IMCV vs. VOE

Last updated Aug 2, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and VOE (Vanguard Mid-Cap Value ETF) are both Mid Cap Value Equities funds - IMCV tracks the Morningstar US Mid Cap Broad Value Index while VOE tracks the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, IMCV returned 10.97%/yr vs 10.86%/yr for VOE. Their 0.95 correlation means they have historically moved very closely together. IMCV charges 0.06%/yr vs 0.05%/yr for VOE.

Performance

IMCV vs. VOE - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with IMCV having a 17.00% return and VOE slightly lower at 16.60%. Both investments have delivered pretty close results over the past 10 years, with IMCV having a 10.97% annualized return and VOE not far behind at 10.86%.

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%

VOE

• 1D: -0.23%
• 1M: 2.29%
• 6M: 11.88%
• YTD: 16.60%
• 1Y: 26.06%
• 3Y*: 15.27%
• 5Y*: 10.14%
• 10Y*: 10.86%
• ALL TIME*: 9.56%

*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
VOE Vanguard Mid-Cap Value ETF	$50.20M	$55.46M	$54.15M

IMCV vs. VOE - 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%	12.60%
VOE Vanguard Mid-Cap Value ETF	16.60%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between IMCV and VOE is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Aug 25, 2006	0.95

The correlation between IMCV and VOE has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

IMCV vs. VOE - Sectors Allocation Comparison

Sectors	IMCV	VOE
Financial Services	17.7%	18.7%
Industrials	11.6%	13.8%
Energy	11.4%	11.7%
Healthcare	10.3%	7.2%
Utilities	10.1%	12.6%
Technology	9.3%	8.1%
Consumer Defensive	8.6%	7.6%
Consumer Cyclical	8.4%	5.9%
Real Estate	5.5%	5.8%
Basic Materials	4.8%	6.7%
Communication Services	2.4%	1.5%

Return for Risk

IMCV vs. VOE — 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

VOE

VOE Risk / Return Rank: 89
VOE Sharpe Ratio Rank: 89
VOE Sortino Ratio Rank: 90
VOE Omega Ratio Rank: 87
VOE Calmar Ratio Rank: 88
VOE Martin Ratio Rank: 89

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. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) and Vanguard Mid-Cap Value ETF (VOE). 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	VOE	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.20	+0.09
Sortino ratio: Return per unit of downside risk	3.33	3.17	+0.16
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	3.84	3.60	+0.24
Martin ratio: Return relative to average drawdown	14.72	13.97	+0.75

IMCV vs. VOE - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.29, which is comparable to the VOE Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of IMCV and VOE, 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. VOE - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than VOE's maximum drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for IMCV and VOE.

Drawdown Indicators

	IMCV	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-61.50%	-3.24%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-6.93%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-18.45%	-0.18%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-19.70%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	-43.18%	-3.15%
Current Drawdown Current decline from peak	-1.21%	-1.31%	+0.10%
Average Drawdown Average peak-to-trough decline	-8.36%	-8.29%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.79%	+0.01%

Volatility

IMCV vs. VOE - Volatility Comparison

iShares Morningstar Mid-Cap ETF (IMCV) has a higher volatility of 3.23% compared to Vanguard Mid-Cap Value ETF (VOE) at 2.70%. This indicates that IMCV's price experiences larger fluctuations and is considered to be riskier than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCV	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	2.70%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	8.10%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	11.59%	11.36%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	15.89%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	18.73%	+0.82%

IMCV vs. VOE - Expense Ratio Comparison

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

IMCV's dividend yield for the trailing twelve months is around 1.81%, which matches VOE's 1.82% 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%
VOE Vanguard Mid-Cap Value ETF	1.82%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both IMCV and VOE in my portfolio?

With a correlation of 0.97, IMCV and VOE 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 VOE?

IMCV has higher volatility (3.23%) compared to VOE (2.70%). In terms of maximum drawdown, IMCV dropped -64.74% vs VOE's -61.50%.

Which ETF is better, IMCV or VOE?

On 10-year performance, IMCV leads with 10.97% vs 10.86% for VOE. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or VOE?

Over the 10-year period, IMCV has performed better with a 10.97% return vs 10.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or VOE?

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

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

IMCV and VOE have nearly identical dividend yields, around 1.81%.

What is the main difference between IMCV and VOE?

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

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.29 vs 2.20), 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.