RMDFX vs. IVLU

Last updated Jun 4, 2026

RMDFX (Aspiriant Defensive Allocation Fund) and IVLU (iShares MSCI Intl Value Factor ETF) are both funds - RMDFX is a Multistrategy fund managed by Aspiriant, while IVLU is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Enhanced Value. Over the past 10 years, RMDFX returned 5.40%/yr vs 10.97%/yr for IVLU. A 0.76 correlation means they provide meaningful diversification when combined. RMDFX charges 0.18%/yr vs 0.30%/yr for IVLU.

Performance

RMDFX vs. IVLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aspiriant Defensive Allocation Fund (RMDFX) and iShares MSCI Intl Value Factor ETF (IVLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RMDFX achieves a 7.32% return, which is significantly lower than IVLU's 12.64% return. Over the past 10 years, RMDFX has underperformed IVLU with an annualized return of 5.40%, while IVLU has yielded a comparatively higher 10.97% annualized return.

RMDFX

• 1D: 0.24%
• 1M: 2.08%
• YTD: 7.32%
• 6M: 8.74%
• 1Y: 19.98%
• 3Y*: 11.18%
• 5Y*: 5.28%
• 10Y*: 5.40%

IVLU

• 1D: -0.74%
• 1M: 4.72%
• YTD: 12.64%
• 6M: 16.60%
• 1Y: 35.35%
• 3Y*: 24.56%
• 5Y*: 14.01%
• 10Y*: 10.97%

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

RMDFX vs. IVLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RMDFX Aspiriant Defensive Allocation Fund	7.32%	18.85%	1.45%	8.01%	-6.84%	4.20%	5.10%	11.50%	-4.89%	9.41%
IVLU iShares MSCI Intl Value Factor ETF	12.64%	46.09%	6.76%	20.07%	-5.73%	15.60%	-4.50%	15.60%	-15.10%	23.10%

Correlation

The correlation between RMDFX and IVLU is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.76

The correlation between RMDFX and IVLU has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

RMDFX vs. IVLU — Risk / Return Rank

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

RMDFX

RMDFX Risk / Return Rank: 95
RMDFX Sharpe Ratio Rank: 99
RMDFX Sortino Ratio Rank: 98
RMDFX Omega Ratio Rank: 97
RMDFX Calmar Ratio Rank: 91
RMDFX Martin Ratio Rank: 91

IVLU

IVLU Risk / Return Rank: 66
IVLU Sharpe Ratio Rank: 70
IVLU Sortino Ratio Rank: 69
IVLU Omega Ratio Rank: 69
IVLU Calmar Ratio Rank: 60
IVLU Martin Ratio Rank: 63

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.

RMDFX vs. IVLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aspiriant Defensive Allocation Fund (RMDFX) and iShares MSCI Intl Value Factor ETF (IVLU). 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.

	RMDFX	IVLU	Difference
Sharpe ratio Return per unit of total volatility	4.33	2.36	+1.97
Sortino ratio Return per unit of downside risk	6.13	3.22	+2.91
Omega ratio Gain probability vs. loss probability	1.97	1.42	+0.54
Calmar ratio Return relative to maximum drawdown	4.79	3.04	+1.76
Martin ratio Return relative to average drawdown	18.77	11.57	+7.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RMDFX vs. IVLU - Sharpe Ratio Comparison

The current RMDFX Sharpe Ratio is 4.33, which is higher than the IVLU Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of RMDFX and IVLU, 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

	RMDFX	IVLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.33	2.36	+1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.85	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.62	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.48	+0.36

Drawdowns

RMDFX vs. IVLU - Drawdown Comparison

The maximum RMDFX drawdown since its inception was -15.96%, smaller than the maximum IVLU drawdown of -41.85%. Use the drawdown chart below to compare losses from any high point for RMDFX and IVLU.

Drawdown Indicators

	RMDFX	IVLU	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-41.85%	+25.89%
Max Drawdown (1Y) Largest decline over 1 year	-4.19%	-11.69%	+7.50%
Max Drawdown (3Y) Largest decline over 3 years	-5.79%	-15.48%	+9.69%
Max Drawdown (5Y) Largest decline over 5 years	-14.63%	-26.04%	+11.41%
Max Drawdown (10Y) Largest decline over 10 years	-15.96%	-41.85%	+25.89%
Current Drawdown Current decline from peak	0.00%	-0.81%	+0.81%
Average Drawdown Average peak-to-trough decline	-3.33%	-8.59%	+5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	3.06%	-1.99%

Volatility

RMDFX vs. IVLU - Volatility Comparison

The current volatility for Aspiriant Defensive Allocation Fund (RMDFX) is 1.47%, while iShares MSCI Intl Value Factor ETF (IVLU) has a volatility of 4.63%. This indicates that RMDFX experiences smaller price fluctuations and is considered to be less risky than IVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMDFX	IVLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	4.63%	-3.16%
Volatility (6M) Calculated over the trailing 6-month period	3.96%	12.20%	-8.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	15.09%	-10.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.34%	16.48%	-10.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.23%	17.66%	-11.43%

RMDFX vs. IVLU - Expense Ratio Comparison

RMDFX has a 0.18% expense ratio, which is lower than IVLU's 0.30% expense ratio.

Dividends

RMDFX vs. IVLU - Dividend Comparison

RMDFX's dividend yield for the trailing twelve months is around 4.32%, more than IVLU's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVLU iShares MSCI Intl Value Factor ETF	3.29%	3.71%	4.46%	4.69%	3.59%	3.47%	2.05%	3.53%	2.82%	2.87%	2.53%	0.93%
RMDFX Aspiriant Defensive Allocation Fund	4.32%	4.63%	0.00%	3.69%	0.78%	5.37%	2.28%	3.78%	4.11%	2.16%	1.16%	0.00%

Frequently Asked Questions

Can I hold both RMDFX and IVLU in my portfolio?

RMDFX and IVLU have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RMDFX or IVLU?

IVLU has higher volatility (4.63%) compared to RMDFX (1.47%). In terms of maximum drawdown, RMDFX dropped -15.96% vs IVLU's -41.85%.

Which has better risk-adjusted returns?

RMDFX currently has the higher Sharpe Ratio (4.33 vs 2.36), 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.