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IWD vs. ILCV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWD vs. ILCV

Last updated Jul 14, 2026
Documentation

IWD (iShares Russell 1000 Value ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds from iShares - IWD tracks the Russell 1000 Value Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, IWD returned 11.25%/yr vs 11.54%/yr for ILCV. With a 0.95 correlation, they move nearly in lockstep. IWD charges 0.18%/yr vs 0.04%/yr for ILCV.

Performance

IWD vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 1000 Value ETF (IWD) and iShares Morningstar Value ETF (ILCV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWD achieves a 18.54% return, which is significantly higher than ILCV's 10.92% return. Both investments have delivered pretty close results over the past 10 years, with IWD having a 11.25% annualized return and ILCV not far ahead at 11.54%.

IWD

1D
0.32%
1M
2.59%
6M
14.53%
YTD
18.54%
1Y
28.21%
3Y*
18.08%
5Y*
11.41%
10Y*
11.25%

ILCV

1D
0.21%
1M
2.30%
6M
8.58%
YTD
10.92%
1Y
25.15%
3Y*
18.07%
5Y*
12.23%
10Y*
11.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWD vs. ILCV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWD
iShares Russell 1000 Value ETF		18.54%15.68%14.17%11.34%-7.75%24.95%2.73%26.12%-8.45%13.45%
ILCV
iShares Morningstar Value ETF		10.92%18.79%17.03%14.43%-7.02%26.71%-0.84%25.19%-6.24%15.00%

Correlation

The correlation between IWD and ILCV is 0.89, 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

0.89

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

0.96

Correlation (All Time)
Calculated using the full available price history since Jul 2, 2004

0.95

The correlation between IWD and ILCV has been stable across timeframes, ranging from 0.89 to 0.97 - a consistent structural relationship.

IWD vs. ILCV - Sectors Allocation Comparison

Sectors
IWD
ILCV

Technology

18.6%
24.7%

Financial Services

18.4%
16.5%

Industrials

12.5%
8.6%

Healthcare

10.6%
11.4%

Communication Services

8.1%
7.9%

Consumer Cyclical

7.1%
9.6%

Consumer Defensive

6.7%
7.5%

Energy

6.3%
6.0%

Utilities

4.0%
3.5%

Real Estate

3.9%
2.1%

Basic Materials

3.7%
2.4%

Technology

IWD
18.6%
ILCV
24.7%

Financial Services

IWD
18.4%
ILCV
16.5%

Industrials

IWD
12.5%
ILCV
8.6%

Healthcare

IWD
10.6%
ILCV
11.4%

Communication Services

IWD
8.1%
ILCV
7.9%

Consumer Cyclical

IWD
7.1%
ILCV
9.6%

Consumer Defensive

IWD
6.7%
ILCV
7.5%

Energy

IWD
6.3%
ILCV
6.0%

Utilities

IWD
4.0%
ILCV
3.5%

Real Estate

IWD
3.9%
ILCV
2.1%

Basic Materials

IWD
3.7%
ILCV
2.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Russell 1000 Value ETF

iShares Morningstar Value ETF

Often compared with IWD:
IWD vs. IWFIWD vs. VTVIWD vs. IWBIWD vs. QQQIWD vs. VONVIWD vs. IWVIWD vs. IWR
Often compared with ILCV:
ILCV vs. VTVILCV vs. AVLVILCV vs. FIOOXILCV vs. SCHDILCV vs. HDVILCV vs. SPYILCV vs. MGV

Return for Risk

IWD vs. ILCV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWD
IWD Risk / Return Rank: 9191
Overall Rank
IWD Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IWD Sortino Ratio Rank: 9292
Sortino Ratio Rank
IWD Omega Ratio Rank: 9090
Omega Ratio Rank
IWD Calmar Ratio Rank: 8989
Calmar Ratio Rank
IWD Martin Ratio Rank: 9191
Martin Ratio Rank
ILCV
ILCV Risk / Return Rank: 9090
Overall Rank
ILCV Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
ILCV Sortino Ratio Rank: 9292
Sortino Ratio Rank
ILCV Omega Ratio Rank: 9090
Omega Ratio Rank
ILCV Calmar Ratio Rank: 8787
Calmar Ratio Rank
ILCV Martin Ratio Rank: 8989
Martin Ratio Rank
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.

