VONV vs. ILCV

Last updated Jun 4, 2026

VONV (Vanguard Russell 1000 Value ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds - VONV tracks the Russell 1000 Value Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, VONV returned 11.35%/yr vs 11.68%/yr for ILCV. Their correlation of 0.95 suggests significant overlap in exposure. VONV charges 0.06%/yr vs 0.04%/yr for ILCV.

Performance

VONV vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 1000 Value ETF (VONV) 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, VONV achieves a 14.28% return, which is significantly higher than ILCV's 7.75% return. Both investments have delivered pretty close results over the past 10 years, with VONV having a 11.35% annualized return and ILCV not far ahead at 11.68%.

VONV

• 1D: 0.00%
• 1M: 4.28%
• YTD: 14.28%
• 6M: 14.88%
• 1Y: 28.35%
• 3Y*: 18.56%
• 5Y*: 10.30%
• 10Y*: 11.35%

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)

VONV vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VONV Vanguard Russell 1000 Value ETF	14.28%	15.81%	14.28%	11.40%	-7.65%	25.28%	2.71%	26.48%	-8.45%	13.59%
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%

Correlation

The correlation between VONV and ILCV is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 23, 2010	0.95

The correlation between VONV and ILCV has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

VONV vs. ILCV - Sectors Allocation Comparison

Sectors	VONV	ILCV
Financial Services	18.9%	16.5%
Technology	14.9%	23.8%
Industrials	13.1%	8.8%
Healthcare	10.9%	11.5%
Communication Services	8.5%	8.0%
Consumer Cyclical	7.3%	9.5%
Consumer Defensive	7.2%	7.6%
Energy	7.0%	6.0%
Utilities	4.4%	3.5%
Real Estate	4.1%	2.0%
Basic Materials	3.8%	2.4%

Return for Risk

VONV vs. ILCV — Risk / Return Rank

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

VONV

VONV Risk / Return Rank: 81
VONV Sharpe Ratio Rank: 80
VONV Sortino Ratio Rank: 82
VONV Omega Ratio Rank: 78
VONV Calmar Ratio Rank: 80
VONV Martin Ratio Rank: 84

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.

VONV vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 Value ETF (VONV) 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.

	VONV	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.72	-0.09
Sortino ratio: Return per unit of downside risk	3.73	3.85	-0.12
Omega ratio: Gain probability vs. loss probability	1.48	1.50	-0.02
Calmar ratio: Return relative to maximum drawdown	4.18	4.08	+0.10
Martin ratio: Return relative to average drawdown	17.54	16.87	+0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VONV vs. ILCV - Sharpe Ratio Comparison

The current VONV Sharpe Ratio is 2.64, which is comparable to the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of VONV 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

	VONV	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	2.72	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.81	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.70	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.46	+0.25

Drawdowns

VONV vs. ILCV - Drawdown Comparison

The maximum VONV drawdown since its inception was -38.21%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for VONV and ILCV.

Drawdown Indicators

	VONV	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-38.21%	-58.63%	+20.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-6.55%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-15.70%	-14.95%	-0.75%
Max Drawdown (5Y) Largest decline over 5 years	-18.87%	-18.58%	-0.29%
Max Drawdown (10Y) Largest decline over 10 years	-38.21%	-35.53%	-2.68%
Current Drawdown Current decline from peak	0.00%	-0.60%	+0.60%
Average Drawdown Average peak-to-trough decline	-3.91%	-9.32%	+5.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.58%	+0.04%

Volatility

VONV vs. ILCV - Volatility Comparison

Vanguard Russell 1000 Value ETF (VONV) has a higher volatility of 2.94% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that VONV'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

	VONV	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	2.01%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	8.09%	6.97%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	9.82%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.77%	14.21%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.24%	16.66%	+0.58%

VONV vs. ILCV - Expense Ratio Comparison

VONV has a 0.06% expense ratio, which is higher than ILCV's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VONV vs. ILCV - Dividend Comparison

VONV's dividend yield for the trailing twelve months is around 1.63%, which matches 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%
VONV Vanguard Russell 1000 Value ETF	1.63%	1.82%	1.97%	2.10%	2.22%	1.67%	2.25%	2.30%	2.56%	2.18%	2.39%	2.38%

Frequently Asked Questions

Can I hold both VONV and ILCV in my portfolio?

With a correlation of 0.93, VONV and ILCV 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.

Which is riskier, VONV or ILCV?

VONV has higher volatility (2.94%) compared to ILCV (2.01%). In terms of maximum drawdown, VONV dropped -38.21% vs ILCV's -58.63%.

Which ETF is better, VONV or ILCV?

On 10-year performance, ILCV leads with 11.68% vs 11.35% for VONV. 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, VONV or ILCV?

Over the 10-year period, ILCV has performed better with a 11.68% return vs 11.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VONV or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.06% for VONV.

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

VONV and ILCV have nearly identical dividend yields, around 1.63%.

What is the main difference between VONV and ILCV?

VONV tracks Russell 1000 Value Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.06% for VONV and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 2.64), 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.