IUSV vs. ILCV

Last updated Jun 4, 2026

IUSV (iShares Core S&P U.S. Value ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds from iShares - IUSV tracks the S&P 900 Value Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, IUSV returned 12.04%/yr vs 11.68%/yr for ILCV. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.04% expense ratio.

Performance

IUSV vs. ILCV - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with IUSV having a 7.63% return and ILCV slightly higher at 7.75%. Both investments have delivered pretty close results over the past 10 years, with IUSV having a 12.04% annualized return and ILCV not far behind at 11.68%.

IUSV

• 1D: -0.37%
• 1M: 2.24%
• YTD: 7.63%
• 6M: 7.88%
• 1Y: 21.24%
• 3Y*: 15.62%
• 5Y*: 10.47%
• 10Y*: 12.04%

ILCV

• 1D: -0.44%
• 1M: 2.76%
• YTD: 7.75%
• 6M: 7.41%
• 1Y: 26.58%
• 3Y*: 18.61%
• 5Y*: 11.42%
• 10Y*: 11.68%

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

IUSV vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUSV iShares Core S&P U.S. Value ETF	7.63%	12.85%	12.18%	21.73%	-5.40%	25.22%	1.56%	31.47%	-9.21%	15.09%
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%

Correlation

The correlation between IUSV and ILCV is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.94

The correlation between IUSV and ILCV has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

IUSV vs. ILCV - Sectors Allocation Comparison

Sectors	IUSV	ILCV
Technology	20.8%	23.8%
Financial Services	15.0%	16.5%
Industrials	11.2%	8.8%
Consumer Cyclical	11.1%	9.5%
Healthcare	11.0%	11.5%
Consumer Defensive	8.8%	7.6%
Energy	7.2%	6.0%
Utilities	4.3%	3.5%
Real Estate	3.7%	2.0%
Basic Materials	3.6%	2.4%
Communication Services	3.1%	8.0%

Return for Risk

IUSV vs. ILCV — Risk / Return Rank

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

IUSV

IUSV Risk / Return Rank: 65
IUSV Sharpe Ratio Rank: 62
IUSV Sortino Ratio Rank: 64
IUSV Omega Ratio Rank: 62
IUSV Calmar Ratio Rank: 67
IUSV Martin Ratio Rank: 68

ILCV

ILCV Risk / Return Rank: 82
ILCV Sharpe Ratio Rank: 82
ILCV Sortino Ratio Rank: 84
ILCV Omega Ratio Rank: 81
ILCV Calmar Ratio Rank: 79
ILCV Martin Ratio Rank: 83

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.

IUSV vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P U.S. Value ETF (IUSV) and iShares Morningstar Value ETF (ILCV). 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.

	IUSV	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.72	-0.58
Sortino ratio: Return per unit of downside risk	3.01	3.85	-0.83
Omega ratio: Gain probability vs. loss probability	1.38	1.50	-0.11
Calmar ratio: Return relative to maximum drawdown	3.35	4.08	-0.72
Martin ratio: Return relative to average drawdown	12.84	16.87	-4.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUSV vs. ILCV - Sharpe Ratio Comparison

The current IUSV Sharpe Ratio is 2.14, which is comparable to the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of IUSV and ILCV, 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

	IUSV	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.72	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.81	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.70	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.46	+0.14

Drawdowns

IUSV vs. ILCV - Drawdown Comparison

The maximum IUSV drawdown since its inception was -56.88%, roughly equal to the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for IUSV and ILCV.

Drawdown Indicators

	IUSV	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-56.88%	-58.63%	+1.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-6.55%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-17.76%	-14.95%	-2.81%
Max Drawdown (5Y) Largest decline over 5 years	-17.95%	-18.58%	+0.63%
Max Drawdown (10Y) Largest decline over 10 years	-37.54%	-35.53%	-2.01%
Current Drawdown Current decline from peak	-0.51%	-0.60%	+0.09%
Average Drawdown Average peak-to-trough decline	-6.29%	-9.32%	+3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	1.58%	+0.08%

Volatility

IUSV vs. ILCV - Volatility Comparison

iShares Core S&P U.S. Value ETF (IUSV) has a higher volatility of 2.14% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that IUSV's price experiences larger fluctuations and is considered to be riskier than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUSV	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	2.01%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	6.97%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	9.82%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	14.21%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	16.66%	+0.41%

IUSV vs. ILCV - Expense Ratio Comparison

Both IUSV and ILCV have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IUSV vs. ILCV - Dividend Comparison

IUSV's dividend yield for the trailing twelve months is around 1.68%, more than ILCV's 1.63% 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%
IUSV iShares Core S&P U.S. Value ETF	1.68%	1.78%	2.15%	1.75%	2.22%	1.87%	2.40%	2.19%	2.67%	1.93%	4.44%	7.63%

Frequently Asked Questions

Can I hold both IUSV and ILCV in my portfolio?

With a correlation of 0.95, IUSV and ILCV 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, IUSV or ILCV?

IUSV has higher volatility (2.14%) compared to ILCV (2.01%). In terms of maximum drawdown, IUSV dropped -56.88% vs ILCV's -58.63%.

Which ETF is better, IUSV or ILCV?

On 10-year performance, IUSV leads with 12.04% vs 11.68% for ILCV. Both ETFs have the same 0.04% expense ratio. On volatility, ILCV has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IUSV or ILCV?

Over the 10-year period, IUSV has performed better with a 12.04% return vs 11.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IUSV or ILCV?

IUSV and ILCV have the same expense ratio: 0.04% per year.

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

IUSV has the higher dividend yield at 1.68%, compared with 1.63% for ILCV.

What is the main difference between IUSV and ILCV?

IUSV tracks S&P 900 Value Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 2.14), 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.