PY vs. ILCV

Last updated Jun 4, 2026

PY (Principal Value ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds. PY is actively managed, while ILCV is passively managed. Over the past 10 years, PY returned 10.73%/yr vs 11.68%/yr for ILCV. A 0.70 correlation means they provide meaningful diversification when combined. PY charges 0.15%/yr vs 0.04%/yr for ILCV.

Performance

PY vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Value ETF (PY) 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, PY achieves a 4.14% return, which is significantly lower than ILCV's 7.75% return. Over the past 10 years, PY has underperformed ILCV with an annualized return of 10.73%, while ILCV has yielded a comparatively higher 11.68% annualized return.

PY

• 1D: -0.49%
• 1M: 1.70%
• YTD: 4.14%
• 6M: 4.52%
• 1Y: 14.24%
• 3Y*: 13.22%
• 5Y*: 7.32%
• 10Y*: 10.73%

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)

PY vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PY Principal Value ETF	4.14%	7.74%	16.79%	9.11%	-5.10%	34.83%	2.71%	26.87%	-13.34%	18.87%
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 PY 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	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 23, 2016	0.70

The correlation between PY and ILCV shifts across timeframes, from 0.70 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.

PY vs. ILCV - Sectors Allocation Comparison

Sectors	PY	ILCV
Technology	25.0%	23.8%
Financial Services	16.5%	16.5%
Healthcare	12.0%	11.5%
Consumer Defensive	11.5%	7.6%
Consumer Cyclical	11.0%	9.5%
Industrials	9.3%	8.8%
Energy	5.6%	6.0%
Communication Services	5.1%	8.0%
Utilities	1.7%	3.5%
Basic Materials	1.2%	2.4%
Real Estate	1.1%	2.0%

Return for Risk

PY vs. ILCV — Risk / Return Rank

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

PY

PY Risk / Return Rank: 41
PY Sharpe Ratio Rank: 38
PY Sortino Ratio Rank: 39
PY Omega Ratio Rank: 37
PY Calmar Ratio Rank: 47
PY Martin Ratio Rank: 47

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.

PY vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Value ETF (PY) 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.

	PY	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.72	-1.36
Sortino ratio: Return per unit of downside risk	2.00	3.85	-1.85
Omega ratio: Gain probability vs. loss probability	1.24	1.50	-0.25
Calmar ratio: Return relative to maximum drawdown	2.31	4.08	-1.77
Martin ratio: Return relative to average drawdown	7.73	16.87	-9.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PY vs. ILCV - Sharpe Ratio Comparison

The current PY Sharpe Ratio is 1.36, which is lower than the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of PY 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

	PY	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.72	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.81	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.70	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.46	+0.07

Drawdowns

PY vs. ILCV - Drawdown Comparison

The maximum PY drawdown since its inception was -45.44%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for PY and ILCV.

Drawdown Indicators

	PY	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-45.44%	-58.63%	+13.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.20%	-6.55%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-17.84%	-14.95%	-2.89%
Max Drawdown (5Y) Largest decline over 5 years	-17.84%	-18.58%	+0.74%
Max Drawdown (10Y) Largest decline over 10 years	-45.44%	-35.53%	-9.91%
Current Drawdown Current decline from peak	-1.00%	-0.60%	-0.40%
Average Drawdown Average peak-to-trough decline	-5.05%	-9.32%	+4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.58%	+0.27%

Volatility

PY vs. ILCV - Volatility Comparison

Principal Value ETF (PY) has a higher volatility of 2.28% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that PY'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

	PY	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	2.01%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	7.28%	6.97%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.53%	9.82%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	14.21%	+1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	16.66%	+3.41%

PY vs. ILCV - Expense Ratio Comparison

PY has a 0.15% 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

PY vs. ILCV - Dividend Comparison

PY's dividend yield for the trailing twelve months is around 2.13%, 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%
PY Principal Value ETF	2.13%	2.14%	2.22%	2.68%	3.02%	2.83%	2.95%	2.25%	2.34%	1.68%	1.85%	0.00%

Frequently Asked Questions

Can I hold both PY and ILCV in my portfolio?

PY 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, PY or ILCV?

PY has higher volatility (2.28%) compared to ILCV (2.01%). In terms of maximum drawdown, PY dropped -45.44% vs ILCV's -58.63%.

Which ETF is better, PY or ILCV?

On 10-year performance, ILCV leads with 11.68% vs 10.73% for PY. 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, PY or ILCV?

Over the 10-year period, ILCV has performed better with a 11.68% return vs 10.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PY or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.15% for PY.

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

PY has the higher dividend yield at 2.13%, compared with 1.63% for ILCV.

What is the main difference between PY and ILCV?

They also come from different issuers: Principal and iShares. Their fees differ too: 0.15% for PY and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 1.36), 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.