Verified factor-similar pair

IVOV vs VBR

These two ETFs pass the same FF6 US similarity lane: US-listed equity ETFs, same USD model basis, at least one material non-market factor, and 100% overlap in statistically significant material factor exposure.

SMB HML

Similarity score

Near substitute

Score blends exposure-level distance, factor-vector shape, market-beta closeness, and a small backtested relative-Sharpe term.

IVOV

Vanguard S&P Mid-Cap 400 Value ETF

SMB HML

Adj. R2

0.955

Rel. Sharpe

0.900

Mkt beta

1.00

AUM

US$1.2B

MER

0.10%

Valuation

107

VBR

Vanguard Small Cap Value ETF

SMB HML

Adj. R2

0.975

Rel. Sharpe

1.029

Mkt beta

1.01

AUM

US$33.7B

MER

0.05%

Valuation

106

Factor Exposure Match

Blue bars compare raw factor beta magnitude. Green bars compare absolute t-stat strength. Dim bars indicate the t-stat is below 1.96.

SMB

IVOV

+0.50

|t|

+13.2

VBR

+0.60

|t|

+24.6

diff -0.10

HML

IVOV

+0.34

|t|

+9.3

VBR

+0.32

|t|

+13.6

diff +0.01

RMW

IVOV

+0.16

|t|

+3.6

VBR

+0.12

|t|

+4.0

diff +0.04

CMA

IVOV

+0.02

|t|

+0.3

VBR

+0.03

|t|

+0.8

diff -0.01

UMD

IVOV

-0.09

|t|

-3.5

VBR

-0.03

|t|

-2.3

diff -0.06

Why This Pair Matches

Exposure level

Exposure shape

Mkt beta diff

0.00

Rel. Sharpe diff

0.129

This comparison focuses on measured factor exposure, not a qualitative review of each fund's portfolio-construction process. Backtested relative Sharpe is included as a secondary signal, while we continue refining a comparison metric that separates factor payoff from alpha. See methodology.

IVOV fund page VBR fund page US ETF Leaders US Universe

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