IMCV vs. RNIN

Last updated Aug 4, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and RNIN (Bushido Capital US SMID Cap Equity ETF) are both Mid Cap Value Equities funds. IMCV is passively managed, while RNIN is actively managed. Over the past year, IMCV returned 28.34% vs 43.48% for RNIN. Their 0.79 correlation means they have sometimes moved together and sometimes differently. IMCV charges 0.06%/yr vs 0.68%/yr for RNIN.

Performance

IMCV vs. RNIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCV) and Bushido Capital US SMID Cap Equity ETF (RNIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMCV achieves a 17.54% return, which is significantly lower than RNIN's 32.00% return.

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%

RNIN

• 1D: 1.52%
• 1M: 9.93%
• 6M: 28.79%
• YTD: 32.00%
• 1Y: 43.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 36.75%

*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
RNIN Bushido Capital US SMID Cap Equity ETF	$596.83K	$327.77K	$211.49K

IMCV vs. RNIN - Yearly Performance Comparison

	2026 (YTD)	2025
IMCV iShares Morningstar Mid-Cap ETF	17.54%	13.41%
RNIN Bushido Capital US SMID Cap Equity ETF	32.00%	10.92%

Correlation

The correlation between IMCV and RNIN is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (All Time) Calculated using the full available price history since May 15, 2025	0.79

The correlation between IMCV and RNIN has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

Return for Risk

IMCV vs. RNIN — 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

RNIN

RNIN Risk / Return Rank: 95
RNIN Sharpe Ratio Rank: 94
RNIN Sortino Ratio Rank: 94
RNIN Omega Ratio Rank: 92
RNIN Calmar Ratio Rank: 97
RNIN Martin Ratio Rank: 96

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. RNIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and Bushido Capital US SMID Cap Equity ETF (RNIN). 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	RNIN	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.73	-0.26
Sortino ratio: Return per unit of downside risk	3.58	3.90	-0.31
Omega ratio: Gain probability vs. loss probability	1.44	1.48	-0.04
Calmar ratio: Return relative to maximum drawdown	4.12	7.67	-3.55
Martin ratio: Return relative to average drawdown	15.79	26.45	-10.66

IMCV vs. RNIN - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.47, which is comparable to the RNIN Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of IMCV and RNIN, 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. RNIN - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than RNIN's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for IMCV and RNIN.

Drawdown Indicators

	IMCV	RNIN	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-5.70%	-59.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-5.70%	-1.20%
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%	-0.28%	-0.47%
Average Drawdown Average peak-to-trough decline	-8.36%	-1.27%	-7.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.65%	+0.15%

Volatility

IMCV vs. RNIN - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 2.99%, while Bushido Capital US SMID Cap Equity ETF (RNIN) has a volatility of 6.44%. This indicates that IMCV experiences smaller price fluctuations and is considered to be less risky than RNIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	RNIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	6.44%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	12.33%	-4.18%
Volatility (1Y) Calculated over the trailing 1-year period	11.54%	16.02%	-4.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	15.76%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	15.76%	+3.79%

IMCV vs. RNIN - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is lower than RNIN's 0.68% expense ratio.

Dividends

IMCV vs. RNIN - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.80%, more than RNIN's 0.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
RNIN Bushido Capital US SMID Cap Equity ETF	0.79%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMCV and RNIN in my portfolio?

IMCV and RNIN have a correlation of 0.75, 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 RNIN?

RNIN has higher volatility (6.44%) compared to IMCV (2.99%). In terms of maximum drawdown, IMCV dropped -64.74% vs RNIN's -5.70%.

Which ETF is better, IMCV or RNIN?

On 1-year performance, RNIN leads with 43.48% vs 28.34% for IMCV. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or RNIN?

Over the 1-year period, RNIN has performed better with a 43.48% return vs 28.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or RNIN?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.68% for RNIN.

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

IMCV has the higher dividend yield at 1.80%, compared with 0.79% for RNIN.

What is the main difference between IMCV and RNIN?

They also come from different issuers: iShares and Bushido. Their fees differ too: 0.06% for IMCV and 0.68% for RNIN.

Which has better risk-adjusted returns?

RNIN currently has the higher Sharpe Ratio (2.73 vs 2.47), 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.