IMCV vs. AVUV

Last updated Jul 21, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and AVUV (Avantis US Small Cap Value ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while AVUV is a Small Cap Value Equities fund actively managed by Avantis. IMCV is passively managed, while AVUV is actively managed. Over the past 5 years, IMCV returned 10.69%/yr vs 13.17%/yr for AVUV. Their correlation of 0.91 suggests significant overlap in exposure. IMCV charges 0.06%/yr vs 0.25%/yr for AVUV.

Performance

IMCV vs. AVUV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCV) and Avantis US Small Cap Value ETF (AVUV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMCV achieves a 14.96% return, which is significantly lower than AVUV's 22.92% return.

IMCV

• 1D: -0.59%
• 1M: 4.45%
• 6M: 10.82%
• YTD: 14.96%
• 1Y: 23.82%
• 3Y*: 15.08%
• 5Y*: 10.69%
• 10Y*: 10.54%
• ALL TIME*: 9.85%

AVUV

• 1D: -0.62%
• 1M: 2.11%
• 6M: 15.52%
• YTD: 22.92%
• 1Y: 34.78%
• 3Y*: 17.14%
• 5Y*: 13.17%
• 10Y*: —
• ALL TIME*: 16.12%

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

IMCV vs. AVUV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IMCV iShares Morningstar Mid-Cap ETF	14.96%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	5.71%
AVUV Avantis US Small Cap Value ETF	22.92%	7.44%	9.28%	22.82%	-4.91%	42.20%	6.43%	8.54%

Correlation

The correlation between IMCV and AVUV is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.91

The correlation between IMCV and AVUV has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

IMCV vs. AVUV - Sectors Allocation Comparison

Sectors	IMCV	AVUV
Financial Services	17.7%	27.8%
Industrials	11.6%	13.5%
Energy	11.4%	13.9%
Healthcare	10.3%	5.3%
Utilities	10.1%	0.2%
Technology	9.3%	7.4%
Consumer Defensive	8.6%	4.9%
Consumer Cyclical	8.4%	18.5%
Real Estate	5.5%	0.7%
Basic Materials	4.8%	4.8%
Communication Services	2.4%	2.9%

Return for Risk

IMCV vs. AVUV — Risk / Return Rank

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

IMCV

IMCV Risk / Return Rank: 85
IMCV Sharpe Ratio Rank: 84
IMCV Sortino Ratio Rank: 86
IMCV Omega Ratio Rank: 81
IMCV Calmar Ratio Rank: 86
IMCV Martin Ratio Rank: 86

AVUV

AVUV Risk / Return Rank: 86
AVUV Sharpe Ratio Rank: 84
AVUV Sortino Ratio Rank: 85
AVUV Omega Ratio Rank: 81
AVUV Calmar Ratio Rank: 92
AVUV Martin Ratio Rank: 86

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.

IMCV vs. AVUV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and Avantis US Small Cap Value ETF (AVUV). 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.

	IMCV	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.04	+0.02
Sortino ratio: Return per unit of downside risk	3.01	2.97	+0.05
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	3.47	4.39	-0.93
Martin ratio: Return relative to average drawdown	12.94	13.09	-0.14

IMCV vs. AVUV - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.06, which is comparable to the AVUV Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of IMCV and AVUV, 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

IMCV vs. AVUV - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than AVUV's maximum drawdown of -49.42%. Use the drawdown chart below to compare losses from any high point for IMCV and AVUV.

Drawdown Indicators

	IMCV	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-49.42%	-15.32%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-7.95%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-28.79%	+10.16%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-28.79%	+8.92%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	—	—
Current Drawdown Current decline from peak	-0.83%	-1.27%	+0.44%
Average Drawdown Average peak-to-trough decline	-8.37%	-7.82%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.66%	-0.81%

Volatility

IMCV vs. AVUV - Volatility Comparison

iShares Morningstar Mid-Cap ETF (IMCV) has a higher volatility of 2.88% compared to Avantis US Small Cap Value ETF (AVUV) at 2.66%. This indicates that IMCV's price experiences larger fluctuations and is considered to be riskier than AVUV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	2.66%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	11.10%	-2.93%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	17.14%	-5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	22.45%	-5.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	28.08%	-8.53%

IMCV vs. AVUV - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is lower than AVUV'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

IMCV vs. AVUV - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.84%, more than AVUV's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVUV Avantis US Small Cap Value ETF	1.25%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	0.00%	0.00%	0.00%	0.00%
IMCV iShares Morningstar Mid-Cap ETF	1.84%	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 IMCV and AVUV in my portfolio?

IMCV and AVUV 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, IMCV or AVUV?

IMCV has higher volatility (2.88%) compared to AVUV (2.66%). In terms of maximum drawdown, IMCV dropped -64.74% vs AVUV's -49.42%.

Which ETF is better, IMCV or AVUV?

On 5-year performance, AVUV leads with 13.17% vs 10.69% for IMCV. On fees, IMCV is cheaper at 0.06% per year. On volatility, AVUV has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or AVUV?

Over the 5-year period, AVUV has performed better with a 13.17% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or AVUV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.25% for AVUV.

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

IMCV has the higher dividend yield at 1.84%, compared with 1.25% for AVUV.

What is the main difference between IMCV and AVUV?

IMCV is categorized as Mid Cap Value Equities, while AVUV is Small Cap Value Equities. They also come from different issuers: iShares and Avantis. Their fees differ too: 0.06% for IMCV and 0.25% for AVUV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.06 vs 2.04), 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.