IMCV vs. VBR

Last updated Jun 9, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and VBR (Vanguard Small-Cap Value ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, IMCV returned 10.39%/yr vs 10.50%/yr for VBR. Their correlation of 0.92 suggests significant overlap in exposure. IMCV charges 0.06%/yr vs 0.05%/yr for VBR.

Performance

IMCV vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCV) and Vanguard Small-Cap Value ETF (VBR). 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 lower than VBR's 11.45% return. Both investments have delivered pretty close results over the past 10 years, with IMCV having a 10.39% annualized return and VBR not far ahead at 10.50%.

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%

VBR

• 1D: 0.16%
• 1M: 0.48%
• YTD: 11.45%
• 6M: 12.14%
• 1Y: 24.85%
• 3Y*: 15.60%
• 5Y*: 7.78%
• 10Y*: 10.50%

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

IMCV vs. VBR - 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%
VBR Vanguard Small-Cap Value ETF	11.45%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between IMCV and VBR is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.92

The correlation between IMCV and VBR has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

IMCV vs. VBR - Sectors Allocation Comparison

Sectors	IMCV	VBR
Financial Services	15.6%	17.6%
Energy	12.5%	5.2%
Industrials	12.1%	18.1%
Utilities	10.0%	4.8%
Technology	9.1%	10.6%
Consumer Defensive	8.9%	4.0%
Consumer Cyclical	8.7%	12.4%
Healthcare	8.5%	7.9%
Basic Materials	6.5%	6.3%
Real Estate	5.6%	10.1%
Communication Services	2.5%	2.5%

Return for Risk

IMCV vs. VBR — 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

VBR

VBR Risk / Return Rank: 57
VBR Sharpe Ratio Rank: 53
VBR Sortino Ratio Rank: 56
VBR Omega Ratio Rank: 51
VBR Calmar Ratio Rank: 62
VBR Martin Ratio Rank: 61

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. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and Vanguard Small-Cap Value ETF (VBR). 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	VBR	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.65	+0.32
Sortino ratio: Return per unit of downside risk	2.87	2.43	+0.44
Omega ratio: Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	3.32	2.82	+0.51
Martin ratio: Return relative to average drawdown	12.40	9.94	+2.46
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. VBR - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 1.97, which is comparable to the VBR Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of IMCV and VBR, 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	VBR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.65	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.40	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.49	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.42	+0.06

Drawdowns

IMCV vs. VBR - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, roughly equal to the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for IMCV and VBR.

Drawdown Indicators

	IMCV	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-61.98%	-2.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-8.85%	+1.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-24.19%	+5.56%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-24.19%	+4.32%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	-45.28%	-1.05%
Current Drawdown Current decline from peak	-1.07%	-0.95%	-0.12%
Average Drawdown Average peak-to-trough decline	-8.41%	-8.26%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.51%	-0.66%

Volatility

IMCV vs. VBR - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 2.35%, while Vanguard Small-Cap Value ETF (VBR) has a volatility of 3.67%. This indicates that IMCV experiences smaller price fluctuations and is considered to be less risky than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	3.67%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	10.49%	-2.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	15.16%	-3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.64%	19.77%	-3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	21.74%	-2.08%

IMCV vs. VBR - Expense Ratio Comparison

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

IMCV's dividend yield for the trailing twelve months is around 1.94%, more than VBR's 1.76% 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%
VBR Vanguard Small-Cap Value ETF	1.76%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both IMCV and VBR in my portfolio?

With a correlation of 0.93, IMCV and VBR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IMCV or VBR?

VBR has higher volatility (3.67%) compared to IMCV (2.35%). In terms of maximum drawdown, IMCV dropped -64.74% vs VBR's -61.98%.

Which ETF is better, IMCV or VBR?

On 10-year performance, VBR leads with 10.50% vs 10.39% for IMCV. On fees, VBR is cheaper at 0.05% per year. On volatility, IMCV has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or VBR?

Over the 10-year period, VBR has performed better with a 10.50% return vs 10.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or VBR?

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

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

IMCV has the higher dividend yield at 1.94%, compared with 1.76% for VBR.

What is the main difference between IMCV and VBR?

IMCV is categorized as Mid Cap Value Equities, while VBR is Small Cap Value Equities. IMCV tracks Morningstar US Mid Cap Broad Value Index, while VBR tracks CRSP US Small Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.06% for IMCV and 0.05% for VBR.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (1.97 vs 1.65), 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.