IMCV vs. NUMV

Last updated Jun 24, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and NUMV (Nuveen ESG Mid-Cap Value ETF) are both Mid Cap Value Equities funds - IMCV tracks the Morningstar US Mid Cap Broad Value Index while NUMV tracks the TIAA ESG USA Mid-Cap Value Index. Both are passively managed. Over the past 5 years, IMCV returned 9.60%/yr vs 7.06%/yr for NUMV. Their correlation of 0.91 suggests significant overlap in exposure. IMCV charges 0.06%/yr vs 0.31%/yr for NUMV.

Performance

IMCV vs. NUMV - Performance Comparison

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

Returns By Period

In the year-to-date period, IMCV achieves a 11.06% return, which is significantly higher than NUMV's 9.23% return.

IMCV

• 1D: 0.58%
• 1M: 1.64%
• YTD: 11.06%
• 6M: 10.33%
• 1Y: 23.30%
• 3Y*: 16.54%
• 5Y*: 9.60%
• 10Y*: 10.80%

NUMV

• 1D: 0.19%
• 1M: 1.40%
• YTD: 9.23%
• 6M: 8.54%
• 1Y: 21.81%
• 3Y*: 16.61%
• 5Y*: 7.06%
• 10Y*: —

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

IMCV vs. NUMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCV iShares Morningstar Mid-Cap ETF	11.06%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%
NUMV Nuveen ESG Mid-Cap Value ETF	9.23%	14.05%	12.31%	8.43%	-14.97%	31.15%	0.91%	29.81%	-11.91%	14.70%

Correlation

The correlation between IMCV and NUMV is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 14, 2016	0.91

The correlation between IMCV and NUMV has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

IMCV vs. NUMV - Sectors Allocation Comparison

Sectors	IMCV	NUMV
Financial Services	15.2%	18.0%
Energy	11.9%	2.3%
Industrials	11.8%	12.9%
Technology	10.3%	17.3%
Utilities	9.6%	6.3%
Consumer Cyclical	9.1%	7.9%
Consumer Defensive	9.0%	8.1%
Healthcare	8.7%	8.4%
Basic Materials	6.4%	4.7%
Real Estate	5.5%	8.6%
Communication Services	2.5%	5.4%

Return for Risk

IMCV vs. NUMV — Risk / Return Rank

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

IMCV

IMCV Risk / Return Rank: 67
IMCV Sharpe Ratio Rank: 64
IMCV Sortino Ratio Rank: 67
IMCV Omega Ratio Rank: 61
IMCV Calmar Ratio Rank: 71
IMCV Martin Ratio Rank: 72

NUMV

NUMV Risk / Return Rank: 55
NUMV Sharpe Ratio Rank: 55
NUMV Sortino Ratio Rank: 57
NUMV Omega Ratio Rank: 50
NUMV Calmar Ratio Rank: 55
NUMV Martin Ratio Rank: 58

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. NUMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and Nuveen ESG Mid-Cap Value ETF (NUMV). 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	NUMV	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.74	+0.25
Sortino ratio: Return per unit of downside risk	2.89	2.54	+0.34
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	3.39	2.52	+0.87
Martin ratio: Return relative to average drawdown	12.59	9.49	+3.10

IMCV vs. NUMV - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 1.99, which is comparable to the NUMV Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of IMCV and NUMV, 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. NUMV - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than NUMV's maximum drawdown of -43.46%. Use the drawdown chart below to compare losses from any high point for IMCV and NUMV.

Drawdown Indicators

	IMCV	NUMV	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-43.46%	-21.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-8.71%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-19.53%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-25.71%	+5.84%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	—	—
Current Drawdown Current decline from peak	-0.88%	-1.69%	+0.81%
Average Drawdown Average peak-to-trough decline	-8.40%	-6.85%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	2.30%	-0.44%

Volatility

IMCV vs. NUMV - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 3.11%, while Nuveen ESG Mid-Cap Value ETF (NUMV) has a volatility of 3.49%. This indicates that IMCV experiences smaller price fluctuations and is considered to be less risky than NUMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	NUMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	3.49%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	9.41%	-1.29%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	12.62%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	17.37%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.61%	19.73%	-0.12%

IMCV vs. NUMV - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is lower than NUMV's 0.31% expense ratio.

Dividends

IMCV vs. NUMV - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.91%, more than NUMV's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.91%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
NUMV Nuveen ESG Mid-Cap Value ETF	1.40%	1.53%	1.81%	2.20%	5.78%	6.62%	1.38%	2.40%	4.01%	0.83%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMCV and NUMV in my portfolio?

With a correlation of 0.92, IMCV and NUMV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IMCV or NUMV?

NUMV has higher volatility (3.49%) compared to IMCV (3.11%). In terms of maximum drawdown, IMCV dropped -64.74% vs NUMV's -43.46%.

Which ETF is better, IMCV or NUMV?

On 5-year performance, IMCV leads with 9.60% vs 7.06% for NUMV. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 3.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or NUMV?

Over the 5-year period, IMCV has performed better with a 9.60% return vs 7.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or NUMV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.31% for NUMV.

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

IMCV has the higher dividend yield at 1.91%, compared with 1.40% for NUMV.

What is the main difference between IMCV and NUMV?

IMCV tracks Morningstar US Mid Cap Broad Value Index, while NUMV tracks TIAA ESG USA Mid-Cap Value Index. They also come from different issuers: iShares and Nuveen. Their fees differ too: 0.06% for IMCV and 0.31% for NUMV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (1.99 vs 1.74), 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.