ILCV vs SPY
iShares Morningstar Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ILCV or SPY?
Large Cap Value against Large Cap Blend.
ILCV has a lower expense ratio. ILCV led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.93. ILCV is less concentrated, with 34.1% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ILCV | SPY |
|---|---|---|
| Expense Ratio | 0.04%Best | 0.09% |
| AUM | $1.3B | $804.7B |
| Dividend Yield | 1.51% | 0.98% |
| Holdings | 380 | 505 |
| YTD Return | +14.97%Best | +13.82% |
| 1Y Return | +21.64%Best | +16.96% |
| 3Y Return (annualized) | +20.35% | +22.97%Best |
| 5Y Return (annualized) | +13.48% | +13.73%Best |
| Volatility (annualized) | 14.3%Best | 14.7% |
| Max Drawdown | -60.9% | -56.5%Best |
| $10,000 over 5 years | $18,819 | $19,027Best |
| Top 10 Weight | 34.1%Best | 37.8% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jun 28, 2004 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 2, 2004 to Sep 21, 2026 (22.2 years).
ILCV vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 22.2 years both funds cover.
ILCV vs SPY Performance
iShares Morningstar Value ETF (ILCV) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ILCV returned +21.64% while SPY returned +16.96%. Year to date, ILCV is up 14.97% versus a gain of 13.82% for SPY.
Over three years, ILCV compounded at +20.35% per year against +22.97% for SPY; over five years the annualized figures are +13.48% and +13.73% respectively. Across the full 22-year window we track, SPY has the edge at +9.41% annualized vs +6.48%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.7% compared with 14.3% for ILCV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -60.9% for ILCV and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
ILCV charges 0.04% per year while SPY charges 0.09%. On a $10,000 position that is $4 vs $9 annually, a gap of $5 per year that compounds over a long holding period. On income, ILCV currently yields 1.51% against 0.98% for SPY.
Holdings Overlap
96.6% of ILCV's money is in holdings SPY also owns. 71.0% of SPY's money is in holdings ILCV also owns.
Most of ILCV is already inside SPY. Owning both mostly buys the same companies twice.
325 positions in common, counted across the 373 positions we hold weights for in ILCV and 504 in SPY, against full books of 380 and 505.
What only one of them owns
Our book lists 175 positions for SPY that do not appear in our book for ILCV (28.4% of the fund), and 39 for ILCV that do not appear in SPY (2.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in ILCV | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 6.69% | 7.26% | 0.57% |
| MSFTMicrosoft Corp | 8.18% | 5.66% | 2.52% |
| AMZNAmazon.Com Inc | 3.31% | 3.79% | 0.48% |
| GOOGLAlphabet Inc,class A | 2.47% | 2.99% | 0.52% |
| GOOGAlphabet Inc | 1.96% | 2.39% | 0.43% |
| METAMeta Platforms Inc | 2.30% | 1.93% | 0.37% |
| JPMJpmorgan Chase | 2.76% | 1.45% | 1.31% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 2.69% | 1.40% | 1.29% |
| MUMicron Technology, Inc. | 1.40% | 1.60% | 0.20% |
| XOMExxon Mobil Corp. | 1.93% | 1.04% | 0.89% |
96.6% of ILCV is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ILCV or SPY?
ILCV has an expense ratio of 0.04% while SPY charges 0.09%. ILCV is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, ILCV or SPY?
Over the past year ILCV returned +21.64% vs +16.96% for SPY, so ILCV leads on 1-year performance. Over the longest common window we track (22 years), ILCV annualized +6.48% vs +9.41% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ILCV or SPY?
SPY has been the more volatile fund at 14.7% annualized versus 14.3% for ILCV. Worst drawdown: ILCV -60.9% vs SPY -56.5%.
Should I hold both ILCV and SPY?
ILCV and SPY have a monthly-return correlation of 0.93, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between ILCV and SPY?
96.6% of ILCV's money is in holdings SPY also owns. 71.0% of SPY's is in holdings ILCV also owns. They hold 325 positions in common, counted across the 373 positions we hold weights for in ILCV and 504 in SPY.
Which pays a higher dividend, ILCV or SPY?
ILCV yields 1.51% while SPY yields 0.98%, so ILCV currently pays the higher dividend yield.
Is SPY better than ILCV?
ILCV has a lower expense ratio. ILCV led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.93. ILCV is less concentrated, with 34.1% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.