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VFLO vs. ILCV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VFLO vs. ILCV

Last updated Aug 4, 2026
Documentation

VFLO (VictoryShares Free Cash Flow ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds - VFLO tracks the Victory U.S. Large Cap Free Cash Flow Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 3 years, VFLO returned 25.26%/yr vs 18.54%/yr for ILCV. Their 0.80 correlation means they have sometimes moved together and sometimes differently. VFLO charges 0.39%/yr vs 0.04%/yr for ILCV.

Performance

VFLO vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Free Cash Flow ETF (VFLO) 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, VFLO achieves a 27.47% return, which is significantly higher than ILCV's 13.67% return.

VFLO

1D
0.52%
1M
6.44%
6M
26.76%
YTD
27.47%
1Y
47.53%
3Y*
25.26%
5Y*
—
10Y*
—
ALL TIME*
26.88%

ILCV

1D
1.11%
1M
3.16%
6M
10.49%
YTD
13.67%
1Y
30.69%
3Y*
18.54%
5Y*
12.72%
10Y*
11.86%
ALL TIME*
8.78%
*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
$2.01M$2.25M$2.59M

VFLO

VictoryShares Free Cash Flow ETF
$87.61M$73.14M$52.34M

VFLO vs. ILCV - Yearly Performance Comparison

2026 (YTD)202520242023
VFLO
VictoryShares Free Cash Flow ETF		27.47%17.51%21.83%15.05%
ILCV
iShares Morningstar Value ETF		13.67%18.79%17.03%9.20%

Correlation

The correlation between VFLO and ILCV is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.69

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

0.80

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2023

0.80

The correlation between VFLO and ILCV shifts across timeframes, from 0.69 (1 year) to 0.80 (3 years), reflecting how their relationship changes across market environments.

VFLO vs. ILCV - Sectors Allocation Comparison

Sectors
VFLO
ILCV

Technology

30.4%
22.6%

Energy

22.6%
5.5%

Healthcare

21.6%
12.6%

Consumer Cyclical

10.8%
9.6%

Basic Materials

7.0%
2.1%

Communication Services

4.4%
9.9%

Utilities

3.3%
3.4%

Financial Services

0.0%
18.3%

Industrials

0.0%
6.8%

Consumer Defensive

0.0%
7.3%

Real Estate

0.0%
1.9%

Technology

VFLO
30.4%
ILCV
22.6%

Energy

VFLO
22.6%
ILCV
5.5%

Healthcare

VFLO
21.6%
ILCV
12.6%

Consumer Cyclical

VFLO
10.8%
ILCV
9.6%

Basic Materials

VFLO
7.0%
ILCV
2.1%

Communication Services

VFLO
4.4%
ILCV
9.9%

Utilities

VFLO
3.3%
ILCV
3.4%

Financial Services

VFLO
0.0%
ILCV
18.3%

Industrials

VFLO
0.0%
ILCV
6.8%

Consumer Defensive

VFLO
0.0%
ILCV
7.3%

Real Estate

VFLO
0.0%
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.

VictoryShares Free Cash Flow ETF

iShares Morningstar Value ETF

Often compared with VFLO:
VFLO vs. COWZVFLO vs. SCHDVFLO vs. SPYVFLO vs. DSTLVFLO vs. QVALVFLO vs. ^SP500TRVFLO vs. FCFY
Often compared with ILCV:
ILCV vs. VTVILCV vs. AVLVILCV vs. FIOOXILCV vs. SCHDILCV vs. HDVILCV vs. MGVILCV vs. SPY

Return for Risk

VFLO vs. ILCV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VFLO
VFLO Risk / Return Rank: 9696
Overall Rank
VFLO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
VFLO Sortino Ratio Rank: 9696
Sortino Ratio Rank
VFLO Omega Ratio Rank: 9595
Omega Ratio Rank
VFLO Calmar Ratio Rank: 9797
Calmar Ratio Rank
VFLO Martin Ratio Rank: 9696
Martin Ratio Rank
ILCV
ILCV Risk / Return Rank: 9595
Overall Rank
ILCV Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ILCV Sortino Ratio Rank: 9696
Sortino Ratio Rank
ILCV Omega Ratio Rank: 9595
Omega Ratio Rank
ILCV Calmar Ratio Rank: 9393
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.

VFLO vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Free Cash Flow ETF (VFLO) 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.

VFLOILCVDifference
Sharpe ratioReturn per unit of total volatility
3.11
3.09

+0.02

Sortino ratioReturn per unit of downside risk
4.31
4.35

-0.04

Omega ratioGain probability vs. loss probability

1.55

1.57

-0.02

Calmar ratioReturn relative to maximum drawdown

7.41

4.71

+2.71

Martin ratioReturn relative to average drawdown

24.91

19.70

+5.21

VFLO vs. ILCV - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 3.11, which is comparable to the ILCV Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of VFLO 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

VFLO vs. ILCV - Drawdown Comparison

The maximum VFLO drawdown since its inception was -17.79%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for VFLO and ILCV.

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Drawdown Indicators

VFLOILCVDifference

Max Drawdown

Largest peak-to-trough decline

-17.79%

-58.63%

+40.84%

Max Drawdown (1Y)

Largest decline over 1 year

-6.44%

-6.55%

+0.11%

Max Drawdown (3Y)

Largest decline over 3 years

-17.79%

-14.95%

-2.84%

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

-0.44%

0.00%

-0.44%

Average Drawdown

Average peak-to-trough decline

-2.43%

-9.26%

+6.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.91%

1.56%

+0.35%

Volatility

VFLO vs. ILCV - Volatility Comparison

VictoryShares Free Cash Flow ETF (VFLO) has a higher volatility of 3.87% compared to iShares Morningstar Value ETF (ILCV) at 2.93%. This indicates that VFLO'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.

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Volatility by Period

VFLOILCVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.87%

2.93%

+0.94%

Volatility (6M)

Calculated over the trailing 6-month period

12.12%

7.41%

+4.71%

Volatility (1Y)

Calculated over the trailing 1-year period

15.41%

10.00%

+5.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.97%

14.17%

+1.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.97%

16.64%

-0.67%

VFLO vs. ILCV - Expense Ratio Comparison

VFLO has a 0.39% expense ratio, which is higher than ILCV's 0.04% expense ratio.

Dividends

VFLO vs. ILCV - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.07%, less than ILCV's 1.54% yield.

PositionTTM20252024202320222021202020192018201720162015
ILCV
iShares Morningstar Value ETF		1.54%1.77%1.99%2.27%2.32%2.01%2.96%2.70%2.93%2.32%2.76%3.01%
VFLO
VictoryShares Free Cash Flow ETF		1.07%1.60%1.20%0.71%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VFLO and ILCV have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VFLO has higher volatility (3.87%) compared to ILCV (2.93%). In terms of maximum drawdown, VFLO dropped -17.79% vs ILCV's -58.63%.

On 3-year performance, VFLO leads with 25.26% vs 18.54% for ILCV. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, VFLO has performed better with a 25.26% return vs 18.54%. 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 0.39% for VFLO.

ILCV has the higher dividend yield at 1.54%, compared with 1.07% for VFLO.

VFLO tracks Victory U.S. Large Cap Free Cash Flow Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: Victory and iShares. Their fees differ too: 0.39% for VFLO and 0.04% for ILCV.

VFLO currently has the higher Sharpe Ratio (3.11 vs 3.09), 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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