FVD vs. IMCV

Last updated Aug 2, 2026

FVD (First Trust Value Line Dividend Index Fund) and IMCV (iShares Morningstar Mid-Cap ETF) are both Mid Cap Value Equities funds - FVD tracks the Value Line Dividend Index while IMCV tracks the Morningstar US Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, FVD returned 8.75%/yr vs 10.97%/yr for IMCV. Their correlation of 0.86 means they have usually moved in the same direction. FVD charges 0.61%/yr vs 0.06%/yr for IMCV.

Performance

FVD vs. IMCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Value Line Dividend Index Fund (FVD) 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, FVD achieves a 10.07% return, which is significantly lower than IMCV's 17.00% return. Over the past 10 years, FVD has underperformed IMCV with an annualized return of 8.75%, while IMCV has yielded a comparatively higher 10.97% annualized return.

FVD

• 1D: -0.18%
• 1M: 1.52%
• 6M: 5.94%
• YTD: 10.07%
• 1Y: 14.68%
• 3Y*: 9.72%
• 5Y*: 6.75%
• 10Y*: 8.75%
• ALL TIME*: 9.74%

IMCV

• 1D: -0.19%
• 1M: 2.38%
• 6M: 13.07%
• YTD: 17.00%
• 1Y: 27.75%
• 3Y*: 15.77%
• 5Y*: 10.87%
• 10Y*: 10.97%
• ALL TIME*: 9.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FVD First Trust Value Line Dividend Index Fund	$21.15M	$21.63M	$33.04M
IMCV iShares Morningstar Mid-Cap ETF	$2.44M	$2.33M	$2.03M

FVD vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVD First Trust Value Line Dividend Index Fund	10.07%	8.16%	10.04%	4.11%	-5.18%	25.08%	-0.02%	26.58%	-3.49%	12.51%
IMCV iShares Morningstar Mid-Cap ETF	17.00%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between FVD and IMCV is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.86

The correlation between FVD and IMCV has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

FVD vs. IMCV - Sectors Allocation Comparison

Sectors	FVD	IMCV
Financial Services	19.8%	17.7%
Utilities	17.3%	10.1%
Industrials	14.4%	11.6%
Consumer Defensive	10.9%	8.6%
Healthcare	8.2%	10.3%
Real Estate	8.1%	5.5%
Technology	6.7%	9.3%
Consumer Cyclical	5.3%	8.4%
Energy	3.5%	11.4%
Communication Services	3.1%	2.4%
Basic Materials	2.8%	4.8%

Return for Risk

FVD vs. IMCV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FVD

FVD Risk / Return Rank: 57
FVD Sharpe Ratio Rank: 60
FVD Sortino Ratio Rank: 67
FVD Omega Ratio Rank: 56
FVD Calmar Ratio Rank: 56
FVD Martin Ratio Rank: 45

IMCV

IMCV Risk / Return Rank: 90
IMCV Sharpe Ratio Rank: 91
IMCV Sortino Ratio Rank: 92
IMCV Omega Ratio Rank: 89
IMCV Calmar Ratio Rank: 90
IMCV Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FVD vs. IMCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Value Line Dividend Index Fund (FVD) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FVD	IMCV	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.29	-0.87
Sortino ratio: Return per unit of downside risk	2.19	3.33	-1.15
Omega ratio: Gain probability vs. loss probability	1.25	1.40	-0.16
Calmar ratio: Return relative to maximum drawdown	1.99	3.84	-1.86
Martin ratio: Return relative to average drawdown	5.07	14.72	-9.65

FVD vs. IMCV - Sharpe Ratio Comparison

The current FVD Sharpe Ratio is 1.42, which is lower than the IMCV Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of FVD 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.

Drawdowns

FVD vs. IMCV - Drawdown Comparison

The maximum FVD drawdown since its inception was -51.00%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for FVD and IMCV.

Drawdown Indicators

	FVD	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-51.00%	-64.74%	+13.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-6.90%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-11.97%	-18.63%	+6.66%
Max Drawdown (5Y) Largest decline over 5 years	-16.41%	-19.87%	+3.46%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	-46.33%	+11.08%
Current Drawdown Current decline from peak	-1.72%	-1.21%	-0.51%
Average Drawdown Average peak-to-trough decline	-5.42%	-8.36%	+2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	1.80%	+1.03%

Volatility

FVD vs. IMCV - Volatility Comparison

First Trust Value Line Dividend Index Fund (FVD) has a higher volatility of 4.37% compared to iShares Morningstar Mid-Cap ETF (IMCV) at 3.23%. This indicates that FVD's price experiences larger fluctuations and is considered to be riskier than IMCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVD	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	3.23%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	8.15%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	11.59%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	16.52%	-3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.47%	19.55%	-4.08%

FVD vs. IMCV - Expense Ratio Comparison

FVD has a 0.61% expense ratio, which is higher than IMCV's 0.06% expense ratio.

Dividends

FVD vs. IMCV - Dividend Comparison

FVD's dividend yield for the trailing twelve months is around 2.23%, more than IMCV's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVD First Trust Value Line Dividend Index Fund	2.23%	2.36%	2.23%	2.34%	2.20%	1.75%	2.31%	2.03%	2.50%	2.10%	2.04%	2.34%
IMCV iShares Morningstar Mid-Cap ETF	1.81%	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 FVD and IMCV in my portfolio?

FVD and IMCV have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FVD or IMCV?

FVD has higher volatility (4.37%) compared to IMCV (3.23%). In terms of maximum drawdown, FVD dropped -51.00% vs IMCV's -64.74%.

Which ETF is better, FVD or IMCV?

On 10-year performance, IMCV leads with 10.97% vs 8.75% for FVD. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FVD or IMCV?

Over the 10-year period, IMCV has performed better with a 10.97% return vs 8.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVD or IMCV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.61% for FVD.

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

FVD has the higher dividend yield at 2.23%, compared with 1.81% for IMCV.

What is the main difference between FVD and IMCV?

FVD tracks Value Line Dividend Index, while IMCV tracks Morningstar US Mid Cap Broad Value Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.61% for FVD and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.29 vs 1.42), 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.