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VBR vs. ISCV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VBR vs. ISCV

Last updated Jun 26, 2026

VBR (Vanguard Small-Cap Value ETF) and ISCV (iShares Morningstar Small Cap Value ETF) are both Small Cap Value Equities funds - VBR tracks the CRSP US Small Cap Value Index while ISCV tracks the Morningstar US Small Cap Broad Value Extended Index. Both are passively managed. Over the past 10 years, VBR returned 11.55%/yr vs 9.67%/yr for ISCV. With a 0.97 correlation, they move nearly in lockstep. VBR charges 0.05%/yr vs 0.06%/yr for ISCV.

Performance

VBR vs. ISCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Value ETF (VBR) and iShares Morningstar Small Cap Value ETF (ISCV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VBR achieves a 15.13% return, which is significantly higher than ISCV's 13.85% return. Over the past 10 years, VBR has outperformed ISCV with an annualized return of 11.55%, while ISCV has yielded a comparatively lower 9.67% annualized return.

VBR

1D
0.81%
1M
3.04%
YTD
15.13%
6M
13.26%
1Y
28.31%
3Y*
17.12%
5Y*
8.78%
10Y*
11.55%

ISCV

1D
0.47%
1M
3.10%
YTD
13.85%
6M
12.00%
1Y
30.33%
3Y*
16.53%
5Y*
7.58%
10Y*
9.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VBR vs. ISCV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VBR
Vanguard Small-Cap Value ETF		15.13%9.09%12.40%16.00%-9.38%28.08%5.90%22.78%-12.28%11.81%
ISCV
iShares Morningstar Small Cap Value ETF		13.85%10.38%9.31%16.55%-10.58%29.15%0.86%19.51%-17.39%8.59%

Correlation

The correlation between VBR and ISCV is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Jul 13, 2004

0.97

The correlation between VBR and ISCV has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

VBR vs. ISCV - Sectors Allocation Comparison

Sectors
VBR
ISCV

Financial Services

17.5%
22.4%

Industrials

17.4%
12.7%

Consumer Cyclical

12.5%
15.6%

Technology

12.1%
8.1%

Real Estate

10.5%
11.5%

Healthcare

8.3%
8.7%

Basic Materials

6.0%
3.4%

Utilities

4.6%
4.4%

Energy

4.3%
5.8%

Consumer Defensive

4.0%
4.7%

Communication Services

2.8%
2.0%

Financial Services

VBR
17.5%
ISCV
22.4%

Industrials

VBR
17.4%
ISCV
12.7%

Consumer Cyclical

VBR
12.5%
ISCV
15.6%

Technology

VBR
12.1%
ISCV
8.1%

Real Estate

VBR
10.5%
ISCV
11.5%

Healthcare

VBR
8.3%
ISCV
8.7%

Basic Materials

VBR
6.0%
ISCV
3.4%

Utilities

VBR
4.6%
ISCV
4.4%

Energy

VBR
4.3%
ISCV
5.8%

Consumer Defensive

VBR
4.0%
ISCV
4.7%

Communication Services

VBR
2.8%
ISCV
2.0%

Compare stocks, funds, or ETFs

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

Vanguard Small-Cap Value ETF

iShares Morningstar Small Cap Value ETF

Often compared with VBR:
VBR vs. AVUVVBR vs. VBVBR vs. VOOVBR vs. VBKVBR vs. VTIVBR vs. VIOVVBR vs. VSIAX
Often compared with ISCV:
ISCV vs. AVUVISCV vs. IJSISCV vs. VIOVISCV vs. SPSMISCV vs. SLYVISCV vs. VTIISCV vs. SCHD

Return for Risk

VBR vs. ISCV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VBR
VBR Risk / Return Rank: 6868
Overall Rank
VBR Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
VBR Sortino Ratio Rank: 7070
Sortino Ratio Rank
VBR Omega Ratio Rank: 6161
Omega Ratio Rank
VBR Calmar Ratio Rank: 7373
Calmar Ratio Rank
VBR Martin Ratio Rank: 7171
Martin Ratio Rank
ISCV
ISCV Risk / Return Rank: 6969
Overall Rank
ISCV Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
ISCV Sortino Ratio Rank: 7070
Sortino Ratio Rank
ISCV Omega Ratio Rank: 6262
Omega Ratio Rank
ISCV Calmar Ratio Rank: 7474
Calmar Ratio Rank
ISCV Martin Ratio Rank: 7171
Martin Ratio Rank
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.

