CVAR vs. IMCV

Last updated Jun 3, 2026

CVAR (Cultivar ETF) and IMCV (iShares Morningstar Mid-Cap ETF) are both Mid Cap Value Equities funds. CVAR is actively managed, while IMCV is passively managed. Over the past 3 years, CVAR returned 8.68%/yr vs 16.66%/yr for IMCV. Their correlation of 0.87 suggests significant overlap in exposure. CVAR charges 0.87%/yr vs 0.06%/yr for IMCV.

Performance

CVAR vs. IMCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cultivar ETF (CVAR) and iShares Morningstar Mid-Cap ETF (IMCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVAR achieves a 1.44% return, which is significantly lower than IMCV's 9.96% return.

CVAR

• 1D: -0.64%
• 1M: 0.22%
• YTD: 1.44%
• 6M: 3.18%
• 1Y: 13.79%
• 3Y*: 8.68%
• 5Y*: —
• 10Y*: —

IMCV

• 1D: -0.21%
• 1M: 2.12%
• YTD: 9.96%
• 6M: 11.32%
• 1Y: 23.41%
• 3Y*: 16.66%
• 5Y*: 8.69%
• 10Y*: 10.40%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CVAR vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CVAR Cultivar ETF	1.44%	14.95%	3.12%	11.74%	-5.03%	0.71%
IMCV iShares Morningstar Mid-Cap ETF	9.96%	13.52%	12.28%	11.89%	-6.98%	2.09%

Correlation

The correlation between CVAR and IMCV is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 27, 2021	0.87

The correlation between CVAR and IMCV has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

CVAR vs. IMCV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CVAR

CVAR Risk / Return Rank: 32
CVAR Sharpe Ratio Rank: 33
CVAR Sortino Ratio Rank: 33
CVAR Omega Ratio Rank: 31
CVAR Calmar Ratio Rank: 33
CVAR Martin Ratio Rank: 28

IMCV

IMCV Risk / Return Rank: 63
IMCV Sharpe Ratio Rank: 59
IMCV Sortino Ratio Rank: 62
IMCV Omega Ratio Rank: 58
IMCV Calmar Ratio Rank: 68
IMCV Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CVAR vs. IMCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cultivar ETF (CVAR) and iShares Morningstar Mid-Cap ETF (IMCV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CVAR	IMCV	Difference
Sharpe ratio Return per unit of total volatility	1.22	2.02	-0.81
Sortino ratio Return per unit of downside risk	1.80	2.94	-1.14
Omega ratio Gain probability vs. loss probability	1.21	1.36	-0.15
Calmar ratio Return relative to maximum drawdown	1.68	3.41	-1.73
Martin ratio Return relative to average drawdown	4.12	12.72	-8.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVAR vs. IMCV - Sharpe Ratio Comparison

The current CVAR Sharpe Ratio is 1.22, which is lower than the IMCV Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of CVAR and IMCV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVAR	IMCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	2.02	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.47	-0.10

Drawdowns

CVAR vs. IMCV - Drawdown Comparison

The maximum CVAR drawdown since its inception was -19.39%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for CVAR and IMCV.

Drawdown Indicators

	CVAR	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-19.39%	-64.74%	+45.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-6.90%	-1.55%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-18.63%	+3.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.33%	—
Current Drawdown Current decline from peak	-5.46%	-0.21%	-5.25%
Average Drawdown Average peak-to-trough decline	-5.51%	-8.42%	+2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	1.85%	+1.59%

Volatility

CVAR vs. IMCV - Volatility Comparison

The current volatility for Cultivar ETF (CVAR) is 2.15%, while iShares Morningstar Mid-Cap ETF (IMCV) has a volatility of 2.56%. This indicates that CVAR experiences smaller price fluctuations and is considered to be less risky than IMCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVAR	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	2.56%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	7.45%	8.00%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.40%	11.63%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	16.63%	-1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.47%	19.66%	-4.19%

CVAR vs. IMCV - Expense Ratio Comparison

CVAR has a 0.87% expense ratio, which is higher than IMCV's 0.06% expense ratio.

Dividends

CVAR vs. IMCV - Dividend Comparison

CVAR's dividend yield for the trailing twelve months is around 1.50%, less than IMCV's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVAR Cultivar ETF	1.50%	1.53%	3.57%	1.41%	5.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IMCV iShares Morningstar Mid-Cap ETF	1.94%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%

Frequently Asked Questions

Can I hold both CVAR and IMCV in my portfolio?

CVAR and IMCV have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVAR or IMCV?

IMCV has higher volatility (2.56%) compared to CVAR (2.15%). In terms of maximum drawdown, CVAR dropped -19.39% vs IMCV's -64.74%.

Which ETF is better, CVAR or IMCV?

On 3-year performance, IMCV leads with 16.66% vs 8.68% for CVAR. On fees, IMCV is cheaper at 0.06% per year. On volatility, CVAR has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVAR or IMCV?

Over the 3-year period, IMCV has performed better with a 16.66% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVAR or IMCV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.87% for CVAR.

Which ETF pays a higher dividend yield, CVAR or IMCV?

IMCV has the higher dividend yield at 1.94%, compared with 1.50% for CVAR.

What is the main difference between CVAR and IMCV?

They also come from different issuers: Cultivar and iShares. Their fees differ too: 0.87% for CVAR and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.02 vs 1.22), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.