TEQI vs. ILCV

Last updated Jun 4, 2026

TEQI (T. Rowe Price Equity Income ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds. TEQI is actively managed, while ILCV is passively managed. Over the past 5 years, TEQI returned 9.02%/yr vs 11.42%/yr for ILCV. With a 0.95 correlation, they move nearly in lockstep. TEQI charges 0.54%/yr vs 0.04%/yr for ILCV.

Performance

TEQI vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Equity Income ETF (TEQI) 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, TEQI achieves a 9.71% return, which is significantly higher than ILCV's 7.75% return.

TEQI

• 1D: -0.22%
• 1M: 2.51%
• YTD: 9.71%
• 6M: 11.55%
• 1Y: 20.30%
• 3Y*: 16.18%
• 5Y*: 9.02%
• 10Y*: —

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)

TEQI vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TEQI T. Rowe Price Equity Income ETF	9.71%	13.36%	13.14%	9.64%	-3.33%	26.25%	18.07%
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-7.02%	26.71%	13.83%

Correlation

The correlation between TEQI and ILCV is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 6, 2020	0.95

The correlation between TEQI and ILCV has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

TEQI vs. ILCV - Sectors Allocation Comparison

Sectors	TEQI	ILCV
Financial Services	20.3%	16.5%
Healthcare	12.9%	11.5%
Industrials	12.4%	8.8%
Technology	12.3%	23.8%
Energy	11.0%	6.0%
Consumer Defensive	7.2%	7.6%
Utilities	6.8%	3.5%
Communication Services	6.6%	8.0%
Consumer Cyclical	5.2%	9.5%
Real Estate	3.3%	2.0%
Basic Materials	2.2%	2.4%

Return for Risk

TEQI vs. ILCV — Risk / Return Rank

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

TEQI

TEQI Risk / Return Rank: 57
TEQI Sharpe Ratio Rank: 57
TEQI Sortino Ratio Rank: 58
TEQI Omega Ratio Rank: 56
TEQI Calmar Ratio Rank: 57
TEQI Martin Ratio Rank: 58

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.

TEQI vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Equity Income ETF (TEQI) 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.

	TEQI	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.72	-0.78
Sortino ratio: Return per unit of downside risk	2.76	3.85	-1.09
Omega ratio: Gain probability vs. loss probability	1.35	1.50	-0.15
Calmar ratio: Return relative to maximum drawdown	2.82	4.08	-1.26
Martin ratio: Return relative to average drawdown	10.09	16.87	-6.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEQI vs. ILCV - Sharpe Ratio Comparison

The current TEQI Sharpe Ratio is 1.94, which is comparable to the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of TEQI 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

	TEQI	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	2.72	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.81	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.46	+0.52

Drawdowns

TEQI vs. ILCV - Drawdown Comparison

The maximum TEQI drawdown since its inception was -17.82%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for TEQI and ILCV.

Drawdown Indicators

	TEQI	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-17.82%	-58.63%	+40.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-6.55%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-14.85%	-14.95%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-17.82%	-18.58%	+0.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.53%	—
Current Drawdown Current decline from peak	-1.44%	-0.60%	-0.84%
Average Drawdown Average peak-to-trough decline	-3.53%	-9.32%	+5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.58%	+0.44%

Volatility

TEQI vs. ILCV - Volatility Comparison

T. Rowe Price Equity Income ETF (TEQI) has a higher volatility of 2.68% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that TEQI'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

	TEQI	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	2.01%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	6.97%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	9.82%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	14.21%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.12%	16.66%	-1.54%

TEQI vs. ILCV - Expense Ratio Comparison

TEQI has a 0.54% expense ratio, which is higher than ILCV's 0.04% expense ratio.

Dividends

TEQI vs. ILCV - Dividend Comparison

TEQI's dividend yield for the trailing twelve months is around 1.55%, less 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%
TEQI T. Rowe Price Equity Income ETF	1.55%	1.71%	1.86%	2.12%	2.32%	3.03%	0.82%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TEQI and ILCV in my portfolio?

TEQI and ILCV have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEQI or ILCV?

TEQI has higher volatility (2.68%) compared to ILCV (2.01%). In terms of maximum drawdown, TEQI dropped -17.82% vs ILCV's -58.63%.

Which ETF is better, TEQI or ILCV?

On 5-year performance, ILCV leads with 11.42% vs 9.02% for TEQI. 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, TEQI or ILCV?

Over the 5-year period, ILCV has performed better with a 11.42% return vs 9.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TEQI or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.54% for TEQI.

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

ILCV has the higher dividend yield at 1.63%, compared with 1.55% for TEQI.

What is the main difference between TEQI and ILCV?

They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.54% for TEQI and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 1.94), 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.