IMCV vs. SMLV

Last updated Jul 21, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index. Both are passively managed. Over the past 10 years, IMCV returned 10.54%/yr vs 10.42%/yr for SMLV. Their correlation of 0.83 suggests significant overlap in exposure. IMCV charges 0.06%/yr vs 0.12%/yr for SMLV.

Performance

IMCV vs. SMLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCV) and SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMCV achieves a 14.96% return, which is significantly lower than SMLV's 22.24% return. Both investments have delivered pretty close results over the past 10 years, with IMCV having a 10.54% annualized return and SMLV not far behind at 10.42%.

IMCV

• 1D: -0.59%
• 1M: 4.45%
• 6M: 10.82%
• YTD: 14.96%
• 1Y: 23.82%
• 3Y*: 15.08%
• 5Y*: 10.69%
• 10Y*: 10.54%
• ALL TIME*: 9.85%

SMLV

• 1D: -0.67%
• 1M: 4.61%
• 6M: 15.91%
• YTD: 22.24%
• 1Y: 28.48%
• 3Y*: 17.10%
• 5Y*: 10.21%
• 10Y*: 10.42%
• ALL TIME*: 11.06%

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

IMCV vs. SMLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCV iShares Morningstar Mid-Cap ETF	14.96%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	22.24%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%

Correlation

The correlation between IMCV and SMLV is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 21, 2013	0.84

The correlation between IMCV and SMLV has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

IMCV vs. SMLV - Sectors Allocation Comparison

Sectors	IMCV	SMLV
Financial Services	17.7%	30.9%
Industrials	11.6%	14.3%
Energy	11.4%	1.5%
Healthcare	10.3%	8.9%
Utilities	10.1%	2.7%
Technology	9.3%	11.8%
Consumer Defensive	8.6%	3.5%
Consumer Cyclical	8.4%	9.0%
Real Estate	5.5%	11.9%
Basic Materials	4.8%	3.3%
Communication Services	2.4%	2.3%

Return for Risk

IMCV vs. SMLV — Risk / Return Rank

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

IMCV

IMCV Risk / Return Rank: 85
IMCV Sharpe Ratio Rank: 84
IMCV Sortino Ratio Rank: 86
IMCV Omega Ratio Rank: 81
IMCV Calmar Ratio Rank: 86
IMCV Martin Ratio Rank: 86

SMLV

SMLV Risk / Return Rank: 81
SMLV Sharpe Ratio Rank: 78
SMLV Sortino Ratio Rank: 79
SMLV Omega Ratio Rank: 78
SMLV Calmar Ratio Rank: 89
SMLV Martin Ratio Rank: 79

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. SMLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV). 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	SMLV	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.85	+0.20
Sortino ratio: Return per unit of downside risk	3.01	2.68	+0.34
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.02
Calmar ratio: Return relative to maximum drawdown	3.47	3.90	-0.43
Martin ratio: Return relative to average drawdown	12.94	10.99	+1.95

IMCV vs. SMLV - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.06, which is comparable to the SMLV Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of IMCV and SMLV, 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. SMLV - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than SMLV's maximum drawdown of -42.45%. Use the drawdown chart below to compare losses from any high point for IMCV and SMLV.

Drawdown Indicators

	IMCV	SMLV	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-42.45%	-22.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-7.34%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-20.40%	+1.77%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-20.40%	+0.53%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	-42.45%	-3.88%
Current Drawdown Current decline from peak	-0.83%	-1.59%	+0.76%
Average Drawdown Average peak-to-trough decline	-8.37%	-5.41%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.60%	-0.75%

Volatility

IMCV vs. SMLV - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 2.88%, while SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) has a volatility of 3.75%. This indicates that IMCV experiences smaller price fluctuations and is considered to be less risky than SMLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	SMLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	3.75%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	10.09%	-1.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	15.46%	-3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	18.23%	-1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	20.91%	-1.36%

IMCV vs. SMLV - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is lower than SMLV's 0.12% 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. SMLV - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.84%, less than SMLV's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.84%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.23%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both IMCV and SMLV in my portfolio?

IMCV and SMLV have a correlation of 0.78, 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 SMLV?

SMLV has higher volatility (3.75%) compared to IMCV (2.88%). In terms of maximum drawdown, IMCV dropped -64.74% vs SMLV's -42.45%.

Which ETF is better, IMCV or SMLV?

On 10-year performance, IMCV leads with 10.54% vs 10.42% for SMLV. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or SMLV?

Over the 10-year period, IMCV has performed better with a 10.54% return vs 10.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or SMLV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.12% for SMLV.

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

SMLV has the higher dividend yield at 2.23%, compared with 1.84% for IMCV.

What is the main difference between IMCV and SMLV?

IMCV is categorized as Mid Cap Value Equities, while SMLV is Volatility Hedged Equity. IMCV tracks Morningstar US Mid Cap Broad Value Index, while SMLV tracks SSGA US Small Cap Low Volatility Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.06% for IMCV and 0.12% for SMLV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.06 vs 1.85), 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.