SIZE vs. VLUE

Last updated Jun 24, 2026

SIZE (iShares MSCI USA Size Factor ETF) and VLUE (iShares MSCI USA Value Factor ETF) are both exchange-traded funds - SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size Index, while VLUE is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Index. Both are passively managed. Over the past 10 years, SIZE returned 12.00%/yr vs 15.56%/yr for VLUE. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

SIZE vs. VLUE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) and iShares MSCI USA Value Factor ETF (VLUE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIZE achieves a 8.82% return, which is significantly lower than VLUE's 45.30% return. Over the past 10 years, SIZE has underperformed VLUE with an annualized return of 12.00%, while VLUE has yielded a comparatively higher 15.56% annualized return.

SIZE

• 1D: -0.38%
• 1M: 0.73%
• YTD: 8.82%
• 6M: 7.67%
• 1Y: 17.11%
• 3Y*: 15.52%
• 5Y*: 7.90%
• 10Y*: 12.00%

VLUE

• 1D: -3.46%
• 1M: 5.59%
• YTD: 45.30%
• 6M: 44.72%
• 1Y: 81.73%
• 3Y*: 32.50%
• 5Y*: 16.52%
• 10Y*: 15.56%

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

SIZE vs. VLUE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIZE iShares MSCI USA Size Factor ETF	8.82%	10.51%	14.37%	17.78%	-15.86%	25.05%	16.26%	28.97%	-6.59%	18.76%
VLUE iShares MSCI USA Value Factor ETF	45.30%	32.67%	7.25%	14.26%	-14.17%	28.93%	-0.23%	27.20%	-11.13%	21.95%

Correlation

The correlation between SIZE and VLUE 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	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.83

The correlation between SIZE and VLUE shifts across timeframes, from 0.76 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

SIZE vs. VLUE - Sectors Allocation Comparison

Sectors	SIZE	VLUE
Technology	20.0%	40.7%
Industrials	15.3%	8.0%
Financial Services	14.7%	10.5%
Consumer Cyclical	11.2%	10.1%
Healthcare	10.7%	7.9%
Utilities	5.4%	2.0%
Consumer Defensive	5.3%	4.4%
Real Estate	5.3%	1.8%
Basic Materials	4.3%	1.3%
Communication Services	3.9%	9.5%
Energy	3.7%	3.5%

Return for Risk

SIZE vs. VLUE — Risk / Return Rank

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

SIZE

SIZE Risk / Return Rank: 43
SIZE Sharpe Ratio Rank: 39
SIZE Sortino Ratio Rank: 40
SIZE Omega Ratio Rank: 37
SIZE Calmar Ratio Rank: 46
SIZE Martin Ratio Rank: 52

VLUE

VLUE Risk / Return Rank: 96
VLUE Sharpe Ratio Rank: 97
VLUE Sortino Ratio Rank: 96
VLUE Omega Ratio Rank: 95
VLUE Calmar Ratio Rank: 96
VLUE Martin Ratio Rank: 97

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.

SIZE vs. VLUE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) and iShares MSCI USA Value Factor ETF (VLUE). 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.

	SIZE	VLUE	Difference
Sharpe ratio: Return per unit of total volatility	1.33	4.31	-2.98
Sortino ratio: Return per unit of downside risk	1.96	5.37	-3.41
Omega ratio: Gain probability vs. loss probability	1.23	1.73	-0.49
Calmar ratio: Return relative to maximum drawdown	2.16	9.09	-6.94
Martin ratio: Return relative to average drawdown	8.33	38.03	-29.70

SIZE vs. VLUE - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.33, which is lower than the VLUE Sharpe Ratio of 4.31. The chart below compares the historical Sharpe Ratios of SIZE and VLUE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SIZE vs. VLUE - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, roughly equal to the maximum VLUE drawdown of -39.47%. Use the drawdown chart below to compare losses from any high point for SIZE and VLUE.

Drawdown Indicators

	SIZE	VLUE	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-39.47%	+0.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-9.04%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-18.71%	-17.89%	-0.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-27.12%	+3.09%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-39.47%	+0.32%
Current Drawdown Current decline from peak	-1.59%	-3.46%	+1.87%
Average Drawdown Average peak-to-trough decline	-4.17%	-6.00%	+1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.16%	-0.10%

Volatility

SIZE vs. VLUE - Volatility Comparison

The current volatility for iShares MSCI USA Size Factor ETF (SIZE) is 3.87%, while iShares MSCI USA Value Factor ETF (VLUE) has a volatility of 9.76%. This indicates that SIZE experiences smaller price fluctuations and is considered to be less risky than VLUE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIZE	VLUE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	9.76%	-5.89%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	16.13%	-6.30%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	19.07%	-6.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	18.12%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	19.95%	-1.25%

SIZE vs. VLUE - Expense Ratio Comparison

Both SIZE and VLUE have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SIZE vs. VLUE - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.40%, less than VLUE's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SIZE iShares MSCI USA Size Factor ETF	1.40%	1.50%	1.53%	1.42%	1.59%	1.19%	1.43%	1.35%	2.43%	1.58%	1.88%	1.95%
VLUE iShares MSCI USA Value Factor ETF	1.42%	2.11%	2.73%	2.66%	3.18%	2.22%	2.42%	2.61%	2.70%	2.14%	2.07%	2.39%

Frequently Asked Questions

Can I hold both SIZE and VLUE in my portfolio?

SIZE and VLUE 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, SIZE or VLUE?

VLUE has higher volatility (9.76%) compared to SIZE (3.87%). In terms of maximum drawdown, SIZE dropped -39.15% vs VLUE's -39.47%.

Which ETF is better, SIZE or VLUE?

On 10-year performance, VLUE leads with 15.56% vs 12.00% for SIZE. Both ETFs have the same 0.15% expense ratio. On volatility, SIZE has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIZE or VLUE?

Over the 10-year period, VLUE has performed better with a 15.56% return vs 12.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIZE or VLUE?

SIZE and VLUE have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, SIZE or VLUE?

VLUE has the higher dividend yield at 1.42%, compared with 1.40% for SIZE.

What is the main difference between SIZE and VLUE?

SIZE is categorized as Mid Cap Blend Equities, while VLUE is Large Cap Value Equities. SIZE tracks MSCI USA Low Size Index, while VLUE tracks MSCI USA Enhanced Value Index.

Which has better risk-adjusted returns?

VLUE currently has the higher Sharpe Ratio (4.31 vs 1.33), 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.