DFRA vs. ILCV

Last updated Jun 4, 2026

DFRA (Donoghue Forlines Yield Enhanced Real Asset ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds - DFRA tracks the FCF Yield Enhanced Real Asset Index - Benchmark TR Net while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 3 years, DFRA returned 12.75%/yr vs 18.61%/yr for ILCV. A 0.79 correlation means they provide meaningful diversification when combined. DFRA charges 0.69%/yr vs 0.04%/yr for ILCV.

Performance

DFRA vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) 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, DFRA achieves a 8.60% return, which is significantly higher than ILCV's 7.75% return.

DFRA

• 1D: -0.14%
• 1M: -2.02%
• YTD: 8.60%
• 6M: 8.04%
• 1Y: 15.09%
• 3Y*: 12.75%
• 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)

DFRA vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	8.60%	6.64%	7.05%	18.89%	7.42%	3.86%
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-7.02%	2.96%

Correlation

The correlation between DFRA and ILCV is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Dec 15, 2021	0.79

The correlation between DFRA and ILCV shifts across timeframes, from 0.68 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

DFRA vs. ILCV - Sectors Allocation Comparison

Sectors	DFRA	ILCV
Industrials	35.7%	8.8%
Energy	26.3%	6.0%
Basic Materials	18.5%	2.4%
Real Estate	12.1%	2.0%
Consumer Defensive	3.2%	7.6%
Utilities	2.8%	3.5%
Technology	1.5%	23.8%
Communication Services	-	8.0%
Consumer Cyclical	-	9.5%
Financial Services	-	16.5%
Healthcare	-	11.5%

Return for Risk

DFRA vs. ILCV — Risk / Return Rank

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

DFRA

DFRA Risk / Return Rank: 29
DFRA Sharpe Ratio Rank: 29
DFRA Sortino Ratio Rank: 27
DFRA Omega Ratio Rank: 29
DFRA Calmar Ratio Rank: 27
DFRA Martin Ratio Rank: 31

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.

DFRA vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) 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.

	DFRA	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	1.03	2.72	-1.69
Sortino ratio: Return per unit of downside risk	1.47	3.85	-2.38
Omega ratio: Gain probability vs. loss probability	1.19	1.50	-0.30
Calmar ratio: Return relative to maximum drawdown	1.30	4.08	-2.77
Martin ratio: Return relative to average drawdown	4.50	16.87	-12.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFRA vs. ILCV - Sharpe Ratio Comparison

The current DFRA Sharpe Ratio is 1.03, which is lower than the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of DFRA 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

	DFRA	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	2.72	-1.69
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	0.68	0.46	+0.22

Drawdowns

DFRA vs. ILCV - Drawdown Comparison

The maximum DFRA drawdown since its inception was -19.35%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for DFRA and ILCV.

Drawdown Indicators

	DFRA	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-19.35%	-58.63%	+39.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-6.55%	-5.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.35%	-14.95%	-4.40%
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	-7.31%	-0.60%	-6.71%
Average Drawdown Average peak-to-trough decline	-3.96%	-9.32%	+5.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	1.58%	+1.78%

Volatility

DFRA vs. ILCV - Volatility Comparison

Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) has a higher volatility of 4.52% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that DFRA'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

	DFRA	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	2.01%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	6.97%	+5.88%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	9.82%	+4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	14.21%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	16.66%	+0.86%

DFRA vs. ILCV - Expense Ratio Comparison

DFRA has a 0.69% expense ratio, which is higher than ILCV's 0.04% expense ratio.

Dividends

DFRA vs. ILCV - Dividend Comparison

DFRA's dividend yield for the trailing twelve months is around 4.20%, more than ILCV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	4.20%	2.86%	10.13%	4.70%	8.40%	0.08%	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 DFRA and ILCV in my portfolio?

DFRA and ILCV have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFRA or ILCV?

DFRA has higher volatility (4.52%) compared to ILCV (2.01%). In terms of maximum drawdown, DFRA dropped -19.35% vs ILCV's -58.63%.

Which ETF is better, DFRA or ILCV?

On 3-year performance, ILCV leads with 18.61% vs 12.75% for DFRA. 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, DFRA or ILCV?

Over the 3-year period, ILCV has performed better with a 18.61% return vs 12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFRA or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.69% for DFRA.

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

DFRA has the higher dividend yield at 4.20%, compared with 1.63% for ILCV.

What is the main difference between DFRA and ILCV?

DFRA tracks FCF Yield Enhanced Real Asset Index - Benchmark TR Net, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: Donoghue Forlines and iShares. Their fees differ too: 0.69% for DFRA and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 1.03), 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.