ILCV vs. FDL

Last updated Jun 4, 2026

ILCV (iShares Morningstar Value ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, ILCV returned 11.68%/yr vs 11.24%/yr for FDL. Their correlation of 0.85 suggests significant overlap in exposure. ILCV charges 0.04%/yr vs 0.45%/yr for FDL.

Performance

ILCV vs. FDL - Performance Comparison

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

Returns By Period

In the year-to-date period, ILCV achieves a 7.75% return, which is significantly lower than FDL's 13.33% return. Both investments have delivered pretty close results over the past 10 years, with ILCV having a 11.68% annualized return and FDL not far behind at 11.24%.

ILCV

• 1D: -0.44%
• 1M: 2.76%
• YTD: 7.75%
• 6M: 7.41%
• 1Y: 26.58%
• 3Y*: 18.61%
• 5Y*: 11.42%
• 10Y*: 11.68%

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

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

ILCV vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between ILCV and FDL is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 16, 2006	0.85

Over the past year, the correlation between ILCV and FDL has dropped to 0.55 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

ILCV vs. FDL - Sectors Allocation Comparison

Sectors	ILCV	FDL
Technology	23.8%	1.1%
Financial Services	16.5%	15.1%
Healthcare	11.5%	16.8%
Consumer Cyclical	9.5%	3.8%
Industrials	8.8%	3.8%
Communication Services	8.0%	10.6%
Consumer Defensive	7.6%	14.7%
Energy	6.0%	27.3%
Utilities	3.5%	6.5%
Basic Materials	2.4%	0.3%
Real Estate	2.0%	-

Return for Risk

ILCV vs. FDL — Risk / Return Rank

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

ILCV

ILCV Risk / Return Rank: 82
ILCV Sharpe Ratio Rank: 82
ILCV Sortino Ratio Rank: 84
ILCV Omega Ratio Rank: 81
ILCV Calmar Ratio Rank: 79
ILCV Martin Ratio Rank: 83

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

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. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.11	+0.61
Sortino ratio: Return per unit of downside risk	3.85	3.25	+0.60
Omega ratio: Gain probability vs. loss probability	1.50	1.37	+0.13
Calmar ratio: Return relative to maximum drawdown	4.08	5.56	-1.49
Martin ratio: Return relative to average drawdown	16.87	13.56	+3.31
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. FDL - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.72, which is comparable to the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of ILCV and FDL, 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	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.11	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.88	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.66	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.45	+0.01

Drawdowns

ILCV vs. FDL - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for ILCV and FDL.

Drawdown Indicators

	ILCV	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-65.93%	+7.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-4.27%	-2.28%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-12.24%	-2.71%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-16.46%	-2.12%
Max Drawdown (10Y) Largest decline over 10 years	-35.53%	-41.40%	+5.87%
Current Drawdown Current decline from peak	-0.60%	-2.18%	+1.58%
Average Drawdown Average peak-to-trough decline	-9.32%	-9.66%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	1.75%	-0.17%

Volatility

ILCV vs. FDL - Volatility Comparison

The current volatility for iShares Morningstar Value ETF (ILCV) is 2.01%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 2.85%. This indicates that ILCV experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCV	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	2.85%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	6.97%	7.87%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	9.82%	11.28%	-1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	14.31%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.66%	17.11%	-0.45%

ILCV vs. FDL - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than FDL's 0.45% expense ratio.

Dividends

ILCV vs. FDL - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.63%, less than FDL's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
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 FDL in my portfolio?

ILCV and FDL have a correlation of 0.55, 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 FDL?

FDL has higher volatility (2.85%) compared to ILCV (2.01%). In terms of maximum drawdown, ILCV dropped -58.63% vs FDL's -65.93%.

Which ETF is better, ILCV or FDL?

On 10-year performance, ILCV leads with 11.68% vs 11.24% for FDL. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCV or FDL?

Over the 10-year period, ILCV has performed better with a 11.68% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCV or FDL?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.45% for FDL.

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

FDL has the higher dividend yield at 3.68%, compared with 1.63% for ILCV.

What is the main difference between ILCV and FDL?

ILCV tracks Morningstar US Large-Mid Cap Broad Value Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.04% for ILCV and 0.45% for FDL.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 2.11), 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.