ILCV vs. SPY

Last updated Jun 23, 2026

ILCV (iShares Morningstar Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ILCV returned 11.80%/yr vs 15.70%/yr for SPY. Their correlation of 0.89 suggests significant overlap in exposure. ILCV charges 0.04%/yr vs 0.09%/yr for SPY.

Performance

ILCV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Value ETF (ILCV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ILCV achieves a 7.68% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, ILCV has underperformed SPY with an annualized return of 11.80%, while SPY has yielded a comparatively higher 15.70% annualized return.

ILCV

• 1D: -0.26%
• 1M: -0.32%
• YTD: 7.68%
• 6M: 7.11%
• 1Y: 26.41%
• 3Y*: 18.18%
• 5Y*: 11.95%
• 10Y*: 11.80%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

ILCV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCV iShares Morningstar Value ETF	7.68%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ILCV and SPY is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.89

The correlation between ILCV and SPY has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

ILCV vs. SPY - Sectors Allocation Comparison

Sectors	ILCV	SPY
Technology	24.7%	39.0%
Financial Services	16.5%	11.1%
Healthcare	11.4%	8.3%
Consumer Cyclical	9.6%	9.9%
Industrials	8.6%	7.8%
Communication Services	7.9%	10.6%
Consumer Defensive	7.5%	4.5%
Energy	6.0%	3.1%
Utilities	3.5%	2.1%
Basic Materials	2.4%	1.7%
Real Estate	2.1%	1.8%

Return for Risk

ILCV vs. SPY — Risk / Return Rank

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

ILCV

ILCV Risk / Return Rank: 84
ILCV Sharpe Ratio Rank: 85
ILCV Sortino Ratio Rank: 87
ILCV Omega Ratio Rank: 84
ILCV Calmar Ratio Rank: 81
ILCV Martin Ratio Rank: 84

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.16	+0.49
Sortino ratio: Return per unit of downside risk	3.72	2.91	+0.81
Omega ratio: Gain probability vs. loss probability	1.48	1.39	+0.09
Calmar ratio: Return relative to maximum drawdown	4.05	3.01	+1.04
Martin ratio: Return relative to average drawdown	16.62	13.54	+3.09

ILCV vs. SPY - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.65, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ILCV and SPY, 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. SPY - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ILCV and SPY.

Drawdown Indicators

	ILCV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-55.19%	-3.44%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-8.88%	+2.33%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-18.76%	+3.81%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-24.50%	+5.92%
Max Drawdown (10Y) Largest decline over 10 years	-35.53%	-33.72%	-1.81%
Current Drawdown Current decline from peak	-1.32%	-1.75%	+0.43%
Average Drawdown Average peak-to-trough decline	-9.30%	-9.04%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.97%	-0.38%

Volatility

ILCV vs. SPY - Volatility Comparison

The current volatility for iShares Morningstar Value ETF (ILCV) is 2.99%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that ILCV experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	4.64%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	7.21%	9.75%	-2.54%
Volatility (1Y) Calculated over the trailing 1-year period	10.03%	12.43%	-2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	17.14%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	17.99%	-1.31%

ILCV vs. SPY - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than SPY's 0.09% 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. SPY - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.62%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCV iShares Morningstar Value ETF	1.62%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ILCV and SPY in my portfolio?

ILCV and SPY have a correlation of 0.83, 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 SPY?

SPY has higher volatility (4.64%) compared to ILCV (2.99%). In terms of maximum drawdown, ILCV dropped -58.63% vs SPY's -55.19%.

Which ETF is better, ILCV or SPY?

On 10-year performance, SPY leads with 15.70% vs 11.80% for ILCV. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCV or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCV or SPY?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.09% for SPY.

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

ILCV has the higher dividend yield at 1.62%, compared with 1.01% for SPY.

What is the main difference between ILCV and SPY?

ILCV is categorized as Large Cap Value Equities, while SPY is S&P 500. ILCV tracks Morningstar US Large-Mid Cap Broad Value Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.04% for ILCV and 0.09% for SPY.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.65 vs 2.16), 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.