DIVZ vs. ILCV

Last updated Jun 3, 2026

DIVZ (Opal Dividend Income ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds. DIVZ is actively managed, while ILCV is passively managed. Over the past 5 years, DIVZ returned 8.50%/yr vs 11.63%/yr for ILCV. Their correlation of 0.85 suggests significant overlap in exposure. DIVZ charges 0.65%/yr vs 0.04%/yr for ILCV.

Performance

DIVZ vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Opal Dividend Income ETF (DIVZ) 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, DIVZ achieves a 3.37% return, which is significantly lower than ILCV's 8.23% return.

DIVZ

• 1D: 0.52%
• 1M: -0.98%
• YTD: 3.37%
• 6M: 4.40%
• 1Y: 10.65%
• 3Y*: 15.12%
• 5Y*: 8.50%
• 10Y*: —

ILCV

• 1D: 0.36%
• 1M: 2.50%
• YTD: 8.23%
• 6M: 8.71%
• 1Y: 27.83%
• 3Y*: 18.78%
• 5Y*: 11.63%
• 10Y*: 11.73%

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

DIVZ vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DIVZ Opal Dividend Income ETF	3.37%	16.72%	18.44%	-0.51%	3.51%	19.74%
ILCV iShares Morningstar Value ETF	8.23%	18.79%	17.03%	14.43%	-7.02%	26.27%

Correlation

The correlation between DIVZ and ILCV is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 29, 2021	0.85

Over the past year, the correlation between DIVZ and ILCV has dropped to 0.60 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

DIVZ vs. ILCV - Sectors Allocation Comparison

Sectors	DIVZ	ILCV
Consumer Defensive	20.0%	7.6%
Energy	19.4%	6.0%
Utilities	17.2%	3.5%
Healthcare	16.0%	11.5%
Financial Services	8.7%	16.5%
Technology	8.0%	23.8%
Consumer Cyclical	6.6%	9.5%
Communication Services	5.9%	8.0%
Basic Materials	5.7%	2.4%
Industrials	4.6%	8.8%
Real Estate	-	2.0%

Return for Risk

DIVZ vs. ILCV — Risk / Return Rank

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

DIVZ

DIVZ Risk / Return Rank: 33
DIVZ Sharpe Ratio Rank: 32
DIVZ Sortino Ratio Rank: 32
DIVZ Omega Ratio Rank: 29
DIVZ Calmar Ratio Rank: 38
DIVZ Martin Ratio Rank: 32

ILCV

ILCV Risk / Return Rank: 85
ILCV Sharpe Ratio Rank: 86
ILCV Sortino Ratio Rank: 87
ILCV Omega Ratio Rank: 84
ILCV Calmar Ratio Rank: 81
ILCV Martin Ratio Rank: 84

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.

DIVZ vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Opal Dividend Income ETF (DIVZ) 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.

	DIVZ	ILCV	Difference
Sharpe ratio Return per unit of total volatility	1.15	2.85	-1.70
Sortino ratio Return per unit of downside risk	1.71	4.02	-2.31
Omega ratio Gain probability vs. loss probability	1.20	1.52	-0.32
Calmar ratio Return relative to maximum drawdown	1.93	4.29	-2.36
Martin ratio Return relative to average drawdown	4.83	17.80	-12.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIVZ vs. ILCV - Sharpe Ratio Comparison

The current DIVZ Sharpe Ratio is 1.15, which is lower than the ILCV Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of DIVZ 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

	DIVZ	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	2.85	-1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.82	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.46	+0.43

Drawdowns

DIVZ vs. ILCV - Drawdown Comparison

The maximum DIVZ drawdown since its inception was -15.42%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for DIVZ and ILCV.

Drawdown Indicators

	DIVZ	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-15.42%	-58.63%	+43.21%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-6.55%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-9.52%	-14.95%	+5.43%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	-18.58%	+3.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.53%	—
Current Drawdown Current decline from peak	-4.25%	-0.16%	-4.09%
Average Drawdown Average peak-to-trough decline	-3.49%	-9.32%	+5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	1.58%	+0.75%

Volatility

DIVZ vs. ILCV - Volatility Comparison

Opal Dividend Income ETF (DIVZ) has a higher volatility of 3.49% compared to iShares Morningstar Value ETF (ILCV) at 2.10%. This indicates that DIVZ'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

	DIVZ	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	2.10%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	7.06%	6.98%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	9.29%	9.80%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	14.21%	-1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.57%	16.67%	-4.10%

DIVZ vs. ILCV - Expense Ratio Comparison

DIVZ has a 0.65% expense ratio, which is higher than ILCV's 0.04% expense ratio.

Dividends

DIVZ vs. ILCV - Dividend Comparison

DIVZ's dividend yield for the trailing twelve months is around 2.59%, more than ILCV's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIVZ Opal Dividend Income ETF	2.59%	2.60%	2.63%	3.66%	3.23%	3.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ILCV iShares Morningstar Value ETF	1.62%	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 DIVZ and ILCV in my portfolio?

DIVZ and ILCV have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVZ or ILCV?

DIVZ has higher volatility (3.49%) compared to ILCV (2.10%). In terms of maximum drawdown, DIVZ dropped -15.42% vs ILCV's -58.63%.

Which ETF is better, DIVZ or ILCV?

On 5-year performance, ILCV leads with 11.63% vs 8.50% for DIVZ. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVZ or ILCV?

Over the 5-year period, ILCV has performed better with a 11.63% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVZ or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.65% for DIVZ.

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

DIVZ has the higher dividend yield at 2.59%, compared with 1.62% for ILCV.

What is the main difference between DIVZ and ILCV?

They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.65% for DIVZ and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.85 vs 1.15), 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.