71%	0.30%
Goldman Sachs Group Inc/TheGS	VONV +0.37 points	0.30%	0.67%
UnitedHealth Group IncUNH	VONV +0.37 points	0.54%	0.91%
General Motors CoGM	VFMF +0.36 points	0.55%	0.19%
Verizon Communications IncVZ	VONV +0.36 points	0.17%	0.53%
HCA Healthcare IncHCA	VFMF +0.35 points	0.52%	0.17%
Regeneron Pharmaceuticals IncREGN	VFMF +0.34 points	0.55%	0.21%
Chubb LtdCB	VONV +0.29 points	0.02%	0.31%
HF Sinclair CorpDINO	VFMF +0.27 points	0.32%	0.04%
Merck & Co IncMRK	VONV +0.28 points	0.71%	0.99%
Gilead Sciences IncGILD	VFMF +0.26 points	0.77%	0.51%
Accenture PLCACN	VFMF +0.26 points	0.57%	0.31%
Dillard's IncDDS	VFMF +0.25 points	0.26%	<0.01%
Anglogold Ashanti PlcAU	VFMF +0.26 points	0.27%	0.01%
Allstate Corp/TheALL	VFMF +0.25 points	0.41%	0.16%
Macy's IncM	VFMF +0.25 points	0.27%	0.02%
Exelixis IncEXEL	VFMF +0.25 points	0.28%	0.03%
Southwest Airlines CoLUV	VFMF +0.24 points	0.29%	0.05%
Moody's CorpMCO	VFMF +0.25 points	0.35%	0.10%
DaVita IncDVA	VFMF +0.24 points	0.26%	0.02%
Cigna Group/TheCI	VFMF +0.23 points	0.43%	0.20%
Southern Copper CorpSCCO	VFMF +0.23 points	0.27%	0.04%
Chord Energy CorpCHRD	VFMF +0.23 points	0.25%	0.02%
RenaissanceRe Holdings LtdRNR	VFMF +0.23 points	0.27%	0.04%
Etsy IncETSY	VFMF +0.23 points	0.24%	<0.01%
Arrow Electronics IncARW	VFMF +0.23 points	0.26%	0.03%
MSC Industrial Direct Co IncMSM	VFMF +0.22 points	0.24%	0.02%
Apa CorpAPA	VFMF +0.23 points	0.27%	0.04%
RingCentral IncRNG	VFMF +0.23 points	0.24%	0.01%
Maplebear IncCART	VFMF +0.23 points	0.24%	<0.01%
Ingram Micro Holding CorpINGM	VFMF +0.23 points	0.23%	<0.01%
Best Buy Co IncBBY	VFMF +0.21 points	0.26%	0.05%
Axis Capital Holdings LtdAXS	VFMF +0.21 points	0.23%	0.02%
Popular IncBPOP	VFMF +0.22 points	0.24%	0.02%
Viatris IncVTRS	VFMF +0.21 points	0.27%	0.06%
Affiliated Managers Group IncAMG	VFMF +0.21 points	0.24%	0.03%
Match Group IncMTCH	VFMF +0.21 points	0.24%	0.03%
Primerica IncPRI	VFMF +0.21 points	0.23%	0.02%
Jazz Pharmaceuticals PLCJAZZ	VFMF +0.21 points	0.25%	0.04%
Ryder System IncR	VFMF +0.21 points	0.23%	0.02%
Globe Life IncGL	VFMF +0.20 points	0.24%	0.04%
BorgWarner IncBWA	VFMF +0.21 points	0.24%	0.03%
News CorpNWSA	VFMF +0.20 points	0.23%	0.03%
BOK Financial CorpBOKF	VFMF +0.20 points	0.21%	<0.01%
Crocs IncCROX	VFMF +0.19 points	0.21%	0.02%
Credit Acceptance CorpCACC	VFMF +0.20 points	0.20%	<0.01%
Ovintiv IncOVV	VFMF +0.20 points	0.24%	0.04%
Lear CorpLEA	VFMF +0.19 points	0.21%	0.02%
Align Technology IncALGN	VFMF +0.19 points	0.22%	0.03%
VF CorpVFC	VFMF +0.20 points	0.21%	0.01%
Hecla Mining CoHL	VFMF +0.19 points	0.22%	0.03%
Gap Inc/TheGAP	VFMF +0.19 points	0.20%	0.01%
Skyworks Solutions IncSWKS	VFMF +0.18 points	0.22%	0.04%
NOV IncNOV	VFMF +0.19 points	0.21%	0.02%
TJX Cos Inc/TheTJX	VONV +0.19 points	0.03%	0.22%
CF Industries Holdings IncCF	VFMF +0.19 points	0.24%	0.05%
Weatherford International PLCWFRD	VFMF +0.18 points	0.20%	0.02%
Johnson Controls International plcJCI	VFMF +0.19 points	0.42%	0.23%
H&R Block IncHRB	VFMF +0.19 points	0.20%	0.01%
Wells Fargo & CoWFC	VONV +0.19 points	0.48%	0.67%
Incyte CorpINCY	VFMF +0.18 points	0.24%	0.06%
Stanley Black & Decker IncSWK	VFMF +0.18 points	0.22%	0.04%
Hasbro IncHAS	VFMF +0.18 points	0.21%	0.03%
Permian Resources CorpPR	VFMF +0.18 points	0.22%	0.04%
J M Smucker Co/TheSJM	VFMF +0.18 points	0.21%	0.03%
Toro Co/TheTTC	VFMF +0.19 points	0.21%	0.02%
First Citizens BancShares Inc/NCFCNCA	VFMF +0.18 points	0.23%	0.05%
MGIC Investment CorpMTG	VFMF +0.18 points	0.19%	0.01%
Automatic Data Processing IncADP	VFMF +0.18 points	0.36%	0.18%
Cirrus Logic IncCRUS	VFMF +0.17 points	0.19%	0.02%

