IMCVX vs. VOE

Last updated Jun 24, 2026

IMCVX (Voya Multi-Manager Mid Cap Value Fund) and VOE (Vanguard Mid-Cap Value ETF) are both Mid Cap Value Equities funds. Over the past 10 years, IMCVX returned 9.97%/yr vs 10.96%/yr for VOE. With a 0.95 correlation, they move nearly in lockstep. IMCVX charges 0.78%/yr vs 0.05%/yr for VOE.

Performance

IMCVX vs. VOE - Performance Comparison

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

Returns By Period

In the year-to-date period, IMCVX achieves a 11.09% return, which is significantly lower than VOE's 11.74% return. Over the past 10 years, IMCVX has underperformed VOE with an annualized return of 9.97%, while VOE has yielded a comparatively higher 10.96% annualized return.

IMCVX

• 1D: 0.30%
• 1M: 1.62%
• YTD: 11.09%
• 6M: 9.75%
• 1Y: 16.00%
• 3Y*: 12.07%
• 5Y*: 6.17%
• 10Y*: 9.97%

VOE

• 1D: 0.12%
• 1M: 1.41%
• YTD: 11.74%
• 6M: 10.93%
• 1Y: 23.08%
• 3Y*: 16.24%
• 5Y*: 9.29%
• 10Y*: 10.96%

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

IMCVX vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCVX Voya Multi-Manager Mid Cap Value Fund	11.09%	4.09%	10.72%	9.44%	-11.52%	29.40%	2.62%	40.50%	-15.20%	15.06%
VOE Vanguard Mid-Cap Value ETF	11.74%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between IMCVX and VOE is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011	0.95

The correlation between IMCVX and VOE has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.

Return for Risk

IMCVX vs. VOE — Risk / Return Rank

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

IMCVX

IMCVX Risk / Return Rank: 40
IMCVX Sharpe Ratio Rank: 35
IMCVX Sortino Ratio Rank: 39
IMCVX Omega Ratio Rank: 32
IMCVX Calmar Ratio Rank: 50
IMCVX Martin Ratio Rank: 42

VOE

VOE Risk / Return Rank: 65
VOE Sharpe Ratio Rank: 63
VOE Sortino Ratio Rank: 65
VOE Omega Ratio Rank: 59
VOE Calmar Ratio Rank: 69
VOE Martin Ratio Rank: 70

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. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Multi-Manager Mid Cap Value Fund (IMCVX) 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.

	IMCVX	VOE	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.00	-0.41
Sortino ratio: Return per unit of downside risk	2.42	2.87	-0.45
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.08
Calmar ratio: Return relative to maximum drawdown	2.58	3.35	-0.77
Martin ratio: Return relative to average drawdown	8.59	12.65	-4.06

IMCVX vs. VOE - Sharpe Ratio Comparison

The current IMCVX Sharpe Ratio is 1.59, which is comparable to the VOE Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of IMCVX 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

IMCVX vs. VOE - Drawdown Comparison

The maximum IMCVX drawdown since its inception was -44.22%, smaller than the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for IMCVX and VOE.

Drawdown Indicators

	IMCVX	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-44.22%	-61.50%	+17.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-6.93%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-18.45%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-22.03%	-19.70%	-2.33%
Max Drawdown (10Y) Largest decline over 10 years	-44.22%	-43.18%	-1.04%
Current Drawdown Current decline from peak	-1.38%	-1.07%	-0.31%
Average Drawdown Average peak-to-trough decline	-5.45%	-8.33%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	1.83%	+0.37%

Volatility

IMCVX vs. VOE - Volatility Comparison

The current volatility for Voya Multi-Manager Mid Cap Value Fund (IMCVX) is 3.17%, while Vanguard Mid-Cap Value ETF (VOE) has a volatility of 3.36%. This indicates that IMCVX experiences smaller price fluctuations and is considered to be less risky than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCVX	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	3.36%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	8.36%	8.36%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	11.64%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.37%	16.01%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.12%	18.79%	+1.33%

IMCVX vs. VOE - Expense Ratio Comparison

IMCVX has a 0.78% expense ratio, which is higher than VOE's 0.05% expense ratio.

Dividends

IMCVX vs. VOE - Dividend Comparison

IMCVX's dividend yield for the trailing twelve months is around 8.29%, more than VOE's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCVX Voya Multi-Manager Mid Cap Value Fund	8.29%	9.21%	11.72%	0.98%	8.69%	15.71%	4.38%	19.23%	20.04%	7.09%	3.00%	21.05%
VOE Vanguard Mid-Cap Value ETF	1.86%	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 IMCVX and VOE in my portfolio?

IMCVX and VOE have a correlation of 0.86, 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 VOE?

VOE has higher volatility (3.36%) compared to IMCVX (3.17%). In terms of maximum drawdown, IMCVX dropped -44.22% vs VOE's -61.50%.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.00 vs 1.59), 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.