IMCV vs. FMDE

Last updated Jul 21, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and FMDE (Fidelity Enhanced Mid Cap ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity. IMCV is passively managed, while FMDE is actively managed. Over the past year, IMCV returned 23.82% vs 16.99% for FMDE. Their correlation of 0.84 suggests significant overlap in exposure. IMCV charges 0.06%/yr vs 0.23%/yr for FMDE.

Performance

IMCV vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCV) and Fidelity Enhanced Mid Cap ETF (FMDE). 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 higher than FMDE's 11.31% 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%

FMDE

• 1D: -0.37%
• 1M: 0.40%
• 6M: 7.79%
• YTD: 11.31%
• 1Y: 16.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.92%

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

IMCV vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IMCV iShares Morningstar Mid-Cap ETF	14.96%	13.52%	12.28%	9.33%
FMDE Fidelity Enhanced Mid Cap ETF	11.31%	12.19%	21.76%	9.09%

Correlation

The correlation between IMCV and FMDE is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.84

The correlation between IMCV and FMDE has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

IMCV vs. FMDE - Sectors Allocation Comparison

Sectors	IMCV	FMDE
Financial Services	17.7%	12.3%
Industrials	11.6%	18.0%
Energy	11.4%	5.6%
Healthcare	10.3%	10.2%
Utilities	10.1%	4.9%
Technology	9.3%	22.7%
Consumer Defensive	8.6%	2.1%
Consumer Cyclical	8.4%	10.8%
Real Estate	5.5%	5.6%
Basic Materials	4.8%	4.3%
Communication Services	2.4%	2.4%

Return for Risk

IMCV vs. FMDE — 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

FMDE

FMDE Risk / Return Rank: 51
FMDE Sharpe Ratio Rank: 47
FMDE Sortino Ratio Rank: 48
FMDE Omega Ratio Rank: 44
FMDE Calmar Ratio Rank: 54
FMDE Martin Ratio Rank: 63

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. FMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and Fidelity Enhanced Mid Cap ETF (FMDE). 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	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.25	+0.81
Sortino ratio: Return per unit of downside risk	3.01	1.83	+1.18
Omega ratio: Gain probability vs. loss probability	1.36	1.22	+0.14
Calmar ratio: Return relative to maximum drawdown	3.47	2.05	+1.42
Martin ratio: Return relative to average drawdown	12.94	8.05	+4.89

IMCV vs. FMDE - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.06, which is higher than the FMDE Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of IMCV and FMDE, 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. FMDE - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for IMCV and FMDE.

Drawdown Indicators

	IMCV	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-21.10%	-43.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-8.33%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	—	—
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	-0.83%	-0.84%	+0.01%
Average Drawdown Average peak-to-trough decline	-8.37%	-2.55%	-5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.12%	-0.27%

Volatility

IMCV vs. FMDE - Volatility Comparison

iShares Morningstar Mid-Cap ETF (IMCV) has a higher volatility of 2.88% compared to Fidelity Enhanced Mid Cap ETF (FMDE) at 2.62%. This indicates that IMCV's price experiences larger fluctuations and is considered to be riskier than FMDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	2.62%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	10.42%	-2.25%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	13.73%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	16.01%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	16.01%	+3.54%

IMCV vs. FMDE - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is lower than FMDE's 0.23% 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. FMDE - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.84%, more than FMDE's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDE Fidelity Enhanced Mid Cap ETF	1.09%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	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 FMDE in my portfolio?

IMCV and FMDE have a correlation of 0.78, 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 FMDE?

IMCV has higher volatility (2.88%) compared to FMDE (2.62%). In terms of maximum drawdown, IMCV dropped -64.74% vs FMDE's -21.10%.

Which ETF is better, IMCV or FMDE?

On 1-year performance, IMCV leads with 23.82% vs 16.99% for FMDE. On fees, IMCV is cheaper at 0.06% per year. On volatility, FMDE has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or FMDE?

Over the 1-year period, IMCV has performed better with a 23.82% return vs 16.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or FMDE?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.23% for FMDE.

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

IMCV has the higher dividend yield at 1.84%, compared with 1.09% for FMDE.

What is the main difference between IMCV and FMDE?

IMCV is categorized as Mid Cap Value Equities, while FMDE is Mid Cap Blend Equities. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.06% for IMCV and 0.23% for FMDE.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.06 vs 1.25), 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.