All 553 VFMF 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.

VFMF vs VONV Cost

Overpaying VFMF vs VONV

$2,479

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

VFMF 0.18%
$3,749
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

VFMF 0.18%
VONV 0.06%
Overpaying

Year by year

Year	VFMF	VONV	Overpaying
10	$328	$110	$218
20	$1,281	$432	$849
30	$3,749	$1,270	$2,479

Expense ratio

0.18%VFMF
0.06%VONV, cheaper

VONV0.06%VFMF0.18%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

VFMF 24th cheapest of 99 funds

VFMF vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): VFMF 1.37%; VONV 1.53%, better
Payout (12M): VFMF $2.58; VONV $1.74
Last payment: VFMF $0.60; VONV $0.42
Ex-dividend: VFMF Sep 23, 2026; VONV Sep 23, 2026
Paid on: VFMF Sep 25, 2026; VONV Sep 25, 2026
Frequency: VFMF Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

VFMFQuarterly · 34 paymentsAll VFMF payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

VFMF vs VONV Risk

Fall from peak · 5 years

VFMF
VONV

Risk facts

VolatilityStd dev, 3 years: VFMF 14.2%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: VFMF 1.39VONV 1.43, better
Worst fallMax drawdown, 5 years: VFMF −20.6%VONV −18.9%, better
Market sensitivityBeta, 5 years: VFMF 0.94VONV 0.85; Market = 1

VFMF and VONV in the news

All news⁠

Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VFMFVONV
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

Popular comparisons

VFMFBvsILCVA
Vanguard U.S. Multifactor ETF · iShares Morningstar Value ETF
Expense ratio
0.18% · 0.04%
Category
VONVAvsILCVA
Vanguard Russell 1000 Value ETF · iShares Morningstar Value ETF
Expense ratio
0.06% · 0.04%
Category
VFMFBvsVYMA
Vanguard U.S. Multifactor ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.18% · 0.04%
Category
VONVAvsVYMA
Vanguard Russell 1000 Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.06% · 0.04%
Category
VFMFBvsIMCVA
Vanguard U.S. Multifactor ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.18% · 0.06%
Category
VONVAvsIMCVA
Vanguard Russell 1000 Value ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.06% · 0.06%
Category

VFMF vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How VFMF and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in VFMF

Only in VONV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

US multifactor funds ran 30 points apart

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

The best value ETF depends on whose list you bought

How VFMF and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in VFMF

Only in VONV

Weight gaps