U.S. stocks sold off sharply Thursday as technology shares extended their retreat, pushing investors toward less concentrated corners of the equity market. The Nasdaq Composite fell 2.15% on July 23, the S&P 500 lost 1.21% and the Dow Jones Industrial Average declined 0.97%, while the Cboe Volatility Index jumped 12.38% to 18.70. Against that backdrop, broad large-cap value funds are drawing renewed attention as portfolio ballast rather than as a complete exit from stocks.

Three exchange-traded funds offer distinct ways to make that shift: the iShares Russell 1000 Value ETF, or IWD; the iShares S&P 500 Value ETF, or IVE; and the Schwab U.S. Large-Cap Value ETF, or SCHV. Each holds hundreds of established U.S. companies and reduces the influence of the highest-priced growth stocks. None is a true safe haven, however. All three remain fully exposed to equities and can suffer meaningful losses during recessions, credit shocks or broad market liquidations.

IWD is the broadest of the group. The fund tracks the Russell 1000 Value Index, which includes both large- and mid-cap U.S. companies with value characteristics. BlackRock reported 870 holdings and about $80.9 billion in net assets as of July 22. Its expense ratio was 0.18%, and its year-to-date net asset value return was 18.50%. The fund’s three-year equity beta was 0.81, suggesting that it historically moved less than the overall equity benchmark used in BlackRock’s calculation, though beta can change and does not guarantee smaller losses.

The sector mix explains much of IWD’s appeal during a technology-led selloff. Financials represented 19.54% of market value, followed by information technology at 18.20%, health care at 12.50% and industrials at 11.08%. That is still substantial technology exposure, but the portfolio is less dependent on a handful of expensive mega-cap growth companies. Its large number of holdings also spreads company-specific risk more widely than a narrowly constructed value portfolio.

IWD’s breadth is also its main trade-off. Because the Russell 1000 Value universe includes mid-cap stocks, the fund may be somewhat more economically sensitive than a vehicle confined to the S&P 500. Its portfolio price-to-earnings ratio stood at 23.01 on July 22, underscoring that “value” is a relative classification rather than a promise that every holding is conventionally cheap. Investors seeking a pure large-company screen may prefer a fund with a narrower benchmark.

IVE provides that more focused approach. It tracks the S&P 500 Value Index, selecting companies from the S&P 500 using book value, earnings and sales metrics. The fund held 438 securities and had roughly $48.8 billion in net assets as of July 22. Its expense ratio was 0.18%, its 30-day SEC yield was 1.63% as of June 30, and its three-year beta was 0.79. BlackRock reported a 9.67% year-to-date NAV return through July 22.

IVE had 19.92% of its portfolio in information technology, 16.05% in financials, 12.22% in health care and 11.23% in industrials. Energy, utilities and consumer staples together added another defensive and income-oriented component. Because every constituent comes from the S&P 500, IVE may be easier for investors to understand as a style tilt within a familiar large-cap universe. The drawback is that its narrower opportunity set can create larger differences from other value indexes when S&P’s classification rules place a company partly or fully on one side of the value-growth divide.

SCHV stands out primarily on cost. Schwab lists a total expense ratio of 0.04%, equal to $4 annually for every $10,000 invested before trading costs and other expenses. The fund tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index and held 562 securities with about $15.7 billion in net assets as of July 22. Its 30-day SEC yield was 1.79% as of July 21, while its NAV return was 18.75% for the year through June 30.

The Schwab portfolio also illustrates how modern value indexes differ from old stereotypes. As of July 10, its largest positions included Micron Technology, Berkshire Hathaway, JPMorgan Chase, Johnson & Johnson and Exxon Mobil. The presence of semiconductor and hardware companies shows that value funds are not simply collections of banks, oil producers and slow-growing dividend stocks. Index providers assess multiple valuation and growth measures, and sector leadership can change as prices and earnings estimates move.

For investors evaluating these funds, benchmark construction may matter more than small differences in recent returns. IWD offers the widest reach and includes mid-cap exposure. IVE keeps the portfolio inside the S&P 500. SCHV offers a broad large-cap value basket at the lowest stated expense ratio of the three. Their holdings overlap heavily, so owning all three would generally add less diversification than the different fund names might imply.

The “refuge” case should also be framed carefully. Value stocks often generate more current income and are usually less concentrated in the market’s most aggressively priced companies. That can soften the impact of a growth-led correction. But financials, industrials and energy companies are sensitive to economic activity, interest rates, commodity prices and credit conditions. A deep downturn could pressure all three funds even if they outperform growth benchmarks on a relative basis.

Thursday’s market action strengthened the tactical argument for diversification, but it did not eliminate the risks of chasing whichever style has recently performed best. Investors considering a shift should examine existing sector exposure, taxable gains, time horizon and the role of bonds or cash in the broader portfolio. Among the three funds, IWD emphasizes breadth, IVE emphasizes a familiar blue-chip universe and SCHV emphasizes low cost. The appropriate choice depends less on a one-day volatility spike than on how each benchmark fits a long-term allocation.