DFLV vs. ILCV

Last updated Jun 4, 2026

DFLV (Dimensional US Large Cap Value ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds. DFLV is actively managed, while ILCV is passively managed. Over the past 3 years, DFLV returned 19.43%/yr vs 18.61%/yr for ILCV. Their correlation of 0.93 suggests significant overlap in exposure. DFLV charges 0.22%/yr vs 0.04%/yr for ILCV.

Performance

DFLV vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Large Cap Value ETF (DFLV) and iShares Morningstar Value ETF (ILCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFLV achieves a 16.07% return, which is significantly higher than ILCV's 7.75% return.

DFLV

• 1D: -0.03%
• 1M: 5.16%
• YTD: 16.07%
• 6M: 17.79%
• 1Y: 33.56%
• 3Y*: 19.43%
• 5Y*: —
• 10Y*: —

ILCV

• 1D: -0.44%
• 1M: 2.76%
• YTD: 7.75%
• 6M: 7.41%
• 1Y: 26.58%
• 3Y*: 18.61%
• 5Y*: 11.42%
• 10Y*: 11.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFLV vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFLV Dimensional US Large Cap Value ETF	16.07%	15.90%	12.88%	12.31%	-0.67%
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-1.14%

Correlation

The correlation between DFLV and ILCV is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 8, 2022	0.93

The correlation between DFLV and ILCV has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

DFLV vs. ILCV - Sectors Allocation Comparison

Sectors	DFLV	ILCV
Financial Services	21.1%	16.5%
Energy	15.2%	6.0%
Healthcare	13.8%	11.5%
Industrials	13.5%	8.8%
Technology	12.5%	23.8%
Consumer Cyclical	7.5%	9.5%
Basic Materials	7.0%	2.4%
Consumer Defensive	4.7%	7.6%
Communication Services	4.5%	8.0%
Real Estate	0.4%	2.0%
Utilities	-	3.5%

Return for Risk

DFLV vs. ILCV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFLV

DFLV Risk / Return Rank: 89
DFLV Sharpe Ratio Rank: 88
DFLV Sortino Ratio Rank: 89
DFLV Omega Ratio Rank: 86
DFLV Calmar Ratio Rank: 92
DFLV Martin Ratio Rank: 90

ILCV

ILCV Risk / Return Rank: 82
ILCV Sharpe Ratio Rank: 82
ILCV Sortino Ratio Rank: 84
ILCV Omega Ratio Rank: 81
ILCV Calmar Ratio Rank: 79
ILCV Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFLV vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Large Cap Value ETF (DFLV) and iShares Morningstar Value ETF (ILCV). 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.

	DFLV	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	3.01	2.72	+0.29
Sortino ratio: Return per unit of downside risk	4.19	3.85	+0.34
Omega ratio: Gain probability vs. loss probability	1.54	1.50	+0.04
Calmar ratio: Return relative to maximum drawdown	6.15	4.08	+2.08
Martin ratio: Return relative to average drawdown	21.61	16.87	+4.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFLV vs. ILCV - Sharpe Ratio Comparison

The current DFLV Sharpe Ratio is 3.01, which is comparable to the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of DFLV and ILCV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFLV	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.01	2.72	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	0.46	+0.70

Drawdowns

DFLV vs. ILCV - Drawdown Comparison

The maximum DFLV drawdown since its inception was -16.80%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for DFLV and ILCV.

Drawdown Indicators

	DFLV	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-16.80%	-58.63%	+41.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.48%	-6.55%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-16.80%	-14.95%	-1.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.53%	—
Current Drawdown Current decline from peak	-0.03%	-0.60%	+0.57%
Average Drawdown Average peak-to-trough decline	-3.08%	-9.32%	+6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.58%	-0.02%

Volatility

DFLV vs. ILCV - Volatility Comparison

Dimensional US Large Cap Value ETF (DFLV) has a higher volatility of 2.68% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that DFLV's price experiences larger fluctuations and is considered to be riskier than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFLV	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	2.01%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	8.08%	6.97%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	11.22%	9.82%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	14.21%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.21%	16.66%	-2.45%

DFLV vs. ILCV - Expense Ratio Comparison

DFLV has a 0.22% expense ratio, which is higher than ILCV's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFLV vs. ILCV - Dividend Comparison

DFLV's dividend yield for the trailing twelve months is around 1.40%, less than ILCV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFLV Dimensional US Large Cap Value ETF	1.40%	1.61%	1.65%	1.72%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ILCV iShares Morningstar Value ETF	1.63%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%

Frequently Asked Questions

Can I hold both DFLV and ILCV in my portfolio?

DFLV and ILCV have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFLV or ILCV?

DFLV has higher volatility (2.68%) compared to ILCV (2.01%). In terms of maximum drawdown, DFLV dropped -16.80% vs ILCV's -58.63%.

Which ETF is better, DFLV or ILCV?

On 3-year performance, DFLV leads with 19.43% vs 18.61% for ILCV. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFLV or ILCV?

Over the 3-year period, DFLV has performed better with a 19.43% return vs 18.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFLV or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.22% for DFLV.

Which ETF pays a higher dividend yield, DFLV or ILCV?

ILCV has the higher dividend yield at 1.63%, compared with 1.40% for DFLV.

What is the main difference between DFLV and ILCV?

They also come from different issuers: Dimensional and iShares. Their fees differ too: 0.22% for DFLV and 0.04% for ILCV.

Which has better risk-adjusted returns?

DFLV currently has the higher Sharpe Ratio (3.01 vs 2.72), 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.