CAPE vs ILCV: Grades, Fees and Holdings Compared

DoubleLine Shiller CAPE U.S. Equities ETF

CAPEDNYSE Arca

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

19.2%by weight

Expense ratio

ILCV −0.61pt a year

CAPE0.65%ILCV0.04%

Avg volume · 30D

CAPE 1.3×the volume

CAPE32.5KILCV24.4K

3Y return · a year

ILCV +9.7pt

CAPE+12.9%ILCV+22.6%

CAPE vs ILCV Performance

Oct 31, 2025 – Oct 30, 2026

+3.3%CAPE+21.0%ILCV

Expense ratio: CAPE 0.65%; ILCV 0.04%, better
Fund size: CAPE $206M; ILCV $1.37B
1Y total return: CAPE +3.3%; ILCV +21.0%, better
Yield (12M): CAPE 1.58%, better; ILCV 1.51%
Holdings: CAPE 173; ILCV 375
Avg volume (30D): CAPE 32.5K sh, better; ILCV 24.4K sh
NAV per share: CAPE $32.02; ILCV $109.27
52W range

ETF.net Grade

Pillar letters and Scores for CAPE, ILCV, with each pillar’s weight
Pillar	CAPE	ILCV
Cost30% weight	F7	A99Higher
Mission25% weight	C40	A82Higher
Risk15% weight	C46	A90Higher
Tradability15% weight	D27	B64Higher
Holdings10% weight	D34	D39Higher
Durability5% weight	F21	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. CAPE and ILCV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

ILCV ranks 2nd and CAPE 94th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 2AVYMVanguard High Dividend Yield ETFScore 81
Rank 94DABLDAbacus FCF Real Assets Leaders ETFScore 27
Rank 94DCAPEDoubleLine Shiller CAPE U.S. Equities ETFScore 27
Rank 96DBAGXEA Bridgeway Aggressive Investors ETFScore 25

Our read on each fund

ETF.net Research

CAPEDDoubleLine Shiller CAPE U.S. Equities ETF

ILCVAiShares Morningstar Value ETF

In short

CAPE Nobel laureate Robert Shiller's CAPE ratio, wired into an ETF: each month it ranks the 11 US sectors on valuation, throws out the one with the worst momentum, and holds the four cheapest survivors in equal weight.

ILCV Value done the thorough way: roughly 400 large- and mid-cap US stocks screened on five separate value measures, not just cheap book value. Running since 2004 at four basis points, it's one of the cheapest tickets into the value factor.

Stated mandate

CAPE The fund seeks total returns above the S&P 500 by investing in the four cheapest U.S. large-cap sectors selected through modified CAPE valuation and momentum-based value-trap mitigation.

ILCV The fund seeks to track an index of U.S. large- and mid-cap stocks selected with value-oriented measures including forward earnings, book value, sales, cash flow, and dividend yield.

Why people hold it

CAPE The rulebook is legible: five cheapest sectors by a modified CAPE ratio, minus the weakest 12-month performer, equal weight across the four left standing, rebalanced monthly.doubleline.com
Four equal-weight sector sleeves out of eleven is a genuinely different shape from the cap-weighted S&P 500 the fund names as its benchmark.doubleline.com
The momentum screen exists for one job: keeping the portfolio out of sectors that are cheap because something is broken, not because they are overlooked.doubleline.com
DoubleLine runs it actively against an index it built with Barclays and Shiller, live in ETF form since 2022.prnewswire.com

ILCV Charges 0.04% a year against a 0.32% median for its factor peer group. Undercuts well-regarded rivals like VONV (0.06%) and FNDX (0.25%).
Value gets defined five ways: forward earnings, book value, sales, cash flow and dividend yield. Wider lens than a single price-to-book screen.ishares.com
Spreads the bet across about 400 large- and mid-cap names and distributes quarterly.
Trading since 2004 and now a multi-billion-dollar fund, it ranks among the strongest implementations in its factor cohort.

