IVOV ETF: What Is It? — A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
This is a low-cost mid-cap value ETF that tracks the S&P MidCap 400 Value Index. It pursues a balanced combination of mid-cap performance potential and the stability of the value investing style.
SubscribeWhat is this ETF?
This is a passive ETF that replicates and tracks the S&P MidCap 400 Value Index on a 1:1 basis. It selects holdings based on three core value metrics: price-to-book ratio (P/B), price-to-earnings ratio (P/E), and price-to-sales ratio (P/S).
It is well suited for investors seeking long-term diversified exposure to undervalued companies within the U.S. mid-cap market, aiming to build a balanced portfolio.
Launched by Vanguard in 2010, this ETF follows a passive (index-tracking) management approach.
How does it invest?
| Item | Details |
|---|---|
| Tracking Index | S&P MidCap 400 Value Index |
| Management Style | Passive (index replication) |
| Rebalancing Frequency | Annually |
| Dividend Schedule | Annual dividend |
| Total Expense Ratio | 0.10% |
The ETF holds constituents of the S&P MidCap 400 Index that score highest on value metrics, weighted by market capitalization. The portfolio combines the dynamism unique to mid-cap stocks with the defensive characteristics of value names.
- Low expense ratio within the mid-cap value category
- Transparent management under S&P's rigorous index methodology
Size and cost
Assets under management (AUM) total $1.3B, with a total expense ratio of 0.10% annually.
Compared with large-cap value ETFs such as VTV or IVE, this fund offers the additional return potential of mid-cap names while managing long-term cost burden through Vanguard's signature low-fee structure.
Performance and flows
1-Year Price Performance
Dividend & Yield
52-Week Price RangeMid-cap market volatility is reflected in response to changes in the interest rate environment and economic cycle, but the low valuation characteristic of value stocks has provided relative defensiveness during market downturns.
As investors seek alternatives to the concentration in large-cap names, interest in the mid-cap segment is rising, with steady inflows from capital looking to rotate back into a value investment style.
Strengths and weaknesses
The fund provides standardized exposure to the mid-cap value market, with low cost and broad constituent diversification as its key features.
💪 Key strengths
⚠️ Points to note
Alternative ETFs and related products
VBR shown in the table extends its scope to small-cap value, while SPYV concentrates on large-cap value. Direct mid-cap value competitors include IJJ or MDYV, and for broader mid-cap exposure, VO, the value-style IWS, or the core mid-cap index IJH are also worth considering.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 VTV | Vanguard Morningstar Value ETF | $228.02 | -0.4% | $196.6B | 0.03% | 1.83% | +22.9% |
 IWD | iShares Russell 1000 Value ETF | $258.65 | -0.8% | $83.9B | 0.18% | 1.37% | +26.9% |
 IVE | iShares S&P 500 Value ETF | $239.53 | -0.8% | $51.1B | 0.18% | 1.51% | +15.0% |
 SPYV | State Street SPDR Portfolio S&P 500 Value ETF | $64.13 | -0.8% | $39.2B | 0.04% | 1.65% | +14.9% |
 VBR | Vanguard Morningstar Small-Cap Value ETF | $243.44 | -0.6% | $37.3B | 0.05% | 1.82% | +18.4% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 USFD | US Foods Holding Corp | 0.04% | $103.61 | +0.8% | $22.4B | 31.9 | - |
 AA | Alcoa Corp | 0.01% | $39.19 | -1.8% | $10.3B | 6.8 | 1.02% |
 RS | Reliance Inc | 0.02% | $436.91 | -0.6% | $22.3B | 20.4 | 1.14% |
 SNX | TD Synnex Corp | 0.02% | $236.62 | -7.2% | $18.9B | 14.4 | 0.81% |
 PR | Permian Resources Holdings Inc | 0.01% | $26.02 | +1.8% | $21.8B | 17.3 | 2.46% |
 OVV | Ovintiv Inc | 0.01% | $72.62 | +1.5% | $20.0B | 20.3 | 1.66% |
Investor checklist
Mid-cap value investing is a strategic choice that strengthens the core of a portfolio. For those looking to capture the middle of the market at a low cost, this fund can be a useful option.
| Checklist | What to verify | Current status |
|---|---|---|
| 💵 Expense ratio | Fee level within the peer category | On the low side |
| 📊 Value metrics | Valuation levels such as P/E and P/B | Low |
| 🏗️ Sector weightings | Concentration in key sectors such as financials and industrials | Reasonably diversified |
| 📈 Tracking error | Performance alignment with the benchmark index | Maintained stably |
Mid caps are more sensitive to economic conditions than large caps, so investors should be aware that asset values can experience sharp short-term declines during economic contractions.
This ETF represents the textbook approach to low-cost mid-cap value investing, rooted in Vanguard's philosophy. It is a fitting tool for investors looking to reduce large-cap concentration in their asset allocation while adding the stability of a value style.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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