IVE vs. ILCV

Last updated Jun 4, 2026

IVE (iShares S&P 500 Value ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds from iShares - IVE tracks the S&P 500 Value Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, IVE returned 11.76%/yr vs 11.68%/yr for ILCV. Their correlation of 0.95 suggests significant overlap in exposure. IVE charges 0.18%/yr vs 0.04%/yr for ILCV.

Performance

IVE vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Value ETF (IVE) 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 IVE having a 7.46% return and ILCV slightly higher at 7.75%. Both investments have delivered pretty close results over the past 10 years, with IVE having a 11.76% annualized return and ILCV not far behind at 11.68%.

IVE

• 1D: -0.35%
• 1M: 2.24%
• YTD: 7.46%
• 6M: 7.74%
• 1Y: 21.15%
• 3Y*: 15.57%
• 5Y*: 10.54%
• 10Y*: 11.76%

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)

IVE vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVE iShares S&P 500 Value ETF	7.46%	13.02%	12.03%	22.07%	-5.41%	24.72%	1.22%	31.62%	-9.22%	15.24%
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 IVE 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	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.95

The correlation between IVE and ILCV has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

IVE vs. ILCV - Sectors Allocation Comparison

Sectors	IVE	ILCV
Technology	19.6%	23.8%
Financial Services	15.2%	16.5%
Healthcare	11.6%	11.5%
Consumer Cyclical	11.0%	9.5%
Industrials	10.7%	8.8%
Consumer Defensive	9.5%	7.6%
Energy	7.6%	6.0%
Utilities	4.6%	3.5%
Real Estate	3.5%	2.0%
Basic Materials	3.4%	2.4%
Communication Services	3.3%	8.0%

Return for Risk

IVE vs. ILCV — Risk / Return Rank

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

IVE

IVE Risk / Return Rank: 66
IVE Sharpe Ratio Rank: 64
IVE Sortino Ratio Rank: 64
IVE Omega Ratio Rank: 63
IVE Calmar Ratio Rank: 68
IVE Martin Ratio Rank: 69

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.

IVE vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Value ETF (IVE) 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.

	IVE	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.72	-0.55
Sortino ratio: Return per unit of downside risk	3.03	3.85	-0.82
Omega ratio: Gain probability vs. loss probability	1.39	1.50	-0.11
Calmar ratio: Return relative to maximum drawdown	3.43	4.08	-0.64
Martin ratio: Return relative to average drawdown	13.10	16.87	-3.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVE vs. ILCV - Sharpe Ratio Comparison

The current IVE Sharpe Ratio is 2.17, which is comparable to the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of IVE 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

	IVE	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.72	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.81	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.70	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.46	-0.07

Drawdowns

IVE vs. ILCV - Drawdown Comparison

The maximum IVE drawdown since its inception was -61.32%, roughly equal to the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for IVE and ILCV.

Drawdown Indicators

	IVE	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-61.32%	-58.63%	-2.69%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-6.55%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-14.95%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-18.04%	-18.58%	+0.54%
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	-35.53%	-1.51%
Current Drawdown Current decline from peak	-0.55%	-0.60%	+0.05%
Average Drawdown Average peak-to-trough decline	-10.10%	-9.32%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.58%	+0.04%

Volatility

IVE vs. ILCV - Volatility Comparison

iShares S&P 500 Value ETF (IVE) and iShares Morningstar Value ETF (ILCV) have volatilities of 2.00% and 2.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVE	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	2.01%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.02%	6.97%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	9.79%	9.82%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.40%	14.21%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	16.66%	+0.30%

IVE vs. ILCV - Expense Ratio Comparison

IVE has a 0.18% expense ratio, which is higher than ILCV's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVE vs. ILCV - Dividend Comparison

IVE's dividend yield for the trailing twelve months is around 1.52%, less 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%
IVE iShares S&P 500 Value ETF	1.52%	1.61%	2.04%	1.65%	2.10%	1.81%	2.37%	2.11%	2.74%	2.12%	2.26%	2.44%

Frequently Asked Questions

Can I hold both IVE and ILCV in my portfolio?

With a correlation of 0.95, IVE 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, IVE or ILCV?

ILCV has higher volatility (2.01%) compared to IVE (2.00%). In terms of maximum drawdown, IVE dropped -61.32% vs ILCV's -58.63%.

Which ETF is better, IVE or ILCV?

On 10-year performance, IVE leads with 11.76% vs 11.68% for ILCV. On fees, ILCV is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVE or ILCV?

Over the 10-year period, IVE has performed better with a 11.76% return vs 11.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVE or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.18% for IVE.

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

ILCV has the higher dividend yield at 1.63%, compared with 1.52% for IVE.

What is the main difference between IVE and ILCV?

IVE tracks S&P 500 Value Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. Their fees differ too: 0.18% for IVE and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 2.17), 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.