IMCVX vs. ECAT

Last updated Jun 23, 2026

IMCVX (Voya Multi-Manager Mid Cap Value Fund) and ECAT (BlackRock ESG Capital Allocation Term Trust) are both mutual funds - IMCVX is a Mid Cap Value Equities fund managed by BlackRock, while ECAT is a Tactical Allocation fund managed by BlackRock. Over the past 3 years, IMCVX returned 11.11%/yr vs 19.58%/yr for ECAT. A 0.60 correlation means they provide meaningful diversification when combined. IMCVX charges 0.78%/yr vs 1.43%/yr for ECAT.

Performance

IMCVX vs. ECAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Multi-Manager Mid Cap Value Fund (IMCVX) and BlackRock ESG Capital Allocation Term Trust (ECAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMCVX achieves a 10.75% return, which is significantly lower than ECAT's 12.06% return.

IMCVX

• 1D: 0.20%
• 1M: 1.32%
• YTD: 10.75%
• 6M: 9.18%
• 1Y: 17.02%
• 3Y*: 11.11%
• 5Y*: 6.50%
• 10Y*: 9.61%

ECAT

• 1D: 0.00%
• 1M: 2.19%
• YTD: 12.06%
• 6M: 10.41%
• 1Y: 22.26%
• 3Y*: 19.58%
• 5Y*: —
• 10Y*: —

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

IMCVX vs. ECAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IMCVX Voya Multi-Manager Mid Cap Value Fund	10.75%	4.09%	10.72%	9.44%	-11.52%	5.89%
ECAT BlackRock ESG Capital Allocation Term Trust	12.06%	16.64%	19.96%	32.36%	-21.90%	-6.25%

Correlation

The correlation between IMCVX and ECAT is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021	0.60

The correlation between IMCVX and ECAT shifts across timeframes, from 0.48 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IMCVX vs. ECAT — Risk / Return Rank

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

IMCVX

IMCVX Risk / Return Rank: 38
IMCVX Sharpe Ratio Rank: 34
IMCVX Sortino Ratio Rank: 38
IMCVX Omega Ratio Rank: 30
IMCVX Calmar Ratio Rank: 48
IMCVX Martin Ratio Rank: 42

ECAT

ECAT Risk / Return Rank: 34
ECAT Sharpe Ratio Rank: 36
ECAT Sortino Ratio Rank: 36
ECAT Omega Ratio Rank: 35
ECAT Calmar Ratio Rank: 29
ECAT Martin Ratio Rank: 33

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.

IMCVX vs. ECAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Multi-Manager Mid Cap Value Fund (IMCVX) and BlackRock ESG Capital Allocation Term Trust (ECAT). 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.

	IMCVX	ECAT	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.62	-0.07
Sortino ratio: Return per unit of downside risk	2.38	2.30	+0.08
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	2.54	1.90	+0.64
Martin ratio: Return relative to average drawdown	8.44	7.04	+1.40

IMCVX vs. ECAT - Sharpe Ratio Comparison

The current IMCVX Sharpe Ratio is 1.56, which is comparable to the ECAT Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of IMCVX and ECAT, 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

IMCVX vs. ECAT - Drawdown Comparison

The maximum IMCVX drawdown since its inception was -44.22%, which is greater than ECAT's maximum drawdown of -32.23%. Use the drawdown chart below to compare losses from any high point for IMCVX and ECAT.

Drawdown Indicators

	IMCVX	ECAT	Difference
Max Drawdown Largest peak-to-trough decline	-44.22%	-32.23%	-11.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-11.80%	+4.33%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-15.79%	-3.55%
Max Drawdown (5Y) Largest decline over 5 years	-22.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.22%	—	—
Current Drawdown Current decline from peak	-1.67%	-0.46%	-1.21%
Average Drawdown Average peak-to-trough decline	-5.45%	-9.04%	+3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	3.17%	-0.97%

Volatility

IMCVX vs. ECAT - Volatility Comparison

The current volatility for Voya Multi-Manager Mid Cap Value Fund (IMCVX) is 3.30%, while BlackRock ESG Capital Allocation Term Trust (ECAT) has a volatility of 4.36%. This indicates that IMCVX experiences smaller price fluctuations and is considered to be less risky than ECAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCVX	ECAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	4.36%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	8.36%	10.99%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	13.79%	-1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	16.89%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.11%	16.89%	+3.22%

IMCVX vs. ECAT - Expense Ratio Comparison

IMCVX has a 0.78% expense ratio, which is lower than ECAT's 1.43% expense ratio.

Dividends

IMCVX vs. ECAT - Dividend Comparison

IMCVX's dividend yield for the trailing twelve months is around 8.32%, less than ECAT's 21.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECAT BlackRock ESG Capital Allocation Term Trust	21.78%	23.00%	17.44%	9.14%	8.94%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IMCVX Voya Multi-Manager Mid Cap Value Fund	8.32%	9.21%	11.72%	0.98%	8.69%	15.71%	4.38%	19.23%	20.04%	7.09%	3.00%	21.05%

Frequently Asked Questions

Can I hold both IMCVX and ECAT in my portfolio?

IMCVX and ECAT have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMCVX or ECAT?

ECAT has higher volatility (4.36%) compared to IMCVX (3.30%). In terms of maximum drawdown, IMCVX dropped -44.22% vs ECAT's -32.23%.

Which has better risk-adjusted returns?

ECAT currently has the higher Sharpe Ratio (1.62 vs 1.56), 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.