IMCV vs. SCHD

Last updated Jun 24, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, IMCV returned 10.80%/yr vs 12.72%/yr for SCHD. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.06% expense ratio.

Performance

IMCV vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCV) and Schwab U.S. Dividend Equity ETF (SCHD). 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 lower than SCHD's 17.72% return. Over the past 10 years, IMCV has underperformed SCHD with an annualized return of 10.80%, while SCHD has yielded a comparatively higher 12.72% annualized 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%

SCHD

• 1D: 0.41%
• 1M: -2.47%
• YTD: 17.72%
• 6M: 17.25%
• 1Y: 24.56%
• 3Y*: 14.60%
• 5Y*: 8.71%
• 10Y*: 12.72%

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

IMCV vs. SCHD - 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%
SCHD Schwab U.S. Dividend Equity ETF	17.72%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between IMCV and SCHD is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.86

The correlation between IMCV and SCHD has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

IMCV vs. SCHD - Sectors Allocation Comparison

Sectors	IMCV	SCHD
Financial Services	15.2%	9.1%
Energy	11.9%	14.6%
Industrials	11.8%	7.4%
Technology	10.3%	19.4%
Utilities	9.6%	0.0%
Consumer Cyclical	9.1%	6.7%
Consumer Defensive	9.0%	18.5%
Healthcare	8.7%	18.4%
Basic Materials	6.4%	1.2%
Real Estate	5.5%	-
Communication Services	2.5%	6.0%

Return for Risk

IMCV vs. SCHD — 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

SCHD

SCHD Risk / Return Rank: 77
SCHD Sharpe Ratio Rank: 72
SCHD Sortino Ratio Rank: 80
SCHD Omega Ratio Rank: 70
SCHD Calmar Ratio Rank: 90
SCHD Martin Ratio Rank: 71

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.23	-0.23
Sortino ratio: Return per unit of downside risk	2.89	3.40	-0.51
Omega ratio: Gain probability vs. loss probability	1.35	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	3.39	5.35	-1.96
Martin ratio: Return relative to average drawdown	12.59	12.94	-0.34

IMCV vs. SCHD - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 1.99, which is comparable to the SCHD Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of IMCV and SCHD, 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. SCHD - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for IMCV and SCHD.

Drawdown Indicators

	IMCV	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-33.37%	-31.37%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-4.61%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-16.13%	-2.50%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-16.85%	-3.02%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	-33.37%	-12.96%
Current Drawdown Current decline from peak	-0.88%	-2.47%	+1.59%
Average Drawdown Average peak-to-trough decline	-8.40%	-3.31%	-5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.90%	-0.04%

Volatility

IMCV vs. SCHD - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 3.11%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 3.58%. This indicates that IMCV experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	3.58%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	7.73%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	11.07%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	14.36%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.61%	16.71%	+2.90%

IMCV vs. SCHD - Expense Ratio Comparison

Both IMCV and SCHD have an expense ratio of 0.06%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IMCV vs. SCHD - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.91%, less than SCHD's 3.30% 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%
SCHD Schwab U.S. Dividend Equity ETF	3.30%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both IMCV and SCHD in my portfolio?

IMCV and SCHD have a correlation of 0.81, 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 SCHD?

SCHD has higher volatility (3.58%) compared to IMCV (3.11%). In terms of maximum drawdown, IMCV dropped -64.74% vs SCHD's -33.37%.

Which ETF is better, IMCV or SCHD?

On 10-year performance, SCHD leads with 12.72% vs 10.80% for IMCV. Both ETFs have the same 0.06% expense ratio. 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 SCHD?

Over the 10-year period, SCHD has performed better with a 12.72% return vs 10.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or SCHD?

IMCV and SCHD have the same expense ratio: 0.06% per year.

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

SCHD has the higher dividend yield at 3.30%, compared with 1.91% for IMCV.

What is the main difference between IMCV and SCHD?

IMCV is categorized as Mid Cap Value Equities, while SCHD is Dividend. IMCV tracks Morningstar US Mid Cap Broad Value Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: iShares and Charles Schwab.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.23 vs 1.99), 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.