IWD vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 1000 Value ETF (IWD) 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.

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.

IWDILCVDifference
Sharpe ratioReturn per unit of total volatility
2.50
2.53

-0.03

Sortino ratioReturn per unit of downside risk
3.51
3.56

-0.05

Omega ratioGain probability vs. loss probability

1.45

1.46

-0.01

Calmar ratioReturn relative to maximum drawdown

4.18

3.86

+0.32

Martin ratioReturn relative to average drawdown

17.33

15.77

+1.55

IWD vs. ILCV - Sharpe Ratio Comparison

The current IWD Sharpe Ratio is 2.50, which is comparable to the ILCV Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of IWD 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.

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Drawdowns

IWD vs. ILCV - Drawdown Comparison

The maximum IWD drawdown since its inception was -60.10%, roughly equal to the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for IWD and ILCV.

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Drawdown Indicators

IWDILCVDifference

Max Drawdown

Largest peak-to-trough decline

-60.10%

-58.63%

-1.47%

Max Drawdown (1Y)

Largest decline over 1 year

-6.79%

-6.55%

-0.24%

Max Drawdown (3Y)

Largest decline over 3 years

-15.71%

-14.95%

-0.76%

Max Drawdown (5Y)

Largest decline over 5 years

-19.04%

-18.58%

-0.46%

Max Drawdown (10Y)

Largest decline over 10 years

-38.51%

-35.53%

-2.98%

Current Drawdown

Current decline from peak

-0.05%

-0.02%

-0.03%

Average Drawdown

Average peak-to-trough decline

-8.62%

-9.28%

+0.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.63%

1.60%

+0.03%

Volatility

IWD vs. ILCV - Volatility Comparison

iShares Russell 1000 Value ETF (IWD) has a higher volatility of 3.72% compared to iShares Morningstar Value ETF (ILCV) at 2.74%. This indicates that IWD'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.

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Volatility by Period

IWDILCVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.72%

2.74%

+0.98%

Volatility (6M)

Calculated over the trailing 6-month period

8.65%

7.24%

+1.41%

Volatility (1Y)

Calculated over the trailing 1-year period

11.34%

10.00%

+1.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.84%

14.19%

+0.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.24%

16.62%

+0.62%

IWD vs. ILCV - Expense Ratio Comparison

IWD 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

IWD vs. ILCV - Dividend Comparison

IWD's dividend yield for the trailing twelve months is around 1.41%, less than ILCV's 1.58% yield.

PositionTTM20252024202320222021202020192018201720162015
ILCV
iShares Morningstar Value ETF		1.58%1.77%1.99%2.27%2.32%2.01%2.96%2.70%2.93%2.32%2.76%3.01%
IWD
iShares Russell 1000 Value ETF		1.41%1.69%1.87%2.02%2.15%1.62%2.05%2.45%2.71%2.09%2.25%2.47%

Frequently Asked Questions

IWD and ILCV have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWD has higher volatility (3.72%) compared to ILCV (2.74%). In terms of maximum drawdown, IWD dropped -60.10% vs ILCV's -58.63%.

On 10-year performance, ILCV leads with 11.54% vs 11.25% for IWD. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ILCV has performed better with a 11.54% return vs 11.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ILCV has the higher dividend yield at 1.58%, compared with 1.41% for IWD.

IWD tracks Russell 1000 Value Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. Their fees differ too: 0.18% for IWD and 0.04% for ILCV.

ILCV currently has the higher Sharpe Ratio (2.53 vs 2.50), 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.

Portfolio Optimizer

Find the right allocation for IWD and ILCV

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