ILCV vs. VMRXX

Last updated Jun 9, 2026

ILCV (iShares Morningstar Value ETF) and VMRXX (Vanguard Cash Reserves Federal Money Market Fund Admiral Shares) are both funds - ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index, while VMRXX is a Money Market fund actively managed by Vanguard. ILCV is passively managed, while VMRXX is actively managed. Over the past 5 years, ILCV returned 11.47%/yr vs 2.76%/yr for VMRXX. At a 0.05 correlation, their price movements are largely independent. ILCV charges 0.04%/yr vs 0.10%/yr for VMRXX.

Performance

ILCV vs. VMRXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Value ETF (ILCV) and Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ILCV achieves a 7.35% return, which is significantly higher than VMRXX's 1.50% return.

ILCV

• 1D: -0.06%
• 1M: 1.03%
• YTD: 7.35%
• 6M: 7.96%
• 1Y: 25.66%
• 3Y*: 18.09%
• 5Y*: 11.47%
• 10Y*: 11.58%

VMRXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.83%
• 1Y: 3.96%
• 3Y*: 3.96%
• 5Y*: 2.76%
• 10Y*: —

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

ILCV vs. VMRXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ILCV iShares Morningstar Value ETF	7.35%	18.79%	17.03%	14.43%	-7.02%	9.33%
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	1.50%	4.25%	3.45%	4.65%	0.00%	0.01%

Correlation

The correlation between ILCV and VMRXX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.05

ILCV vs. VMRXX - Sectors Allocation Comparison

Sectors	ILCV	VMRXX
Technology	23.8%	-
Financial Services	16.5%	17.8%
Healthcare	11.5%	-
Consumer Cyclical	9.5%	-
Industrials	8.8%	-
Communication Services	8.0%	-
Consumer Defensive	7.6%	-
Energy	6.0%	-
Utilities	3.5%	-
Basic Materials	2.4%	-
Real Estate	2.0%	-

Return for Risk

ILCV vs. VMRXX — Risk / Return Rank

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

ILCV

ILCV Risk / Return Rank: 86
ILCV Sharpe Ratio Rank: 87
ILCV Sortino Ratio Rank: 88
ILCV Omega Ratio Rank: 86
ILCV Calmar Ratio Rank: 82
ILCV Martin Ratio Rank: 85

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. VMRXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX). 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	VMRXX	Difference
Sharpe ratio: Return per unit of total volatility	2.61	3.67	-1.07
Sortino ratio: Return per unit of downside risk	3.67	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	3.93	—	—
Martin ratio: Return relative to average drawdown	16.24	—	—
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. VMRXX - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.61, which is comparable to the VMRXX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of ILCV and VMRXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ILCV	VMRXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	3.67	-1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	2.77	-1.96
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	2.76	-2.30

Drawdowns

ILCV vs. VMRXX - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, which is greater than VMRXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ILCV and VMRXX.

Drawdown Indicators

	ILCV	VMRXX	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	0.00%	-58.63%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	0.00%	-6.55%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	0.00%	-14.95%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	0.00%	-18.58%
Max Drawdown (10Y) Largest decline over 10 years	-35.53%	—	—
Current Drawdown Current decline from peak	-1.33%	0.00%	-1.33%
Average Drawdown Average peak-to-trough decline	-9.32%	0.00%	-9.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	0.00%	+1.58%

Volatility

ILCV vs. VMRXX - Volatility Comparison

iShares Morningstar Value ETF (ILCV) has a higher volatility of 2.33% compared to Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) at 0.30%. This indicates that ILCV's price experiences larger fluctuations and is considered to be riskier than VMRXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCV	VMRXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	0.30%	+2.03%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	0.79%	+6.33%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	1.12%	+8.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	1.02%	+13.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	1.02%	+15.65%

ILCV vs. VMRXX - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than VMRXX's 0.10% 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. VMRXX - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.63%, less than VMRXX's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCV iShares Morningstar Value ETF	1.63%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	3.88%	4.15%	3.38%	4.54%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ILCV and VMRXX in my portfolio?

ILCV and VMRXX have a correlation of 0.06, 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 VMRXX?

ILCV has higher volatility (2.33%) compared to VMRXX (0.30%). In terms of maximum drawdown, ILCV dropped -58.63% vs VMRXX's 0.00%.

Which has better risk-adjusted returns?

VMRXX currently has the higher Sharpe Ratio (3.67 vs 2.61), 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.