IVV vs VCV
iShares Core S&P 500 ETF vs Invesco California Value Municipal Income Trust
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 | VCV | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 3.57% | |
| AUM | $907.0B | $3,027.72 | |
| Dividend Yield | 1.10% | 7.77% | |
| Holdings | 508 | 345 | |
| YTD Return | +13.22% | -1.73% | |
| 1Y Return | +21.62% | +10.54% | |
| 3Y Return (annualized) | +22.17% | +11.08% | |
| 5Y Return (annualized) | +13.42% | -0.16% | |
| Volatility (annualized) | 15.1% | 14.3% | |
| Max Drawdown | -56.5% | -63.9% | |
| Fund Family | iShares by BlackRock (US) | Invesco (US) | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | Apr 30, 1993 |
IVV vs VCV Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Invesco California Value Municipal Income Trust (VCV) is a ETF from Invesco (US). Over the past year IVV returned +21.62% while VCV returned +10.54%. Year to date, IVV is up 13.22% versus a loss of 1.73% for VCV.
Over three years, IVV compounded at +22.17% per year against +11.08% for VCV; over five years the annualized figures are +13.42% and -0.16% respectively. Across the full 26-year window we track, IVV has the edge at +7.02% annualized vs +0.47%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 14.3% for VCV. 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 -63.9% for VCV. 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 0.25. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while VCV charges 3.57%. On a $10,000 position that is $3 vs $357 annually, a gap of $354 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 7.77% for VCV.
Holdings Overlap
IVV and VCV share 0 holdings out of 591 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or VCV?
IVV has an expense ratio of 0.03% while VCV charges 3.57%. IVV is the cheaper option. On a $10,000 investment, that is $354 per year of difference.
Which performed better, IVV or VCV?
Over the past year IVV returned +21.62% vs +10.54% for VCV, so IVV leads on 1-year performance. Over the longest common window we track (26 years), IVV annualized +7.02% vs +0.47% for VCV. Past performance does not guarantee future results.
Which is riskier, IVV or VCV?
IVV has been the more volatile fund at 15.1% annualized versus 14.3% for VCV. Worst drawdown: IVV -56.5% vs VCV -63.9%.
Should I hold both IVV and VCV?
IVV and VCV have a monthly-return correlation of 0.25, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and VCV?
IVV and VCV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 591 unique securities.
Which pays a higher dividend, IVV or VCV?
IVV yields 1.10% while VCV yields 7.77%, so VCV currently pays the higher dividend yield.
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