Exchange traded funds that emphasize the widely followed value factor are on the comeback trail this year after several years of noticeably lagging their growth and momentum rivals. Plain vanilla index ETFs that track the value theme has outperformed so far this year, or at least have not done as poorly as broader benchmarks. Nevertheless, potential investors should still look under the hood of these value stock ETFs as no two are created alike and offer varying performances.

Popular value ETFs include the Vanguard Value ETF (NYSEArca: VTV). VTV follows the tracks the CRSP US Large Cap Value Index and is one of the most widely followed value ETFs. CRSP includes sales/price and historical earnings/price ratio as well as 12-month forward earnings/price ratio and dividend yield to form its value indexes.

Related: 3 High Octane Value Trades for a Bear Market

Another name to consider among value ETFs is the PowerShares Dynamic Large Cap Value Portfolio (NYSEArca: PWV). PWV tracks the Dynamic Large Cap Value Intellidex Index, which applies a 10 factor screen to achieve its value objective. PWV tries to improve its risk-adjusted returns by including additional screens for price momentum, earnings momentum, quality, management action and value.

“Yielding 2.5%, the ETF tracks an enhanced index of undervalued stocks. Stocks in the ETF rank strongly on measures such as earnings momentum, balance-sheet strength and a history of raising dividends,” reports Kiplinger’s Personal Finance. “The highest-scoring stocks get the most weight. The result is a collection of 50 stocks that looks somewhat different from the fund’s bogey, the Russell 1000 Value index. The ETF’s top 10 holdings include Chevron, Oracle and Gilead Sciences, none of which crack the Russell index’s top 10. PowerShares rejiggers the holdings every three months to reflect changes in scores.”

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PWV does qualify as a smart or strategic beta, but investors would do well to not focus on the jargon and focus more on the results. And those results are hard to contest because over the past three-, five- and 10-year periods, the Dynamic Large Cap Value Intellidex Index has outperformed the S&P 500 Value Index and the Russell 1000 Value Index, according to PowerShares data.

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