IMCV vs. DFIV

Last updated Jun 14, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and DFIV (Dimensional International 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 DFIV is a Foreign Large Cap Equities fund actively managed by Dimensional. IMCV is passively managed, while DFIV is actively managed. Over the past 3 years, IMCV returned 16.21%/yr vs 23.38%/yr for DFIV. A 0.74 correlation means they provide meaningful diversification when combined. IMCV charges 0.06%/yr vs 0.27%/yr for DFIV.

Performance

IMCV vs. DFIV - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with IMCV having a 12.04% return and DFIV slightly higher at 12.20%.

IMCV

• 1D: 0.91%
• 1M: 4.87%
• YTD: 12.04%
• 6M: 11.44%
• 1Y: 26.22%
• 3Y*: 16.21%
• 5Y*: 9.22%
• 10Y*: 10.78%

DFIV

• 1D: 0.58%
• 1M: 1.88%
• YTD: 12.20%
• 6M: 13.92%
• 1Y: 34.38%
• 3Y*: 23.38%
• 5Y*: —
• 10Y*: —

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

IMCV vs. DFIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IMCV iShares Morningstar Mid-Cap ETF	12.04%	13.52%	12.28%	11.89%	-6.98%	7.85%
DFIV Dimensional International Value ETF	12.20%	45.36%	7.26%	17.75%	-3.70%	0.50%

Correlation

The correlation between IMCV and DFIV is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 13, 2021	0.74

The correlation between IMCV and DFIV has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

IMCV vs. DFIV - Sectors Allocation Comparison

Sectors	IMCV	DFIV
Financial Services	15.2%	32.4%
Energy	11.9%	15.3%
Industrials	11.8%	9.8%
Technology	10.3%	3.2%
Utilities	9.6%	2.2%
Consumer Cyclical	9.1%	10.0%
Consumer Defensive	9.0%	4.9%
Healthcare	8.7%	4.9%
Basic Materials	6.4%	11.4%
Real Estate	5.5%	1.7%
Communication Services	2.5%	4.3%

Return for Risk

IMCV vs. DFIV — Risk / Return Rank

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

IMCV

IMCV Risk / Return Rank: 77
IMCV Sharpe Ratio Rank: 76
IMCV Sortino Ratio Rank: 79
IMCV Omega Ratio Rank: 73
IMCV Calmar Ratio Rank: 79
IMCV Martin Ratio Rank: 79

DFIV

DFIV Risk / Return Rank: 82
DFIV Sharpe Ratio Rank: 85
DFIV Sortino Ratio Rank: 84
DFIV Omega Ratio Rank: 83
DFIV Calmar Ratio Rank: 78
DFIV Martin Ratio Rank: 79

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. DFIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and Dimensional International Value ETF (DFIV). 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	DFIV	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.39	-0.27
Sortino ratio: Return per unit of downside risk	3.06	3.26	-0.20
Omega ratio: Gain probability vs. loss probability	1.37	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	3.59	3.48	+0.11
Martin ratio: Return relative to average drawdown	13.41	13.34	+0.07

IMCV vs. DFIV - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.11, which is comparable to the DFIV Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of IMCV and DFIV, 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. DFIV - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than DFIV's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for IMCV and DFIV.

Drawdown Indicators

	IMCV	DFIV	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-25.42%	-39.32%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-9.66%	+2.76%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-14.72%	-3.91%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	—	—
Current Drawdown Current decline from peak	0.00%	-0.43%	+0.43%
Average Drawdown Average peak-to-trough decline	-8.40%	-4.46%	-3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.52%	-0.67%

Volatility

IMCV vs. DFIV - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 2.87%, while Dimensional International Value ETF (DFIV) has a volatility of 4.50%. This indicates that IMCV experiences smaller price fluctuations and is considered to be less risky than DFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	DFIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	4.50%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	11.46%	-3.41%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	14.10%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.65%	16.66%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	16.66%	+3.00%

IMCV vs. DFIV - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is lower than DFIV's 0.27% 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. DFIV - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.90%, less than DFIV's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIV Dimensional International Value ETF	2.54%	2.92%	3.88%	3.93%	3.84%	2.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IMCV iShares Morningstar Mid-Cap ETF	1.90%	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 DFIV in my portfolio?

IMCV and DFIV have a correlation of 0.66, 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 DFIV?

DFIV has higher volatility (4.50%) compared to IMCV (2.87%). In terms of maximum drawdown, IMCV dropped -64.74% vs DFIV's -25.42%.

Which ETF is better, IMCV or DFIV?

On 3-year performance, DFIV leads with 23.38% vs 16.21% for IMCV. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or DFIV?

Over the 3-year period, DFIV has performed better with a 23.38% return vs 16.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or DFIV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.27% for DFIV.

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

DFIV has the higher dividend yield at 2.54%, compared with 1.90% for IMCV.

What is the main difference between IMCV and DFIV?

IMCV is categorized as Mid Cap Value Equities, while DFIV is Foreign Large Cap Equities. They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.06% for IMCV and 0.27% for DFIV.

Which has better risk-adjusted returns?

DFIV currently has the higher Sharpe Ratio (2.39 vs 2.11), 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.