VLUE vs. SIZE

Last updated Jun 23, 2026

VLUE (iShares MSCI USA Value Factor ETF) and SIZE (iShares MSCI USA Size Factor ETF) are both exchange-traded funds - VLUE is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Index, while SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size Index. Both are passively managed. Over the past 10 years, VLUE returned 15.97%/yr vs 12.04%/yr for SIZE. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

VLUE vs. SIZE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Value Factor ETF (VLUE) and iShares MSCI USA Size Factor ETF (SIZE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLUE achieves a 50.50% return, which is significantly higher than SIZE's 9.23% return. Over the past 10 years, VLUE has outperformed SIZE with an annualized return of 15.97%, while SIZE has yielded a comparatively lower 12.04% annualized return.

VLUE

• 1D: 2.13%
• 1M: 9.37%
• YTD: 50.50%
• 6M: 49.56%
• 1Y: 89.78%
• 3Y*: 34.06%
• 5Y*: 17.54%
• 10Y*: 15.97%

SIZE

• 1D: -0.01%
• 1M: 1.12%
• YTD: 9.23%
• 6M: 7.56%
• 1Y: 18.60%
• 3Y*: 15.66%
• 5Y*: 8.12%
• 10Y*: 12.04%

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

VLUE vs. SIZE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLUE iShares MSCI USA Value Factor ETF	50.50%	32.67%	7.25%	14.26%	-14.17%	28.93%	-0.23%	27.20%	-11.13%	21.95%
SIZE iShares MSCI USA Size Factor ETF	9.23%	10.51%	14.37%	17.78%	-15.86%	25.05%	16.26%	28.97%	-6.59%	18.76%

Correlation

The correlation between VLUE and SIZE is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.83

The correlation between VLUE and SIZE shifts across timeframes, from 0.76 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

VLUE vs. SIZE - Sectors Allocation Comparison

Sectors	VLUE	SIZE
Technology	40.7%	20.0%
Financial Services	10.5%	14.7%
Consumer Cyclical	10.1%	11.2%
Communication Services	9.5%	3.9%
Industrials	8.0%	15.3%
Healthcare	7.9%	10.7%
Consumer Defensive	4.4%	5.3%
Energy	3.5%	3.7%
Utilities	2.0%	5.4%
Real Estate	1.8%	5.3%
Basic Materials	1.3%	4.3%

Return for Risk

VLUE vs. SIZE — Risk / Return Rank

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

VLUE

VLUE Risk / Return Rank: 97
VLUE Sharpe Ratio Rank: 97
VLUE Sortino Ratio Rank: 97
VLUE Omega Ratio Rank: 96
VLUE Calmar Ratio Rank: 97
VLUE Martin Ratio Rank: 97

SIZE

SIZE Risk / Return Rank: 45
SIZE Sharpe Ratio Rank: 42
SIZE Sortino Ratio Rank: 43
SIZE Omega Ratio Rank: 39
SIZE Calmar Ratio Rank: 49
SIZE Martin Ratio Rank: 54

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.

VLUE vs. SIZE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Value Factor ETF (VLUE) and iShares MSCI USA Size Factor ETF (SIZE). 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.

	VLUE	SIZE	Difference
Sharpe ratio: Return per unit of total volatility	4.83	1.44	+3.39
Sortino ratio: Return per unit of downside risk	6.02	2.11	+3.91
Omega ratio: Gain probability vs. loss probability	1.81	1.25	+0.56
Calmar ratio: Return relative to maximum drawdown	9.99	2.34	+7.64
Martin ratio: Return relative to average drawdown	41.99	9.07	+32.93

VLUE vs. SIZE - Sharpe Ratio Comparison

The current VLUE Sharpe Ratio is 4.83, which is higher than the SIZE Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of VLUE and SIZE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VLUE vs. SIZE - Drawdown Comparison

The maximum VLUE drawdown since its inception was -39.47%, roughly equal to the maximum SIZE drawdown of -39.15%. Use the drawdown chart below to compare losses from any high point for VLUE and SIZE.

Drawdown Indicators

	VLUE	SIZE	Difference
Max Drawdown Largest peak-to-trough decline	-39.47%	-39.15%	-0.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-7.97%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	-18.71%	+0.82%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-24.03%	-3.09%
Max Drawdown (10Y) Largest decline over 10 years	-39.47%	-39.15%	-0.32%
Current Drawdown Current decline from peak	0.00%	-1.21%	+1.21%
Average Drawdown Average peak-to-trough decline	-6.00%	-4.17%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.06%	+0.09%

Volatility

VLUE vs. SIZE - Volatility Comparison

iShares MSCI USA Value Factor ETF (VLUE) has a higher volatility of 8.92% compared to iShares MSCI USA Size Factor ETF (SIZE) at 3.85%. This indicates that VLUE's price experiences larger fluctuations and is considered to be riskier than SIZE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLUE	SIZE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.92%	3.85%	+5.07%
Volatility (6M) Calculated over the trailing 6-month period	15.67%	9.82%	+5.85%
Volatility (1Y) Calculated over the trailing 1-year period	18.74%	13.00%	+5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.05%	17.43%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.96%	18.72%	+1.24%

VLUE vs. SIZE - Expense Ratio Comparison

Both VLUE and SIZE have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VLUE vs. SIZE - Dividend Comparison

VLUE's dividend yield for the trailing twelve months is around 1.37%, less than SIZE's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SIZE iShares MSCI USA Size Factor ETF	1.39%	1.50%	1.53%	1.42%	1.59%	1.19%	1.43%	1.35%	2.43%	1.58%	1.88%	1.95%
VLUE iShares MSCI USA Value Factor ETF	1.37%	2.11%	2.73%	2.66%	3.18%	2.22%	2.42%	2.61%	2.70%	2.14%	2.07%	2.39%

Frequently Asked Questions

Can I hold both VLUE and SIZE in my portfolio?

VLUE and SIZE have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLUE or SIZE?

VLUE has higher volatility (8.92%) compared to SIZE (3.85%). In terms of maximum drawdown, VLUE dropped -39.47% vs SIZE's -39.15%.

Which ETF is better, VLUE or SIZE?

On 10-year performance, VLUE leads with 15.97% vs 12.04% for SIZE. Both ETFs have the same 0.15% expense ratio. On volatility, SIZE has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VLUE or SIZE?

Over the 10-year period, VLUE has performed better with a 15.97% return vs 12.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VLUE or SIZE?

VLUE and SIZE have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, VLUE or SIZE?

SIZE has the higher dividend yield at 1.39%, compared with 1.37% for VLUE.

What is the main difference between VLUE and SIZE?

VLUE is categorized as Large Cap Value Equities, while SIZE is Mid Cap Blend Equities. VLUE tracks MSCI USA Enhanced Value Index, while SIZE tracks MSCI USA Low Size Index.

Which has better risk-adjusted returns?

VLUE currently has the higher Sharpe Ratio (4.83 vs 1.44), 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.