CMBS vs. IVLU
CMBS (iShares CMBS ETF) and IVLU (iShares MSCI International Value Factor ETF) are both exchange-traded funds - CMBS is a Mortgage Backed Securities fund tracking the Barclays Capital U.S. CMBS (ERISA Only) Index, while IVLU is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Enhanced Value Index. Both are passively managed. Over the past 10 years, CMBS returned 2.00%/yr vs 11.63%/yr for IVLU. At a correlation of -0.05, they often move in opposite directions. CMBS charges 0.25%/yr vs 0.30%/yr for IVLU.
Performance
CMBS vs. IVLU - Performance Comparison
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Returns By Period
In the year-to-date period, CMBS achieves a 0.25% return, which is significantly lower than IVLU's 12.96% return. Over the past 10 years, CMBS has underperformed IVLU with an annualized return of 2.00%, while IVLU has yielded a comparatively higher 11.63% annualized return.
CMBS
- 1D
- -0.23%
- 1M
- 0.07%
- YTD
- 0.25%
- 6M
- 0.56%
- 1Y
- 4.12%
- 3Y*
- 5.34%
- 5Y*
- 0.70%
- 10Y*
- 2.00%
IVLU
- 1D
- 0.56%
- 1M
- 0.66%
- YTD
- 12.96%
- 6M
- 14.33%
- 1Y
- 35.32%
- 3Y*
- 23.53%
- 5Y*
- 14.06%
- 10Y*
- 11.63%
CMBS vs. IVLU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 0.25% | 7.67% | 4.27% | 5.06% | -11.21% | -1.82% | 7.86% | 7.94% | 0.77% | 2.95% |
IVLU iShares MSCI International Value Factor ETF | 12.96% | 46.09% | 6.76% | 20.07% | -5.73% | 15.60% | -4.50% | 15.60% | -15.10% | 23.10% |
Correlation
The correlation between CMBS and IVLU is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2015 | -0.05 |
The correlation between CMBS and IVLU shifts across timeframes, from -0.05 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CMBS vs. IVLU — Risk / Return Rank
CMBS
IVLU
CMBS vs. IVLU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares CMBS ETF (CMBS) and iShares MSCI International Value Factor ETF (IVLU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CMBS | IVLU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.39 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 2.90 | -1.23 |
| Martin ratioReturn relative to average drawdown | 4.46 | 11.01 | -6.54 |
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Drawdowns
CMBS vs. IVLU - Drawdown Comparison
The maximum CMBS drawdown since its inception was -15.87%, smaller than the maximum IVLU drawdown of -41.85%. Use the drawdown chart below to compare losses from any high point for CMBS and IVLU.
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Drawdown Indicators
| CMBS | IVLU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.87% | -41.85% | +25.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -11.69% | +9.25% |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | -15.48% | +12.19% |
Max Drawdown (5Y)Largest decline over 5 years | -15.87% | -26.04% | +10.17% |
Max Drawdown (10Y)Largest decline over 10 years | -15.87% | -41.85% | +25.98% |
Current DrawdownCurrent decline from peak | -1.67% | -0.53% | -1.14% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -8.57% | +5.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 3.09% | -2.18% |
Volatility
CMBS vs. IVLU - Volatility Comparison
The current volatility for iShares CMBS ETF (CMBS) is 1.10%, while iShares MSCI International Value Factor ETF (IVLU) has a volatility of 5.44%. This indicates that CMBS experiences smaller price fluctuations and is considered to be less risky than IVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMBS | IVLU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 5.44% | -4.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 12.85% | -10.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.64% | 15.65% | -12.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 16.58% | -11.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 17.66% | -11.89% |
CMBS vs. IVLU - Expense Ratio Comparison
CMBS has a 0.25% expense ratio, which is lower than IVLU's 0.30% expense ratio.
Dividends
CMBS vs. IVLU - Dividend Comparison
CMBS's dividend yield for the trailing twelve months is around 3.58%, more than IVLU's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 3.58% | 3.45% | 3.31% | 2.97% | 2.65% | 2.46% | 2.83% | 2.74% | 2.70% | 2.50% | 2.29% | 2.31% |
IVLU iShares MSCI International Value Factor ETF | 3.28% | 3.71% | 4.46% | 4.69% | 3.59% | 3.47% | 2.05% | 3.53% | 2.82% | 2.87% | 2.53% | 0.93% |
Frequently Asked Questions
CMBS and IVLU have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVLU has higher volatility (5.44%) compared to CMBS (1.10%). In terms of maximum drawdown, CMBS dropped -15.87% vs IVLU's -41.85%.
On 10-year performance, IVLU leads with 11.63% vs 2.00% for CMBS. On fees, CMBS is cheaper at 0.25% per year. On volatility, CMBS has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IVLU has performed better with a 11.63% return vs 2.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMBS is cheaper with a 0.25% expense ratio, compared with 0.30% for IVLU.
CMBS has the higher dividend yield at 3.58%, compared with 3.28% for IVLU.
CMBS is categorized as Mortgage Backed Securities, while IVLU is Foreign Large Cap Equities. CMBS tracks Barclays Capital U.S. CMBS (ERISA Only) Index, while IVLU tracks MSCI World ex USA Enhanced Value Index. Their fees differ too: 0.25% for CMBS and 0.30% for IVLU.
IVLU currently has the higher Sharpe Ratio (2.17 vs 1.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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