VBR vs. ISCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value ETF (VBR) and iShares Morningstar Small Cap Value ETF (ISCV). 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.

VBRISCVDifference
Sharpe ratioReturn per unit of total volatility
1.86
1.88

-0.01

Sortino ratioReturn per unit of downside risk
2.73
2.77

-0.05

Omega ratioGain probability vs. loss probability

1.32

1.33

0.00

Calmar ratioReturn relative to maximum drawdown

3.21

3.29

-0.08

Martin ratioReturn relative to average drawdown

11.35

11.48

-0.13

VBR vs. ISCV - Sharpe Ratio Comparison

The current VBR Sharpe Ratio is 1.86, which is comparable to the ISCV Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of VBR and ISCV, 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

VBR vs. ISCV - Drawdown Comparison

The maximum VBR drawdown since its inception was -61.98%, roughly equal to the maximum ISCV drawdown of -63.14%. Use the drawdown chart below to compare losses from any high point for VBR and ISCV.

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Drawdown Indicators

VBRISCVDifference

Max Drawdown

Largest peak-to-trough decline

-61.98%

-63.14%

+1.16%

Max Drawdown (1Y)

Largest decline over 1 year

-8.85%

-9.25%

+0.40%

Max Drawdown (3Y)

Largest decline over 3 years

-24.19%

-25.35%

+1.16%

Max Drawdown (5Y)

Largest decline over 5 years

-24.19%

-25.35%

+1.16%

Max Drawdown (10Y)

Largest decline over 10 years

-45.28%

-51.56%

+6.28%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-8.25%

-9.12%

+0.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.50%

2.65%

-0.15%

Volatility

VBR vs. ISCV - Volatility Comparison

Vanguard Small-Cap Value ETF (VBR) and iShares Morningstar Small Cap Value ETF (ISCV) have volatilities of 3.90% and 3.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VBRISCVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.90%

3.74%

+0.16%

Volatility (6M)

Calculated over the trailing 6-month period

10.69%

10.59%

+0.10%

Volatility (1Y)

Calculated over the trailing 1-year period

15.29%

16.25%

-0.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.73%

20.78%

-1.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.71%

23.26%

-1.55%

VBR vs. ISCV - Expense Ratio Comparison

VBR has a 0.05% expense ratio, which is lower than ISCV's 0.06% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VBR vs. ISCV - Dividend Comparison

VBR's dividend yield for the trailing twelve months is around 1.71%, less than ISCV's 1.88% yield.

PositionTTM20252024202320222021202020192018201720162015
ISCV
iShares Morningstar Small Cap Value ETF		1.88%2.04%2.01%2.21%2.12%1.95%2.01%2.36%2.48%1.74%2.49%2.60%
VBR
Vanguard Small-Cap Value ETF		1.71%1.95%1.98%2.12%2.03%1.75%1.68%2.06%2.35%1.79%1.77%1.99%

Frequently Asked Questions

With a correlation of 0.98, VBR and ISCV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

VBR has higher volatility (3.90%) compared to ISCV (3.74%). In terms of maximum drawdown, VBR dropped -61.98% vs ISCV's -63.14%.

On 10-year performance, VBR leads with 11.55% vs 9.67% for ISCV. On fees, VBR is cheaper at 0.05% per year. On volatility, ISCV has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VBR has performed better with a 11.55% return vs 9.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VBR is cheaper with a 0.05% expense ratio, compared with 0.06% for ISCV.

ISCV has the higher dividend yield at 1.88%, compared with 1.71% for VBR.

VBR tracks CRSP US Small Cap Value Index, while ISCV tracks Morningstar US Small Cap Broad Value Extended Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VBR and 0.06% for ISCV.

ISCV currently has the higher Sharpe Ratio (1.88 vs 1.86), 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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