IVAL vs. CIL

Last updated Jun 4, 2026

IVAL (Alpha Architect International Quantitative Value ETF) and CIL (VictoryShares International Volatility Wtd ETF) are both Foreign Large Cap Equities funds. IVAL is actively managed, while CIL is passively managed. Over the past 10 years, IVAL returned 8.01%/yr vs 8.21%/yr for CIL. A 0.65 correlation means they provide meaningful diversification when combined. IVAL charges 0.39%/yr vs 0.45%/yr for CIL.

Performance

IVAL vs. CIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect International Quantitative Value ETF (IVAL) and VictoryShares International Volatility Wtd ETF (CIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVAL achieves a 13.29% return, which is significantly higher than CIL's 5.44% return. Both investments have delivered pretty close results over the past 10 years, with IVAL having a 8.01% annualized return and CIL not far ahead at 8.21%.

IVAL

• 1D: -0.50%
• 1M: 3.49%
• YTD: 13.29%
• 6M: 16.64%
• 1Y: 32.20%
• 3Y*: 19.90%
• 5Y*: 8.36%
• 10Y*: 8.01%

CIL

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.44%
• 6M: 7.94%
• 1Y: 17.37%
• 3Y*: 15.59%
• 5Y*: 7.45%
• 10Y*: 8.21%

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

IVAL vs. CIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVAL Alpha Architect International Quantitative Value ETF	13.29%	34.92%	-0.71%	20.61%	-10.06%	-0.22%	-4.94%	21.26%	-22.50%	31.03%
CIL VictoryShares International Volatility Wtd ETF	5.44%	32.99%	3.76%	16.29%	-16.00%	11.07%	7.21%	19.13%	-13.34%	27.67%

Correlation

The correlation between IVAL and CIL is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Aug 21, 2015	0.65

The correlation between IVAL and CIL shifts across timeframes, from 0.64 (1 year) to 0.78 (3 years), reflecting how their relationship changes across market environments.

IVAL vs. CIL - Sectors Allocation Comparison

Sectors	IVAL	CIL
Industrials	28.5%	18.4%
Consumer Cyclical	23.5%	8.2%
Basic Materials	21.2%	6.6%
Energy	11.6%	4.6%
Consumer Defensive	7.4%	8.8%
Technology	3.9%	6.4%
Communication Services	2.1%	5.8%
Healthcare	1.8%	7.7%
Financial Services	-	24.8%
Real Estate	-	2.2%
Utilities	-	6.6%

Return for Risk

IVAL vs. CIL — Risk / Return Rank

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

IVAL

IVAL Risk / Return Rank: 61
IVAL Sharpe Ratio Rank: 63
IVAL Sortino Ratio Rank: 63
IVAL Omega Ratio Rank: 62
IVAL Calmar Ratio Rank: 58
IVAL Martin Ratio Rank: 57

CIL

CIL Risk / Return Rank: 76
CIL Sharpe Ratio Rank: 68
CIL Sortino Ratio Rank: 70
CIL Omega Ratio Rank: 81
CIL Calmar Ratio Rank: 78
CIL 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.

IVAL vs. CIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect International Quantitative Value ETF (IVAL) and VictoryShares International Volatility Wtd ETF (CIL). 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.

	IVAL	CIL	Difference
Sharpe ratio Return per unit of total volatility	2.11	2.24	-0.12
Sortino ratio Return per unit of downside risk	2.96	3.22	-0.26
Omega ratio Gain probability vs. loss probability	1.38	1.49	-0.11
Calmar ratio Return relative to maximum drawdown	2.88	3.95	-1.07
Martin ratio Return relative to average drawdown	10.17	16.75	-6.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVAL vs. CIL - Sharpe Ratio Comparison

The current IVAL Sharpe Ratio is 2.11, which is comparable to the CIL Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of IVAL and CIL, 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

	IVAL	CIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.24	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.46	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.48	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.43	-0.09

Drawdowns

IVAL vs. CIL - Drawdown Comparison

The maximum IVAL drawdown since its inception was -46.09%, which is greater than CIL's maximum drawdown of -36.27%. Use the drawdown chart below to compare losses from any high point for IVAL and CIL.

Drawdown Indicators

	IVAL	CIL	Difference
Max Drawdown Largest peak-to-trough decline	-46.09%	-36.27%	-9.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.24%	-4.60%	-6.64%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-11.96%	-2.96%
Max Drawdown (5Y) Largest decline over 5 years	-31.01%	-29.89%	-1.12%
Max Drawdown (10Y) Largest decline over 10 years	-46.09%	-36.27%	-9.82%
Current Drawdown Current decline from peak	-2.94%	-0.58%	-2.36%
Average Drawdown Average peak-to-trough decline	-12.00%	-6.56%	-5.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	1.07%	+2.11%

Volatility

IVAL vs. CIL - Volatility Comparison

Alpha Architect International Quantitative Value ETF (IVAL) has a higher volatility of 3.82% compared to VictoryShares International Volatility Wtd ETF (CIL) at 0.00%. This indicates that IVAL's price experiences larger fluctuations and is considered to be riskier than CIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVAL	CIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	0.00%	+3.82%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	4.23%	+7.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	8.19%	+7.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.74%	16.49%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	17.17%	+1.67%

IVAL vs. CIL - Expense Ratio Comparison

IVAL has a 0.39% expense ratio, which is lower than CIL's 0.45% expense ratio.

Dividends

IVAL vs. CIL - Dividend Comparison

IVAL's dividend yield for the trailing twelve months is around 2.66%, more than CIL's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIL VictoryShares International Volatility Wtd ETF	1.67%	2.70%	3.46%	2.91%	2.41%	3.04%	1.73%	2.69%	2.85%	2.17%	2.34%	0.43%
IVAL Alpha Architect International Quantitative Value ETF	2.66%	2.75%	3.60%	5.15%	8.00%	3.95%	2.07%	2.51%	2.93%	1.73%	2.02%	1.86%

Frequently Asked Questions

Can I hold both IVAL and CIL in my portfolio?

IVAL and CIL have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVAL or CIL?

IVAL has higher volatility (3.82%) compared to CIL (0.00%). In terms of maximum drawdown, IVAL dropped -46.09% vs CIL's -36.27%.

Which ETF is better, IVAL or CIL?

On 10-year performance, CIL leads with 8.21% vs 8.01% for IVAL. On fees, IVAL is cheaper at 0.39% per year. On volatility, CIL has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVAL or CIL?

Over the 10-year period, CIL has performed better with a 8.21% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVAL or CIL?

IVAL is cheaper with a 0.39% expense ratio, compared with 0.45% for CIL.

Which ETF pays a higher dividend yield, IVAL or CIL?

IVAL has the higher dividend yield at 2.66%, compared with 1.67% for CIL.

What is the main difference between IVAL and CIL?

They also come from different issuers: Alpha Architect and Crestview. Their fees differ too: 0.39% for IVAL and 0.45% for CIL.

Which has better risk-adjusted returns?

CIL currently has the higher Sharpe Ratio (2.24 vs 2.11), 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.