ILCV vs. MGV

Last updated Aug 2, 2026

ILCV (iShares Morningstar Value ETF) and MGV (Vanguard Mega Cap Value ETF) are both Large Cap Value Equities funds - ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index while MGV tracks the CRSP US Mega Cap Value Index. Both are passively managed. Over the past 10 years, ILCV returned 11.90%/yr vs 12.87%/yr for MGV. Their 0.95 correlation means they have historically moved very closely together. ILCV charges 0.04%/yr vs 0.05%/yr for MGV.

Performance

ILCV vs. MGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Value ETF (ILCV) and Vanguard Mega Cap Value ETF (MGV). 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 lower than MGV's 16.77% return. Over the past 10 years, ILCV has underperformed MGV with an annualized return of 11.90%, while MGV has yielded a comparatively higher 12.87% annualized return.

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%

MGV

• 1D: -0.23%
• 1M: -0.51%
• 6M: 11.22%
• YTD: 16.77%
• 1Y: 28.72%
• 3Y*: 17.69%
• 5Y*: 12.79%
• 10Y*: 12.87%
• ALL TIME*: 9.30%

*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
MGV Vanguard Mega Cap Value ETF	$37.04M	$38.78M	$39.74M

ILCV vs. MGV - 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%
MGV Vanguard Mega Cap Value ETF	16.77%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	16.85%

Correlation

The correlation between ILCV and MGV is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007	0.95

The correlation between ILCV and MGV shifts across timeframes, from 0.79 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

ILCV vs. MGV - Sectors Allocation Comparison

Sectors	ILCV	MGV
Technology	22.6%	18.1%
Financial Services	18.3%	23.1%
Healthcare	12.6%	16.7%
Communication Services	9.9%	3.0%
Consumer Cyclical	9.6%	3.8%
Consumer Defensive	7.3%	10.7%
Industrials	6.8%	13.8%
Energy	5.5%	5.5%
Utilities	3.4%	2.0%
Basic Materials	2.1%	2.3%
Real Estate	1.9%	1.0%

Return for Risk

ILCV vs. MGV — 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

MGV

MGV Risk / Return Rank: 94
MGV Sharpe Ratio Rank: 95
MGV Sortino Ratio Rank: 95
MGV Omega Ratio Rank: 93
MGV Calmar Ratio Rank: 92
MGV Martin Ratio Rank: 93

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. MGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and Vanguard Mega Cap Value ETF (MGV). 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	MGV	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.70	+0.05
Sortino ratio: Return per unit of downside risk	3.86	3.84	+0.02
Omega ratio: Gain probability vs. loss probability	1.50	1.49	+0.01
Calmar ratio: Return relative to maximum drawdown	4.22	4.31	-0.10
Martin ratio: Return relative to average drawdown	17.65	16.78	+0.87

ILCV vs. MGV - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.75, which is comparable to the MGV Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of ILCV and MGV, 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. MGV - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, roughly equal to the maximum MGV drawdown of -56.07%. Use the drawdown chart below to compare losses from any high point for ILCV and MGV.

Drawdown Indicators

	ILCV	MGV	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-56.07%	-2.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-6.42%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-13.18%	-1.77%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-16.54%	-2.04%
Max Drawdown (10Y) Largest decline over 10 years	-35.53%	-35.41%	-0.12%
Current Drawdown Current decline from peak	0.00%	-1.34%	+1.34%
Average Drawdown Average peak-to-trough decline	-9.26%	-7.73%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.65%	-0.09%

Volatility

ILCV vs. MGV - Volatility Comparison

iShares Morningstar Value ETF (ILCV) and Vanguard Mega Cap Value ETF (MGV) have volatilities of 2.91% and 2.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCV	MGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	2.87%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	7.85%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	10.09%	10.31%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	13.56%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	16.30%	+0.33%

ILCV vs. MGV - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than MGV's 0.05% 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. MGV - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.55%, less than MGV's 1.87% 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%
MGV Vanguard Mega Cap Value ETF	1.87%	2.04%	2.31%	2.48%	2.45%	2.17%	2.47%	2.69%	2.65%	2.34%	2.53%	2.59%

Frequently Asked Questions

Can I hold both ILCV and MGV in my portfolio?

ILCV and MGV have a correlation of 0.79, 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 MGV?

ILCV has higher volatility (2.91%) compared to MGV (2.87%). In terms of maximum drawdown, ILCV dropped -58.63% vs MGV's -56.07%.

Which ETF is better, ILCV or MGV?

On 10-year performance, MGV leads with 12.87% vs 11.90% for ILCV. On fees, ILCV is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCV or MGV?

Over the 10-year period, MGV has performed better with a 12.87% 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 MGV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.05% for MGV.

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

MGV has the higher dividend yield at 1.87%, compared with 1.55% for ILCV.

What is the main difference between ILCV and MGV?

ILCV tracks Morningstar US Large-Mid Cap Broad Value Index, while MGV tracks CRSP US Mega Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.04% for ILCV and 0.05% for MGV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.75 vs 2.70), 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.