TAX vs. ILCV

Last updated Apr 2, 2026

Compare and contrast key facts about Cambria Tax Aware ETF (TAX) and iShares Morningstar Value ETF (ILCV).

TAX and ILCV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TAX is an actively managed fund by Cambria. It was launched on Dec 18, 2024. ILCV is a passively managed fund by iShares that tracks the performance of the Morningstar US Large-Mid Cap Broad Value Index. It was launched on Jun 28, 2004.

Performance

TAX vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tax Aware ETF (TAX) and iShares Morningstar Value ETF (ILCV). The values are adjusted to include any dividend payments, if applicable.

TAX vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAX Cambria Tax Aware ETF	-3.45%	16.72%	0.25%
ILCV iShares Morningstar Value ETF	-0.70%	18.79%	0.70%

Returns By Period

In the year-to-date period, TAX achieves a -3.45% return, which is significantly lower than ILCV's -0.70% return.

TAX

• 1D: 1.06%
• 1M: -4.45%
• YTD: -3.45%
• 6M: -0.90%
• 1Y: 19.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ILCV

• 1D: 0.22%
• 1M: -4.04%
• YTD: -0.70%
• 6M: 4.21%
• 1Y: 16.83%
• 3Y*: 15.82%
• 5Y*: 10.89%
• 10Y*: 11.02%

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

TAX vs. ILCV - Expense Ratio Comparison

TAX has a 0.49% expense ratio, which is higher than ILCV's 0.04% expense ratio.

TAX

Cambria Tax Aware ETF

ILCV

iShares Morningstar Value ETF

Return for Risk

TAX vs. ILCV — Risk / Return Rank

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

TAX

TAX Risk / Return Rank: 55
TAX Sharpe Ratio Rank: 52
TAX Sortino Ratio Rank: 55
TAX Omega Ratio Rank: 51
TAX Calmar Ratio Rank: 61
TAX Martin Ratio Rank: 58

ILCV

ILCV Risk / Return Rank: 60
ILCV Sharpe Ratio Rank: 60
ILCV Sortino Ratio Rank: 60
ILCV Omega Ratio Rank: 64
ILCV Calmar Ratio Rank: 52
ILCV 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.

TAX vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tax Aware ETF (TAX) 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.

	TAX	ILCV	Difference
Sharpe ratio Return per unit of total volatility	1.00	1.11	-0.11
Sortino ratio Return per unit of downside risk	1.53	1.60	-0.07
Omega ratio Gain probability vs. loss probability	1.20	1.25	-0.04
Calmar ratio Return relative to maximum drawdown	1.76	1.42	+0.34
Martin ratio Return relative to average drawdown	6.35	6.69	-0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAX vs. ILCV - Sharpe Ratio Comparison

The current TAX Sharpe Ratio is 1.00, which is comparable to the ILCV Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of TAX and ILCV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TAX	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.11	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.44	+0.09

Correlation

The correlation between TAX and ILCV is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TAX vs. ILCV - Dividend Comparison

TAX's dividend yield for the trailing twelve months is around 0.36%, less than ILCV's 1.76% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TAX Cambria Tax Aware ETF	0.36%	0.34%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ILCV iShares Morningstar Value ETF	1.76%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%

Drawdowns

TAX vs. ILCV - Drawdown Comparison

The maximum TAX drawdown since its inception was -18.85%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for TAX and ILCV.

Drawdown Indicators

	TAX	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-58.63%	+39.78%
Max Drawdown (1Y) Largest decline over 1 year	-11.28%	-11.82%	+0.54%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.53%	—
Current Drawdown Current decline from peak	-7.14%	-4.51%	-2.63%
Average Drawdown Average peak-to-trough decline	-3.14%	-9.39%	+6.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.50%	+0.62%

Volatility

TAX vs. ILCV - Volatility Comparison

Cambria Tax Aware ETF (TAX) has a higher volatility of 6.55% compared to iShares Morningstar Value ETF (ILCV) at 3.78%. This indicates that TAX'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

	TAX	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	3.78%	+2.77%
Volatility (6M) Calculated over the trailing 6-month period	12.40%	7.65%	+4.75%
Volatility (1Y) Calculated over the trailing 1-year period	19.53%	15.28%	+4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	14.25%	+4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	16.68%	+2.27%