IMCV vs. SWISX

Last updated Jun 14, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and SWISX (Schwab International Index Fund) are both funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while SWISX is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, IMCV returned 10.78%/yr vs 9.70%/yr for SWISX. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.06% expense ratio.

Performance

IMCV vs. SWISX - Performance Comparison

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

Returns By Period

In the year-to-date period, IMCV achieves a 12.04% return, which is significantly higher than SWISX's 8.95% return. Over the past 10 years, IMCV has outperformed SWISX with an annualized return of 10.78%, while SWISX has yielded a comparatively lower 9.70% 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%

SWISX

• 1D: 3.03%
• 1M: 2.66%
• YTD: 8.95%
• 6M: 10.44%
• 1Y: 21.50%
• 3Y*: 16.43%
• 5Y*: 8.36%
• 10Y*: 9.70%

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

IMCV vs. SWISX - 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%
SWISX Schwab International Index Fund	8.95%	31.59%	3.54%	18.13%	-14.30%	11.25%	8.14%	21.87%	-13.38%	25.32%

Correlation

The correlation between IMCV and SWISX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.73

The correlation between IMCV and SWISX has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

IMCV vs. SWISX - Sectors Allocation Comparison

Sectors	IMCV	SWISX
Financial Services	15.2%	24.4%
Energy	11.9%	4.1%
Industrials	11.8%	20.3%
Technology	10.3%	10.7%
Utilities	9.6%	4.0%
Consumer Cyclical	9.1%	7.7%
Consumer Defensive	9.0%	7.0%
Healthcare	8.7%	9.2%
Basic Materials	6.4%	6.1%
Real Estate	5.5%	2.0%
Communication Services	2.5%	4.6%

Return for Risk

IMCV vs. SWISX — Risk / Return Rank

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

IMCV

IMCV Risk / Return Rank: 77
IMCV Sharpe Ratio Rank: 76
IMCV Sortino Ratio Rank: 79
IMCV Omega Ratio Rank: 73
IMCV Calmar Ratio Rank: 79
IMCV Martin Ratio Rank: 79

SWISX

SWISX Risk / Return Rank: 35
SWISX Sharpe Ratio Rank: 34
SWISX Sortino Ratio Rank: 34
SWISX Omega Ratio Rank: 34
SWISX Calmar Ratio Rank: 35
SWISX Martin Ratio Rank: 39

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. SWISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and Schwab International Index Fund (SWISX). 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	SWISX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.33	+0.79
Sortino ratio: Return per unit of downside risk	3.06	1.92	+1.14
Omega ratio: Gain probability vs. loss probability	1.37	1.24	+0.13
Calmar ratio: Return relative to maximum drawdown	3.59	1.83	+1.76
Martin ratio: Return relative to average drawdown	13.41	6.82	+6.60

IMCV vs. SWISX - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.11, which is higher than the SWISX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of IMCV and SWISX, 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. SWISX - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than SWISX's maximum drawdown of -60.65%. Use the drawdown chart below to compare losses from any high point for IMCV and SWISX.

Drawdown Indicators

	IMCV	SWISX	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-60.65%	-4.09%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-11.39%	+4.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-13.68%	-4.95%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-29.42%	+9.55%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	-33.83%	-12.50%
Current Drawdown Current decline from peak	0.00%	-1.01%	+1.01%
Average Drawdown Average peak-to-trough decline	-8.40%	-14.80%	+6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	3.05%	-1.20%

Volatility

IMCV vs. SWISX - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 2.87%, while Schwab International Index Fund (SWISX) has a volatility of 5.34%. This indicates that IMCV experiences smaller price fluctuations and is considered to be less risky than SWISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	SWISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	5.34%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	13.07%	-5.02%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	15.74%	-3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.65%	16.39%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	16.90%	+2.76%

IMCV vs. SWISX - Expense Ratio Comparison

Both IMCV and SWISX 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. SWISX - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.90%, less than SWISX's 3.26% 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%
SWISX Schwab International Index Fund	3.26%	3.55%	3.29%	3.31%	2.73%	3.34%	1.88%	3.09%	3.15%	2.71%	3.19%	2.71%

Frequently Asked Questions

Can I hold both IMCV and SWISX in my portfolio?

IMCV and SWISX have a correlation of 0.65, 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 SWISX?

SWISX has higher volatility (5.34%) compared to IMCV (2.87%). In terms of maximum drawdown, IMCV dropped -64.74% vs SWISX's -60.65%.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.11 vs 1.33), 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.