IMCB vs. VO

Last updated Jun 23, 2026

IMCB (iShares Morningstar Mid-Cap ETF) and VO (Vanguard Mid-Cap ETF) are both Mid Cap Blend Equities funds - IMCB tracks the IMCB-US - Morningstar U.S. Mid Cap Index while VO tracks the CRSP US Mid Cap Index. Both are passively managed. Over the past 10 years, IMCB returned 11.77%/yr vs 12.03%/yr for VO. With a 0.96 correlation, they move nearly in lockstep. IMCB charges 0.04%/yr vs 0.03%/yr for VO.

Performance

IMCB vs. VO - Performance Comparison

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

Returns By Period

In the year-to-date period, IMCB achieves a 16.18% return, which is significantly higher than VO's 11.30% return. Both investments have delivered pretty close results over the past 10 years, with IMCB having a 11.77% annualized return and VO not far ahead at 12.03%.

IMCB

• 1D: 0.42%
• 1M: 4.03%
• YTD: 16.18%
• 6M: 14.62%
• 1Y: 25.14%
• 3Y*: 17.89%
• 5Y*: 9.17%
• 10Y*: 11.77%

VO

• 1D: 0.44%
• 1M: 3.04%
• YTD: 11.30%
• 6M: 9.77%
• 1Y: 19.89%
• 3Y*: 16.59%
• 5Y*: 8.06%
• 10Y*: 12.03%

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

IMCB vs. VO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCB iShares Morningstar Mid-Cap ETF	16.18%	10.25%	15.10%	16.37%	-16.09%	22.81%	13.35%	31.49%	-11.53%	19.70%
VO Vanguard Mid-Cap ETF	11.30%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%

Correlation

The correlation between IMCB and VO 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	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.96

The correlation between IMCB and VO has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

IMCB vs. VO - Sectors Allocation Comparison

Sectors	IMCB	VO
Technology	22.6%	20.8%
Industrials	18.5%	17.7%
Financial Services	11.9%	12.5%
Consumer Cyclical	9.1%	8.6%
Healthcare	7.9%	7.5%
Energy	6.7%	7.9%
Utilities	6.0%	7.9%
Basic Materials	5.3%	4.0%
Consumer Defensive	5.1%	4.7%
Real Estate	4.3%	5.1%
Communication Services	2.5%	3.0%

Return for Risk

IMCB vs. VO — Risk / Return Rank

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

IMCB

IMCB Risk / Return Rank: 61
IMCB Sharpe Ratio Rank: 59
IMCB Sortino Ratio Rank: 58
IMCB Omega Ratio Rank: 54
IMCB Calmar Ratio Rank: 65
IMCB Martin Ratio Rank: 68

VO

VO Risk / Return Rank: 48
VO Sharpe Ratio Rank: 46
VO Sortino Ratio Rank: 46
VO Omega Ratio Rank: 43
VO Calmar Ratio Rank: 51
VO Martin Ratio Rank: 55

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. VO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCB) and Vanguard Mid-Cap ETF (VO). 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.

	IMCB	VO	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.56	+0.33
Sortino ratio: Return per unit of downside risk	2.66	2.23	+0.44
Omega ratio: Gain probability vs. loss probability	1.33	1.27	+0.06
Calmar ratio: Return relative to maximum drawdown	3.14	2.45	+0.69
Martin ratio: Return relative to average drawdown	12.28	9.23	+3.05

IMCB vs. VO - Sharpe Ratio Comparison

The current IMCB Sharpe Ratio is 1.90, which is comparable to the VO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of IMCB and VO, 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

IMCB vs. VO - Drawdown Comparison

The maximum IMCB drawdown since its inception was -58.80%, roughly equal to the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for IMCB and VO.

Drawdown Indicators

	IMCB	VO	Difference
Max Drawdown Largest peak-to-trough decline	-58.80%	-58.87%	+0.07%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-8.17%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-19.80%	-19.02%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-27.57%	+2.42%
Max Drawdown (10Y) Largest decline over 10 years	-40.99%	-39.37%	-1.62%
Current Drawdown Current decline from peak	-0.32%	-0.45%	+0.13%
Average Drawdown Average peak-to-trough decline	-7.72%	-7.85%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.16%	-0.11%

Volatility

IMCB vs. VO - Volatility Comparison

iShares Morningstar Mid-Cap ETF (IMCB) has a higher volatility of 4.70% compared to Vanguard Mid-Cap ETF (VO) at 4.35%. This indicates that IMCB's price experiences larger fluctuations and is considered to be riskier than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCB	VO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	4.35%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	9.80%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	12.80%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	17.66%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	18.98%	+0.71%

IMCB vs. VO - Expense Ratio Comparison

IMCB has a 0.04% expense ratio, which is higher than VO's 0.03% 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

IMCB vs. VO - Dividend Comparison

IMCB's dividend yield for the trailing twelve months is around 1.23%, less than VO's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCB iShares Morningstar Mid-Cap ETF	1.23%	1.42%	1.43%	1.55%	1.70%	1.08%	1.12%	1.32%	1.80%	1.31%	1.79%	1.47%
VO Vanguard Mid-Cap ETF	1.35%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both IMCB and VO in my portfolio?

With a correlation of 0.98, IMCB and VO 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, IMCB or VO?

IMCB has higher volatility (4.70%) compared to VO (4.35%). In terms of maximum drawdown, IMCB dropped -58.80% vs VO's -58.87%.

Which ETF is better, IMCB or VO?

On 10-year performance, VO leads with 12.03% vs 11.77% for IMCB. On fees, VO is cheaper at 0.03% per year. On volatility, VO has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCB or VO?

Over the 10-year period, VO has performed better with a 12.03% return vs 11.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCB or VO?

VO is cheaper with a 0.03% expense ratio, compared with 0.04% for IMCB.

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

VO has the higher dividend yield at 1.35%, compared with 1.23% for IMCB.

What is the main difference between IMCB and VO?

IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index, while VO tracks CRSP US Mid Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.04% for IMCB and 0.03% for VO.

Which has better risk-adjusted returns?

IMCB currently has the higher Sharpe Ratio (1.90 vs 1.56), 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.