ISCV vs. RZV

Last updated Jun 4, 2026

ISCV (iShares Morningstar Small Cap Value ETF) and RZV (Invesco S&P SmallCap 600® Pure Value ETF) are both Small Cap Value Equities funds - ISCV tracks the Morningstar US Small Cap Broad Value Extended Index while RZV tracks the S&P Small Cap 600 Pure Value. Both are passively managed. Over the past 10 years, ISCV returned 8.58%/yr vs 10.65%/yr for RZV. Their correlation of 0.91 suggests significant overlap in exposure. ISCV charges 0.06%/yr vs 0.35%/yr for RZV.

Performance

ISCV vs. RZV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Small Cap Value ETF (ISCV) and Invesco S&P SmallCap 600® Pure Value ETF (RZV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISCV achieves a 10.08% return, which is significantly lower than RZV's 17.78% return. Over the past 10 years, ISCV has underperformed RZV with an annualized return of 8.58%, while RZV has yielded a comparatively higher 10.65% annualized return.

ISCV

• 1D: -0.57%
• 1M: 2.04%
• YTD: 10.08%
• 6M: 10.27%
• 1Y: 27.98%
• 3Y*: 15.48%
• 5Y*: 6.54%
• 10Y*: 8.58%

RZV

• 1D: -1.04%
• 1M: 3.13%
• YTD: 17.78%
• 6M: 15.59%
• 1Y: 42.30%
• 3Y*: 17.71%
• 5Y*: 8.85%
• 10Y*: 10.65%

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

ISCV vs. RZV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISCV iShares Morningstar Small Cap Value ETF	10.08%	10.38%	9.31%	16.55%	-10.58%	29.15%	0.86%	19.51%	-17.39%	8.59%
RZV Invesco S&P SmallCap 600® Pure Value ETF	17.78%	8.65%	5.06%	22.97%	-6.80%	45.95%	-3.88%	22.29%	-19.66%	1.25%

Correlation

The correlation between ISCV and RZV is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 8, 2006	0.91

The correlation between ISCV and RZV has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

ISCV vs. RZV - Sectors Allocation Comparison

Sectors	ISCV	RZV
Financial Services	21.1%	7.3%
Consumer Cyclical	13.4%	26.1%
Industrials	12.1%	15.7%
Healthcare	11.1%	8.8%
Real Estate	11.0%	5.0%
Technology	8.9%	8.9%
Energy	7.2%	9.7%
Basic Materials	5.8%	6.4%
Consumer Defensive	3.7%	7.7%
Utilities	3.6%	0.4%
Communication Services	1.8%	4.2%

Return for Risk

ISCV vs. RZV — Risk / Return Rank

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

ISCV

ISCV Risk / Return Rank: 54
ISCV Sharpe Ratio Rank: 49
ISCV Sortino Ratio Rank: 53
ISCV Omega Ratio Rank: 47
ISCV Calmar Ratio Rank: 61
ISCV Martin Ratio Rank: 59

RZV

RZV Risk / Return Rank: 61
RZV Sharpe Ratio Rank: 61
RZV Sortino Ratio Rank: 62
RZV Omega Ratio Rank: 55
RZV Calmar Ratio Rank: 68
RZV Martin Ratio Rank: 61

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.

ISCV vs. RZV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Small Cap Value ETF (ISCV) and Invesco S&P SmallCap 600® Pure Value ETF (RZV). 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.

	ISCV	RZV	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.06	-0.33
Sortino ratio: Return per unit of downside risk	2.58	2.93	-0.35
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	3.04	3.38	-0.35
Martin ratio: Return relative to average drawdown	10.55	11.02	-0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISCV vs. RZV - Sharpe Ratio Comparison

The current ISCV Sharpe Ratio is 1.73, which is comparable to the RZV Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of ISCV and RZV, 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

	ISCV	RZV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.06	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.36	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.40	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.27	+0.09

Drawdowns

ISCV vs. RZV - Drawdown Comparison

The maximum ISCV drawdown since its inception was -63.14%, smaller than the maximum RZV drawdown of -77.11%. Use the drawdown chart below to compare losses from any high point for ISCV and RZV.

Drawdown Indicators

	ISCV	RZV	Difference
Max Drawdown Largest peak-to-trough decline	-63.14%	-77.11%	+13.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.25%	-12.56%	+3.31%
Max Drawdown (3Y) Largest decline over 3 years	-25.35%	-29.81%	+4.46%
Max Drawdown (5Y) Largest decline over 5 years	-25.35%	-29.81%	+4.46%
Max Drawdown (10Y) Largest decline over 10 years	-51.56%	-60.42%	+8.86%
Current Drawdown Current decline from peak	-0.68%	-1.04%	+0.36%
Average Drawdown Average peak-to-trough decline	-9.14%	-13.60%	+4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	3.85%	-1.19%

Volatility

ISCV vs. RZV - Volatility Comparison

The current volatility for iShares Morningstar Small Cap Value ETF (ISCV) is 3.80%, while Invesco S&P SmallCap 600® Pure Value ETF (RZV) has a volatility of 5.21%. This indicates that ISCV experiences smaller price fluctuations and is considered to be less risky than RZV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCV	RZV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	5.21%	-1.41%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	13.66%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.28%	20.69%	-4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	24.37%	-3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	27.04%	-3.74%

ISCV vs. RZV - Expense Ratio Comparison

ISCV has a 0.06% expense ratio, which is lower than RZV's 0.35% expense ratio.

Dividends

ISCV vs. RZV - Dividend Comparison

ISCV's dividend yield for the trailing twelve months is around 1.88%, more than RZV's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISCV iShares Morningstar Small Cap Value ETF	1.88%	2.04%	2.01%	2.21%	2.12%	1.95%	2.01%	2.36%	2.48%	1.74%	2.49%	2.60%
RZV Invesco S&P SmallCap 600® Pure Value ETF	1.35%	1.59%	1.14%	1.13%	1.43%	0.86%	0.63%	1.03%	2.03%	1.02%	0.46%	1.24%

Frequently Asked Questions

Can I hold both ISCV and RZV in my portfolio?

With a correlation of 0.92, ISCV and RZV 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, ISCV or RZV?

RZV has higher volatility (5.21%) compared to ISCV (3.80%). In terms of maximum drawdown, ISCV dropped -63.14% vs RZV's -77.11%.

Which ETF is better, ISCV or RZV?

On 10-year performance, RZV leads with 10.65% vs 8.58% for ISCV. On fees, ISCV is cheaper at 0.06% per year. On volatility, ISCV has been the lower-risk option at 3.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCV or RZV?

Over the 10-year period, RZV has performed better with a 10.65% return vs 8.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCV or RZV?

ISCV is cheaper with a 0.06% expense ratio, compared with 0.35% for RZV.

Which ETF pays a higher dividend yield, ISCV or RZV?

ISCV has the higher dividend yield at 1.88%, compared with 1.35% for RZV.

What is the main difference between ISCV and RZV?

ISCV tracks Morningstar US Small Cap Broad Value Extended Index, while RZV tracks S&P Small Cap 600 Pure Value. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.06% for ISCV and 0.35% for RZV.

Which has better risk-adjusted returns?

RZV currently has the higher Sharpe Ratio (2.06 vs 1.73), 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.