IMCV vs. SPHY

Last updated Jun 9, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and SPHY (SPDR Portfolio High Yield 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 SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, IMCV returned 10.39%/yr vs 5.03%/yr for SPHY. At a 0.40 correlation, their price movements are largely independent. IMCV charges 0.06%/yr vs 0.05%/yr for SPHY.

Performance

IMCV vs. SPHY - Performance Comparison

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

Returns By Period

In the year-to-date period, IMCV achieves a 9.75% return, which is significantly higher than SPHY's 1.32% return. Over the past 10 years, IMCV has outperformed SPHY with an annualized return of 10.39%, while SPHY has yielded a comparatively lower 5.03% annualized return.

IMCV

• 1D: -0.41%
• 1M: 1.84%
• YTD: 9.75%
• 6M: 11.34%
• 1Y: 22.85%
• 3Y*: 16.05%
• 5Y*: 8.79%
• 10Y*: 10.39%

SPHY

• 1D: 0.09%
• 1M: -0.18%
• YTD: 1.32%
• 6M: 1.93%
• 1Y: 6.98%
• 3Y*: 8.78%
• 5Y*: 4.29%
• 10Y*: 5.03%

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

IMCV vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCV iShares Morningstar Mid-Cap ETF	9.75%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%
SPHY SPDR Portfolio High Yield Bond ETF	1.32%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between IMCV and SPHY is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012	0.40

Over the past year, IMCV and SPHY have become more correlated (0.63) than their long-term average of 0.40, meaning their price movements have been converging.

IMCV vs. SPHY - Sectors Allocation Comparison

Sectors	IMCV	SPHY
Financial Services	15.6%	99.9%
Energy	12.5%	0.1%
Industrials	12.1%	-
Utilities	10.0%	-
Technology	9.1%	-
Consumer Defensive	8.9%	-
Consumer Cyclical	8.7%	-
Healthcare	8.5%	-
Basic Materials	6.5%	-
Real Estate	5.6%	-
Communication Services	2.5%	-

Return for Risk

IMCV vs. SPHY — Risk / Return Rank

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

IMCV

IMCV Risk / Return Rank: 69
IMCV Sharpe Ratio Rank: 67
IMCV Sortino Ratio Rank: 71
IMCV Omega Ratio Rank: 64
IMCV Calmar Ratio Rank: 73
IMCV Martin Ratio Rank: 73

SPHY

SPHY Risk / Return Rank: 69
SPHY Sharpe Ratio Rank: 63
SPHY Sortino Ratio Rank: 70
SPHY Omega Ratio Rank: 70
SPHY Calmar Ratio Rank: 64
SPHY Martin Ratio Rank: 76

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. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.

	IMCV	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.90	+0.07
Sortino ratio: Return per unit of downside risk	2.87	2.88	-0.01
Omega ratio: Gain probability vs. loss probability	1.35	1.38	-0.03
Calmar ratio: Return relative to maximum drawdown	3.32	2.90	+0.42
Martin ratio: Return relative to average drawdown	12.40	13.14	-0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMCV vs. SPHY - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 1.97, which is comparable to the SPHY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of IMCV and SPHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IMCV	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.90	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.60	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.64	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.63	-0.16

Drawdowns

IMCV vs. SPHY - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for IMCV and SPHY.

Drawdown Indicators

	IMCV	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-21.97%	-42.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-2.41%	-4.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-4.85%	-13.78%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-15.29%	-4.58%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	-21.97%	-24.36%
Current Drawdown Current decline from peak	-1.07%	-0.44%	-0.63%
Average Drawdown Average peak-to-trough decline	-8.41%	-2.29%	-6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	0.53%	+1.32%

Volatility

IMCV vs. SPHY - Volatility Comparison

iShares Morningstar Mid-Cap ETF (IMCV) has a higher volatility of 2.35% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.10%. This indicates that IMCV's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	1.10%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	2.94%	+5.11%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	3.69%	+7.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.64%	7.18%	+9.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	7.88%	+11.78%

IMCV vs. SPHY - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is higher than SPHY's 0.05% expense ratio. However, 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. SPHY - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.94%, less than SPHY's 7.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.94%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
SPHY SPDR Portfolio High Yield Bond ETF	7.28%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Frequently Asked Questions

Can I hold both IMCV and SPHY in my portfolio?

IMCV and SPHY have a correlation of 0.63, 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 SPHY?

IMCV has higher volatility (2.35%) compared to SPHY (1.10%). In terms of maximum drawdown, IMCV dropped -64.74% vs SPHY's -21.97%.

Which ETF is better, IMCV or SPHY?

On 10-year performance, IMCV leads with 10.39% vs 5.03% for SPHY. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or SPHY?

Over the 10-year period, IMCV has performed better with a 10.39% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or SPHY?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.06% for IMCV.

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

SPHY has the higher dividend yield at 7.28%, compared with 1.94% for IMCV.

What is the main difference between IMCV and SPHY?

IMCV is categorized as Mid Cap Value Equities, while SPHY is High Yield Bonds. IMCV tracks Morningstar US Mid Cap Broad Value Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.06% for IMCV and 0.05% for SPHY.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (1.97 vs 1.90), 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.