IVV vs TAX
iShares Core S&P 500 ETF vs Cambria Tax Aware ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | IVV | TAX | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.54% | |
| AUM | $907.0B | $26M | |
| Dividend Yield | 1.10% | 0.32% | |
| Holdings | 508 | 101 | |
| YTD Return | +14.29% | +12.11% | |
| 1Y Return | +21.79% | +20.33% | |
| 3Y Return (annualized) | +22.19% | - | |
| 5Y Return (annualized) | +13.28% | - | |
| Volatility (annualized) | 15.1% | 13.3% | |
| Max Drawdown | -56.5% | -18.9% | |
| Fund Family | iShares by BlackRock (US) | Cambria Investment Management | |
| Category | Equity | Equity | |
| Inception | May 15, 2000 | Dec 18, 2024 |
IVV vs TAX Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Cambria Tax Aware ETF (TAX) is a ETF from Cambria Investment Management. Over the past year IVV returned +21.79% while TAX returned +20.33%. Year to date, IVV is up 14.29% versus a gain of 12.11% for TAX.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 13.3% for TAX. 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 -56.5% for IVV and -18.9% for TAX. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IVV charges 0.03% per year while TAX charges 0.54%. On a $10,000 position that is $3 vs $54 annually, a gap of $51 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 0.32% for TAX.
Holdings Overlap
IVV and TAX share 43 holdings out of 561 unique holdings combined, representing a 8.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or TAX?
IVV has an expense ratio of 0.03% while TAX charges 0.54%. IVV is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, IVV or TAX?
Over the past year IVV returned +21.79% vs +20.33% for TAX, so IVV leads on 1-year performance. Over the longest common window we track (2 years), IVV annualized +7.06% vs +18.63% for TAX. Past performance does not guarantee future results.
Which is riskier, IVV or TAX?
IVV has been the more volatile fund at 15.1% annualized versus 13.3% for TAX. Worst drawdown: IVV -56.5% vs TAX -18.9%.
Should I hold both IVV and TAX?
IVV and TAX have a monthly-return correlation of 0.91, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between IVV and TAX?
IVV and TAX share 43 common holdings with a 8.3% weight overlap. Combined, they hold 561 unique securities.
Which pays a higher dividend, IVV or TAX?
IVV yields 1.10% while TAX yields 0.32%, so IVV currently pays the higher dividend yield.
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