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TVAL vs. ILCV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TVAL vs. ILCV

Last updated Aug 2, 2026
Documentation

TVAL (T. Rowe Price Value ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds. TVAL is actively managed, while ILCV is passively managed. Over the past 3 years, TVAL returned 18.55%/yr vs 17.48%/yr for ILCV. Their correlation of 0.94 means they have usually moved in the same direction. TVAL charges 0.33%/yr vs 0.04%/yr for ILCV.

Performance

TVAL vs. ILCV - Performance Comparison

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

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Returns By Period

In the year-to-date period, TVAL achieves a 20.98% return, which is significantly higher than ILCV's 12.42% return.

TVAL

1D
0.50%
1M
1.14%
6M
15.26%
YTD
20.98%
1Y
32.99%
3Y*
18.55%
5Y*
—
10Y*
—
ALL TIME*
19.32%

ILCV

1D
0.30%
1M
2.03%
6M
10.11%
YTD
12.42%
1Y
29.26%
3Y*
17.48%
5Y*
12.42%
10Y*
11.90%
ALL TIME*
8.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ILCV

iShares Morningstar Value ETF
$1.89M$2.26M$2.59M

TVAL

T. Rowe Price Value ETF
$3.26M$3.20M$5.80M

TVAL vs. ILCV - Yearly Performance Comparison

2026 (YTD)202520242023
TVAL
T. Rowe Price Value ETF		20.98%15.59%14.54%8.45%
ILCV
iShares Morningstar Value ETF		12.42%18.79%17.03%9.10%

Correlation

The correlation between TVAL and ILCV is 0.87, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.87

Correlation (3Y)
Balances recent behavior with more history.

0.94

Correlation (All Time)
Calculated using the full available price history since Jun 15, 2023

0.94

The correlation between TVAL and ILCV has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

TVAL vs. ILCV - Sectors Allocation Comparison

Sectors
TVAL
ILCV

Financial Services

20.0%
18.3%

Technology

19.0%
22.6%

Healthcare

12.2%
12.6%

Industrials

11.5%
6.8%

Consumer Cyclical

9.6%
9.6%

Energy

7.1%
5.5%

Consumer Defensive

6.4%
7.3%

Utilities

4.8%
3.4%

Communication Services

3.6%
9.9%

Basic Materials

3.5%
2.1%

Real Estate

2.5%
1.9%

Financial Services

TVAL
20.0%
ILCV
18.3%

Technology

TVAL
19.0%
ILCV
22.6%

Healthcare

TVAL
12.2%
ILCV
12.6%

Industrials

TVAL
11.5%
ILCV
6.8%

Consumer Cyclical

TVAL
9.6%
ILCV
9.6%

Energy

TVAL
7.1%
ILCV
5.5%

Consumer Defensive

TVAL
6.4%
ILCV
7.3%

Utilities

TVAL
4.8%
ILCV
3.4%

Communication Services

TVAL
3.6%
ILCV
9.9%

Basic Materials

TVAL
3.5%
ILCV
2.1%

Real Estate

TVAL
2.5%
ILCV
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

T. Rowe Price Value ETF

iShares Morningstar Value ETF

Often compared with TVAL:
TVAL vs. TEQITVAL vs. VTVTVAL vs. PRDGXTVAL vs. TDVGTVAL vs. CGDVTVAL vs. TRBUXTVAL vs. AVLV
Often compared with ILCV:
ILCV vs. VTVILCV vs. AVLVILCV vs. FIOOXILCV vs. SCHDILCV vs. HDVILCV vs. MGVILCV vs. SPY

Return for Risk

TVAL vs. ILCV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
TVAL
TVAL Risk / Return Rank: 9595
Overall Rank
TVAL Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
TVAL Sortino Ratio Rank: 9595
Sortino Ratio Rank
TVAL Omega Ratio Rank: 9494
Omega Ratio Rank
TVAL Calmar Ratio Rank: 9393
Calmar Ratio Rank
TVAL Martin Ratio Rank: 9494
Martin Ratio Rank
ILCV
ILCV Risk / Return Rank: 9494
Overall Rank
ILCV Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
ILCV Sortino Ratio Rank: 9595
Sortino Ratio Rank
ILCV Omega Ratio Rank: 9494
Omega Ratio Rank
ILCV Calmar Ratio Rank: 9292
Calmar Ratio Rank
ILCV Martin Ratio Rank: 9494
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TVAL vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Value ETF (TVAL) 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.