Worth knowing

CAPE At 0.65% a year it runs well above the US multifactor median near 0.32%, and above value peers such as FNDX (0.25%) or VONV (0.06%).
Concentration cuts both ways: holding four of eleven sectors means results can diverge widely from the S&P 500 in either direction.doubleline.com
Thinly traded for its category, and unlike a traditional ETF it does not publish holdings daily, so spreads can be wider and the portfolio less visible.doubleline.com

ILCV One of the quieter tickers in its category. Thin volume means spreads matter more here than on a mega-cap index fund, and limit orders are the usual tool.
Value-only by design. It skips the market's priciest growth leaders, so it moves differently from a total-market fund in both directions.ishares.com
Large and mid caps only. Small-cap value sits outside the mandate.

Full CAPE profile⁠

Full ILCV profile⁠

CAPE vs ILCV Holdings

How CAPE and ILCV differ

Overlap by weight

19.2%

Shared holdings make up 76.6% of CAPE and 19.2% of ILCV.

Level by level

Holdings94 in both19.2%
Sector11 Sectors20.1%
Countryby domicile98.6%
Asset classEquity100%

Sector

Sector weights in CAPE and ILCV, widest gap first
Sector	More in CAPEMore in ILCV	CAPE	ILCV
Technology	ILCV +23.6 points	0.3%	23.9%
Real Estate	CAPE +22.8 points	24.5%	1.7%
Consumer Discretionary	CAPE +20.3 points	28.9%	8.6%
Materials	CAPE +19.4 points	21.5%	2.1%
Financials	ILCV +17.7 points	0.0%	17.7%
Consumer Staples	CAPE +17.4 points	24.7%	7.3%
Health Care	ILCV +13.4 points	0.0%	13.4%
Communication	ILCV +8.7 points	0.1%	8.8%
Industrials	ILCV +6.9 points	0.0%	6.9%
Energy	ILCV +6.6 points	0.0%	6.6%
Utilities	ILCV +3.0 points	0.0%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in CAPE and ILCV, widest gap first
Country	More in CAPEMore in ILCV	CAPE	ILCV
United States	ILCV +1.0 points	98.2%	99.2%
Ireland	CAPE +0.7 points	0.8%	0.1%
United Kingdom	CAPE +0.6 points	0.7%	0.1%
Other countries (3)	ILCV +0.3 points	0.3%	0.6%

Concentration

Weight in the 10 largest Holdings

CAPE29.0%
ILCV34.4%

Securities held

CAPE170
ILCV372

Asset class

CAPE: Equity
ILCV: Equity

Holdings

Only in CAPE76
In both94
Only in ILCV278

Only in CAPE

76 securities, 23.2% of CAPE by weight

Welltower Inc2.76%
Freeport-McMoRan Inc1.62%
Ecolab Inc1.21%
Vulcan Materials Co1.09%
Monster Beverage Corp1.05%
Martin Marietta Materials Inc1.03%
Vivmark Residential0.86%
Ventas Inc0.80%
Ball Corp0.57%
DoorDash Inc0.55%
Airbnb Inc0.48%
O'Reilly Automotive Inc0.46%
Avery Dennison Corp0.45%
Hilton Worldwide Holdings Inc0.45%
Casey's General Stores Inc0.44%
Royal Caribbean Cruises Ltd0.42%
Estee Lauder Cos Inc/The0.41%
Carvana Co0.33%
Jones Lang LaSalle Inc0.31%
AutoZone Inc0.31%
Chipotle Mexican Grill Inc0.30%
Healthpeak Properties Inc0.26%
Mosaic Co/The0.26%
Host Hotels & Resorts Inc0.25%
Omega Healthcare Investors Inc0.24%
CoStar Group Inc0.24%
Lamar Advertising Co0.23%
J M Smucker Co/The0.22%
Regency Centers Corp0.22%
Equity LifeStyle Properties In0.22%
AGNC Investment Corp0.22%
McCormick & Co Inc/MD0.22%
Gaming and Leisure Properties0.21%
UDR Inc0.20%
EastGroup Properties Inc0.19%
Camden Property Trust0.19%
American Homes 4 Rent0.19%
Clorox Co/The0.19%
BXP Inc0.18%
Federal Realty Investment Trus0.16%
CubeSmart0.16%
Brixmor Property Group Inc0.16%
Agree Realty Corp0.16%
NNN REIT Inc0.16%
Rexford Industrial Realty Inc0.15%
First Industrial Realty Trust0.15%
Alexandria Real Estate Equitie0.15%
STAG Industrial Inc0.13%
Healthcare Realty Trust Inc0.12%
Vornado Realty Trust0.11%

