CVMC vs. IMCB

Last updated Jun 4, 2026

CVMC (Calvert US Mid-Cap Core Responsible Index ETF) and IMCB (iShares Morningstar Mid-Cap ETF) are both Mid Cap Blend Equities funds - CVMC tracks the Russell Midcap Index while IMCB tracks the IMCB-US - Morningstar U.S. Mid Cap Index. Both are passively managed. Over the past 3 years, CVMC returned 16.44%/yr vs 17.84%/yr for IMCB. With a 0.98 correlation, they move nearly in lockstep. CVMC charges 0.15%/yr vs 0.04%/yr for IMCB.

Performance

CVMC vs. IMCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Mid-Cap Core Responsible Index ETF (CVMC) and iShares Morningstar Mid-Cap ETF (IMCB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVMC achieves a 15.51% return, which is significantly higher than IMCB's 14.72% return.

CVMC

• 1D: -0.01%
• 1M: 6.27%
• YTD: 15.51%
• 6M: 15.72%
• 1Y: 25.78%
• 3Y*: 16.44%
• 5Y*: —
• 10Y*: —

IMCB

• 1D: -0.24%
• 1M: 5.22%
• YTD: 14.72%
• 6M: 14.61%
• 1Y: 23.24%
• 3Y*: 17.84%
• 5Y*: 8.81%
• 10Y*: 11.32%

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

CVMC vs. IMCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVMC Calvert US Mid-Cap Core Responsible Index ETF	15.51%	9.52%	12.57%	4.40%
IMCB iShares Morningstar Mid-Cap ETF	14.72%	10.25%	15.10%	6.07%

Correlation

The correlation between CVMC and IMCB is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.98

The correlation between CVMC and IMCB has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

CVMC vs. IMCB - Sectors Allocation Comparison

Sectors	CVMC	IMCB
Technology	20.9%	21.3%
Industrials	20.6%	19.0%
Financial Services	13.1%	12.0%
Healthcare	10.1%	7.9%
Consumer Cyclical	10.0%	9.0%
Real Estate	7.1%	4.3%
Utilities	6.0%	6.2%
Consumer Defensive	5.5%	5.1%
Communication Services	2.9%	2.3%
Basic Materials	2.6%	5.3%
Energy	1.1%	7.4%

Return for Risk

CVMC vs. IMCB — Risk / Return Rank

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

CVMC

CVMC Risk / Return Rank: 57
CVMC Sharpe Ratio Rank: 55
CVMC Sortino Ratio Rank: 58
CVMC Omega Ratio Rank: 53
CVMC Calmar Ratio Rank: 57
CVMC Martin Ratio Rank: 62

IMCB

IMCB Risk / Return Rank: 56
IMCB Sharpe Ratio Rank: 53
IMCB Sortino Ratio Rank: 53
IMCB Omega Ratio Rank: 51
IMCB Calmar Ratio Rank: 58
IMCB Martin Ratio Rank: 63

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.

CVMC vs. IMCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) and iShares Morningstar Mid-Cap ETF (IMCB). 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.

	CVMC	IMCB	Difference
Sharpe ratio Return per unit of total volatility	1.86	1.83	+0.03
Sortino ratio Return per unit of downside risk	2.75	2.61	+0.14
Omega ratio Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio Return relative to maximum drawdown	2.77	2.90	-0.13
Martin ratio Return relative to average drawdown	11.15	11.50	-0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVMC vs. IMCB - Sharpe Ratio Comparison

The current CVMC Sharpe Ratio is 1.86, which is comparable to the IMCB Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of CVMC and IMCB, 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

	CVMC	IMCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.83	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.50	+0.27

Drawdowns

CVMC vs. IMCB - Drawdown Comparison

The maximum CVMC drawdown since its inception was -22.53%, smaller than the maximum IMCB drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for CVMC and IMCB.

Drawdown Indicators

	CVMC	IMCB	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-58.80%	+36.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-8.05%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-22.53%	-19.80%	-2.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.99%	—
Current Drawdown Current decline from peak	-0.01%	-0.24%	+0.23%
Average Drawdown Average peak-to-trough decline	-4.18%	-7.73%	+3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.03%	+0.29%

Volatility

CVMC vs. IMCB - Volatility Comparison

Calvert US Mid-Cap Core Responsible Index ETF (CVMC) has a higher volatility of 3.95% compared to iShares Morningstar Mid-Cap ETF (IMCB) at 3.31%. This indicates that CVMC's price experiences larger fluctuations and is considered to be riskier than IMCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVMC	IMCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	3.31%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	9.58%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	12.75%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.46%	17.57%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	19.65%	-3.19%

CVMC vs. IMCB - Expense Ratio Comparison

CVMC has a 0.15% expense ratio, which is higher than IMCB's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CVMC vs. IMCB - Dividend Comparison

CVMC's dividend yield for the trailing twelve months is around 1.17%, less than IMCB's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVMC Calvert US Mid-Cap Core Responsible Index ETF	1.17%	1.39%	1.21%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IMCB iShares Morningstar Mid-Cap ETF	1.21%	1.42%	1.43%	1.55%	1.70%	1.08%	1.12%	1.32%	1.80%	1.31%	1.79%	1.47%

Frequently Asked Questions

Can I hold both CVMC and IMCB in my portfolio?

With a correlation of 0.98, CVMC and IMCB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CVMC or IMCB?

CVMC has higher volatility (3.95%) compared to IMCB (3.31%). In terms of maximum drawdown, CVMC dropped -22.53% vs IMCB's -58.80%.

Which ETF is better, CVMC or IMCB?

On 3-year performance, IMCB leads with 17.84% vs 16.44% for CVMC. On fees, IMCB is cheaper at 0.04% per year. On volatility, IMCB has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVMC or IMCB?

Over the 3-year period, IMCB has performed better with a 17.84% return vs 16.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVMC or IMCB?

IMCB is cheaper with a 0.04% expense ratio, compared with 0.15% for CVMC.

Which ETF pays a higher dividend yield, CVMC or IMCB?

IMCB has the higher dividend yield at 1.21%, compared with 1.17% for CVMC.

What is the main difference between CVMC and IMCB?

CVMC tracks Russell Midcap Index, while IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index. They also come from different issuers: Calvert and iShares. Their fees differ too: 0.15% for CVMC and 0.04% for IMCB.

Which has better risk-adjusted returns?

CVMC currently has the higher Sharpe Ratio (1.86 vs 1.83), 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.