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ILCV vs. IWX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ILCV vs. IWX

Last updated Aug 2, 2026
Documentation

ILCV (iShares Morningstar Value ETF) and IWX (iShares Russell Top 200 Value ETF) are both Large Cap Value Equities funds from iShares - ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index while IWX tracks the Russell Top 200 Value Index. Both are passively managed. Over the past 10 years, ILCV returned 11.90%/yr vs 12.13%/yr for IWX. Their correlation of 0.94 means they have usually moved in the same direction. ILCV charges 0.04%/yr vs 0.20%/yr for IWX.

Performance

ILCV vs. IWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Value ETF (ILCV) and iShares Russell Top 200 Value ETF (IWX). 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 12.42% return, which is significantly lower than IWX's 20.90% return. Both investments have delivered pretty close results over the past 10 years, with ILCV having a 11.90% annualized return and IWX not far ahead at 12.13%.

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%

IWX

1D
0.74%
1M
2.59%
6M
15.57%
YTD
20.90%
1Y
34.92%
3Y*
18.98%
5Y*
12.65%
10Y*
12.13%
ALL TIME*
11.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ILCV

iShares Morningstar Value ETF
$1.89M$2.26M$2.59M

IWX

iShares Russell Top 200 Value ETF
$55.11M$49.72M$33.93M

ILCV vs. IWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IWX
iShares Russell Top 200 Value ETF		20.90%18.23%14.89%10.45%-5.33%23.33%1.46%25.82%-6.53%14.05%

Correlation

The correlation between ILCV and IWX is 0.90, 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.

0.90

Correlation (3Y)
Balances recent behavior with more history.

0.94

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.96

Correlation (10Y)
Provides a long-term view across more market conditions.

0.96

Correlation (All Time)
Calculated using the full available price history since Sep 28, 2009

0.94

The correlation between ILCV and IWX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

ILCV vs. IWX - Sectors Allocation Comparison

Sectors
ILCV
IWX

Technology

22.6%
22.6%

Financial Services

18.3%
20.0%

Healthcare

12.6%
13.6%

Communication Services

9.9%
3.5%

Consumer Cyclical

9.6%
11.6%

Consumer Defensive

7.3%
8.2%

Industrials

6.8%
8.3%

Energy

5.5%
5.1%

Utilities

3.4%
2.6%

Basic Materials

2.1%
2.8%

Real Estate

1.9%
1.8%

Technology

ILCV
22.6%
IWX
22.6%

Financial Services

ILCV
18.3%
IWX
20.0%

Healthcare

ILCV
12.6%
IWX
13.6%

Communication Services

ILCV
9.9%
IWX
3.5%

Consumer Cyclical

ILCV
9.6%
IWX
11.6%

Consumer Defensive

ILCV
7.3%
IWX
8.2%

Industrials

ILCV
6.8%
IWX
8.3%

Energy

ILCV
5.5%
IWX
5.1%

Utilities

ILCV
3.4%
IWX
2.6%

Basic Materials

ILCV
2.1%
IWX
2.8%

Real Estate

ILCV
1.9%
IWX
1.8%

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 Russell Top 200 Value ETF

Often compared with ILCV:
ILCV vs. VTVILCV vs. AVLVILCV vs. FIOOXILCV vs. SCHDILCV vs. HDVILCV vs. MGVILCV vs. SPY
Often compared with IWX:
IWX vs. IWNIWX vs. IWYIWX vs. IWCIWX vs. IWFIWX vs. XLPIWX vs. QQQIWX vs. SPYV

Return for Risk

ILCV vs. IWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ILCV
ILCV Risk / Return Rank: 9494
Overall Rank
ILCV Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
ILCV Sortino Ratio Rank: 9595
Sortino Ratio Rank
ILCV Omega Ratio Rank: 9494
Omega Ratio Rank
ILCV Calmar Ratio Rank: 9292
Calmar Ratio Rank
ILCV Martin Ratio Rank: 9494
Martin Ratio Rank
IWX
IWX Risk / Return Rank: 9595
Overall Rank
IWX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
IWX Sortino Ratio Rank: 9696
Sortino Ratio Rank
IWX Omega Ratio Rank: 9595
Omega Ratio Rank
IWX Calmar Ratio Rank: 9595
Calmar Ratio Rank
IWX Martin Ratio Rank: 9696
Martin Ratio Rank
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. IWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and iShares Russell Top 200 Value ETF (IWX). 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.

ILCVIWXDifference
Sharpe ratioReturn per unit of total volatility
2.75
3.10

-0.34

Sortino ratioReturn per unit of downside risk
3.86
4.28

-0.42

Omega ratioGain probability vs. loss probability

1.50

1.55

-0.05

Calmar ratioReturn relative to maximum drawdown

4.22

5.05

-0.83

Martin ratioReturn relative to average drawdown

17.65

22.22

-4.56

ILCV vs. IWX - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.75, which is comparable to the IWX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of ILCV and IWX, 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. IWX - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, which is greater than IWX's maximum drawdown of -35.76%. Use the drawdown chart below to compare losses from any high point for ILCV and IWX.

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Drawdown Indicators

ILCVIWXDifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-35.76%

-22.87%

Max Drawdown (1Y)

Largest decline over 1 year

-6.55%

-6.59%

+0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-14.95%

-13.37%

-1.58%

Max Drawdown (5Y)

Largest decline over 5 years

-18.58%

-18.13%

-0.45%

Max Drawdown (10Y)

Largest decline over 10 years

-35.53%

-35.76%

+0.23%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-9.26%

-3.79%

-5.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.56%

1.50%

+0.06%

Volatility

ILCV vs. IWX - Volatility Comparison

The current volatility for iShares Morningstar Value ETF (ILCV) is 2.91%, while iShares Russell Top 200 Value ETF (IWX) has a volatility of 3.10%. This indicates that ILCV experiences smaller price fluctuations and is considered to be less risky than IWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ILCVIWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.91%

3.10%

-0.19%

Volatility (6M)

Calculated over the trailing 6-month period

7.33%

8.46%

-1.13%

Volatility (1Y)

Calculated over the trailing 1-year period

10.09%

10.81%

-0.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.16%

13.89%

+0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.63%

16.48%

+0.15%

ILCV vs. IWX - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than IWX's 0.20% 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%.

Dividends

ILCV vs. IWX - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.55%, more than IWX's 1.39% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IWX
iShares Russell Top 200 Value ETF		1.39%1.59%1.97%2.13%2.07%1.79%2.12%2.60%2.66%2.12%2.22%2.77%

Frequently Asked Questions

ILCV and IWX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWX has higher volatility (3.10%) compared to ILCV (2.91%). In terms of maximum drawdown, ILCV dropped -58.63% vs IWX's -35.76%.

On 10-year performance, IWX leads with 12.13% vs 11.90% for ILCV. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWX has performed better with a 12.13% return vs 11.90%. 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 0.20% for IWX.

ILCV has the higher dividend yield at 1.55%, compared with 1.39% for IWX.

ILCV tracks Morningstar US Large-Mid Cap Broad Value Index, while IWX tracks Russell Top 200 Value Index. Their fees differ too: 0.04% for ILCV and 0.20% for IWX.

IWX currently has the higher Sharpe Ratio (3.10 vs 2.75), 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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