IMCV vs. FAB

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Morningstar Mid-Cap ETF (IMCV) and First Trust Multi Cap Value AlphaDEX Fund (FAB).

IMCV and FAB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IMCV is a passively managed fund by iShares that tracks the performance of the Morningstar US Mid Cap Broad Value Index. It was launched on Jun 28, 2004. FAB is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Multi Cap Value Index. It was launched on May 8, 2007. Both IMCV and FAB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IMCV vs. FAB - Performance Comparison

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

IMCV vs. FAB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCV iShares Morningstar Mid-Cap ETF	3.40%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%
FAB First Trust Multi Cap Value AlphaDEX Fund	6.46%	9.86%	7.82%	15.81%	-6.79%	30.83%	2.40%	23.73%	-14.62%	14.62%

Returns By Period

In the year-to-date period, IMCV achieves a 3.40% return, which is significantly lower than FAB's 6.46% return. Both investments have delivered pretty close results over the past 10 years, with IMCV having a 10.07% annualized return and FAB not far ahead at 10.13%.

IMCV

• 1D: 1.61%
• 1M: -4.62%
• YTD: 3.40%
• 6M: 6.65%
• 1Y: 16.80%
• 3Y*: 13.69%
• 5Y*: 8.87%
• 10Y*: 10.07%

FAB

• 1D: 1.17%
• 1M: -2.86%
• YTD: 6.46%
• 6M: 9.38%
• 1Y: 21.04%
• 3Y*: 12.84%
• 5Y*: 8.32%
• 10Y*: 10.13%

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

IMCV vs. FAB - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is lower than FAB's 0.64% expense ratio.

FAB

First Trust Multi Cap Value AlphaDEX Fund

IMCV

iShares Morningstar Mid-Cap ETF

Return for Risk

IMCV vs. FAB — Risk / Return Rank

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

IMCV

IMCV Risk / Return Rank: 59
IMCV Sharpe Ratio Rank: 58
IMCV Sortino Ratio Rank: 58
IMCV Omega Ratio Rank: 59
IMCV Calmar Ratio Rank: 57
IMCV Martin Ratio Rank: 65

FAB

FAB Risk / Return Rank: 62
FAB Sharpe Ratio Rank: 60
FAB Sortino Ratio Rank: 64
FAB Omega Ratio Rank: 60
FAB Calmar Ratio Rank: 59
FAB Martin Ratio Rank: 64

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. FAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and First Trust Multi Cap Value AlphaDEX Fund (FAB). 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.

	IMCV	FAB	Difference
Sharpe ratio Return per unit of total volatility	1.00	1.06	-0.06
Sortino ratio Return per unit of downside risk	1.45	1.63	-0.18
Omega ratio Gain probability vs. loss probability	1.21	1.22	-0.01
Calmar ratio Return relative to maximum drawdown	1.39	1.50	-0.11
Martin ratio Return relative to average drawdown	6.39	6.49	-0.11
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. FAB - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 1.00, which is comparable to the FAB Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of IMCV and FAB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IMCV	FAB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.06	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.45	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.46	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.34	+0.13

Correlation

The correlation between IMCV and FAB is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IMCV vs. FAB - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 2.06%, more than FAB's 1.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	2.06%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
FAB First Trust Multi Cap Value AlphaDEX Fund	1.66%	1.57%	2.00%	1.94%	1.80%	1.32%	1.59%	1.75%	1.96%	1.42%	1.40%	1.62%

Drawdowns

IMCV vs. FAB - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, roughly equal to the maximum FAB drawdown of -63.29%. Use the drawdown chart below to compare losses from any high point for IMCV and FAB.

Drawdown Indicators

	IMCV	FAB	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-63.29%	-1.45%
Max Drawdown (1Y) Largest decline over 1 year	-13.08%	-14.51%	+1.43%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-22.91%	+3.04%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	-47.08%	+0.75%
Current Drawdown Current decline from peak	-4.65%	-3.79%	-0.86%
Average Drawdown Average peak-to-trough decline	-8.47%	-9.33%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	3.36%	-0.51%

Volatility

IMCV vs. FAB - Volatility Comparison

iShares Morningstar Mid-Cap ETF (IMCV) has a higher volatility of 4.01% compared to First Trust Multi Cap Value AlphaDEX Fund (FAB) at 3.80%. This indicates that IMCV's price experiences larger fluctuations and is considered to be riskier than FAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	FAB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	3.80%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	8.81%	9.77%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	19.96%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	18.78%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	22.10%	-2.41%