ILCV vs. IAU

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Morningstar Value ETF (ILCV) and iShares Gold Trust (IAU).

ILCV and IAU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ILCV is a passively managed fund by iShares that tracks the performance of the Morningstar US Large-Mid Cap Broad Value Index. It was launched on Jun 28, 2004. IAU is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price. It was launched on Jan 21, 2005. Both ILCV and IAU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ILCV vs. IAU - Performance Comparison

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

ILCV vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCV iShares Morningstar Value ETF	-0.92%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%
IAU iShares Gold Trust	8.61%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Returns By Period

In the year-to-date period, ILCV achieves a -0.92% return, which is significantly lower than IAU's 8.61% return. Over the past 10 years, ILCV has underperformed IAU with an annualized return of 10.99%, while IAU has yielded a comparatively higher 14.08% annualized return.

ILCV

• 1D: 1.96%
• 1M: -4.49%
• YTD: -0.92%
• 6M: 4.39%
• 1Y: 16.47%
• 3Y*: 15.74%
• 5Y*: 10.84%
• 10Y*: 10.99%

IAU

• 1D: 3.80%
• 1M: -11.01%
• YTD: 8.61%
• 6M: 21.15%
• 1Y: 49.53%
• 3Y*: 33.12%
• 5Y*: 21.78%
• 10Y*: 14.08%

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

ILCV vs. IAU - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than IAU's 0.25% 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%.

IAU

iShares Gold Trust

ILCV

iShares Morningstar Value ETF

Return for Risk

ILCV vs. IAU — Risk / Return Rank

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

ILCV

ILCV Risk / Return Rank: 66
ILCV Sharpe Ratio Rank: 64
ILCV Sortino Ratio Rank: 64
ILCV Omega Ratio Rank: 68
ILCV Calmar Ratio Rank: 61
ILCV Martin Ratio Rank: 72

IAU

IAU Risk / Return Rank: 87
IAU Sharpe Ratio Rank: 88
IAU Sortino Ratio Rank: 86
IAU Omega Ratio Rank: 86
IAU Calmar Ratio Rank: 89
IAU Martin Ratio Rank: 87

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. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and iShares Gold Trust (IAU). 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	IAU	Difference
Sharpe ratio Return per unit of total volatility	1.08	1.80	-0.72
Sortino ratio Return per unit of downside risk	1.57	2.24	-0.67
Omega ratio Gain probability vs. loss probability	1.24	1.33	-0.09
Calmar ratio Return relative to maximum drawdown	1.50	2.69	-1.19
Martin ratio Return relative to average drawdown	7.14	9.97	-2.83
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. IAU - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 1.08, which is lower than the IAU Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of ILCV and IAU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ILCV	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	1.80	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	1.24	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.89	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.64	-0.20

Correlation

The correlation between ILCV and IAU is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ILCV vs. IAU - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.77%, while IAU has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCV iShares Morningstar Value ETF	1.77%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ILCV vs. IAU - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for ILCV and IAU.

Drawdown Indicators

	ILCV	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-45.14%	-13.49%
Max Drawdown (1Y) Largest decline over 1 year	-11.82%	-19.18%	+7.36%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-20.93%	+2.35%
Max Drawdown (10Y) Largest decline over 10 years	-35.53%	-21.82%	-13.71%
Current Drawdown Current decline from peak	-4.72%	-13.20%	+8.48%
Average Drawdown Average peak-to-trough decline	-9.39%	-15.98%	+6.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	5.18%	-2.70%

Volatility

ILCV vs. IAU - Volatility Comparison

The current volatility for iShares Morningstar Value ETF (ILCV) is 3.81%, while iShares Gold Trust (IAU) has a volatility of 11.02%. This indicates that ILCV experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCV	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	11.02%	-7.21%
Volatility (6M) Calculated over the trailing 6-month period	7.65%	24.11%	-16.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	27.62%	-12.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.26%	17.69%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	15.82%	+0.86%