ILCB vs. SPY

Last updated Jun 25, 2026

ILCB (iShares Morningstar U.S. Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ILCB is a Large Cap Growth Equities fund tracking the Morningstar US Large-Mid Cap Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ILCB returned 14.93%/yr vs 15.53%/yr for SPY. With a 0.96 correlation, they move nearly in lockstep. ILCB charges 0.03%/yr vs 0.09%/yr for SPY.

Performance

ILCB vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar U.S. Equity ETF (ILCB) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ILCB having a 8.17% return and SPY slightly lower at 8.10%. Both investments have delivered pretty close results over the past 10 years, with ILCB having a 14.93% annualized return and SPY not far ahead at 15.53%.

ILCB

• 1D: -0.32%
• 1M: -1.33%
• YTD: 8.17%
• 6M: 6.87%
• 1Y: 21.85%
• 3Y*: 20.91%
• 5Y*: 12.45%
• 10Y*: 14.93%

SPY

• 1D: -0.05%
• 1M: -1.41%
• YTD: 8.10%
• 6M: 6.77%
• 1Y: 22.18%
• 3Y*: 20.66%
• 5Y*: 12.96%
• 10Y*: 15.53%

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

ILCB vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCB iShares Morningstar U.S. Equity ETF	8.17%	17.70%	24.96%	26.91%	-19.48%	24.07%	19.40%	32.68%	-8.51%	22.09%
SPY State Street SPDR S&P 500 ETF	8.10%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ILCB and SPY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.96

The correlation between ILCB and SPY has been stable across timeframes, ranging from 0.96 to 1.00 - a consistent structural relationship.

ILCB vs. SPY - Sectors Allocation Comparison

Sectors	ILCB	SPY
Technology	38.9%	39.0%
Financial Services	11.4%	11.1%
Communication Services	9.9%	10.6%
Consumer Cyclical	9.3%	9.9%
Industrials	8.4%	7.8%
Healthcare	8.4%	8.3%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.6%	2.1%
Basic Materials	1.8%	1.7%
Real Estate	1.7%	1.8%

Return for Risk

ILCB vs. SPY — Risk / Return Rank

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

ILCB

ILCB Risk / Return Rank: 58
ILCB Sharpe Ratio Rank: 58
ILCB Sortino Ratio Rank: 56
ILCB Omega Ratio Rank: 58
ILCB Calmar Ratio Rank: 55
ILCB Martin Ratio Rank: 65

SPY

SPY Risk / Return Rank: 60
SPY Sharpe Ratio Rank: 59
SPY Sortino Ratio Rank: 57
SPY Omega Ratio Rank: 59
SPY Calmar Ratio Rank: 57
SPY Martin Ratio Rank: 67

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.

ILCB vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar U.S. Equity ETF (ILCB) and State Street SPDR S&P 500 ETF (SPY). 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.

	ILCB	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.79	-0.05
Sortino ratio: Return per unit of downside risk	2.40	2.45	-0.05
Omega ratio: Gain probability vs. loss probability	1.31	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	2.41	2.51	-0.09
Martin ratio: Return relative to average drawdown	10.64	11.15	-0.51

ILCB vs. SPY - Sharpe Ratio Comparison

The current ILCB Sharpe Ratio is 1.74, which is comparable to the SPY Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of ILCB and SPY, 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

ILCB vs. SPY - Drawdown Comparison

The maximum ILCB drawdown since its inception was -51.53%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ILCB and SPY.

Drawdown Indicators

	ILCB	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-51.53%	-55.19%	+3.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-8.88%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-18.76%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-25.47%	-24.50%	-0.97%
Max Drawdown (10Y) Largest decline over 10 years	-35.30%	-33.72%	-1.58%
Current Drawdown Current decline from peak	-3.31%	-3.22%	-0.09%
Average Drawdown Average peak-to-trough decline	-6.23%	-9.03%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.99%	+0.07%

Volatility

ILCB vs. SPY - Volatility Comparison

iShares Morningstar U.S. Equity ETF (ILCB) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.81% and 4.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCB	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	4.85%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	9.81%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	12.47%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	17.15%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	17.95%	+0.24%

ILCB vs. SPY - Expense Ratio Comparison

ILCB has a 0.03% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ILCB vs. SPY - Dividend Comparison

ILCB's dividend yield for the trailing twelve months is around 1.00%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCB iShares Morningstar U.S. Equity ETF	1.00%	1.11%	1.19%	1.43%	1.65%	1.16%	1.26%	2.25%	2.17%	1.81%	1.97%	2.44%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ILCB and SPY in my portfolio?

With a correlation of 0.99, ILCB and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ILCB or SPY?

SPY has higher volatility (4.85%) compared to ILCB (4.81%). In terms of maximum drawdown, ILCB dropped -51.53% vs SPY's -55.19%.

Which ETF is better, ILCB or SPY?

On 10-year performance, SPY leads with 15.53% vs 14.93% for ILCB. On fees, ILCB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCB or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 14.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCB or SPY?

ILCB is cheaper with a 0.03% expense ratio, compared with 0.09% for SPY.

Which ETF pays a higher dividend yield, ILCB or SPY?

SPY has the higher dividend yield at 1.03%, compared with 1.00% for ILCB.

What is the main difference between ILCB and SPY?

ILCB is categorized as Large Cap Growth Equities, while SPY is S&P 500. ILCB tracks Morningstar US Large-Mid Cap Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.03% for ILCB and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.79 vs 1.74), 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.