Designed to provide broad exposure to the Mid Cap Value segment of the US equity market, the Vanguard S&P Mid-Cap 400 Value Index Fund ETF Shares (IVOV) is a passively managed exchange traded fund launched on September 9, 2010.
The fund is sponsored by Vanguard. It has amassed assets over $1.29 billion, making it one of the average sized ETFs attempting to match the Mid Cap Value segment of the US equity market.
Why Mid Cap Value
Compared to large and small cap companies, mid cap businesses tend to have higher growth prospects and are less volatile, respectively, with market capitalization between $2 billion and $10 billion. Thus they have a nice balance of growth potential and stability.
Value stocks are known for their lower than average price-to-earnings and price-to-book ratios, but investors should also note their lower than average sales and earnings growth rates. Considering long-term performance, value stocks have outperformed growth stocks in almost all markets; however, they are more likely to underperform growth stocks in strong bull markets.
Costs
When considering an ETF’s total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.
Annual operating expenses for this ETF are 0.1%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 0%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Financials sector — about 22% of the portfolio. Industrials and Consumer Discretionary round out the top three.
Looking at individual holdings, Us Foods Holding Corp (USFD) accounts for about 1.34% of total assets, followed by Reliance Inc (RS) and Td Synnex Corp (SNX).
The top 10 holdings account for about 6.68% of total assets under management.
Performance and Risk
IVOV seeks to match the performance of the S&P MidCap 400 Value Index before fees and expenses. The S&P MidCap 400 Value Index measures the performance of value stocks of medium-size U.S. companies.
The ETF has gained about 7.95% so far this year and was up about 7.63% in the last one year (as of 10/05/2026). In the past 52-week period, it has traded between $96.11 and $117.23.
The ETF has a beta of 0.98 and standard deviation of 17.33% for the trailing three-year period, making it a medium risk choice in the space. With about 303 holdings, it effectively diversifies company-specific risk.