IMCV vs. FOVL

Last updated Aug 4, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and FOVL (iShares Focused Value Factor ETF) are both Mid Cap Value Equities funds from iShares - IMCV tracks the Morningstar US Mid Cap Broad Value Index while FOVL tracks the MSCI USA IMI Focused Value Factor Index. Both are passively managed. Their correlation of 0.86 means they have usually moved in the same direction. IMCV charges 0.06%/yr vs 0.25%/yr for FOVL.

Performance

IMCV vs. FOVL - Performance Comparison

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

Returns By Period

IMCV

• 1D: 0.47%
• 1M: 2.86%
• 6M: 13.16%
• YTD: 17.54%
• 1Y: 28.34%
• 3Y*: 16.56%
• 5Y*: 11.15%
• 10Y*: 10.76%
• ALL TIME*: 9.94%

FOVL

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IMCV iShares Morningstar Mid-Cap ETF	$2.47M	$2.33M	$2.03M

IMCV vs. FOVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IMCV iShares Morningstar Mid-Cap ETF	17.54%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	11.54%
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	17.72%	-9.39%	40.14%	-13.20%	7.00%

Correlation

The correlation between IMCV and FOVL is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.86

Over the past year, the correlation between IMCV and FOVL has dropped to 0.04 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

IMCV vs. FOVL - Sectors Allocation Comparison

Sectors	IMCV	FOVL
Financial Services	17.7%	44.6%
Industrials	11.6%	12.8%
Energy	11.4%	7.7%
Healthcare	10.3%	4.9%
Utilities	10.1%	7.5%
Technology	9.3%	5.0%
Consumer Defensive	8.6%	5.0%
Consumer Cyclical	8.4%	5.2%
Real Estate	5.5%	2.6%
Basic Materials	4.8%	-
Communication Services	2.4%	4.7%

Return for Risk

IMCV vs. FOVL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IMCV

IMCV Risk / Return Rank: 92
IMCV Sharpe Ratio Rank: 92
IMCV Sortino Ratio Rank: 93
IMCV Omega Ratio Rank: 91
IMCV Calmar Ratio Rank: 91
IMCV Martin Ratio Rank: 91

FOVL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IMCV vs. FOVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and iShares Focused Value Factor ETF (FOVL). 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	FOVL	Difference
Sharpe ratio: Return per unit of total volatility	2.47	—	—
Sortino ratio: Return per unit of downside risk	3.58	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	4.12	—	—
Martin ratio: Return relative to average drawdown	15.79	—	—

Drawdowns

Drawdown Indicators

	IMCV	FOVL	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	—	—
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	-0.75%	—	—
Average Drawdown Average peak-to-trough decline	-8.36%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	—	—

Volatility

Volatility by Period

	IMCV	FOVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.54%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	—	—

IMCV vs. FOVL - Expense Ratio Comparison

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

IMCV's dividend yield for the trailing twelve months is around 1.80%, while FOVL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOVL iShares Focused Value Factor ETF	0.00%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%	0.00%	0.00%	0.00%	0.00%
IMCV iShares Morningstar Mid-Cap ETF	1.80%	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 FOVL in my portfolio?

IMCV and FOVL have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IMCV or FOVL?

On fees, IMCV is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IMCV or FOVL?

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

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

IMCV has the higher dividend yield at 1.80%, compared with 0.00% for FOVL.

What is the main difference between IMCV and FOVL?

IMCV tracks Morningstar US Mid Cap Broad Value Index, while FOVL tracks MSCI USA IMI Focused Value Factor Index. Their fees differ too: 0.06% for IMCV and 0.25% for FOVL.