IMCV vs. SMMD

Last updated Aug 2, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and SMMD (iShares Russell 2500 ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index. Both are passively managed. Over the past 5 years, IMCV returned 10.87%/yr vs 8.05%/yr for SMMD. Their correlation of 0.84 means they have usually moved in the same direction. IMCV charges 0.06%/yr vs 0.15%/yr for SMMD.

Performance

IMCV vs. SMMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCV) and iShares Russell 2500 ETF (SMMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMCV achieves a 17.00% return, which is significantly lower than SMMD's 19.46% return.

IMCV

• 1D: -0.19%
• 1M: 2.38%
• 6M: 13.07%
• YTD: 17.00%
• 1Y: 27.75%
• 3Y*: 15.77%
• 5Y*: 10.87%
• 10Y*: 10.97%
• ALL TIME*: 9.92%

SMMD

• 1D: -0.29%
• 1M: -1.85%
• 6M: 13.62%
• YTD: 19.46%
• 1Y: 32.80%
• 3Y*: 15.59%
• 5Y*: 8.05%
• 10Y*: —
• ALL TIME*: 11.06%

*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	$2.44M	$2.33M	$2.03M
SMMD iShares Russell 2500 ETF	$22.23M	$19.32M	$23.61M

IMCV vs. SMMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCV iShares Morningstar Mid-Cap ETF	17.00%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	10.00%
SMMD iShares Russell 2500 ETF	19.46%	11.72%	11.87%	17.71%	-18.53%	18.30%	19.98%	28.01%	-10.58%	11.27%

Correlation

The correlation between IMCV and SMMD is 0.73, 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.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Jul 7, 2017	0.84

The correlation between IMCV and SMMD shifts across timeframes, from 0.73 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

IMCV vs. SMMD - Sectors Allocation Comparison

Sectors	IMCV	SMMD
Financial Services	17.7%	15.2%
Industrials	11.6%	19.1%
Energy	11.4%	4.0%
Healthcare	10.3%	14.5%
Utilities	10.1%	2.8%
Technology	9.3%	15.5%
Consumer Defensive	8.6%	3.5%
Consumer Cyclical	8.4%	10.7%
Real Estate	5.5%	7.7%
Basic Materials	4.8%	4.4%
Communication Services	2.4%	2.7%

Return for Risk

IMCV vs. SMMD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IMCV

IMCV Risk / Return Rank: 90
IMCV Sharpe Ratio Rank: 91
IMCV Sortino Ratio Rank: 92
IMCV Omega Ratio Rank: 89
IMCV Calmar Ratio Rank: 90
IMCV Martin Ratio Rank: 91

SMMD

SMMD Risk / Return Rank: 80
SMMD Sharpe Ratio Rank: 77
SMMD Sortino Ratio Rank: 78
SMMD Omega Ratio Rank: 73
SMMD Calmar Ratio Rank: 85
SMMD Martin Ratio Rank: 86

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. SMMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and iShares Russell 2500 ETF (SMMD). 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	SMMD	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.75	+0.54
Sortino ratio: Return per unit of downside risk	3.33	2.51	+0.82
Omega ratio: Gain probability vs. loss probability	1.40	1.30	+0.10
Calmar ratio: Return relative to maximum drawdown	3.84	3.19	+0.65
Martin ratio: Return relative to average drawdown	14.72	12.03	+2.69

IMCV vs. SMMD - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.29, which is higher than the SMMD Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of IMCV and SMMD, 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. SMMD - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than SMMD's maximum drawdown of -41.06%. Use the drawdown chart below to compare losses from any high point for IMCV and SMMD.

Drawdown Indicators

	IMCV	SMMD	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-41.06%	-23.68%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-9.66%	+2.76%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-25.50%	+6.87%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-28.26%	+8.39%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	—	—
Current Drawdown Current decline from peak	-1.21%	-2.77%	+1.56%
Average Drawdown Average peak-to-trough decline	-8.36%	-8.25%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.56%	-0.76%

Volatility

IMCV vs. SMMD - Volatility Comparison

iShares Morningstar Mid-Cap ETF (IMCV) and iShares Russell 2500 ETF (SMMD) have volatilities of 3.23% and 3.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	SMMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	3.17%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	13.18%	-5.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.59%	17.61%	-6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	20.81%	-4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	22.27%	-2.72%

IMCV vs. SMMD - Expense Ratio Comparison

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

IMCV's dividend yield for the trailing twelve months is around 1.81%, more than SMMD's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.81%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
SMMD iShares Russell 2500 ETF	1.07%	1.28%	1.27%	1.44%	1.79%	1.12%	1.31%	1.50%	2.45%	0.68%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMCV and SMMD in my portfolio?

IMCV and SMMD have a correlation of 0.73, 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 SMMD?

IMCV has higher volatility (3.23%) compared to SMMD (3.17%). In terms of maximum drawdown, IMCV dropped -64.74% vs SMMD's -41.06%.

Which ETF is better, IMCV or SMMD?

On 5-year performance, IMCV leads with 10.87% vs 8.05% for SMMD. On fees, IMCV is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or SMMD?

Over the 5-year period, IMCV has performed better with a 10.87% return vs 8.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or SMMD?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.15% for SMMD.

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

IMCV has the higher dividend yield at 1.81%, compared with 1.07% for SMMD.

What is the main difference between IMCV and SMMD?

IMCV is categorized as Mid Cap Value Equities, while SMMD is Small Cap Growth Equities. IMCV tracks Morningstar US Mid Cap Broad Value Index, while SMMD tracks Russell 2500 Index. Their fees differ too: 0.06% for IMCV and 0.15% for SMMD.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.29 vs 1.75), 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.