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ILCV vs. DVY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ILCV vs. DVY

Last updated Jun 23, 2026

ILCV (iShares Morningstar Value ETF) and DVY (iShares Select Dividend ETF) are both Large Cap Value Equities funds from iShares - ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index while DVY tracks the Dow Jones U.S. Select Dividend Index. Both are passively managed. Over the past 10 years, ILCV returned 11.80%/yr vs 10.29%/yr for DVY. Their correlation of 0.88 suggests significant overlap in exposure. ILCV charges 0.04%/yr vs 0.39%/yr for DVY.

Performance

ILCV vs. DVY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Value ETF (ILCV) and iShares Select Dividend ETF (DVY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ILCV achieves a 7.68% return, which is significantly lower than DVY's 10.93% return. Over the past 10 years, ILCV has outperformed DVY with an annualized return of 11.80%, while DVY has yielded a comparatively lower 10.29% annualized return.

ILCV

1D
-0.26%
1M
-0.32%
YTD
7.68%
6M
7.11%
1Y
26.41%
3Y*
18.18%
5Y*
11.95%
10Y*
11.80%

DVY

1D
0.55%
1M
-0.25%
YTD
10.93%
6M
9.97%
1Y
22.56%
3Y*
16.04%
5Y*
9.73%
10Y*
10.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ILCV vs. DVY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ILCV
iShares Morningstar Value ETF		7.68%18.79%17.03%14.43%-7.02%26.71%-0.84%25.19%-6.24%15.00%
DVY
iShares Select Dividend ETF		10.93%11.60%16.24%1.12%1.80%31.70%-4.91%22.62%-6.36%14.82%

Correlation

The correlation between ILCV and DVY is 0.73, 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

0.73

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Jul 2, 2004

0.88

The correlation between ILCV and DVY shifts across timeframes, from 0.73 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

ILCV vs. DVY - Sectors Allocation Comparison

Sectors
ILCV
DVY

Technology

24.7%
3.8%

Financial Services

16.5%
25.8%

Healthcare

11.4%
5.1%

Consumer Cyclical

9.6%
10.0%

Industrials

8.6%
2.1%

Communication Services

7.9%
5.3%

Consumer Defensive

7.5%
13.4%

Energy

6.0%
8.2%

Utilities

3.5%
23.8%

Basic Materials

2.4%
2.0%

Real Estate

2.1%

-

Technology

ILCV
24.7%
DVY
3.8%

Financial Services

ILCV
16.5%
DVY
25.8%

Healthcare

ILCV
11.4%
DVY
5.1%

Consumer Cyclical

ILCV
9.6%
DVY
10.0%

Industrials

ILCV
8.6%
DVY
2.1%

Communication Services

ILCV
7.9%
DVY
5.3%

Consumer Defensive

ILCV
7.5%
DVY
13.4%

Energy

ILCV
6.0%
DVY
8.2%

Utilities

ILCV
3.5%
DVY
23.8%

Basic Materials

ILCV
2.4%
DVY
2.0%

Real Estate

ILCV
2.1%
DVY

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Morningstar Value ETF

iShares Select Dividend ETF

Often compared with ILCV:
ILCV vs. VTVILCV vs. AVLVILCV vs. FIOOXILCV vs. SCHDILCV vs. HDVILCV vs. SPYILCV vs. MGV
Often compared with DVY:
DVY vs. SCHDDVY vs. HDVDVY vs. VYMDVY vs. DGRODVY vs. VIGDVY vs. SPYDDVY vs. VOO

Return for Risk

ILCV vs. DVY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ILCV
ILCV Risk / Return Rank: 8484
Overall Rank
ILCV Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
ILCV Sortino Ratio Rank: 8787
Sortino Ratio Rank
ILCV Omega Ratio Rank: 8484
Omega Ratio Rank
ILCV Calmar Ratio Rank: 8181
Calmar Ratio Rank
ILCV Martin Ratio Rank: 8484
Martin Ratio Rank
DVY
DVY Risk / Return Rank: 6464
Overall Rank
DVY Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
DVY Sortino Ratio Rank: 6767
Sortino Ratio Rank
DVY Omega Ratio Rank: 5757
Omega Ratio Rank
DVY Calmar Ratio Rank: 6868
Calmar Ratio Rank
DVY Martin Ratio Rank: 6565
Martin Ratio Rank
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.

ILCV vs. DVY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and iShares Select Dividend ETF (DVY). 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.

ILCVDVYDifference
Sharpe ratioReturn per unit of total volatility
2.65
2.02

+0.63

Sortino ratioReturn per unit of downside risk
3.72
2.93

+0.79

Omega ratioGain probability vs. loss probability

1.48

1.34

+0.14

Calmar ratioReturn relative to maximum drawdown

4.05

3.29

+0.76

Martin ratioReturn relative to average drawdown

16.62

11.50

+5.13

ILCV vs. DVY - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.65, which is higher than the DVY Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of ILCV and DVY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ILCV vs. DVY - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, smaller than the maximum DVY drawdown of -62.59%. Use the drawdown chart below to compare losses from any high point for ILCV and DVY.

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Drawdown Indicators

ILCVDVYDifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-62.59%

+3.96%

Max Drawdown (1Y)

Largest decline over 1 year

-6.55%

-6.89%

+0.34%

Max Drawdown (3Y)

Largest decline over 3 years

-14.95%

-16.00%

+1.05%

Max Drawdown (5Y)

Largest decline over 5 years

-18.58%

-17.54%

-1.04%

Max Drawdown (10Y)

Largest decline over 10 years

-35.53%

-41.59%

+6.06%

Current Drawdown

Current decline from peak

-1.32%

-2.18%

+0.86%

Average Drawdown

Average peak-to-trough decline

-9.30%

-8.78%

-0.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.59%

1.97%

-0.38%

Volatility

ILCV vs. DVY - Volatility Comparison

The current volatility for iShares Morningstar Value ETF (ILCV) is 2.99%, while iShares Select Dividend ETF (DVY) has a volatility of 3.39%. This indicates that ILCV experiences smaller price fluctuations and is considered to be less risky than DVY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ILCVDVYDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.99%

3.39%

-0.40%

Volatility (6M)

Calculated over the trailing 6-month period

7.21%

7.74%

-0.53%

Volatility (1Y)

Calculated over the trailing 1-year period

10.03%

11.27%

-1.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.21%

15.14%

-0.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.68%

18.03%

-1.35%

ILCV vs. DVY - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than DVY's 0.39% expense ratio.

Dividends

ILCV vs. DVY - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.62%, less than DVY's 3.41% yield.

PositionTTM20252024202320222021202020192018201720162015
DVY
iShares Select Dividend ETF		3.41%3.65%3.65%3.82%3.43%3.12%3.66%3.41%3.58%3.00%3.04%3.45%
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

ILCV and DVY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DVY has higher volatility (3.39%) compared to ILCV (2.99%). In terms of maximum drawdown, ILCV dropped -58.63% vs DVY's -62.59%.

On 10-year performance, ILCV leads with 11.80% vs 10.29% for DVY. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ILCV has performed better with a 11.80% return vs 10.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ILCV is cheaper with a 0.04% expense ratio, compared with 0.39% for DVY.

DVY has the higher dividend yield at 3.41%, compared with 1.62% for ILCV.

ILCV tracks Morningstar US Large-Mid Cap Broad Value Index, while DVY tracks Dow Jones U.S. Select Dividend Index. Their fees differ too: 0.04% for ILCV and 0.39% for DVY.

ILCV currently has the higher Sharpe Ratio (2.65 vs 2.02), 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.

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