DJD vs. ILCV

Last updated Aug 2, 2026

DJD (Invesco Dow Jones Industrial Average Dividend ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds - DJD tracks the Dow Jones Industrial Average Yield Weighted Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, DJD returned 12.39%/yr vs 11.90%/yr for ILCV. Their correlation of 0.84 means they have usually moved in the same direction. DJD charges 0.07%/yr vs 0.04%/yr for ILCV.

Performance

DJD vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dow Jones Industrial Average Dividend ETF (DJD) 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, DJD achieves a 14.63% return, which is significantly higher than ILCV's 12.42% return. Both investments have delivered pretty close results over the past 10 years, with DJD having a 12.39% annualized return and ILCV not far behind at 11.90%.

DJD

• 1D: 0.09%
• 1M: -0.05%
• 6M: 9.67%
• YTD: 14.63%
• 1Y: 25.62%
• 3Y*: 17.22%
• 5Y*: 11.42%
• 10Y*: 12.39%
• ALL TIME*: 12.52%

ILCV

• 1D: 0.30%
• 1M: 2.03%
• 6M: 10.11%
• YTD: 12.42%
• 1Y: 29.26%
• 3Y*: 17.48%
• 5Y*: 12.42%
• 10Y*: 11.90%
• ALL TIME*: 8.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DJD Invesco Dow Jones Industrial Average Dividend ETF	$2.54M	$2.87M	$2.55M
ILCV iShares Morningstar Value ETF	$1.89M	$2.26M	$2.59M

DJD vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DJD Invesco Dow Jones Industrial Average Dividend ETF	14.63%	15.83%	13.66%	9.41%	-0.73%	22.40%	0.87%	22.00%	0.03%	21.65%
ILCV iShares Morningstar Value ETF	12.42%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%

Correlation

The correlation between DJD and ILCV is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Dec 16, 2015	0.84

The correlation between DJD and ILCV shifts across timeframes, from 0.74 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

DJD vs. ILCV - Sectors Allocation Comparison

Sectors	DJD	ILCV
Healthcare	23.9%	12.6%
Financial Services	16.8%	18.3%
Technology	16.5%	22.6%
Consumer Cyclical	12.3%	9.6%
Consumer Defensive	11.5%	7.3%
Industrials	8.1%	6.8%
Energy	6.5%	5.5%
Communication Services	2.7%	9.9%
Basic Materials	1.9%	2.1%
Real Estate	-	1.9%
Utilities	-	3.4%

Return for Risk

DJD vs. ILCV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DJD

DJD Risk / Return Rank: 91
DJD Sharpe Ratio Rank: 92
DJD Sortino Ratio Rank: 93
DJD Omega Ratio Rank: 90
DJD Calmar Ratio Rank: 93
DJD Martin Ratio Rank: 88

ILCV

ILCV Risk / Return Rank: 94
ILCV Sharpe Ratio Rank: 95
ILCV Sortino Ratio Rank: 95
ILCV Omega Ratio Rank: 94
ILCV Calmar Ratio Rank: 92
ILCV Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DJD vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dow Jones Industrial Average Dividend ETF (DJD) 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.

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.

	DJD	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.75	-0.35
Sortino ratio: Return per unit of downside risk	3.62	3.86	-0.25
Omega ratio: Gain probability vs. loss probability	1.42	1.50	-0.08
Calmar ratio: Return relative to maximum drawdown	4.47	4.22	+0.26
Martin ratio: Return relative to average drawdown	13.25	17.65	-4.40

DJD vs. ILCV - Sharpe Ratio Comparison

The current DJD Sharpe Ratio is 2.40, which is comparable to the ILCV Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of DJD 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.

Drawdowns

DJD vs. ILCV - Drawdown Comparison

The maximum DJD drawdown since its inception was -34.66%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for DJD and ILCV.

Drawdown Indicators

	DJD	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-34.66%	-58.63%	+23.97%
Max Drawdown (1Y) Largest decline over 1 year	-5.64%	-6.55%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-12.28%	-14.95%	+2.67%
Max Drawdown (5Y) Largest decline over 5 years	-19.94%	-18.58%	-1.36%
Max Drawdown (10Y) Largest decline over 10 years	-34.66%	-35.53%	+0.87%
Current Drawdown Current decline from peak	-1.36%	0.00%	-1.36%
Average Drawdown Average peak-to-trough decline	-3.70%	-9.26%	+5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.56%	+0.34%

Volatility

DJD vs. ILCV - Volatility Comparison

Invesco Dow Jones Industrial Average Dividend ETF (DJD) has a higher volatility of 4.12% compared to iShares Morningstar Value ETF (ILCV) at 2.91%. This indicates that DJD'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

	DJD	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	2.91%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	7.33%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	10.58%	10.09%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.38%	14.16%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.59%	16.63%	-0.04%

DJD vs. ILCV - Expense Ratio Comparison

DJD has a 0.07% 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

DJD vs. ILCV - Dividend Comparison

DJD's dividend yield for the trailing twelve months is around 2.42%, more than ILCV's 1.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DJD Invesco Dow Jones Industrial Average Dividend ETF	2.42%	2.62%	3.00%	3.49%	3.16%	2.82%	3.47%	2.80%	2.66%	2.75%	2.46%	0.08%
ILCV iShares Morningstar Value ETF	1.55%	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 DJD and ILCV in my portfolio?

DJD and ILCV have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJD or ILCV?

DJD has higher volatility (4.12%) compared to ILCV (2.91%). In terms of maximum drawdown, DJD dropped -34.66% vs ILCV's -58.63%.

Which ETF is better, DJD or ILCV?

On 10-year performance, DJD leads with 12.39% vs 11.90% for ILCV. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJD or ILCV?

Over the 10-year period, DJD has performed better with a 12.39% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJD or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.07% for DJD.

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

DJD has the higher dividend yield at 2.42%, compared with 1.55% for ILCV.

What is the main difference between DJD and ILCV?

DJD tracks Dow Jones Industrial Average Yield Weighted Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.07% for DJD and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.75 vs 2.40), 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.