IVOV vs. EPMV

Last updated Jun 4, 2026

IVOV (Vanguard S&P Mid-Cap 400 Value ETF) and EPMV (Harbor Mid Cap Value ETF) are both Mid Cap Value Equities funds. IVOV is passively managed, while EPMV is actively managed. Over the past year, IVOV returned 20.80% vs 31.44% for EPMV. Their correlation of 0.92 suggests significant overlap in exposure. IVOV charges 0.10%/yr vs 0.88%/yr for EPMV.

Performance

IVOV vs. EPMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and Harbor Mid Cap Value ETF (EPMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOV achieves a 8.98% return, which is significantly lower than EPMV's 18.27% return.

IVOV

• 1D: -0.30%
• 1M: 1.86%
• YTD: 8.98%
• 6M: 9.21%
• 1Y: 20.80%
• 3Y*: 13.95%
• 5Y*: 7.51%
• 10Y*: 10.41%

EPMV

• 1D: 1.62%
• 1M: 6.13%
• YTD: 18.27%
• 6M: 20.75%
• 1Y: 31.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVOV vs. EPMV - Yearly Performance Comparison

	2026 (YTD)	2025
IVOV Vanguard S&P Mid-Cap 400 Value ETF	8.98%	14.05%
EPMV Harbor Mid Cap Value ETF	18.27%	13.68%

Correlation

The correlation between IVOV and EPMV is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since May 5, 2025	0.92

The correlation between IVOV and EPMV has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

IVOV vs. EPMV - Sectors Allocation Comparison

Sectors	IVOV	EPMV
Financial Services	21.9%	18.1%
Industrials	18.8%	21.7%
Consumer Cyclical	13.5%	12.2%
Real Estate	9.6%	6.4%
Technology	9.2%	18.7%
Energy	7.4%	5.0%
Basic Materials	6.0%	6.7%
Consumer Defensive	5.5%	1.4%
Utilities	4.2%	3.0%
Healthcare	3.5%	6.7%
Communication Services	0.5%	-

Return for Risk

IVOV vs. EPMV — Risk / Return Rank

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

IVOV

IVOV Risk / Return Rank: 39
IVOV Sharpe Ratio Rank: 38
IVOV Sortino Ratio Rank: 40
IVOV Omega Ratio Rank: 36
IVOV Calmar Ratio Rank: 40
IVOV Martin Ratio Rank: 42

EPMV

EPMV Risk / Return Rank: 63
EPMV Sharpe Ratio Rank: 60
EPMV Sortino Ratio Rank: 64
EPMV Omega Ratio Rank: 58
EPMV Calmar Ratio Rank: 70
EPMV Martin Ratio Rank: 64

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.

IVOV vs. EPMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and Harbor Mid Cap Value ETF (EPMV). 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.

	IVOV	EPMV	Difference
Sharpe ratio Return per unit of total volatility	1.37	2.08	-0.71
Sortino ratio Return per unit of downside risk	2.08	3.04	-0.96
Omega ratio Gain probability vs. loss probability	1.24	1.37	-0.13
Calmar ratio Return relative to maximum drawdown	1.97	3.55	-1.58
Martin ratio Return relative to average drawdown	6.80	11.73	-4.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOV vs. EPMV - Sharpe Ratio Comparison

The current IVOV Sharpe Ratio is 1.37, which is lower than the EPMV Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of IVOV and EPMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IVOV	EPMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	2.08	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	2.05	-1.47

Drawdowns

IVOV vs. EPMV - Drawdown Comparison

The maximum IVOV drawdown since its inception was -45.99%, which is greater than EPMV's maximum drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for IVOV and EPMV.

Drawdown Indicators

	IVOV	EPMV	Difference
Max Drawdown Largest peak-to-trough decline	-45.99%	-8.78%	-37.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-8.78%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-22.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.99%	—	—
Current Drawdown Current decline from peak	-0.31%	0.00%	-0.31%
Average Drawdown Average peak-to-trough decline	-5.43%	-1.79%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.66%	+0.41%

Volatility

IVOV vs. EPMV - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) is 4.07%, while Harbor Mid Cap Value ETF (EPMV) has a volatility of 5.35%. This indicates that IVOV experiences smaller price fluctuations and is considered to be less risky than EPMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOV	EPMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	5.35%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	10.61%	11.35%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	15.19%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.48%	15.51%	+3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	15.51%	+6.22%

IVOV vs. EPMV - Expense Ratio Comparison

IVOV has a 0.10% expense ratio, which is lower than EPMV's 0.88% expense ratio.

Dividends

IVOV vs. EPMV - Dividend Comparison

IVOV's dividend yield for the trailing twelve months is around 1.67%, more than EPMV's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPMV Harbor Mid Cap Value ETF	1.25%	1.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.67%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%

Frequently Asked Questions

Can I hold both IVOV and EPMV in my portfolio?

With a correlation of 0.92, IVOV and EPMV 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, IVOV or EPMV?

EPMV has higher volatility (5.35%) compared to IVOV (4.07%). In terms of maximum drawdown, IVOV dropped -45.99% vs EPMV's -8.78%.

Which ETF is better, IVOV or EPMV?

On 1-year performance, EPMV leads with 31.44% vs 20.80% for IVOV. On fees, IVOV is cheaper at 0.10% per year. On volatility, IVOV has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOV or EPMV?

Over the 1-year period, EPMV has performed better with a 31.44% return vs 20.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOV or EPMV?

IVOV is cheaper with a 0.10% expense ratio, compared with 0.88% for EPMV.

Which ETF pays a higher dividend yield, IVOV or EPMV?

IVOV has the higher dividend yield at 1.67%, compared with 1.25% for EPMV.

What is the main difference between IVOV and EPMV?

They also come from different issuers: Vanguard and Harbor. Their fees differ too: 0.10% for IVOV and 0.88% for EPMV.

Which has better risk-adjusted returns?

EPMV currently has the higher Sharpe Ratio (2.08 vs 1.37), 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.