Only in ILCV

278 securities, 80.6% of ILCV by weight

Microsoft8.45%
Apple7.24%
Berkshire Hathaway Inc Class B2.84%
JPMorgan Chase & Co2.60%
Meta Platforms Class A2.50%
Exxonmobil Holdings Corp2.14%
Alphabet Class A2.04%
Johnson & Johnson1.89%
Alphabet Class C1.65%
AbbVie1.46%
Micron Technology1.35%
Chevron1.23%
Cisco Systems Inc1.22%
UnitedHealth Group1.05%
Merck & Co Inc1.03%
Visa Class A1.00%
Bank of America0.94%
Goldman Sachs Group0.77%
Rtx0.76%
Thermo Fisher Scientific0.75%
Wells Fargo0.73%
Amgen Inc0.71%
International Business Machines Co0.69%
Morgan Stanley0.64%
Mastercard Class A0.63%
Citigroup0.60%
Gilead Sciences0.58%
Qualcomm0.56%
Walt Disney0.54%
Salesforce0.52%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Conocophillips0.51%
Union Pacific0.51%
Nextera Energy0.49%
Pfizer0.49%
BlackRock0.46%
Texas Instrument0.45%
Danaher0.43%
Accenture PLC Class A0.43%
AT&T0.41%
Caterpillar Inc0.38%
Progressive0.38%
Chubb0.36%
Capital One Financial Corp0.36%
Lockheed Martin0.36%
Bristol Myers Squibb0.36%
Medtronic PLC0.35%
American Express0.35%
Oracle0.35%

Weight gaps

All 94 Holdings in both funds, largest gap first.

