IMCB vs. CPAI

Last updated Jun 3, 2026

IMCB (iShares Morningstar Mid-Cap ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both Mid Cap Blend Equities funds. IMCB is passively managed, while CPAI is actively managed. Over the past year, IMCB returned 24.63% vs 49.88% for CPAI. Their correlation of 0.80 suggests significant overlap in exposure. IMCB charges 0.04%/yr vs 0.75%/yr for CPAI.

Performance

IMCB vs. CPAI - Performance Comparison

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

Returns By Period

In the year-to-date period, IMCB achieves a 15.00% return, which is significantly lower than CPAI's 29.80% return.

IMCB

• 1D: 1.17%
• 1M: 4.93%
• YTD: 15.00%
• 6M: 15.90%
• 1Y: 24.63%
• 3Y*: 17.94%
• 5Y*: 9.00%
• 10Y*: 11.35%

CPAI

• 1D: 0.66%
• 1M: 9.81%
• YTD: 29.80%
• 6M: 31.62%
• 1Y: 49.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMCB vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IMCB iShares Morningstar Mid-Cap ETF	15.00%	10.25%	15.10%	8.35%
CPAI Counterpoint Quantitative Equity ETF	29.80%	17.79%	28.37%	6.69%

Correlation

The correlation between IMCB and CPAI is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.80

The correlation between IMCB and CPAI has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

IMCB vs. CPAI - Sectors Allocation Comparison

Sectors	IMCB	CPAI
Technology	21.3%	45.4%
Industrials	19.0%	5.7%
Financial Services	12.0%	4.3%
Consumer Cyclical	9.0%	4.2%
Healthcare	7.9%	16.0%
Energy	7.4%	3.7%
Utilities	6.2%	-
Basic Materials	5.3%	3.3%
Consumer Defensive	5.1%	9.5%
Real Estate	4.3%	-
Communication Services	2.3%	7.9%

Return for Risk

IMCB vs. CPAI — Risk / Return Rank

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

IMCB

IMCB Risk / Return Rank: 59
IMCB Sharpe Ratio Rank: 56
IMCB Sortino Ratio Rank: 57
IMCB Omega Ratio Rank: 54
IMCB Calmar Ratio Rank: 61
IMCB Martin Ratio Rank: 66

CPAI

CPAI Risk / Return Rank: 82
CPAI Sharpe Ratio Rank: 84
CPAI Sortino Ratio Rank: 80
CPAI Omega Ratio Rank: 77
CPAI Calmar Ratio Rank: 86
CPAI Martin Ratio Rank: 84

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.

IMCB vs. CPAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCB) and Counterpoint Quantitative Equity ETF (CPAI). 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.

	IMCB	CPAI	Difference
Sharpe ratio Return per unit of total volatility	1.94	2.78	-0.84
Sortino ratio Return per unit of downside risk	2.75	3.62	-0.88
Omega ratio Gain probability vs. loss probability	1.34	1.47	-0.13
Calmar ratio Return relative to maximum drawdown	3.08	4.83	-1.75
Martin ratio Return relative to average drawdown	12.25	17.69	-5.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMCB vs. CPAI - Sharpe Ratio Comparison

The current IMCB Sharpe Ratio is 1.94, which is lower than the CPAI Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of IMCB and CPAI, 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

	IMCB	CPAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	2.78	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.84	-1.33

Drawdowns

IMCB vs. CPAI - Drawdown Comparison

The maximum IMCB drawdown since its inception was -58.80%, which is greater than CPAI's maximum drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for IMCB and CPAI.

Drawdown Indicators

	IMCB	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-58.80%	-21.46%	-37.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-10.48%	+2.43%
Max Drawdown (3Y) Largest decline over 3 years	-19.80%	—	—
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.73%	-2.98%	-4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	2.87%	-0.84%

Volatility

IMCB vs. CPAI - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCB) is 3.37%, while Counterpoint Quantitative Equity ETF (CPAI) has a volatility of 4.89%. This indicates that IMCB experiences smaller price fluctuations and is considered to be less risky than CPAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCB	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	4.89%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	14.37%	-4.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	18.03%	-5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	19.16%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	19.16%	+0.49%

IMCB vs. CPAI - Expense Ratio Comparison

IMCB has a 0.04% expense ratio, which is lower than CPAI's 0.75% expense ratio.

Dividends

IMCB vs. CPAI - Dividend Comparison

IMCB's dividend yield for the trailing twelve months is around 1.21%, more than CPAI's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPAI Counterpoint Quantitative Equity ETF	0.69%	0.89%	0.41%	0.06%	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 IMCB and CPAI in my portfolio?

IMCB and CPAI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMCB or CPAI?

CPAI has higher volatility (4.89%) compared to IMCB (3.37%). In terms of maximum drawdown, IMCB dropped -58.80% vs CPAI's -21.46%.

Which ETF is better, IMCB or CPAI?

On 1-year performance, CPAI leads with 49.88% vs 24.63% for IMCB. On fees, IMCB is cheaper at 0.04% per year. On volatility, IMCB has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCB or CPAI?

Over the 1-year period, CPAI has performed better with a 49.88% return vs 24.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCB or CPAI?

IMCB is cheaper with a 0.04% expense ratio, compared with 0.75% for CPAI.

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

IMCB has the higher dividend yield at 1.21%, compared with 0.69% for CPAI.

What is the main difference between IMCB and CPAI?

They also come from different issuers: iShares and Counterpoint Funds. Their fees differ too: 0.04% for IMCB and 0.75% for CPAI.

Which has better risk-adjusted returns?

CPAI currently has the higher Sharpe Ratio (2.78 vs 1.94), 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.