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IMCV vs. BIV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IMCV vs. BIV

Last updated Jun 9, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while BIV is a Intermediate Core Bond fund tracking the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. Both are passively managed. Over the past 10 years, IMCV returned 10.39%/yr vs 1.83%/yr for BIV. At a correlation of -0.16, they often move in opposite directions. IMCV charges 0.06%/yr vs 0.03%/yr for BIV.

Performance

IMCV vs. BIV - Performance Comparison

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

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Returns By Period

In the year-to-date period, IMCV achieves a 9.75% return, which is significantly higher than BIV's -0.67% return. Over the past 10 years, IMCV has outperformed BIV with an annualized return of 10.39%, while BIV has yielded a comparatively lower 1.83% annualized return.

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%

BIV

1D
-0.05%
1M
-0.94%
YTD
-0.67%
6M
-0.33%
1Y
4.70%
3Y*
4.27%
5Y*
0.08%
10Y*
1.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IMCV vs. BIV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
BIV
Vanguard Intermediate-Term Bond Index ETF		-0.67%8.52%1.57%6.07%-13.21%-2.40%9.67%10.34%-0.19%3.65%

Correlation

The correlation between IMCV and BIV is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (5Y)
Calculated over the trailing 5-year period

0.16

Correlation (10Y)
Calculated over the trailing 10-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2007

-0.16

The correlation between IMCV and BIV shifts across timeframes, from -0.16 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Morningstar Mid-Cap ETF

Vanguard Intermediate-Term Bond Index ETF

Often compared with IMCV:
IMCV vs. VOEIMCV vs. IWSIMCV vs. MDYVIMCV vs. IJHIMCV vs. SMMDIMCV vs. NUMVIMCV vs. VOO
Often compared with BIV:
BIV vs. BNDBIV vs. BLVBIV vs. VFICXBIV vs. SCHPBIV vs. BNDXBIV vs. VGSHBIV vs. AGG

Return for Risk

IMCV vs. BIV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IMCV
IMCV Risk / Return Rank: 6969
Overall Rank
IMCV Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
IMCV Sortino Ratio Rank: 7171
Sortino Ratio Rank
IMCV Omega Ratio Rank: 6464
Omega Ratio Rank
IMCV Calmar Ratio Rank: 7373
Calmar Ratio Rank
IMCV Martin Ratio Rank: 7373
Martin Ratio Rank
BIV
BIV Risk / Return Rank: 3434
Overall Rank
BIV Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
BIV Sortino Ratio Rank: 3737
Sortino Ratio Rank
BIV Omega Ratio Rank: 3333
Omega Ratio Rank
BIV Calmar Ratio Rank: 3333
Calmar Ratio Rank
BIV Martin Ratio Rank: 3232
Martin Ratio Rank
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. BIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and Vanguard Intermediate-Term Bond Index ETF (BIV). 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.

IMCVBIVDifference
Sharpe ratioReturn per unit of total volatility
1.97
1.18

+0.79

Sortino ratioReturn per unit of downside risk
2.87
1.76

+1.11

Omega ratioGain probability vs. loss probability

1.35

1.21

+0.14

Calmar ratioReturn relative to maximum drawdown

3.32

1.49

+1.84

Martin ratioReturn relative to average drawdown

12.40

4.40

+8.00

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMCV vs. BIV - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 1.97, which is higher than the BIV Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of IMCV and BIV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IMCVBIVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.97

1.18

+0.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.01

+0.52

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.33

+0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.47

0.64

-0.17

Drawdowns

IMCV vs. BIV - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than BIV's maximum drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for IMCV and BIV.

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Drawdown Indicators

IMCVBIVDifference

Max Drawdown

Largest peak-to-trough decline

-64.74%

-18.95%

-45.79%

Max Drawdown (1Y)

Largest decline over 1 year

-6.90%

-3.18%

-3.72%

Max Drawdown (3Y)

Largest decline over 3 years

-18.63%

-6.07%

-12.56%

Max Drawdown (5Y)

Largest decline over 5 years

-19.87%

-18.74%

-1.13%

Max Drawdown (10Y)

Largest decline over 10 years

-46.33%

-18.95%

-27.38%

Current Drawdown

Current decline from peak

-1.07%

-2.46%

+1.39%

Average Drawdown

Average peak-to-trough decline

-8.41%

-3.39%

-5.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.85%

1.07%

+0.78%

Volatility

IMCV vs. BIV - Volatility Comparison

iShares Morningstar Mid-Cap ETF (IMCV) has a higher volatility of 2.35% compared to Vanguard Intermediate-Term Bond Index ETF (BIV) at 1.35%. This indicates that IMCV's price experiences larger fluctuations and is considered to be riskier than BIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IMCVBIVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.35%

1.35%

+1.00%

Volatility (6M)

Calculated over the trailing 6-month period

8.05%

2.93%

+5.12%

Volatility (1Y)

Calculated over the trailing 1-year period

11.66%

4.00%

+7.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.64%

6.40%

+10.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.66%

5.51%

+14.15%

IMCV vs. BIV - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is higher than BIV'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

IMCV vs. BIV - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.94%, less than BIV's 4.24% yield.

PositionTTM20252024202320222021202020192018201720162015
BIV
Vanguard Intermediate-Term Bond Index ETF		4.24%4.01%3.79%3.09%2.41%3.42%2.95%2.75%2.88%2.69%3.01%3.02%
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

IMCV and BIV have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IMCV has higher volatility (2.35%) compared to BIV (1.35%). In terms of maximum drawdown, IMCV dropped -64.74% vs BIV's -18.95%.

On 10-year performance, IMCV leads with 10.39% vs 1.83% for BIV. On fees, BIV is cheaper at 0.03% per year. On volatility, BIV has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IMCV has performed better with a 10.39% return vs 1.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BIV is cheaper with a 0.03% expense ratio, compared with 0.06% for IMCV.

BIV has the higher dividend yield at 4.24%, compared with 1.94% for IMCV.

IMCV is categorized as Mid Cap Value Equities, while BIV is Intermediate Core Bond. IMCV tracks Morningstar US Mid Cap Broad Value Index, while BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.06% for IMCV and 0.03% for BIV.

IMCV currently has the higher Sharpe Ratio (1.97 vs 1.18), 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.

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