Holding weights in CAPE and ILCV, widest gap first
Holding	More in CAPEMore in ILCV	CAPE	ILCV
Tesla IncTSLA	CAPE +3.03 points	4.27%	1.24%
Amazon.com IncAMZN	CAPE +2.96 points	6.04%	3.08%
Linde PLCLIN	CAPE +2.69 points	3.35%	0.66%
Prologis IncPLD	CAPE +1.89 points	2.24%	0.35%
Newmont CorpNEM	CAPE +1.66 points	1.99%	0.33%
Walmart IncWMT	CAPE +1.56 points	2.47%	0.91%
Costco Wholesale CorpCOST	CAPE +1.53 points	2.24%	0.71%
Corteva IncCTVA	CAPE +1.24 points	1.25%	<0.01%
Sherwin-Williams Co/TheSHW	CAPE +1.15 points	1.23%	0.08%
Air Products and Chemicals IncAPD	CAPE +1.12 points	1.23%	0.11%
Digital Realty Trust IncDLR	CAPE +1.10 points	1.17%	0.07%
Nucor CorpNUE	CAPE +1.03 points	1.10%	0.07%
Simon Property Group IncSPG	CAPE +1.01 points	1.11%	0.10%
Colgate-Palmolive CoCL	CAPE +0.99 points	1.13%	0.14%
Equinix IncEQIX	CAPE +1.00 points	1.12%	0.12%
Target CorpTGT	CAPE +0.97 points	1.17%	0.20%
Realty Income CorpO	CAPE +0.93 points	1.03%	0.10%
Steel Dynamics IncSTLD	CAPE +0.93 points	0.96%	0.03%
Crh PLCCRH	CAPE +0.93 points	1.04%	0.11%
Mondelez International IncMDLZ	CAPE +0.87 points	1.10%	0.23%
Public StoragePSA	CAPE +0.83 points	0.93%	0.10%
Coca-Cola Co/TheKO	CAPE +0.81 points	1.84%	1.03%
PPG Industries IncPPG	CAPE +0.77 points	0.85%	0.08%
Smurfit WestRock PLCSW	CAPE +0.77 points	0.83%	0.06%
American Tower CorpAMT	CAPE +0.76 points	1.01%	0.25%
Procter & Gamble Co/ThePG	CAPE +0.75 points	1.81%	1.06%
CBRE Group IncCBRE	CAPE +0.72 points	0.78%	0.06%
Altria Group IncMO	CAPE +0.70 points	1.06%	0.36%
International Flavors & FragraIFF	CAPE +0.68 points	0.75%	0.07%
Dow IncDOW	CAPE +0.68 points	0.75%	0.07%
Packaging Corp of AmericaPKG	CAPE +0.67 points	0.70%	0.03%
Amcor PLCAMCR	CAPE +0.66 points	0.72%	0.06%
International Paper CoIP	CAPE +0.65 points	0.68%	0.03%
Philip Morris International InPM	CAPE +0.64 points	1.56%	0.92%
Booking Holdings IncBKNG	CAPE +0.64 points	0.96%	0.32%
CF Industries Holdings IncCF	CAPE +0.62 points	0.67%	0.05%
Iron Mountain IncIRM	CAPE +0.59 points	0.62%	0.03%
Starbucks CorpSBUX	CAPE +0.58 points	0.75%	0.17%
PepsiCo IncPEP	CAPE +0.58 points	1.10%	0.52%
TJX Cos Inc/TheTJX	CAPE +0.58 points	0.86%	0.28%
Keurig Dr Pepper IncKDP	CAPE +0.56 points	0.70%	0.14%
Archer-Daniels-Midland CoADM	CAPE +0.53 points	0.63%	0.10%
Albemarle CorpALB	CAPE +0.53 points	0.54%	0.01%
LyondellBasell Industries NVLYB	CAPE +0.52 points	0.57%	0.05%
Sysco CorpSYY	CAPE +0.51 points	0.62%	0.11%
Crown Castle IncCCI	CAPE +0.49 points	0.60%	0.11%
McDonald's CorpMCD	CAPE +0.49 points	1.01%	0.52%
Kenvue IncKVUE	CAPE +0.48 points	0.58%	0.10%
Extra Space Storage IncEXR	CAPE +0.48 points	0.54%	0.06%
Kimberly-Clark CorpKMB	CAPE +0.47 points	0.57%	0.10%
VICI Properties IncVICI	CAPE +0.43 points	0.51%	0.08%
Home Depot Inc/TheHD	CAPE +0.42 points	1.35%	0.93%
Kroger Co/TheKR	CAPE +0.41 points	0.52%	0.11%
Ross Stores IncROST	CAPE +0.40 points	0.46%	0.06%
Hershey Co/TheHSY	CAPE +0.40 points	0.42%	0.02%
Lowe's Cos IncLOW	CAPE +0.38 points	0.71%	0.33%
Dollar General CorpDG	CAPE +0.37 points	0.45%	0.08%
Church & Dwight Co IncCHD	CAPE +0.35 points	0.38%	0.03%
SBA Communications CorpSBAC	CAPE +0.34 points	0.37%	0.03%
Marriott International Inc/MDMAR	CAPE +0.31 points	0.46%	0.15%
Essex Property Trust IncESS	CAPE +0.31 points	0.33%	0.02%
General Mills IncGIS	CAPE +0.30 points	0.35%	0.05%
Dollar Tree IncDLTR	CAPE +0.30 points	0.37%	0.07%
Kraft Heinz Co/TheKHC	CAPE +0.29 points	0.35%	0.06%
Weyerhaeuser CoWY	CAPE +0.30 points	0.31%	0.01%
General Motors CoGM	CAPE +0.27 points	0.48%	0.21%
Annaly Capital Management IncNLY	CAPE +0.26 points	0.30%	0.04%
Invitation Homes IncINVH	CAPE +0.27 points	0.29%	0.02%
Garmin LtdGRMN	CAPE +0.25 points	0.29%	0.04%
Kimco Realty CorpKIM	CAPE +0.24 points	0.29%	0.05%
WP Carey IncWPC	CAPE +0.24 points	0.28%	0.04%
Constellation Brands IncSTZ	CAPE +0.24 points	0.29%	0.05%
Sun Communities IncSUI	CAPE +0.23 points	0.25%	0.02%
Mid-America Apartment CommunitMAA	CAPE +0.23 points	0.27%	0.04%
Yum! Brands IncYUM	CAPE +0.22 points	0.26%	0.04%
Bunge Global SABG	CAPE +0.21 points	0.25%	0.04%
Tyson Foods IncTSN	CAPE +0.20 points	0.25%	0.05%
Ford Motor CoF	CAPE +0.20 points	0.34%	0.14%
eBay IncEBAY	CAPE +0.19 points	0.28%	0.09%
Expedia Group IncEXPE	CAPE +0.19 points	0.23%	0.04%
NIKE IncNKE	CAPE +0.16 points	0.29%	0.13%
DR Horton IncDHI	CAPE +0.14 points	0.24%	0.10%
Tapestry IncTPR	CAPE +0.13 points	0.15%	0.02%
Carnival Corp LtdCCL	CAPE +0.13 points	0.19%	0.06%
Williams-Sonoma IncWSM	CAPE +0.12 points	0.17%	0.05%
Ulta Beauty IncULTA	CAPE +0.11 points	0.14%	0.03%
Darden Restaurants IncDRI	CAPE +0.11 points	0.15%	0.04%
PulteGroup IncPHM	CAPE +0.08 points	0.15%	0.07%
Las Vegas Sands CorpLVS	CAPE +0.07 points	0.08%	0.01%
Genuine Parts CoGPC	CAPE +0.07 points	0.12%	0.05%
Tractor Supply CoTSCO	CAPE +0.06 points	0.11%	0.05%
Lennar CorpLEN	CAPE +0.06 points	0.11%	0.05%
NVR IncNVR	CAPE +0.06 points	0.10%	0.04%
Lululemon Athletica IncLULU	CAPE +0.05 points	0.08%	0.03%