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.

TVALILCVDifference
Sharpe ratioReturn per unit of total volatility
2.91
2.75

+0.16

Sortino ratioReturn per unit of downside risk
4.04
3.86

+0.17

Omega ratioGain probability vs. loss probability

1.52

1.50

+0.02

Calmar ratioReturn relative to maximum drawdown

4.44

4.22

+0.22

Martin ratioReturn relative to average drawdown

19.04

17.65

+1.38

TVAL vs. ILCV - Sharpe Ratio Comparison

The current TVAL Sharpe Ratio is 2.91, which is comparable to the ILCV Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of TVAL 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.

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Drawdowns

TVAL vs. ILCV - Drawdown Comparison

The maximum TVAL drawdown since its inception was -14.84%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for TVAL and ILCV.

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Drawdown Indicators

TVALILCVDifference

Max Drawdown

Largest peak-to-trough decline

-14.84%

-58.63%

+43.79%

Max Drawdown (1Y)

Largest decline over 1 year

-7.15%

-6.55%

-0.60%

Max Drawdown (3Y)

Largest decline over 3 years

-14.84%

-14.95%

+0.11%

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

-0.12%

0.00%

-0.12%

Average Drawdown

Average peak-to-trough decline

-1.98%

-9.26%

+7.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.67%

1.56%

+0.11%

Volatility

TVAL vs. ILCV - Volatility Comparison

The current volatility for T. Rowe Price Value ETF (TVAL) is 2.57%, while iShares Morningstar Value ETF (ILCV) has a volatility of 2.91%. This indicates that TVAL experiences smaller price fluctuations and is considered to be less risky than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TVALILCVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.57%

2.91%

-0.34%

Volatility (6M)

Calculated over the trailing 6-month period

8.35%

7.33%

+1.02%

Volatility (1Y)

Calculated over the trailing 1-year period

10.98%

10.09%

+0.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.49%

14.16%

-1.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.49%

16.63%

-4.14%

TVAL vs. ILCV - Expense Ratio Comparison

TVAL has a 0.33% expense ratio, which is higher than ILCV's 0.04% expense ratio.

Dividends

TVAL vs. ILCV - Dividend Comparison

TVAL's dividend yield for the trailing twelve months is around 0.95%, less than ILCV's 1.55% yield.

PositionTTM20252024202320222021202020192018201720162015
ILCV
iShares Morningstar Value ETF		1.55%1.77%1.99%2.27%2.32%2.01%2.96%2.70%2.93%2.32%2.76%3.01%
TVAL
T. Rowe Price Value ETF		0.95%1.15%1.16%0.64%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

TVAL 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.

ILCV has higher volatility (2.91%) compared to TVAL (2.57%). In terms of maximum drawdown, TVAL dropped -14.84% vs ILCV's -58.63%.

On 3-year performance, TVAL leads with 18.55% vs 17.48% for ILCV. On fees, ILCV is cheaper at 0.04% per year. On volatility, TVAL has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, TVAL has performed better with a 18.55% return vs 17.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ILCV is cheaper with a 0.04% expense ratio, compared with 0.33% for TVAL.

ILCV has the higher dividend yield at 1.55%, compared with 0.95% for TVAL.

They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.33% for TVAL and 0.04% for ILCV.

TVAL currently has the higher Sharpe Ratio (2.91 vs 2.75), 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.

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