IMCV vs. SHV
IMCV (iShares Morningstar Mid-Cap ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, IMCV returned 10.78%/yr vs 2.23%/yr for SHV. At a correlation of -0.06, they often move in opposite directions. IMCV charges 0.06%/yr vs 0.15%/yr for SHV.
Performance
IMCV vs. SHV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IMCV achieves a 12.04% return, which is significantly higher than SHV's 1.53% return. Over the past 10 years, IMCV has outperformed SHV with an annualized return of 10.78%, while SHV has yielded a comparatively lower 2.23% annualized return.
IMCV
- 1D
- 0.91%
- 1M
- 4.87%
- YTD
- 12.04%
- 6M
- 11.44%
- 1Y
- 26.22%
- 3Y*
- 16.21%
- 5Y*
- 9.22%
- 10Y*
- 10.78%
SHV
- 1D
- 0.03%
- 1M
- 0.26%
- YTD
- 1.53%
- 6M
- 1.73%
- 1Y
- 3.86%
- 3Y*
- 4.63%
- 5Y*
- 3.34%
- 10Y*
- 2.23%
IMCV vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMCV iShares Morningstar Mid-Cap ETF | 12.04% | 13.52% | 12.28% | 11.89% | -6.98% | 33.56% | -4.11% | 24.72% | -10.93% | 12.60% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.53% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between IMCV and SHV is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | -0.06 |
The correlation between IMCV and SHV shifts across timeframes, from -0.06 (all time) to 0.04 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IMCV vs. SHV — Risk / Return Rank
IMCV
SHV
IMCV vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and iShares 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.38 | ||
| Sortino ratioReturn per unit of downside risk | -146.48 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 53.77 | -52.40 |
| Calmar ratioReturn relative to maximum drawdown | 3.59 | 431.38 | -427.79 |
| Martin ratioReturn relative to average drawdown | 13.41 | 2,419.80 | -2,406.39 |
Loading charts...
Drawdowns
IMCV vs. SHV - Drawdown Comparison
The maximum IMCV drawdown since its inception was -64.74%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for IMCV and SHV.
Loading charts...
Drawdown Indicators
| IMCV | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.74% | -0.45% | -64.29% |
Max Drawdown (1Y)Largest decline over 1 year | -6.90% | -0.01% | -6.89% |
Max Drawdown (3Y)Largest decline over 3 years | -18.63% | -0.03% | -18.60% |
Max Drawdown (5Y)Largest decline over 5 years | -19.87% | -0.39% | -19.48% |
Max Drawdown (10Y)Largest decline over 10 years | -46.33% | -0.45% | -45.88% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.40% | -0.03% | -8.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 0.00% | +1.85% |
Volatility
IMCV vs. SHV - Volatility Comparison
iShares Morningstar Mid-Cap ETF (IMCV) has a higher volatility of 2.87% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.04%. This indicates that IMCV's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IMCV | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 0.04% | +2.83% |
Volatility (6M)Calculated over the trailing 6-month period | 8.05% | 0.12% | +7.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.75% | 0.20% | +11.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.65% | 0.29% | +16.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.66% | 0.28% | +19.38% |
IMCV vs. SHV - Expense Ratio Comparison
IMCV has a 0.06% expense ratio, which is lower than SHV's 0.15% 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. SHV - Dividend Comparison
IMCV's dividend yield for the trailing twelve months is around 1.90%, less than SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMCV iShares Morningstar Mid-Cap ETF | 1.90% | 2.23% | 2.36% | 2.30% | 2.36% | 1.86% | 2.61% | 2.45% | 2.61% | 1.87% | 2.09% | 2.29% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
IMCV and SHV 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.
IMCV has higher volatility (2.87%) compared to SHV (0.04%). In terms of maximum drawdown, IMCV dropped -64.74% vs SHV's -0.45%.
On 10-year performance, IMCV leads with 10.78% vs 2.23% for SHV. On fees, IMCV is cheaper at 0.06% per year. On volatility, SHV has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IMCV has performed better with a 10.78% return vs 2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IMCV is cheaper with a 0.06% expense ratio, compared with 0.15% for SHV.
SHV has the higher dividend yield at 3.83%, compared with 1.90% for IMCV.
IMCV is categorized as Mid Cap Value Equities, while SHV is Government Bonds. IMCV tracks Morningstar US Mid Cap Broad Value Index, while SHV tracks ICE Short US Treasury Securities Index. Their fees differ too: 0.06% for IMCV and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.49 vs 2.11), 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.
Find the right allocation for IMCV and SHV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer