VONV vs XMVM: Grades, Fees and Holdings Compared

Vanguard Russell 1000 Value ETF

VONVANasdaq

Invesco S&P MidCap Value with Momentum ETF

XMVMCNYSE Arca

Overlap

1.3%by weight

Expense ratio

VONV −0.31pt a year

VONV0.06%XMVM0.37%

Avg volume · 30D

VONV 24.4×the volume

VONV774KXMVM31.7K

10Y return · a year

XMVM +0.4pt

VONV+12.0%XMVM+12.4%

VONV vs XMVM Performance

Oct 29, 2021 – Oct 30, 2026

+73.8%VONV+74.3%XMVM

Expense ratio: VONV 0.06%, better; XMVM 0.37%
Fund size: VONV $23.3B; XMVM $530M
1Y total return: VONV +28.5%, better; XMVM +26.2%
Yield (12M): VONV 1.53%; XMVM 1.83%, better
Holdings: VONV 873; XMVM 80
Avg volume (30D): VONV 774K sh, better; XMVM 31.7K sh
NAV per share: VONV $113.44; XMVM $74.20
52W range

ETF.net Grade

Pillar letters and Scores for VONV, XMVM, with each pillar’s weight
Pillar	VONV	XMVM
Cost30% weight	A96Higher	D38
Mission25% weight	A100Higher	B62
Risk15% weight	A86Higher	C50
Tradability15% weight	B60Higher	D39
Holdings10% weight	C49	C49
Durability5% weight	A93Higher	B68

Rank among US Multifactor funds

How we build Categories ›

Same Category. VONV and XMVM 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 XMVM 70th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 70CJHSCJohn Hancock Multifactor Small Cap ETFScore 48
Rank 70CXMVMInvesco S&P MidCap Value with Momentum ETFScore 48
Rank 72CCPTLGlobal X Morningstar Capital Allocation Leaders ETFScore 46

Our read on each fund

ETF.net Research

VONVAVanguard Russell 1000 Value ETF

XMVMCInvesco S&P MidCap Value with Momentum ETF

In short

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.

XMVM Mid-cap value with a second hurdle: a stock has to be cheap and actually moving to get in. Roughly 80 names from the S&P MidCap 400, weighted by how cheap they are rather than how big. Trading since 2005.

Stated mandate

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.

XMVM The fund is based on the S&P MidCap 400 High Momentum Value Index.

Why people hold it

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.

XMVM Two screens, not one. S&P ranks the MidCap 400 by value, then re-ranks that cheap pool by momentum, and only names clearing both reach the roughly 80-stock portfolio.spglobal.com
Weighted by value score instead of market cap, so the deepest discounts carry the most weight and the lineup does not drift back toward the plain mid-cap benchmark.spglobal.com
Listed in 2005, giving this value-plus-momentum recipe two decades of real-money history rather than a backtest.

Worth knowing

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.

XMVM Costs 0.37%, above the category median and above broad value peers like VYM (0.04%) and VONV (0.06%), which buy far wider baskets for far less.
Momentum ranks are refreshed only at the semi-annual rebalance, so the lineup can drift from the live factor picture between resets.spglobal.com
Mid-caps only, about 80 of them, and it trades lightly next to the category's household names.

Full VONV profile⁠

Full XMVM profile⁠

VONV vs XMVM Holdings

How VONV and XMVM differ

Overlap by weight

1.3%

Shared holdings make up 66.1% of XMVM and 1.3% of VONV.

Level by level

Holdings50 in both1.3%
Sector11 Sectors60.9%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in VONV and XMVM, widest gap first
Sector	More in VONVMore in XMVM	VONV	XMVM
Technology	VONV +16.8 points	21.9%	5.1%
Financials	XMVM +16.7 points	17.9%	34.6%
Energy	XMVM +12.1 points	6.2%	18.3%
Health Care	VONV +10.5 points	13.4%	2.9%
Consumer Staples	VONV +6.0 points	7.2%	1.2%
Utilities	XMVM +5.3 points	3.4%	8.7%
Consumer Discretionary	XMVM +3.7 points	10.4%	14.1%
Communication	VONV +3.4 points	3.4%	0.0%
Materials	VONV +2.4 points	3.3%	0.9%
Real Estate	XMVM +1.0 points	3.5%	4.5%
Industrials	XMVM +0.3 points	9.5%	9.8%

Country, concentration and asset class

Country by domicile

Country weights in VONV and XMVM, widest gap first
Country	More in VONVMore in XMVM	VONV	XMVM
United States	VONV +0.9 points	100.0%	99.1%
Sweden	XMVM +0.9 points	0.0%	0.9%

Concentration

Weight in the 10 largest Holdings

VONV29.8%
XMVM22.7%

Securities held

VONV871
XMVM79

Asset class

VONV: Equity
XMVM: Equity

Holdings

Only in VONV821
In both50
Only in XMVM29

Only in VONV

821 securities, 98.5% 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%

Only in XMVM

29 securities, 33.8% of XMVM by weight

PBF Energy Inc4.34%
Greif Inc1.75%
CNX Resources Corp1.74%
Associated Banc-Corp1.57%
Graham Holdings Co1.42%
United Bankshares Inc/WV1.30%
Valley National Bancorp1.26%
Fluor Corp1.23%
Old National Bancorp/IN1.23%
UMB Financial Corp1.15%
CNO Financial Group Inc1.14%
Spire Inc1.08%
Hancock Whitney Corp1.08%
Texas Capital Bancshares Inc1.08%
Black Hills Corp1.06%
Murphy Oil Corp1.03%
Terex Corp1.03%
ONE Gas Inc1.00%
International Bancshares Corp0.99%
Northwestern Energy Group Inc0.91%
Commercial Metals Co0.89%
Autoliv Inc0.88%
Federated Hermes Inc0.85%
Portland General Electric Co0.82%
Southwest Gas Holdings Inc0.80%
New Jersey Resources Corp0.75%
GATX Corp0.75%
Visteon Corp0.61%
Invesco Government & Agency Portfolio0.08%

Weight gaps

All 50 Holdings in both funds, largest gap first.

