VTV vs. ILCV

Last updated Jun 4, 2026

VTV (Vanguard Value ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds - VTV tracks the CRSP US Large Cap Value Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, VTV returned 12.48%/yr vs 11.68%/yr for ILCV. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.04% expense ratio.

Performance

VTV vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Value ETF (VTV) 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, VTV achieves a 12.30% return, which is significantly higher than ILCV's 7.75% return. Over the past 10 years, VTV has outperformed ILCV with an annualized return of 12.48%, while ILCV has yielded a comparatively lower 11.68% annualized return.

VTV

• 1D: 0.01%
• 1M: 4.23%
• YTD: 12.30%
• 6M: 13.12%
• 1Y: 26.25%
• 3Y*: 18.28%
• 5Y*: 11.24%
• 10Y*: 12.48%

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)

VTV vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTV Vanguard Value ETF	12.30%	15.27%	15.95%	9.32%	-2.09%	26.53%	2.33%	25.66%	-5.47%	17.15%
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 VTV and ILCV is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.96

The correlation between VTV and ILCV has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

VTV vs. ILCV - Sectors Allocation Comparison

Sectors	VTV	ILCV
Financial Services	22.3%	16.5%
Healthcare	14.5%	11.5%
Industrials	14.0%	8.8%
Technology	13.4%	23.8%
Consumer Defensive	9.4%	7.6%
Energy	8.1%	6.0%
Utilities	5.2%	3.5%
Consumer Cyclical	4.0%	9.5%
Communication Services	3.3%	8.0%
Basic Materials	3.1%	2.4%
Real Estate	2.8%	2.0%

Return for Risk

VTV vs. ILCV — Risk / Return Rank

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

VTV

VTV Risk / Return Rank: 79
VTV Sharpe Ratio Rank: 78
VTV Sortino Ratio Rank: 82
VTV Omega Ratio Rank: 77
VTV Calmar Ratio Rank: 79
VTV Martin Ratio Rank: 79

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.

VTV vs. ILCV - Risk-Adjusted Trends Comparison

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

	VTV	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.72	-0.11
Sortino ratio: Return per unit of downside risk	3.74	3.85	-0.11
Omega ratio: Gain probability vs. loss probability	1.47	1.50	-0.03
Calmar ratio: Return relative to maximum drawdown	4.15	4.08	+0.08
Martin ratio: Return relative to average drawdown	15.69	16.87	-1.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTV vs. ILCV - Sharpe Ratio Comparison

The current VTV Sharpe Ratio is 2.61, which is comparable to the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of VTV 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

	VTV	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.72	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.81	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.70	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.46	+0.05

Drawdowns

VTV vs. ILCV - Drawdown Comparison

The maximum VTV drawdown since its inception was -59.27%, roughly equal to the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for VTV and ILCV.

Drawdown Indicators

	VTV	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-59.27%	-58.63%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.35%	-6.55%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-14.95%	+0.43%
Max Drawdown (5Y) Largest decline over 5 years	-17.04%	-18.58%	+1.54%
Max Drawdown (10Y) Largest decline over 10 years	-36.78%	-35.53%	-1.25%
Current Drawdown Current decline from peak	0.00%	-0.60%	+0.60%
Average Drawdown Average peak-to-trough decline	-7.87%	-9.32%	+1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.58%	+0.10%

Volatility

VTV vs. ILCV - Volatility Comparison

Vanguard Value ETF (VTV) has a higher volatility of 2.52% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that VTV'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

	VTV	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	2.01%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	6.97%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	10.11%	9.82%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	14.21%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	16.66%	+0.01%

VTV vs. ILCV - Expense Ratio Comparison

Both VTV and ILCV have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VTV vs. ILCV - Dividend Comparison

VTV's dividend yield for the trailing twelve months is around 1.86%, more than 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%
VTV Vanguard Value ETF	1.86%	2.05%	2.31%	2.46%	2.52%	2.15%	2.56%	2.50%	2.73%	2.29%	2.44%	2.60%

Frequently Asked Questions

Can I hold both VTV and ILCV in my portfolio?

VTV and ILCV have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTV or ILCV?

VTV has higher volatility (2.52%) compared to ILCV (2.01%). In terms of maximum drawdown, VTV dropped -59.27% vs ILCV's -58.63%.

Which ETF is better, VTV or ILCV?

On 10-year performance, VTV leads with 12.48% vs 11.68% for ILCV. Both ETFs have the same 0.04% expense ratio. 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, VTV or ILCV?

Over the 10-year period, VTV has performed better with a 12.48% return vs 11.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTV or ILCV?

VTV and ILCV have the same expense ratio: 0.04% per year.

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

VTV has the higher dividend yield at 1.86%, compared with 1.63% for ILCV.

What is the main difference between VTV and ILCV?

VTV tracks CRSP US Large Cap Value Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: Vanguard and iShares.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 2.61), 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.