ILCV vs. IUSV

Last updated Aug 2, 2026

ILCV (iShares Morningstar Value ETF) and IUSV (iShares Core S&P U.S. Value ETF) are both Large Cap Value Equities funds from iShares - ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index while IUSV tracks the S&P 900 Value Index. Both are passively managed. Over the past 10 years, ILCV returned 11.90%/yr vs 11.91%/yr for IUSV. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.04% expense ratio.

Performance

ILCV vs. IUSV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Value ETF (ILCV) and iShares Core S&P U.S. Value ETF (IUSV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ILCV achieves a 12.42% return, which is significantly higher than IUSV's 10.38% return. Both investments have delivered pretty close results over the past 10 years, with ILCV having a 11.90% annualized return and IUSV not far ahead at 11.91%.

ILCV

• 1D: 0.30%
• 1M: 2.03%
• 6M: 10.11%
• YTD: 12.42%
• 1Y: 29.26%
• 3Y*: 17.48%
• 5Y*: 12.42%
• 10Y*: 11.90%
• ALL TIME*: 8.73%

IUSV

• 1D: -0.22%
• 1M: 0.64%
• 6M: 7.56%
• YTD: 10.38%
• 1Y: 21.41%
• 3Y*: 13.80%
• 5Y*: 11.39%
• 10Y*: 11.91%
• ALL TIME*: 11.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ILCV iShares Morningstar Value ETF	$1.89M	$2.26M	$2.59M
IUSV iShares Core S&P U.S. Value ETF	$60.14M	$63.62M	$70.42M

ILCV vs. IUSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCV iShares Morningstar Value ETF	12.42%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%
IUSV iShares Core S&P U.S. Value ETF	10.38%	12.85%	12.18%	21.73%	-5.40%	25.22%	1.56%	31.47%	-9.21%	15.09%

Correlation

The correlation between ILCV and IUSV is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.94

The correlation between ILCV and IUSV has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

ILCV vs. IUSV - Sectors Allocation Comparison

Sectors	ILCV	IUSV
Technology	22.6%	20.4%
Financial Services	18.3%	16.1%
Healthcare	12.6%	11.9%
Communication Services	9.9%	2.7%
Consumer Cyclical	9.6%	10.0%
Consumer Defensive	7.3%	8.5%
Industrials	6.8%	11.2%
Energy	5.5%	7.3%
Utilities	3.4%	4.4%
Basic Materials	2.1%	3.6%
Real Estate	1.9%	3.8%

Return for Risk

ILCV vs. IUSV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ILCV

ILCV Risk / Return Rank: 94
ILCV Sharpe Ratio Rank: 95
ILCV Sortino Ratio Rank: 95
ILCV Omega Ratio Rank: 94
ILCV Calmar Ratio Rank: 92
ILCV Martin Ratio Rank: 94

IUSV

IUSV Risk / Return Rank: 85
IUSV Sharpe Ratio Rank: 85
IUSV Sortino Ratio Rank: 85
IUSV Omega Ratio Rank: 84
IUSV Calmar Ratio Rank: 84
IUSV Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ILCV vs. IUSV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and iShares Core S&P U.S. Value ETF (IUSV). 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.

	ILCV	IUSV	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.98	+0.77
Sortino ratio: Return per unit of downside risk	3.86	2.78	+1.08
Omega ratio: Gain probability vs. loss probability	1.50	1.36	+0.14
Calmar ratio: Return relative to maximum drawdown	4.22	3.13	+1.08
Martin ratio: Return relative to average drawdown	17.65	12.16	+5.49

ILCV vs. IUSV - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.75, which is higher than the IUSV Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of ILCV and IUSV, 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

ILCV vs. IUSV - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, roughly equal to the maximum IUSV drawdown of -56.88%. Use the drawdown chart below to compare losses from any high point for ILCV and IUSV.

Drawdown Indicators

	ILCV	IUSV	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-56.88%	-1.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-6.36%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-17.76%	+2.81%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-17.95%	-0.63%
Max Drawdown (10Y) Largest decline over 10 years	-35.53%	-37.54%	+2.01%
Current Drawdown Current decline from peak	0.00%	-1.12%	+1.12%
Average Drawdown Average peak-to-trough decline	-9.26%	-6.26%	-3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.64%	-0.08%

Volatility

ILCV vs. IUSV - Volatility Comparison

iShares Morningstar Value ETF (ILCV) has a higher volatility of 2.91% compared to iShares Core S&P U.S. Value ETF (IUSV) at 2.67%. This indicates that ILCV's price experiences larger fluctuations and is considered to be riskier than IUSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCV	IUSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	2.67%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	7.24%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	10.09%	10.10%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	14.45%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	16.99%	-0.36%

ILCV vs. IUSV - Expense Ratio Comparison

Both ILCV and IUSV have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ILCV vs. IUSV - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.55%, less than IUSV's 1.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCV iShares Morningstar Value ETF	1.55%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%
IUSV iShares Core S&P U.S. Value ETF	1.66%	1.78%	2.15%	1.75%	2.22%	1.87%	2.40%	2.19%	2.67%	1.93%	4.44%	7.63%

Frequently Asked Questions

Can I hold both ILCV and IUSV in my portfolio?

With a correlation of 0.93, ILCV and IUSV 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, ILCV or IUSV?

ILCV has higher volatility (2.91%) compared to IUSV (2.67%). In terms of maximum drawdown, ILCV dropped -58.63% vs IUSV's -56.88%.

Which ETF is better, ILCV or IUSV?

On 10-year performance, IUSV leads with 11.91% vs 11.90% for ILCV. Both ETFs have the same 0.04% expense ratio. On volatility, IUSV has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCV or IUSV?

Over the 10-year period, IUSV has performed better with a 11.91% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCV or IUSV?

ILCV and IUSV have the same expense ratio: 0.04% per year.

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

IUSV has the higher dividend yield at 1.66%, compared with 1.55% for ILCV.

What is the main difference between ILCV and IUSV?

ILCV tracks Morningstar US Large-Mid Cap Broad Value Index, while IUSV tracks S&P 900 Value Index.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.75 vs 1.98), 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.