IMCVX vs. TGVOX

Last updated Aug 1, 2026

IMCVX (Voya Multi-Manager Mid Cap Value Fund) and TGVOX (TCW Relative Value Mid Cap Fund) are both Mid Cap Value Equities funds. Over the past 10 years, IMCVX returned 9.64%/yr vs 12.15%/yr for TGVOX. Their correlation of 0.94 means they have usually moved in the same direction. IMCVX charges 0.78%/yr vs 0.85%/yr for TGVOX.

Performance

IMCVX vs. TGVOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Multi-Manager Mid Cap Value Fund (IMCVX) and TCW Relative Value Mid Cap Fund (TGVOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMCVX achieves a 14.19% return, which is significantly lower than TGVOX's 19.07% return. Over the past 10 years, IMCVX has underperformed TGVOX with an annualized return of 9.64%, while TGVOX has yielded a comparatively higher 12.15% annualized return.

IMCVX

• 1D: -0.58%
• 1M: 0.39%
• 6M: 8.76%
• YTD: 14.19%
• 1Y: 16.64%
• 3Y*: 10.50%
• 5Y*: 6.28%
• 10Y*: 9.64%
• ALL TIME*: 12.15%

TGVOX

• 1D: 0.22%
• 1M: -0.65%
• 6M: 12.08%
• YTD: 19.07%
• 1Y: 31.30%
• 3Y*: 18.60%
• 5Y*: 11.63%
• 10Y*: 12.15%
• ALL TIME*: 9.85%

*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)
IMCVX Voya Multi-Manager Mid Cap Value Fund	$0.00	$0.00	$0.00
TGVOX TCW Relative Value Mid Cap Fund	$0.00	$0.00	$0.00

IMCVX vs. TGVOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCVX Voya Multi-Manager Mid Cap Value Fund	14.19%	4.09%	10.72%	9.44%	-11.52%	29.40%	2.62%	40.50%	-15.20%	15.06%
TGVOX TCW Relative Value Mid Cap Fund	19.07%	15.53%	17.26%	15.99%	-11.80%	31.99%	3.66%	29.34%	-22.17%	19.74%

Correlation

The correlation between IMCVX and TGVOX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011	0.94

The correlation between IMCVX and TGVOX shifts across timeframes, from 0.78 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IMCVX vs. TGVOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IMCVX

IMCVX Risk / Return Rank: 63
IMCVX Sharpe Ratio Rank: 60
IMCVX Sortino Ratio Rank: 67
IMCVX Omega Ratio Rank: 54
IMCVX Calmar Ratio Rank: 72
IMCVX Martin Ratio Rank: 62

TGVOX

TGVOX Risk / Return Rank: 86
TGVOX Sharpe Ratio Rank: 85
TGVOX Sortino Ratio Rank: 83
TGVOX Omega Ratio Rank: 80
TGVOX Calmar Ratio Rank: 89
TGVOX Martin Ratio Rank: 91

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.

IMCVX vs. TGVOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Multi-Manager Mid Cap Value Fund (IMCVX) and TCW Relative Value Mid Cap Fund (TGVOX). 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	TGVOX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.07	-0.54
Sortino ratio: Return per unit of downside risk	2.36	2.95	-0.59
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	2.42	3.30	-0.88
Martin ratio: Return relative to average drawdown	8.27	12.82	-4.55

IMCVX vs. TGVOX - Sharpe Ratio Comparison

The current IMCVX Sharpe Ratio is 1.54, which is comparable to the TGVOX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of IMCVX and TGVOX, 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. TGVOX - Drawdown Comparison

The maximum IMCVX drawdown since its inception was -44.22%, smaller than the maximum TGVOX drawdown of -58.14%. Use the drawdown chart below to compare losses from any high point for IMCVX and TGVOX.

Drawdown Indicators

	IMCVX	TGVOX	Difference
Max Drawdown Largest peak-to-trough decline	-44.22%	-58.14%	+13.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-9.04%	+1.57%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-22.69%	+3.35%
Max Drawdown (5Y) Largest decline over 5 years	-22.03%	-23.81%	+1.78%
Max Drawdown (10Y) Largest decline over 10 years	-44.22%	-51.10%	+6.88%
Current Drawdown Current decline from peak	-1.53%	-1.65%	+0.12%
Average Drawdown Average peak-to-trough decline	-5.41%	-10.24%	+4.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.33%	-0.18%

Volatility

IMCVX vs. TGVOX - Volatility Comparison

Voya Multi-Manager Mid Cap Value Fund (IMCVX) has a higher volatility of 2.83% compared to TCW Relative Value Mid Cap Fund (TGVOX) at 2.25%. This indicates that IMCVX's price experiences larger fluctuations and is considered to be riskier than TGVOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCVX	TGVOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.25%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	8.08%	10.52%	-2.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.85%	14.42%	-2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	19.32%	-2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.00%	22.12%	-2.12%

IMCVX vs. TGVOX - Expense Ratio Comparison

IMCVX has a 0.78% expense ratio, which is lower than TGVOX's 0.85% expense ratio.

Dividends

IMCVX vs. TGVOX - Dividend Comparison

IMCVX's dividend yield for the trailing twelve months is around 8.07%, less than TGVOX's 18.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCVX Voya Multi-Manager Mid Cap Value Fund	8.07%	9.21%	11.72%	0.98%	8.69%	15.71%	4.38%	19.23%	20.04%	7.09%	3.00%	21.05%
TGVOX TCW Relative Value Mid Cap Fund	18.22%	21.70%	9.54%	2.34%	2.54%	12.69%	0.75%	2.43%	9.90%	8.25%	0.56%	16.12%

Frequently Asked Questions

Can I hold both IMCVX and TGVOX in my portfolio?

IMCVX and TGVOX have a correlation of 0.78, 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 TGVOX?

IMCVX has higher volatility (2.83%) compared to TGVOX (2.25%). In terms of maximum drawdown, IMCVX dropped -44.22% vs TGVOX's -58.14%.

Which has better risk-adjusted returns?

TGVOX currently has the higher Sharpe Ratio (2.07 vs 1.54), 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.