All CAPE holdings⁠All 372 ILCV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CAPE vs ILCV Cost

Overpaying CAPE vs ILCV

$11,868

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CAPE 0.65%
$12,717
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

CAPE 0.65%
ILCV 0.04%
Overpaying

Year by year

Year	CAPE	ILCV	Overpaying
10	$1,163	$73	$1,090
20	$4,440	$288	$4,152
30	$12,717	$849	$11,868

Expense ratio

0.65%CAPE
0.04%ILCV, cheaper

ILCV0.04%CAPE0.65%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

CAPE 91st cheapest of 99 funds

CAPE vs ILCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CAPE 1.58%, better; ILCV 1.51%
Payout (12M): CAPE $0.51; ILCV $1.65
Last payment: CAPE $0.17; ILCV $0.42
Ex-dividend: CAPE Oct 1, 2026; ILCV Sep 15, 2026
Paid on: CAPE Oct 7, 2026; ILCV Sep 18, 2026
Frequency: CAPE Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CAPEQuarterly · 18 paymentsAll CAPE payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

CAPE vs ILCV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CAPE 13.0%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: CAPE 0.66ILCV 1.57, better
Worst fallMax drawdown, 5 years: CAPE −22.1%since Mar 2022ILCV −18.6%
Market sensitivityBeta, 5 years: CAPE 0.78ILCV 0.82; Market = 1

CAPE and ILCV in the news

All news⁠

Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026CAPE

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CAPE vs ILCV

In short

Stated mandate

Why people hold it

Worth knowing

How CAPE and ILCV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CAPE

Only in ILCV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

US multifactor funds ran 30 points apart

How CAPE and ILCV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CAPE

Only in ILCV

Weight gaps