IVLU vs. SPY

Last updated Jun 13, 2026

IVLU (iShares MSCI International Value Factor ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IVLU is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Enhanced Value Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IVLU returned 11.63%/yr vs 15.42%/yr for SPY. A 0.67 correlation means they provide meaningful diversification when combined. IVLU charges 0.30%/yr vs 0.09%/yr for SPY.

Performance

IVLU vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI International Value Factor ETF (IVLU) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVLU achieves a 12.96% return, which is significantly higher than SPY's 9.07% return. Over the past 10 years, IVLU has underperformed SPY with an annualized return of 11.63%, while SPY has yielded a comparatively higher 15.42% annualized return.

IVLU

• 1D: 0.56%
• 1M: 0.66%
• YTD: 12.96%
• 6M: 14.33%
• 1Y: 35.32%
• 3Y*: 23.53%
• 5Y*: 14.06%
• 10Y*: 11.63%

SPY

• 1D: 0.54%
• 1M: -0.86%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 25.67%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

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

IVLU vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVLU iShares MSCI International Value Factor ETF	12.96%	46.09%	6.76%	20.07%	-5.73%	15.60%	-4.50%	15.60%	-15.10%	23.10%
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between IVLU and SPY is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jul 15, 2015	0.67

The correlation between IVLU and SPY has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

IVLU vs. SPY - Sectors Allocation Comparison

Sectors	IVLU	SPY
Financial Services	25.3%	11.8%
Industrials	17.2%	7.8%
Technology	11.3%	35.9%
Healthcare	9.7%	8.4%
Basic Materials	7.5%	1.8%
Consumer Cyclical	7.4%	10.3%
Consumer Defensive	6.3%	4.8%
Energy	5.1%	3.6%
Communication Services	4.0%	11.3%
Utilities	3.3%	2.4%
Real Estate	1.5%	1.9%

Return for Risk

IVLU vs. SPY — Risk / Return Rank

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

IVLU

IVLU Risk / Return Rank: 73
IVLU Sharpe Ratio Rank: 78
IVLU Sortino Ratio Rank: 77
IVLU Omega Ratio Rank: 76
IVLU Calmar Ratio Rank: 67
IVLU Martin Ratio Rank: 69

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

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.

IVLU vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI International Value Factor ETF (IVLU) and State Street SPDR S&P 500 ETF (SPY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IVLU	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.98	+0.19
Sortino ratio: Return per unit of downside risk	2.98	2.68	+0.30
Omega ratio: Gain probability vs. loss probability	1.39	1.36	+0.03
Calmar ratio: Return relative to maximum drawdown	2.90	2.74	+0.16
Martin ratio: Return relative to average drawdown	11.01	12.39	-1.38

IVLU vs. SPY - Sharpe Ratio Comparison

The current IVLU Sharpe Ratio is 2.17, which is comparable to the SPY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of IVLU and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IVLU vs. SPY - Drawdown Comparison

The maximum IVLU drawdown since its inception was -41.85%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IVLU and SPY.

Drawdown Indicators

	IVLU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-41.85%	-55.19%	+13.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.69%	-8.88%	-2.81%
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	-18.76%	+3.28%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-24.50%	-1.54%
Max Drawdown (10Y) Largest decline over 10 years	-41.85%	-33.72%	-8.13%
Current Drawdown Current decline from peak	-0.53%	-2.35%	+1.82%
Average Drawdown Average peak-to-trough decline	-8.57%	-9.04%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.97%	+1.12%

Volatility

IVLU vs. SPY - Volatility Comparison

iShares MSCI International Value Factor ETF (IVLU) has a higher volatility of 5.44% compared to State Street SPDR S&P 500 ETF (SPY) at 4.34%. This indicates that IVLU's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVLU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	4.34%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	9.58%	+3.27%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	12.29%	+3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	17.12%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	17.96%	-0.30%

IVLU vs. SPY - Expense Ratio Comparison

IVLU has a 0.30% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

IVLU vs. SPY - Dividend Comparison

IVLU's dividend yield for the trailing twelve months is around 3.28%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVLU iShares MSCI International Value Factor ETF	3.28%	3.71%	4.46%	4.69%	3.59%	3.47%	2.05%	3.53%	2.82%	2.87%	2.53%	0.93%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both IVLU and SPY in my portfolio?

IVLU and SPY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVLU or SPY?

IVLU has higher volatility (5.44%) compared to SPY (4.34%). In terms of maximum drawdown, IVLU dropped -41.85% vs SPY's -55.19%.

Which ETF is better, IVLU or SPY?

On 10-year performance, SPY leads with 15.42% vs 11.63% for IVLU. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVLU or SPY?

Over the 10-year period, SPY has performed better with a 15.42% return vs 11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVLU or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.30% for IVLU.

Which ETF pays a higher dividend yield, IVLU or SPY?

IVLU has the higher dividend yield at 3.28%, compared with 1.00% for SPY.

What is the main difference between IVLU and SPY?

IVLU is categorized as Foreign Large Cap Equities, while SPY is S&P 500. IVLU tracks MSCI World ex USA Enhanced Value Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.30% for IVLU and 0.09% for SPY.

Which has better risk-adjusted returns?

IVLU currently has the higher Sharpe Ratio (2.17 vs 1.98), 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.