Holding weights in VONV and XMVM, widest gap first
Holding	More in VONVMore in XMVM	VONV	XMVM
HF Sinclair CorpDINO	XMVM +2.72 points	0.04%	2.77%
Macy's IncM	XMVM +2.44 points	0.02%	2.46%
Penske Automotive Group IncPAG	XMVM +2.03 points	<0.01%	2.04%
Tenet Healthcare CorpTHC	XMVM +2.00 points	0.06%	2.06%
RenaissanceRe Holdings LtdRNR	XMVM +1.86 points	0.04%	1.90%
Avnet IncAVT	XMVM +1.85 points	0.02%	1.87%
Arrow Electronics IncARW	XMVM +1.75 points	0.03%	1.78%
AutoNation IncAN	XMVM +1.62 points	0.01%	1.63%
Bank OZKOZK	XMVM +1.62 points	0.01%	1.63%
Jones Lang LaSalle IncJLL	XMVM +1.60 points	0.04%	1.64%
Lear CorpLEA	XMVM +1.54 points	0.02%	1.56%
Hanover Insurance Group Inc/TheTHG	XMVM +1.52 points	0.02%	1.54%
First American Financial CorpFAF	XMVM +1.42 points	0.02%	1.44%
FNB Corp/PAFNB	XMVM +1.41 points	0.02%	1.43%
UGI CorpUGI	XMVM +1.41 points	0.02%	1.43%
Old Republic International CorpORI	XMVM +1.39 points	0.02%	1.41%
TD SYNNEX CorpSNX	XMVM +1.37 points	0.05%	1.42%
Ally Financial IncALLY	XMVM +1.36 points	0.03%	1.39%
Range Resources CorpRRC	XMVM +1.36 points	0.02%	1.38%
Voya Financial IncVOYA	XMVM +1.34 points	0.02%	1.36%
Toll Brothers IncTOL	XMVM +1.31 points	0.03%	1.34%
Western Alliance BancorpWAL	XMVM +1.27 points	0.02%	1.29%
Matador Resources CoMTDR	XMVM +1.28 points	0.01%	1.29%
AGCO CorpAGCO	XMVM +1.25 points	0.02%	1.27%
Zions Bancorp NAZION	XMVM +1.25 points	0.03%	1.28%
GXO Logistics IncGXO	XMVM +1.24 points	0.01%	1.25%
Columbia Banking System IncCOLB	XMVM +1.23 points	0.02%	1.25%
Oshkosh CorpOSK	XMVM +1.22 points	0.02%	1.24%
Annaly Capital Management IncNLY	XMVM +1.20 points	0.04%	1.24%
Ovintiv IncOVV	XMVM +1.20 points	0.04%	1.24%
Kilroy Realty CorpKRC	XMVM +1.14 points	0.01%	1.15%
American Financial Group Inc/OHAFG	XMVM +1.11 points	0.02%	1.13%
US Foods Holding CorpUSFD	XMVM +1.09 points	0.06%	1.15%
Permian Resources CorpPR	XMVM +1.07 points	0.04%	1.11%
National Fuel Gas CoNFG	XMVM +1.02 points	0.02%	1.04%
Chord Energy CorpCHRD	XMVM +1.02 points	0.02%	1.04%
First Horizon CorpFHN	XMVM +1.00 points	0.03%	1.03%
Wintrust Financial CorpWTFC	XMVM +0.99 points	0.03%	1.02%
Boyd Gaming CorpBYD	XMVM +0.98 points	<0.01%	0.99%
NOV IncNOV	XMVM +0.94 points	0.02%	0.96%
Cullen/Frost Bankers IncCFR	XMVM +0.92 points	0.02%	0.94%
Affiliated Managers Group IncAMG	XMVM +0.91 points	0.03%	0.94%
Envista Holdings CorpNVST	XMVM +0.89 points	0.01%	0.90%
East West Bancorp IncEWBC	XMVM +0.87 points	0.05%	0.92%
VF CorpVFC	XMVM +0.86 points	0.01%	0.87%
Stifel Financial CorpSF	XMVM +0.85 points	0.03%	0.88%
WESCO International IncWCC	XMVM +0.85 points	0.05%	0.90%
Ryder System IncR	XMVM +0.85 points	0.02%	0.87%
OGE Energy CorpOGE	XMVM +0.71 points	0.03%	0.74%
EPR PropertiesEPR	XMVM +0.71 points	0.01%	0.72%

All 872 VONV holdings⁠All 79 XMVM 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.

VONV vs XMVM Cost

Overpaying XMVM vs VONV

$6,243

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

VONV 0.06%
$1,270
XMVM 0.37%
$7,513

Amount$10,000

Years30 years

Cost over time

VONV 0.06%
XMVM 0.37%
Overpaying

Year by year

Year	VONV	XMVM	Overpaying
10	$110	$670	$560
20	$432	$2,590	$2,158
30	$1,270	$7,513	$6,243

Expense ratio

0.06%VONV, cheaper
0.37%XMVM

VONV0.06%XMVM0.37%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

XMVM 61st cheapest of 99 funds

VONV vs XMVM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): VONV 1.53%; XMVM 1.83%, better
Payout (12M): VONV $1.74; XMVM $1.36
Last payment: VONV $0.42; XMVM $0.35
Ex-dividend: VONV Sep 23, 2026; XMVM Sep 21, 2026
Paid on: VONV Sep 25, 2026; XMVM Sep 25, 2026
Frequency: VONV Quarterly; XMVM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

VONVQuarterly · 39 paymentsAll VONV payments⁠

XMVMQuarterly · 39 paymentsAll XMVM payments⁠

VONV vs XMVM Risk

Fall from peak · 5 years

VONV
XMVM

Risk facts

VolatilityStd dev, 3 years: VONV 12.1%, betterXMVM 17.0%
Return per unit of riskSharpe ratio, 3 years: VONV 1.43, betterXMVM 0.99
Worst fallMax drawdown, 5 years: VONV −18.9%, betterXMVM −24.1%
Market sensitivityBeta, 5 years: VONV 0.85XMVM 0.86; Market = 1

VONV and XMVM 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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VONV vs XMVM

In short

Stated mandate

Why people hold it

Worth knowing

How VONV and XMVM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in VONV

Only in XMVM

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 VONV and XMVM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in VONV

Only in XMVM

Weight gaps