IMCV vs. FOVL

Last updated Jun 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 0.87 suggests significant overlap in exposure. 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: -0.21%
• 1M: 2.12%
• YTD: 9.96%
• 6M: 11.32%
• 1Y: 23.41%
• 3Y*: 16.66%
• 5Y*: 8.69%
• 10Y*: 10.40%

FOVL

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

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

IMCV vs. FOVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IMCV iShares Morningstar Mid-Cap ETF	9.96%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	10.15%
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	17.72%	-9.39%	40.14%	-13.20%	6.22%

Correlation

The correlation between IMCV and FOVL is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019	0.87

Over the past year, the correlation between IMCV and FOVL has dropped to 0.36 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

IMCV vs. FOVL - Sectors Allocation Comparison

Sectors	IMCV	FOVL
Financial Services	15.6%	44.6%
Energy	12.5%	7.7%
Industrials	12.1%	12.8%
Utilities	10.0%	7.5%
Technology	9.1%	5.0%
Consumer Defensive	8.9%	5.0%
Consumer Cyclical	8.7%	5.2%
Healthcare	8.5%	4.9%
Basic Materials	6.5%	-
Real Estate	5.6%	2.6%
Communication Services	2.5%	4.7%

Return for Risk

IMCV vs. FOVL — Risk / Return Rank

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

IMCV

IMCV Risk / Return Rank: 63
IMCV Sharpe Ratio Rank: 59
IMCV Sortino Ratio Rank: 62
IMCV Omega Ratio Rank: 58
IMCV Calmar Ratio Rank: 68
IMCV Martin Ratio Rank: 69

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. 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.

	IMCV	FOVL	Difference
Sharpe ratio: Return per unit of total volatility	2.02	—	—
Sortino ratio: Return per unit of downside risk	2.94	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	3.41	—	—
Martin ratio: Return relative to average drawdown	12.72	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IMCV	FOVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	—	—

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	-0.21%	—	—
Average Drawdown Average peak-to-trough decline	-8.42%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	—	—

Volatility

Volatility by Period

	IMCV	FOVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.63%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.63%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	—	—

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 1.94%, more than FOVL's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOVL iShares Focused Value Factor ETF	0.55%	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	1.94%	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

Can I hold both IMCV and FOVL in my portfolio?

IMCV and FOVL have a correlation of 0.36, 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 1.94%, compared with 0.55% 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.