NUMV vs. IMCV

Last updated Jun 3, 2026

NUMV (Nuveen ESG Mid-Cap Value ETF) and IMCV (iShares Morningstar Mid-Cap ETF) are both Mid Cap Value Equities funds - NUMV tracks the TIAA ESG USA Mid-Cap Value Index while IMCV tracks the Morningstar US Mid Cap Broad Value Index. Both are passively managed. Over the past 5 years, NUMV returned 6.69%/yr vs 8.82%/yr for IMCV. Their correlation of 0.91 suggests significant overlap in exposure. NUMV charges 0.31%/yr vs 0.06%/yr for IMCV.

Performance

NUMV vs. IMCV - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with NUMV having a 10.20% return and IMCV slightly lower at 10.19%.

NUMV

• 1D: 0.87%
• 1M: 3.82%
• YTD: 10.20%
• 6M: 12.36%
• 1Y: 25.69%
• 3Y*: 17.12%
• 5Y*: 6.69%
• 10Y*: —

IMCV

• 1D: 0.54%
• 1M: 1.44%
• YTD: 10.19%
• 6M: 12.46%
• 1Y: 24.37%
• 3Y*: 16.74%
• 5Y*: 8.82%
• 10Y*: 10.42%

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

NUMV vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUMV Nuveen ESG Mid-Cap Value ETF	10.20%	14.05%	12.31%	8.43%	-14.97%	31.15%	0.91%	29.81%	-11.91%	14.70%
IMCV iShares Morningstar Mid-Cap ETF	10.19%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between NUMV and IMCV 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 (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 15, 2016	0.91

The correlation between NUMV and IMCV has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

NUMV vs. IMCV - Sectors Allocation Comparison

Sectors	NUMV	IMCV
Financial Services	18.6%	15.6%
Technology	14.8%	9.1%
Industrials	13.9%	12.1%
Real Estate	8.6%	5.6%
Consumer Defensive	8.3%	8.9%
Healthcare	8.2%	8.5%
Consumer Cyclical	8.1%	8.7%
Utilities	6.8%	10.0%
Communication Services	5.5%	2.5%
Basic Materials	4.6%	6.5%
Energy	2.6%	12.5%

Return for Risk

NUMV vs. IMCV — Risk / Return Rank

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

NUMV

NUMV Risk / Return Rank: 60
NUMV Sharpe Ratio Rank: 60
NUMV Sortino Ratio Rank: 63
NUMV Omega Ratio Rank: 57
NUMV Calmar Ratio Rank: 58
NUMV Martin Ratio Rank: 60

IMCV

IMCV Risk / Return Rank: 65
IMCV Sharpe Ratio Rank: 62
IMCV Sortino Ratio Rank: 65
IMCV Omega Ratio Rank: 60
IMCV Calmar Ratio Rank: 70
IMCV 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.

NUMV vs. IMCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Mid-Cap Value ETF (NUMV) and iShares Morningstar Mid-Cap ETF (IMCV). 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.

	NUMV	IMCV	Difference
Sharpe ratio Return per unit of total volatility	2.07	2.11	-0.04
Sortino ratio Return per unit of downside risk	2.99	3.04	-0.05
Omega ratio Gain probability vs. loss probability	1.36	1.37	-0.02
Calmar ratio Return relative to maximum drawdown	2.90	3.56	-0.66
Martin ratio Return relative to average drawdown	11.01	13.32	-2.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUMV vs. IMCV - Sharpe Ratio Comparison

The current NUMV Sharpe Ratio is 2.07, which is comparable to the IMCV Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of NUMV and IMCV, 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

	NUMV	IMCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	2.11	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.53	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.47	-0.02

Drawdowns

NUMV vs. IMCV - Drawdown Comparison

The maximum NUMV drawdown since its inception was -43.46%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for NUMV and IMCV.

Drawdown Indicators

	NUMV	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-64.74%	+21.28%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	-6.90%	-1.81%
Max Drawdown (3Y) Largest decline over 3 years	-19.53%	-18.63%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-25.71%	-19.87%	-5.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.33%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.89%	-8.42%	+1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	1.85%	+0.44%

Volatility

NUMV vs. IMCV - Volatility Comparison

Nuveen ESG Mid-Cap Value ETF (NUMV) has a higher volatility of 3.04% compared to iShares Morningstar Mid-Cap ETF (IMCV) at 2.73%. This indicates that NUMV's price experiences larger fluctuations and is considered to be riskier than IMCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUMV	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	2.73%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	8.02%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	11.63%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	16.63%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	19.66%	+0.11%

NUMV vs. IMCV - Expense Ratio Comparison

NUMV has a 0.31% expense ratio, which is higher than IMCV's 0.06% expense ratio.

Dividends

NUMV vs. IMCV - Dividend Comparison

NUMV's dividend yield for the trailing twelve months is around 1.39%, less than IMCV's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.94%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
NUMV Nuveen ESG Mid-Cap Value ETF	1.39%	1.53%	1.81%	2.20%	5.78%	6.62%	1.38%	2.40%	4.01%	0.83%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUMV and IMCV in my portfolio?

With a correlation of 0.92, NUMV and IMCV 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, NUMV or IMCV?

NUMV has higher volatility (3.04%) compared to IMCV (2.73%). In terms of maximum drawdown, NUMV dropped -43.46% vs IMCV's -64.74%.

Which ETF is better, NUMV or IMCV?

On 5-year performance, IMCV leads with 8.82% vs 6.69% for NUMV. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 2.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUMV or IMCV?

Over the 5-year period, IMCV has performed better with a 8.82% return vs 6.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUMV or IMCV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.31% for NUMV.

Which ETF pays a higher dividend yield, NUMV or IMCV?

IMCV has the higher dividend yield at 1.94%, compared with 1.39% for NUMV.

What is the main difference between NUMV and IMCV?

NUMV tracks TIAA ESG USA Mid-Cap Value Index, while IMCV tracks Morningstar US Mid Cap Broad Value Index. They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.31% for NUMV and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.11 vs 2.07), 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.