ICISX vs. IIRLX

Last updated Jun 5, 2026

ICISX (VY Columbia Small Cap Value II Portfolio) and IIRLX (Voya Russell Large Cap Index Portfolio) are both mutual funds - ICISX is a Small Cap Value Equities fund managed by Voya, while IIRLX is a Large Cap Blend Equities fund managed by Voya. Over the past 10 years, ICISX returned 10.45%/yr vs 16.12%/yr for IIRLX. Their correlation of 0.80 suggests significant overlap in exposure. ICISX charges 0.92%/yr vs 0.36%/yr for IIRLX.

Performance

ICISX vs. IIRLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VY Columbia Small Cap Value II Portfolio (ICISX) and Voya Russell Large Cap Index Portfolio (IIRLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICISX achieves a 16.35% return, which is significantly higher than IIRLX's 10.15% return. Over the past 10 years, ICISX has underperformed IIRLX with an annualized return of 10.45%, while IIRLX has yielded a comparatively higher 16.12% annualized return.

ICISX

• 1D: -0.79%
• 1M: 1.12%
• YTD: 16.35%
• 6M: 16.43%
• 1Y: 36.48%
• 3Y*: 16.23%
• 5Y*: 7.50%
• 10Y*: 10.45%

IIRLX

• 1D: -0.85%
• 1M: 4.63%
• YTD: 10.15%
• 6M: 10.03%
• 1Y: 28.31%
• 3Y*: 23.21%
• 5Y*: 14.38%
• 10Y*: 16.12%

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

ICISX vs. IIRLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICISX VY Columbia Small Cap Value II Portfolio	16.35%	8.38%	11.15%	14.13%	-13.57%	34.53%	9.95%	20.26%	-17.54%	11.24%
IIRLX Voya Russell Large Cap Index Portfolio	10.15%	18.77%	26.95%	29.41%	-20.07%	27.26%	21.71%	31.18%	-3.45%	22.58%

Correlation

The correlation between ICISX and IIRLX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 12, 2008	0.80

Over the past year, the correlation between ICISX and IIRLX has dropped to 0.56 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

ICISX vs. IIRLX — Risk / Return Rank

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

ICISX

ICISX Risk / Return Rank: 73
ICISX Sharpe Ratio Rank: 69
ICISX Sortino Ratio Rank: 70
ICISX Omega Ratio Rank: 56
ICISX Calmar Ratio Rank: 88
ICISX Martin Ratio Rank: 81

IIRLX

IIRLX Risk / Return Rank: 69
IIRLX Sharpe Ratio Rank: 66
IIRLX Sortino Ratio Rank: 65
IIRLX Omega Ratio Rank: 65
IIRLX Calmar Ratio Rank: 74
IIRLX Martin Ratio Rank: 76

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.

ICISX vs. IIRLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VY Columbia Small Cap Value II Portfolio (ICISX) and Voya Russell Large Cap Index Portfolio (IIRLX). 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.

	ICISX	IIRLX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.37	+0.01
Sortino ratio: Return per unit of downside risk	3.42	3.34	+0.07
Omega ratio: Gain probability vs. loss probability	1.40	1.44	-0.04
Calmar ratio: Return relative to maximum drawdown	4.27	3.27	+0.99
Martin ratio: Return relative to average drawdown	14.70	14.02	+0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICISX vs. IIRLX - Sharpe Ratio Comparison

The current ICISX Sharpe Ratio is 2.38, which is comparable to the IIRLX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of ICISX and IIRLX, 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

	ICISX	IIRLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.37	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.84	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.89	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.62	-0.30

Drawdowns

ICISX vs. IIRLX - Drawdown Comparison

The maximum ICISX drawdown since its inception was -59.91%, which is greater than IIRLX's maximum drawdown of -50.33%. Use the drawdown chart below to compare losses from any high point for ICISX and IIRLX.

Drawdown Indicators

	ICISX	IIRLX	Difference
Max Drawdown Largest peak-to-trough decline	-59.91%	-50.33%	-9.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-9.83%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-28.05%	-19.58%	-8.47%
Max Drawdown (5Y) Largest decline over 5 years	-28.05%	-25.83%	-2.22%
Max Drawdown (10Y) Largest decline over 10 years	-49.01%	-32.60%	-16.41%
Current Drawdown Current decline from peak	-0.79%	-0.85%	+0.06%
Average Drawdown Average peak-to-trough decline	-10.82%	-6.78%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.18%	+0.51%

Volatility

ICISX vs. IIRLX - Volatility Comparison

The current volatility for VY Columbia Small Cap Value II Portfolio (ICISX) is 4.42%, while Voya Russell Large Cap Index Portfolio (IIRLX) has a volatility of 6.20%. This indicates that ICISX experiences smaller price fluctuations and is considered to be less risky than IIRLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICISX	IIRLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	6.20%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	10.67%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	13.59%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	17.78%	+3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	18.52%	+5.15%

ICISX vs. IIRLX - Expense Ratio Comparison

ICISX has a 0.92% expense ratio, which is higher than IIRLX's 0.36% expense ratio.

Dividends

ICISX vs. IIRLX - Dividend Comparison

ICISX's dividend yield for the trailing twelve months is around 24.02%, more than IIRLX's 4.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICISX VY Columbia Small Cap Value II Portfolio	24.02%	27.95%	11.14%	7.68%	17.24%	0.74%	4.30%	13.90%	14.67%	4.45%	4.26%	0.62%
IIRLX Voya Russell Large Cap Index Portfolio	4.81%	3.76%	0.96%	1.14%	5.04%	4.77%	4.71%	4.35%	1.73%	1.47%	1.77%	1.66%

Frequently Asked Questions

Can I hold both ICISX and IIRLX in my portfolio?

ICISX and IIRLX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICISX or IIRLX?

IIRLX has higher volatility (6.20%) compared to ICISX (4.42%). In terms of maximum drawdown, ICISX dropped -59.91% vs IIRLX's -50.33%.

Which has better risk-adjusted returns?

ICISX currently has the higher Sharpe Ratio (2.38 vs 2.37), 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.