IMCB vs. OPTZ

Last updated Jun 3, 2026

IMCB (iShares Morningstar Mid-Cap ETF) and OPTZ (Optimize Strategy Index ETF) are both Mid Cap Blend Equities funds - IMCB tracks the IMCB-US - Morningstar U.S. Mid Cap Index while OPTZ tracks the Optimize Strategy Index. Both are passively managed. Over the past year, IMCB returned 24.63% vs 63.04% for OPTZ. Their correlation of 0.88 suggests significant overlap in exposure. IMCB charges 0.04%/yr vs 0.25%/yr for OPTZ.

Performance

IMCB vs. OPTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCB) and Optimize Strategy Index ETF (OPTZ). 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 OPTZ's 31.03% 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%

OPTZ

• 1D: 2.22%
• 1M: 11.82%
• YTD: 31.03%
• 6M: 32.85%
• 1Y: 63.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMCB vs. OPTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IMCB iShares Morningstar Mid-Cap ETF	15.00%	10.25%	10.71%
OPTZ Optimize Strategy Index ETF	31.03%	22.83%	16.81%

Correlation

The correlation between IMCB and OPTZ is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Apr 24, 2024	0.88

The correlation between IMCB and OPTZ has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

IMCB vs. OPTZ - Sectors Allocation Comparison

Sectors	IMCB	OPTZ
Technology	21.3%	50.6%
Industrials	19.0%	8.9%
Financial Services	12.0%	9.1%
Consumer Cyclical	9.0%	9.5%
Healthcare	7.9%	10.5%
Energy	7.4%	1.5%
Utilities	6.2%	0.7%
Basic Materials	5.3%	1.3%
Consumer Defensive	5.1%	4.0%
Real Estate	4.3%	1.5%
Communication Services	2.3%	2.6%

Return for Risk

IMCB vs. OPTZ — 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

OPTZ

OPTZ Risk / Return Rank: 92
OPTZ Sharpe Ratio Rank: 93
OPTZ Sortino Ratio Rank: 92
OPTZ Omega Ratio Rank: 90
OPTZ Calmar Ratio Rank: 91
OPTZ Martin Ratio Rank: 94

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. OPTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCB) and Optimize Strategy Index ETF (OPTZ). 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	OPTZ	Difference
Sharpe ratio Return per unit of total volatility	1.94	3.50	-1.56
Sortino ratio Return per unit of downside risk	2.75	4.59	-1.84
Omega ratio Gain probability vs. loss probability	1.34	1.58	-0.24
Calmar ratio Return relative to maximum drawdown	3.08	5.97	-2.88
Martin ratio Return relative to average drawdown	12.25	27.20	-14.95
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. OPTZ - Sharpe Ratio Comparison

The current IMCB Sharpe Ratio is 1.94, which is lower than the OPTZ Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of IMCB and OPTZ, 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	OPTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	3.50	-1.56
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	1.70	-1.20

Drawdowns

IMCB vs. OPTZ - Drawdown Comparison

The maximum IMCB drawdown since its inception was -58.80%, which is greater than OPTZ's maximum drawdown of -25.75%. Use the drawdown chart below to compare losses from any high point for IMCB and OPTZ.

Drawdown Indicators

	IMCB	OPTZ	Difference
Max Drawdown Largest peak-to-trough decline	-58.80%	-25.75%	-33.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-10.63%	+2.58%
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%	-3.40%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	2.33%	-0.30%

Volatility

IMCB vs. OPTZ - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCB) is 3.37%, while Optimize Strategy Index ETF (OPTZ) has a volatility of 6.12%. This indicates that IMCB experiences smaller price fluctuations and is considered to be less risky than OPTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCB	OPTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	6.12%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	13.54%	-3.93%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	18.09%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	20.68%	-3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	20.68%	-1.03%

IMCB vs. OPTZ - Expense Ratio Comparison

IMCB has a 0.04% expense ratio, which is lower than OPTZ's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IMCB vs. OPTZ - Dividend Comparison

IMCB's dividend yield for the trailing twelve months is around 1.21%, more than OPTZ's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
OPTZ Optimize Strategy Index ETF	0.45%	0.58%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMCB and OPTZ in my portfolio?

IMCB and OPTZ have a correlation of 0.87, 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 OPTZ?

OPTZ has higher volatility (6.12%) compared to IMCB (3.37%). In terms of maximum drawdown, IMCB dropped -58.80% vs OPTZ's -25.75%.

Which ETF is better, IMCB or OPTZ?

On 1-year performance, OPTZ leads with 63.04% 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 OPTZ?

Over the 1-year period, OPTZ has performed better with a 63.04% 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 OPTZ?

IMCB is cheaper with a 0.04% expense ratio, compared with 0.25% for OPTZ.

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

IMCB has the higher dividend yield at 1.21%, compared with 0.45% for OPTZ.

What is the main difference between IMCB and OPTZ?

IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index, while OPTZ tracks Optimize Strategy Index. They also come from different issuers: iShares and Optimize. Their fees differ too: 0.04% for IMCB and 0.25% for OPTZ.

Which has better risk-adjusted returns?

OPTZ currently has the higher Sharpe Ratio (3.50 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.