JVAL vs. ILCV

Last updated Jun 4, 2026

JVAL (JPMorgan U.S. Value Factor ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds - JVAL tracks the JP Morgan US Value Factor Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 5 years, JVAL returned 12.29%/yr vs 11.42%/yr for ILCV. Their correlation of 0.88 suggests significant overlap in exposure. JVAL charges 0.12%/yr vs 0.04%/yr for ILCV.

Performance

JVAL vs. ILCV - Performance Comparison

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

Returns By Period

In the year-to-date period, JVAL achieves a 19.44% return, which is significantly higher than ILCV's 7.75% return.

JVAL

• 1D: -0.29%
• 1M: 8.75%
• YTD: 19.44%
• 6M: 19.72%
• 1Y: 39.93%
• 3Y*: 22.05%
• 5Y*: 12.29%
• 10Y*: —

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)

JVAL vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JVAL JPMorgan U.S. Value Factor ETF	19.44%	16.16%	14.53%	19.48%	-11.58%	31.31%	6.43%	28.37%	-8.94%	5.24%
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	5.35%

Correlation

The correlation between JVAL and ILCV is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 10, 2017	0.88

The correlation between JVAL and ILCV has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

JVAL vs. ILCV - Sectors Allocation Comparison

Sectors	JVAL	ILCV
Technology	39.2%	23.8%
Consumer Cyclical	10.5%	9.5%
Financial Services	9.3%	16.5%
Healthcare	8.2%	11.5%
Industrials	7.4%	8.8%
Communication Services	6.9%	8.0%
Energy	3.5%	6.0%
Consumer Defensive	3.1%	7.6%
Real Estate	2.6%	2.0%
Basic Materials	2.1%	2.4%
Utilities	2.1%	3.5%

Return for Risk

JVAL vs. ILCV — Risk / Return Rank

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

JVAL

JVAL Risk / Return Rank: 86
JVAL Sharpe Ratio Rank: 87
JVAL Sortino Ratio Rank: 87
JVAL Omega Ratio Rank: 83
JVAL Calmar Ratio Rank: 85
JVAL Martin Ratio Rank: 87

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.

JVAL vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Value Factor ETF (JVAL) 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.

	JVAL	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.72	+0.20
Sortino ratio: Return per unit of downside risk	3.99	3.85	+0.14
Omega ratio: Gain probability vs. loss probability	1.51	1.50	+0.01
Calmar ratio: Return relative to maximum drawdown	4.73	4.08	+0.66
Martin ratio: Return relative to average drawdown	18.70	16.87	+1.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JVAL vs. ILCV - Sharpe Ratio Comparison

The current JVAL Sharpe Ratio is 2.92, which is comparable to the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of JVAL 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

	JVAL	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.72	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.81	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.46	+0.21

Drawdowns

JVAL vs. ILCV - Drawdown Comparison

The maximum JVAL drawdown since its inception was -40.42%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for JVAL and ILCV.

Drawdown Indicators

	JVAL	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-40.42%	-58.63%	+18.21%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-6.55%	-1.93%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	-14.95%	-5.12%
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	-18.58%	-3.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.53%	—
Current Drawdown Current decline from peak	-0.29%	-0.60%	+0.31%
Average Drawdown Average peak-to-trough decline	-5.30%	-9.32%	+4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.58%	+0.56%

Volatility

JVAL vs. ILCV - Volatility Comparison

JPMorgan U.S. Value Factor ETF (JVAL) has a higher volatility of 4.02% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that JVAL'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

	JVAL	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	2.01%	+2.01%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	6.97%	+3.11%
Volatility (1Y) Calculated over the trailing 1-year period	13.79%	9.82%	+3.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.13%	14.21%	+2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.82%	16.66%	+3.16%

JVAL vs. ILCV - Expense Ratio Comparison

JVAL has a 0.12% 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

JVAL vs. ILCV - Dividend Comparison

JVAL's dividend yield for the trailing twelve months is around 1.72%, 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%
JVAL JPMorgan U.S. Value Factor ETF	1.72%	2.08%	2.21%	2.43%	2.46%	1.88%	2.55%	2.58%	2.61%	0.45%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JVAL and ILCV in my portfolio?

JVAL and ILCV have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JVAL or ILCV?

JVAL has higher volatility (4.02%) compared to ILCV (2.01%). In terms of maximum drawdown, JVAL dropped -40.42% vs ILCV's -58.63%.

Which ETF is better, JVAL or ILCV?

On 5-year performance, JVAL leads with 12.29% vs 11.42% for ILCV. On fees, ILCV is cheaper at 0.04% per year. 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, JVAL or ILCV?

Over the 5-year period, JVAL has performed better with a 12.29% return vs 11.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JVAL or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.12% for JVAL.

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

JVAL has the higher dividend yield at 1.72%, compared with 1.63% for ILCV.

What is the main difference between JVAL and ILCV?

JVAL tracks JP Morgan US Value Factor Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.12% for JVAL and 0.04% for ILCV.

Which has better risk-adjusted returns?

JVAL currently has the higher Sharpe Ratio (2.92 vs 2.72), 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.