ILCV vs. FBND

Last updated Jun 9, 2026

ILCV (iShares Morningstar Value ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. ILCV is passively managed, while FBND is actively managed. Over the past 10 years, ILCV returned 11.58%/yr vs 2.47%/yr for FBND. At a 0.06 correlation, their price movements are largely independent. ILCV charges 0.04%/yr vs 0.36%/yr for FBND.

Performance

ILCV vs. FBND - Performance Comparison

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

Returns By Period

In the year-to-date period, ILCV achieves a 7.35% return, which is significantly higher than FBND's 0.10% return. Over the past 10 years, ILCV has outperformed FBND with an annualized return of 11.58%, while FBND has yielded a comparatively lower 2.47% annualized return.

ILCV

• 1D: -0.06%
• 1M: 1.03%
• YTD: 7.35%
• 6M: 7.96%
• 1Y: 25.66%
• 3Y*: 18.09%
• 5Y*: 11.47%
• 10Y*: 11.58%

FBND

• 1D: -0.07%
• 1M: -0.69%
• YTD: 0.10%
• 6M: 0.40%
• 1Y: 5.34%
• 3Y*: 4.60%
• 5Y*: 0.68%
• 10Y*: 2.47%

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

ILCV vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCV iShares Morningstar Value ETF	7.35%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%
FBND Fidelity Total Bond ETF	0.10%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between ILCV and FBND is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Oct 10, 2014	0.06

Over the past year, ILCV and FBND have become more correlated (0.34) than their long-term average of 0.06, meaning their price movements have been converging.

ILCV vs. FBND - Sectors Allocation Comparison

Sectors	ILCV	FBND
Technology	23.8%	-
Financial Services	16.5%	0.2%
Healthcare	11.5%	-
Consumer Cyclical	9.5%	-
Industrials	8.8%	71.4%
Communication Services	8.0%	-
Consumer Defensive	7.6%	-
Energy	6.0%	1.1%
Utilities	3.5%	27.5%
Basic Materials	2.4%	-
Real Estate	2.0%	-

Return for Risk

ILCV vs. FBND — Risk / Return Rank

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

ILCV

ILCV Risk / Return Rank: 86
ILCV Sharpe Ratio Rank: 87
ILCV Sortino Ratio Rank: 88
ILCV Omega Ratio Rank: 86
ILCV Calmar Ratio Rank: 82
ILCV Martin Ratio Rank: 85

FBND

FBND Risk / Return Rank: 44
FBND Sharpe Ratio Rank: 45
FBND Sortino Ratio Rank: 47
FBND Omega Ratio Rank: 41
FBND Calmar Ratio Rank: 45
FBND Martin Ratio Rank: 40

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. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and Fidelity Total Bond ETF (FBND). 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.

	ILCV	FBND	Difference
Sharpe ratio: Return per unit of total volatility	2.61	1.41	+1.20
Sortino ratio: Return per unit of downside risk	3.67	2.09	+1.58
Omega ratio: Gain probability vs. loss probability	1.47	1.25	+0.23
Calmar ratio: Return relative to maximum drawdown	3.93	2.01	+1.92
Martin ratio: Return relative to average drawdown	16.24	5.97	+10.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ILCV vs. FBND - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.61, which is higher than the FBND Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of ILCV and FBND, 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

	ILCV	FBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	1.41	+1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.12	+0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.41	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.44	+0.02

Drawdowns

ILCV vs. FBND - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for ILCV and FBND.

Drawdown Indicators

	ILCV	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-17.25%	-41.38%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-2.66%	-3.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-5.94%	-9.01%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-17.25%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	-35.53%	-17.25%	-18.28%
Current Drawdown Current decline from peak	-1.33%	-1.82%	+0.49%
Average Drawdown Average peak-to-trough decline	-9.32%	-3.35%	-5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	0.90%	+0.68%

Volatility

ILCV vs. FBND - Volatility Comparison

iShares Morningstar Value ETF (ILCV) has a higher volatility of 2.33% compared to Fidelity Total Bond ETF (FBND) at 1.23%. This indicates that ILCV's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCV	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	1.23%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	2.75%	+4.37%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	3.80%	+6.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	5.92%	+8.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	6.10%	+10.57%

ILCV vs. FBND - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than FBND's 0.36% expense ratio.

Dividends

ILCV vs. FBND - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.63%, less than FBND's 4.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.72%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
ILCV iShares Morningstar Value ETF	1.63%	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 ILCV and FBND in my portfolio?

ILCV and FBND have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ILCV or FBND?

ILCV has higher volatility (2.33%) compared to FBND (1.23%). In terms of maximum drawdown, ILCV dropped -58.63% vs FBND's -17.25%.

Which ETF is better, ILCV or FBND?

On 10-year performance, ILCV leads with 11.58% vs 2.47% for FBND. On fees, ILCV is cheaper at 0.04% per year. On volatility, FBND has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCV or FBND?

Over the 10-year period, ILCV has performed better with a 11.58% return vs 2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCV or FBND?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.36% for FBND.

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

FBND has the higher dividend yield at 4.72%, compared with 1.63% for ILCV.

What is the main difference between ILCV and FBND?

ILCV is categorized as Large Cap Value Equities, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.04% for ILCV and 0.36% for FBND.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.61 vs 1.41), 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.