NZUS vs. ILCB

Last updated Jun 4, 2026

NZUS (SPDR MSCI USA Climate Paris Aligned ETF) and ILCB (iShares Morningstar U.S. Equity ETF) are both Large Cap Growth Equities funds - NZUS tracks the MSCI USA Climate Paris Aligned Index while ILCB tracks the Morningstar US Large-Mid Cap Index. Both are passively managed. Over the past 3 years, NZUS returned 20.11%/yr vs 22.69%/yr for ILCB. With a 0.97 correlation, they move nearly in lockstep. NZUS charges 0.10%/yr vs 0.03%/yr for ILCB.

Performance

NZUS vs. ILCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI USA Climate Paris Aligned ETF (NZUS) and iShares Morningstar U.S. Equity ETF (ILCB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NZUS achieves a 5.51% return, which is significantly lower than ILCB's 11.12% return.

NZUS

• 1D: 0.00%
• 1M: 2.81%
• YTD: 5.51%
• 6M: 5.42%
• 1Y: 20.11%
• 3Y*: 20.11%
• 5Y*: —
• 10Y*: —

ILCB

• 1D: -0.67%
• 1M: 5.29%
• YTD: 11.12%
• 6M: 11.10%
• 1Y: 28.03%
• 3Y*: 22.69%
• 5Y*: 13.45%
• 10Y*: 15.00%

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

NZUS vs. ILCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NZUS SPDR MSCI USA Climate Paris Aligned ETF	5.51%	13.95%	24.34%	29.16%	-14.34%
ILCB iShares Morningstar U.S. Equity ETF	11.12%	17.70%	24.96%	26.91%	-12.15%

Correlation

The correlation between NZUS and ILCB is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 19, 2022	0.97

The correlation between NZUS and ILCB has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

NZUS vs. ILCB - Sectors Allocation Comparison

Sectors	NZUS	ILCB
Technology	45.3%	35.5%
Financial Services	11.9%	11.7%
Real Estate	10.5%	1.8%
Communication Services	9.7%	11.4%
Consumer Cyclical	9.5%	10.1%
Healthcare	7.8%	8.6%
Industrials	2.1%	8.6%
Utilities	1.6%	2.3%
Energy	0.8%	3.5%
Basic Materials	0.5%	1.8%
Consumer Defensive	-	4.8%

Return for Risk

NZUS vs. ILCB — Risk / Return Rank

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

NZUS

NZUS Risk / Return Rank: 47
NZUS Sharpe Ratio Rank: 51
NZUS Sortino Ratio Rank: 51
NZUS Omega Ratio Rank: 51
NZUS Calmar Ratio Rank: 38
NZUS Martin Ratio Rank: 42

ILCB

ILCB Risk / Return Rank: 69
ILCB Sharpe Ratio Rank: 70
ILCB Sortino Ratio Rank: 69
ILCB Omega Ratio Rank: 70
ILCB Calmar Ratio Rank: 62
ILCB Martin Ratio Rank: 75

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.

NZUS vs. ILCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI USA Climate Paris Aligned ETF (NZUS) and iShares Morningstar U.S. Equity ETF (ILCB). 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.

	NZUS	ILCB	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.35	-0.60
Sortino ratio: Return per unit of downside risk	2.47	3.20	-0.73
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.11
Calmar ratio: Return relative to maximum drawdown	1.85	3.10	-1.25
Martin ratio: Return relative to average drawdown	6.83	14.24	-7.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NZUS vs. ILCB - Sharpe Ratio Comparison

The current NZUS Sharpe Ratio is 1.75, which is comparable to the ILCB Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of NZUS and ILCB, 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

	NZUS	ILCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.35	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.64	+0.07

Drawdowns

NZUS vs. ILCB - Drawdown Comparison

The maximum NZUS drawdown since its inception was -20.99%, smaller than the maximum ILCB drawdown of -51.53%. Use the drawdown chart below to compare losses from any high point for NZUS and ILCB.

Drawdown Indicators

	NZUS	ILCB	Difference
Max Drawdown Largest peak-to-trough decline	-20.99%	-51.53%	+30.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-9.09%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-19.05%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.30%	—
Current Drawdown Current decline from peak	-0.42%	-0.67%	+0.25%
Average Drawdown Average peak-to-trough decline	-4.82%	-6.24%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	1.97%	+1.39%

Volatility

NZUS vs. ILCB - Volatility Comparison

SPDR MSCI USA Climate Paris Aligned ETF (NZUS) and iShares Morningstar U.S. Equity ETF (ILCB) have volatilities of 2.83% and 2.88%, 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

	NZUS	ILCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.88%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	9.10%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	13.27%	12.02%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.61%	17.13%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	18.16%	+0.45%

NZUS vs. ILCB - Expense Ratio Comparison

NZUS has a 0.10% expense ratio, which is higher than ILCB's 0.03% 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

NZUS vs. ILCB - Dividend Comparison

NZUS's dividend yield for the trailing twelve months is around 0.60%, less than ILCB's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCB iShares Morningstar U.S. Equity ETF	0.97%	1.11%	1.19%	1.43%	1.65%	1.16%	1.26%	2.25%	2.17%	1.81%	1.97%	2.44%
NZUS SPDR MSCI USA Climate Paris Aligned ETF	0.60%	0.89%	5.49%	1.07%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NZUS and ILCB in my portfolio?

With a correlation of 0.94, NZUS and ILCB 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, NZUS or ILCB?

ILCB has higher volatility (2.88%) compared to NZUS (2.83%). In terms of maximum drawdown, NZUS dropped -20.99% vs ILCB's -51.53%.

Which ETF is better, NZUS or ILCB?

On 3-year performance, ILCB leads with 22.69% vs 20.11% for NZUS. On fees, ILCB is cheaper at 0.03% 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, NZUS or ILCB?

Over the 3-year period, ILCB has performed better with a 22.69% return vs 20.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NZUS or ILCB?

ILCB is cheaper with a 0.03% expense ratio, compared with 0.10% for NZUS.

Which ETF pays a higher dividend yield, NZUS or ILCB?

ILCB has the higher dividend yield at 0.97%, compared with 0.60% for NZUS.

What is the main difference between NZUS and ILCB?

NZUS tracks MSCI USA Climate Paris Aligned Index, while ILCB tracks Morningstar US Large-Mid Cap Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for NZUS and 0.03% for ILCB.

Which has better risk-adjusted returns?

ILCB currently has the higher Sharpe Ratio (2.35 vs 1.75), 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.