ISCV vs SPY
iShares Morningstar Small-Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ISCV or SPY?
Small Cap Value against Large Cap Blend.
ISCV has a lower expense ratio. ISCV led over 1Y, SPY over 3Y, 5Y and the full window. ISCV is less concentrated, with 4.9% 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 | ISCV | SPY |
|---|---|---|
| Expense Ratio | 0.06%Best | 0.09% |
| AUM | $689M | $804.7B |
| Dividend Yield | 1.82% | 0.98% |
| Holdings | 1,057 | 505 |
| YTD Return | +13.17%Best | +12.09% |
| 1Y Return | +16.45%Best | +16.29% |
| 3Y Return (annualized) | +15.76% | +21.20%Best |
| 5Y Return (annualized) | +9.16% | +13.37%Best |
| Volatility (annualized) | 20.7% | 14.7%Best |
| Max Drawdown | -64.8% | -56.5%Best |
| $10,000 over 5 years | $15,499 | $18,728Best |
| Top 10 Weight | 4.9%Best | 37.8% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small 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 6, 2004 to Sep 18, 2026 (22.2 years).
ISCV 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.
ISCV vs SPY Performance
iShares Morningstar Small-Cap Value ETF (ISCV) 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 ISCV returned +16.45% while SPY returned +16.29%. Year to date, ISCV is up 13.17% versus a gain of 12.09% for SPY.
Over three years, ISCV compounded at +15.76% per year against +21.20% for SPY; over five years the annualized figures are +9.16% and +13.37% respectively. Across the full 22-year window we track, SPY has the edge at +9.39% annualized vs +6.84%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ISCV has been the more volatile fund, with annualized monthly volatility of 20.7% compared with 14.7% for SPY. 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 -64.8% for ISCV 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ISCV charges 0.06% per year while SPY charges 0.09%. On a $10,000 position that is $6 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, ISCV currently yields 1.82% against 0.98% for SPY.
Holdings Overlap
16.0% of ISCV's money is in holdings SPY also owns. 1.0% of SPY's money is in holdings ISCV also owns.
ISCV and SPY share little of their money.
59 positions in common, counted across the 988 positions we hold weights for in ISCV and 504 in SPY, against full books of 1,057 and 505.
What only one of them owns
Our book lists 437 positions for SPY that do not appear in our book for ISCV (98.3% of the fund), and 894 for ISCV that do not appear in SPY (78.5%).
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 ISCV | Weight in SPY | Difference |
|---|---|---|---|
| GENGen Digital Inc | 0.54% | 0.03% | 0.51% |
| BBYBest Buy Co. Inc. | 0.50% | 0.02% | 0.48% |
| HSTHost Hotels & Resorts Inc | 0.47% | 0.02% | 0.45% |
| APAApa Corp | 0.46% | 0.02% | 0.44% |
| SWKStanley Black Decker Inc. | 0.46% | 0.02% | 0.44% |
| AIZAssurant, Inc. | 0.45% | 0.02% | 0.43% |
| CRLCharles River Laboratories International Inc | 0.44% | 0.02% | 0.42% |
| MKCMccormick & Co Inc. | 0.44% | 0.02% | 0.42% |
| SJMJ M Smucker Co/The | 0.44% | 0.02% | 0.42% |
| GLGlobe Life Inc. | 0.43% | 0.02% | 0.41% |
You are not choosing between two funds in isolation.
Whichever of ISCV and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ISCV or SPY?
ISCV has an expense ratio of 0.06% while SPY charges 0.09%. ISCV is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, ISCV or SPY?
Over the past year ISCV returned +16.45% vs +16.29% for SPY, so ISCV leads on 1-year performance. Over the longest common window we track (22 years), ISCV annualized +6.84% vs +9.39% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ISCV or SPY?
ISCV has been the more volatile fund at 20.7% annualized versus 14.7% for SPY. Worst drawdown: ISCV -64.8% vs SPY -56.5%.
Should I hold both ISCV and SPY?
ISCV and SPY have a monthly-return correlation of 0.86, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between ISCV and SPY?
16.0% of ISCV's money is in holdings SPY also owns. 1.0% of SPY's is in holdings ISCV also owns. They hold 59 positions in common, counted across the 988 positions we hold weights for in ISCV and 504 in SPY.
Which pays a higher dividend, ISCV or SPY?
ISCV yields 1.82% while SPY yields 0.98%, so ISCV currently pays the higher dividend yield.
Is SPY better than ISCV?
ISCV has a lower expense ratio. ISCV led over 1Y, SPY over 3Y, 5Y and the full window. ISCV is less concentrated, with 4.9% 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.