IVSS vs. IMCB

Last updated Jun 4, 2026

IVSS (Applied Finance IVS US SMID ETF) and IMCB (iShares Morningstar Mid-Cap ETF) are both Mid Cap Blend Equities funds. IVSS is actively managed, while IMCB is passively managed. Their correlation of 0.83 suggests significant overlap in exposure. IVSS charges 0.59%/yr vs 0.04%/yr for IMCB.

Performance

IVSS vs. IMCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Finance IVS US SMID ETF (IVSS) 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, IVSS achieves a 11.78% return, which is significantly lower than IMCB's 14.72% return.

IVSS

• 1D: -0.96%
• 1M: 1.51%
• YTD: 11.78%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IMCB

• 1D: -0.24%
• 1M: 5.22%
• YTD: 14.72%
• 6M: 14.61%
• 1Y: 23.24%
• 3Y*: 17.84%
• 5Y*: 8.81%
• 10Y*: 11.32%

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

IVSS vs. IMCB - Yearly Performance Comparison

	2026 (YTD)	2025
IVSS Applied Finance IVS US SMID ETF	11.78%	-0.02%
IMCB iShares Morningstar Mid-Cap ETF	14.72%	-0.27%

Correlation

The correlation between IVSS and IMCB is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 5, 2025	0.83

Return for Risk

IVSS vs. IMCB — Risk / Return Rank

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

IMCB

IMCB Risk / Return Rank: 56
IMCB Sharpe Ratio Rank: 53
IMCB Sortino Ratio Rank: 53
IMCB Omega Ratio Rank: 51
IMCB Calmar Ratio Rank: 58
IMCB Martin Ratio Rank: 63

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.

IVSS vs. IMCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS US SMID ETF (IVSS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IVSS	IMCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.83	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	0.50	+1.19

Drawdowns

IVSS vs. IMCB - Drawdown Comparison

The maximum IVSS drawdown since its inception was -8.31%, smaller than the maximum IMCB drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for IVSS and IMCB.

Drawdown Indicators

	IVSS	IMCB	Difference
Max Drawdown Largest peak-to-trough decline	-8.31%	-58.80%	+50.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.05%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.80%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.99%	—
Current Drawdown Current decline from peak	-0.96%	-0.24%	-0.72%
Average Drawdown Average peak-to-trough decline	-1.84%	-7.73%	+5.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.03%	—

Volatility

Volatility by Period

	IVSS	IMCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.19%	12.75%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.19%	17.57%	-2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	19.65%	-4.46%

IVSS vs. IMCB - Expense Ratio Comparison

IVSS has a 0.59% expense ratio, which is higher than IMCB's 0.04% expense ratio.

Dividends

IVSS vs. IMCB - Dividend Comparison

IVSS's dividend yield for the trailing twelve months is around 0.07%, less 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%
IVSS Applied Finance IVS US SMID ETF	0.07%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVSS and IMCB in my portfolio?

IVSS and IMCB have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IVSS or IMCB?

On fees, IMCB is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVSS or IMCB?

IMCB is cheaper with a 0.04% expense ratio, compared with 0.59% for IVSS.

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

IMCB has the higher dividend yield at 1.21%, compared with 0.07% for IVSS.

What is the main difference between IVSS and IMCB?

They also come from different issuers: Applied Finance and iShares. Their fees differ too: 0.59% for IVSS and 0.04% for IMCB.