🤝 BFF Take
The Right Choice Depends on the Decade. Growth Has Led Since 2010; Value Cycles Return.
IVW (iShares S&P 500 Growth) and IVE (iShares S&P 500 Value) split the S&P 500 into its growth and value halves. IVW holds companies like Apple, Microsoft, Nvidia, and Amazon with high price-to-earnings multiples. IVE holds financials, energy, healthcare, and industrials trading at below-average valuations. Both charge 0.18%. From 2010 to 2024, IVW dramatically outperformed IVE as technology mega-caps dominated market returns. Before 2007, value outperformed growth over most multi-decade periods. The two halves tend to cycle: growth leads in low-rate, momentum-driven environments; value leads in high-rate, mean-reverting environments. Neither tilt is reliably better at all times. Investors who want S&P 500 exposure without a style bias are better served by VOO or SPY. IVW is the right choice for a deliberate growth tilt; IVE for a value tilt.
📋 Quick Takeaways
📊Both charge 0.18%. IVW: growth stocks (tech, consumer discretionary). IVE: value stocks (financials, energy, healthcare).
🔄Growth and value cycle. IVW led from 2010-2024. Value outperformed for decades before that. No style wins permanently.
🎯No style preference? Own VOO or SPY instead. Want a deliberate tilt? IVW for growth, IVE for value.
📊 Data-Based Take: IVW has the lower fee
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
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Reviewed by a CFA® Charterholder · Data updated Jun 2026 · Educational only, not financial advice
IVW
iShares S&P 500 Growth ETF
IVE
iShares S&P 500 Value ETF
📋 IVW vs IVE — Key Facts Side by Side
| Metric |
IVW |
IVE |
| Fund Name |
iShares S&P 500 Growth ETF |
iShares S&P 500 Value ETF |
| Issuer |
iShares |
iShares |
| Tracks Index |
S&P 500 Growth Index |
S&P 500 Value Index |
| Expense Ratio |
0.18% |
0.18% |
| Cost per $10K/yr |
$18.00 |
$18.00 |
| AUM |
$50B |
$25B |
| Holdings |
230 |
380 |
| Inception |
2000 |
2000 |
| 1-Year Return |
+38.50% |
+14.20% |
| 3-Year Return |
+12.80% |
+8.10% |
| 5-Year Return |
+19.50% |
+12.30% |
| Avg Bid-Ask Spread |
0.01% |
0.02% |
Data from ETF BFF database. Returns are annualised. Not investment advice.
📊 IVW vs IVE — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Should You Buy IVW or IVE?
Choose if...
IVW
- You want tech-heavy large-cap growth exposure via S&P 500 Growth Index
- You already use iShares and prefer staying within their fund family
Choose if...
IVE
- You want broader diversification (380 holdings vs 230)
- You want focused large-cap US stock exposure via S&P 500 Value Index
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❓ IVW vs IVE — Frequently Asked Questions
What is the difference between IVW and IVE?
IVW and IVE split the S&P 500 into growth and value halves using the S&P's style classification system. IVW holds approximately 230 companies with above-average growth metrics (high price-to-earnings, price-to-sales, and earnings growth). IVE holds approximately 380 companies with below-average valuations and above-average dividend yields. Together, IVW + IVE approximately equal the full S&P 500. Both charge 0.18%.
Should I buy IVW or IVE?
Unless you have a specific view on growth vs value cycles, you are better served by owning the full S&P 500 via VOO (0.03%) than splitting into IVW and IVE at 0.18% each. If you do have a conviction on style: IVW is appropriate during low-rate, tech-led environments. IVE is appropriate when valuations are stretched in growth and value companies offer higher earnings yields. Neither style reliably outperforms permanently. Past performance does not guarantee future results.
Why has IVW outperformed IVE for so long?
IVW's outperformance from 2010 to 2024 was driven primarily by the extraordinary growth of technology mega-caps: Apple, Microsoft, Nvidia, Amazon, and Google. Low interest rates amplified the valuation multiple expansion for high-growth stocks. In high-rate environments, future cash flows are worth less, which historically compresses growth stock multiples and narrows or reverses the growth-value gap. Whether the current environment sustains IVW's advantage depends heavily on interest rate trajectory.
Are IVW and IVE good for a retirement portfolio?
IVW carries higher valuation risk and volatility than a total market or broad blend fund. IVE is more defensive, with more exposure to dividends and value sectors. For a retirement portfolio, a broader fund like VOO, VTI, or a target-date fund provides better diversification than a concentrated style bet in either IVW or IVE. Both have their place as tactical allocations for investors with specific style views.
New to ETF investing? See answers to the most common ETF questions →
ℹ️ Data shown is for educational purposes and may not reflect the most current figures. Returns are trailing price-based and exclude dividend reinvestment. Past performance does not guarantee future results. ETF BFF is not a licensed financial advisor — this is not personalized financial advice.