IVLU vs. IMCB

Last updated Jun 14, 2026

IVLU (iShares MSCI International Value Factor ETF) and IMCB (iShares Morningstar Mid-Cap ETF) are both exchange-traded funds - IVLU is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Enhanced Value Index, while IMCB is a Mid Cap Blend Equities fund tracking the IMCB-US - Morningstar U.S. Mid Cap Index. Both are passively managed. Over the past 10 years, IVLU returned 11.63%/yr vs 11.53%/yr for IMCB. A 0.68 correlation means they provide meaningful diversification when combined. IVLU charges 0.30%/yr vs 0.04%/yr for IMCB.

Performance

IVLU vs. IMCB - Performance Comparison

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

Returns By Period

In the year-to-date period, IVLU achieves a 12.96% return, which is significantly lower than IMCB's 15.22% return. Both investments have delivered pretty close results over the past 10 years, with IVLU having a 11.63% annualized return and IMCB not far behind at 11.53%.

IVLU

• 1D: 0.56%
• 1M: 2.48%
• YTD: 12.96%
• 6M: 14.33%
• 1Y: 35.32%
• 3Y*: 23.53%
• 5Y*: 14.06%
• 10Y*: 11.63%

IMCB

• 1D: 1.00%
• 1M: 5.50%
• YTD: 15.22%
• 6M: 14.34%
• 1Y: 24.76%
• 3Y*: 16.91%
• 5Y*: 8.79%
• 10Y*: 11.53%

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

IVLU vs. IMCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVLU iShares MSCI International Value Factor ETF	12.96%	46.09%	6.76%	20.07%	-5.73%	15.60%	-4.50%	15.60%	-15.10%	23.10%
IMCB iShares Morningstar Mid-Cap ETF	15.22%	10.25%	15.10%	16.37%	-16.09%	22.81%	13.35%	31.49%	-11.53%	19.70%

Correlation

The correlation between IVLU and IMCB is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jul 15, 2015	0.68

The correlation between IVLU and IMCB has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

IVLU vs. IMCB - Sectors Allocation Comparison

Sectors	IVLU	IMCB
Financial Services	26.5%	11.9%
Industrials	18.8%	18.5%
Technology	10.6%	22.6%
Healthcare	9.0%	7.9%
Consumer Cyclical	7.6%	9.1%
Basic Materials	7.4%	5.3%
Consumer Defensive	6.0%	5.1%
Energy	5.5%	6.7%
Communication Services	3.7%	2.5%
Utilities	3.6%	6.0%
Real Estate	1.4%	4.3%

Return for Risk

IVLU vs. IMCB — Risk / Return Rank

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

IVLU

IVLU Risk / Return Rank: 73
IVLU Sharpe Ratio Rank: 78
IVLU Sortino Ratio Rank: 77
IVLU Omega Ratio Rank: 76
IVLU Calmar Ratio Rank: 67
IVLU Martin Ratio Rank: 69

IMCB

IMCB Risk / Return Rank: 63
IMCB Sharpe Ratio Rank: 61
IMCB Sortino Ratio Rank: 61
IMCB Omega Ratio Rank: 58
IMCB Calmar Ratio Rank: 66
IMCB 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.

IVLU vs. IMCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI International Value Factor ETF (IVLU) and iShares Morningstar Mid-Cap ETF (IMCB). 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.

	IVLU	IMCB	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.77	+0.40
Sortino ratio: Return per unit of downside risk	2.98	2.50	+0.48
Omega ratio: Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	2.90	2.92	-0.02
Martin ratio: Return relative to average drawdown	11.01	11.45	-0.44

IVLU vs. IMCB - Sharpe Ratio Comparison

The current IVLU Sharpe Ratio is 2.17, which is comparable to the IMCB Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of IVLU and IMCB, 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

IVLU vs. IMCB - Drawdown Comparison

The maximum IVLU drawdown since its inception was -41.85%, smaller than the maximum IMCB drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for IVLU and IMCB.

Drawdown Indicators

	IVLU	IMCB	Difference
Max Drawdown Largest peak-to-trough decline	-41.85%	-58.80%	+16.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.69%	-8.05%	-3.64%
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	-19.80%	+4.32%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-25.15%	-0.89%
Max Drawdown (10Y) Largest decline over 10 years	-41.85%	-40.99%	-0.86%
Current Drawdown Current decline from peak	-0.53%	-0.26%	-0.27%
Average Drawdown Average peak-to-trough decline	-8.57%	-7.72%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	2.05%	+1.04%

Volatility

IVLU vs. IMCB - Volatility Comparison

iShares MSCI International Value Factor ETF (IVLU) has a higher volatility of 5.44% compared to iShares Morningstar Mid-Cap ETF (IMCB) at 4.70%. This indicates that IVLU's price experiences larger fluctuations and is considered to be riskier than IMCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVLU	IMCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	4.70%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	10.18%	+2.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	13.25%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	17.64%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	19.67%	-2.01%

IVLU vs. IMCB - Expense Ratio Comparison

IVLU has a 0.30% expense ratio, which is higher than IMCB's 0.04% expense ratio.

Dividends

IVLU vs. IMCB - Dividend Comparison

IVLU's dividend yield for the trailing twelve months is around 3.28%, more than IMCB's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCB iShares Morningstar Mid-Cap ETF	1.21%	1.42%	1.43%	1.55%	1.70%	1.08%	1.12%	1.32%	1.80%	1.31%	1.79%	1.47%
IVLU iShares MSCI International Value Factor ETF	3.28%	3.71%	4.46%	4.69%	3.59%	3.47%	2.05%	3.53%	2.82%	2.87%	2.53%	0.93%

Frequently Asked Questions

Can I hold both IVLU and IMCB in my portfolio?

IVLU and IMCB have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVLU or IMCB?

IVLU has higher volatility (5.44%) compared to IMCB (4.70%). In terms of maximum drawdown, IVLU dropped -41.85% vs IMCB's -58.80%.

Which ETF is better, IVLU or IMCB?

On 10-year performance, IVLU leads with 11.63% vs 11.53% for IMCB. On fees, IMCB is cheaper at 0.04% per year. On volatility, IMCB has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVLU or IMCB?

Over the 10-year period, IVLU has performed better with a 11.63% return vs 11.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVLU or IMCB?

IMCB is cheaper with a 0.04% expense ratio, compared with 0.30% for IVLU.

Which ETF pays a higher dividend yield, IVLU or IMCB?

IVLU has the higher dividend yield at 3.28%, compared with 1.21% for IMCB.

What is the main difference between IVLU and IMCB?

IVLU is categorized as Foreign Large Cap Equities, while IMCB is Mid Cap Blend Equities. IVLU tracks MSCI World ex USA Enhanced Value Index, while IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index. Their fees differ too: 0.30% for IVLU and 0.04% for IMCB.

Which has better risk-adjusted returns?

IVLU currently has the higher Sharpe Ratio (2.17 vs 1.77), 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.