IEFA vs. IMCV

Last updated Jun 9, 2026

IEFA (iShares Core MSCI EAFE ETF) and IMCV (iShares Morningstar Mid-Cap ETF) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), while IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, IEFA returned 9.37%/yr vs 10.39%/yr for IMCV. A 0.73 correlation means they provide meaningful diversification when combined. IEFA charges 0.07%/yr vs 0.06%/yr for IMCV.

Performance

IEFA vs. IMCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) 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, IEFA achieves a 7.49% return, which is significantly lower than IMCV's 9.75% return. Over the past 10 years, IEFA has underperformed IMCV with an annualized return of 9.37%, while IMCV has yielded a comparatively higher 10.39% annualized return.

IEFA

• 1D: 0.63%
• 1M: -1.17%
• YTD: 7.49%
• 6M: 10.04%
• 1Y: 19.61%
• 3Y*: 16.13%
• 5Y*: 7.82%
• 10Y*: 9.37%

IMCV

• 1D: -0.41%
• 1M: 1.84%
• YTD: 9.75%
• 6M: 11.34%
• 1Y: 22.85%
• 3Y*: 16.05%
• 5Y*: 8.79%
• 10Y*: 10.39%

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

IEFA vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEFA iShares Core MSCI EAFE ETF	7.49%	32.08%	3.26%	17.95%	-15.24%	11.63%	8.18%	22.64%	-14.14%	26.57%
IMCV iShares Morningstar Mid-Cap ETF	9.75%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between IEFA and IMCV is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.73

The correlation between IEFA and IMCV has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

IEFA vs. IMCV - Sectors Allocation Comparison

Sectors	IEFA	IMCV
Financial Services	22.5%	15.6%
Industrials	20.1%	12.1%
Technology	10.8%	9.1%
Healthcare	9.5%	8.5%
Consumer Cyclical	8.0%	8.7%
Basic Materials	7.0%	6.5%
Consumer Defensive	6.6%	8.9%
Communication Services	4.4%	2.5%
Energy	3.8%	12.5%
Utilities	3.6%	10.0%
Real Estate	3.0%	5.6%

Return for Risk

IEFA vs. IMCV — Risk / Return Rank

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

IEFA

IEFA Risk / Return Rank: 40
IEFA Sharpe Ratio Rank: 41
IEFA Sortino Ratio Rank: 40
IEFA Omega Ratio Rank: 40
IEFA Calmar Ratio Rank: 38
IEFA Martin Ratio Rank: 43

IMCV

IMCV Risk / Return Rank: 69
IMCV Sharpe Ratio Rank: 67
IMCV Sortino Ratio Rank: 71
IMCV Omega Ratio Rank: 64
IMCV Calmar Ratio Rank: 73
IMCV Martin Ratio Rank: 73

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.

IEFA vs. IMCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) 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.

	IEFA	IMCV	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.97	-0.68
Sortino ratio: Return per unit of downside risk	1.88	2.87	-0.99
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.11
Calmar ratio: Return relative to maximum drawdown	1.71	3.32	-1.61
Martin ratio: Return relative to average drawdown	6.52	12.40	-5.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEFA vs. IMCV - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.30, which is lower than the IMCV Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of IEFA 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

	IEFA	IMCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.97	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.53	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.53	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.47	+0.03

Drawdowns

IEFA vs. IMCV - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for IEFA and IMCV.

Drawdown Indicators

	IEFA	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-34.78%	-64.74%	+29.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-6.90%	-4.60%
Max Drawdown (3Y) Largest decline over 3 years	-13.76%	-18.63%	+4.87%
Max Drawdown (5Y) Largest decline over 5 years	-30.41%	-19.87%	-10.54%
Max Drawdown (10Y) Largest decline over 10 years	-34.78%	-46.33%	+11.55%
Current Drawdown Current decline from peak	-2.44%	-1.07%	-1.37%
Average Drawdown Average peak-to-trough decline	-6.69%	-8.41%	+1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	1.85%	+1.17%

Volatility

IEFA vs. IMCV - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 4.54% compared to iShares Morningstar Mid-Cap ETF (IMCV) at 2.35%. This indicates that IEFA'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

	IEFA	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	2.35%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	12.74%	8.05%	+4.69%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	11.66%	+3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	16.64%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.32%	19.66%	-2.34%

IEFA vs. IMCV - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is higher than IMCV's 0.06% 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

IEFA vs. IMCV - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.30%, more than IMCV's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEFA iShares Core MSCI EAFE ETF	3.30%	3.55%	3.47%	3.20%	2.70%	3.32%	1.90%	3.18%	3.46%	2.57%	2.96%	2.63%
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 IEFA and IMCV in my portfolio?

IEFA and IMCV have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEFA or IMCV?

IEFA has higher volatility (4.54%) compared to IMCV (2.35%). In terms of maximum drawdown, IEFA dropped -34.78% vs IMCV's -64.74%.

Which ETF is better, IEFA or IMCV?

On 10-year performance, IMCV leads with 10.39% vs 9.37% for IEFA. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEFA or IMCV?

Over the 10-year period, IMCV has performed better with a 10.39% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEFA or IMCV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.07% for IEFA.

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

IEFA has the higher dividend yield at 3.30%, compared with 1.94% for IMCV.

What is the main difference between IEFA and IMCV?

IEFA is categorized as Foreign Large Cap Equities, while IMCV is Mid Cap Value Equities. IEFA tracks MSCI EAFE IMI Index (Net), while IMCV tracks Morningstar US Mid Cap Broad Value Index. Their fees differ too: 0.07% for IEFA and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (1.97 vs 1.30), 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.