ONEV vs. IMCV

Last updated Jun 9, 2026

ONEV (SPDR Russell 1000 Low Volatility Focus ETF) and IMCV (iShares Morningstar Mid-Cap ETF) are both exchange-traded funds - ONEV is a Volatility Hedged Equity fund tracking the Russell 1000 Low Volatility Focused Factor (TR), while IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, ONEV returned 11.12%/yr vs 10.39%/yr for IMCV. Their correlation of 0.85 suggests significant overlap in exposure. ONEV charges 0.20%/yr vs 0.06%/yr for IMCV.

Performance

ONEV vs. IMCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Low Volatility Focus ETF (ONEV) and iShares Morningstar Mid-Cap ETF (IMCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEV achieves a 6.35% return, which is significantly lower than IMCV's 9.75% return. Over the past 10 years, ONEV has outperformed IMCV with an annualized return of 11.12%, while IMCV has yielded a comparatively lower 10.39% annualized return.

ONEV

• 1D: -0.44%
• 1M: 1.35%
• YTD: 6.35%
• 6M: 7.34%
• 1Y: 11.90%
• 3Y*: 12.57%
• 5Y*: 7.94%
• 10Y*: 11.12%

IMCV

• 1D: -0.41%
• 1M: 1.84%
• YTD: 9.75%
• 6M: 11.34%
• 1Y: 22.85%
• 3Y*: 16.05%
• 5Y*: 8.79%
• 10Y*: 10.39%

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

ONEV vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEV SPDR Russell 1000 Low Volatility Focus ETF	6.35%	8.14%	11.76%	13.28%	-8.15%	29.19%	6.66%	30.66%	-5.30%	18.11%
IMCV iShares Morningstar Mid-Cap ETF	9.75%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between ONEV and IMCV is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 4, 2015	0.85

The correlation between ONEV and IMCV has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.

ONEV vs. IMCV - Sectors Allocation Comparison

Sectors	ONEV	IMCV
Industrials	19.5%	12.1%
Healthcare	13.9%	8.5%
Consumer Cyclical	12.7%	8.7%
Financial Services	12.1%	15.6%
Technology	11.0%	9.1%
Utilities	8.9%	10.0%
Consumer Defensive	8.5%	8.9%
Real Estate	5.2%	5.6%
Basic Materials	4.0%	6.5%
Communication Services	2.6%	2.5%
Energy	1.6%	12.5%

Return for Risk

ONEV vs. IMCV — Risk / Return Rank

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

ONEV

ONEV Risk / Return Rank: 34
ONEV Sharpe Ratio Rank: 33
ONEV Sortino Ratio Rank: 34
ONEV Omega Ratio Rank: 30
ONEV Calmar Ratio Rank: 34
ONEV Martin Ratio Rank: 37

IMCV

IMCV Risk / Return Rank: 69
IMCV Sharpe Ratio Rank: 67
IMCV Sortino Ratio Rank: 71
IMCV Omega Ratio Rank: 64
IMCV Calmar Ratio Rank: 73
IMCV Martin Ratio Rank: 73

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.

ONEV vs. IMCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Low Volatility Focus ETF (ONEV) 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.

	ONEV	IMCV	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.97	-0.90
Sortino ratio: Return per unit of downside risk	1.65	2.87	-1.22
Omega ratio: Gain probability vs. loss probability	1.19	1.35	-0.16
Calmar ratio: Return relative to maximum drawdown	1.54	3.32	-1.78
Martin ratio: Return relative to average drawdown	5.26	12.40	-7.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEV vs. IMCV - Sharpe Ratio Comparison

The current ONEV Sharpe Ratio is 1.07, which is lower than the IMCV Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of ONEV 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

	ONEV	IMCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.97	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.53	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.53	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.47	+0.20

Drawdowns

ONEV vs. IMCV - Drawdown Comparison

The maximum ONEV drawdown since its inception was -39.72%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for ONEV and IMCV.

Drawdown Indicators

	ONEV	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-39.72%	-64.74%	+25.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-6.90%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-14.81%	-18.63%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-18.52%	-19.87%	+1.35%
Max Drawdown (10Y) Largest decline over 10 years	-39.72%	-46.33%	+6.61%
Current Drawdown Current decline from peak	-0.94%	-1.07%	+0.13%
Average Drawdown Average peak-to-trough decline	-3.90%	-8.41%	+4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.85%	+0.42%

Volatility

ONEV vs. IMCV - Volatility Comparison

SPDR Russell 1000 Low Volatility Focus ETF (ONEV) and iShares Morningstar Mid-Cap ETF (IMCV) have volatilities of 2.35% and 2.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEV	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	2.35%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	7.74%	8.05%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	11.19%	11.66%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.54%	16.64%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	19.66%	-2.63%

ONEV vs. IMCV - Expense Ratio Comparison

ONEV has a 0.20% expense ratio, which is higher than IMCV's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ONEV vs. IMCV - Dividend Comparison

ONEV's dividend yield for the trailing twelve months is around 1.76%, 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%
ONEV SPDR Russell 1000 Low Volatility Focus ETF	1.76%	1.81%	1.88%	1.79%	1.80%	1.44%	1.87%	2.07%	2.14%	6.91%	3.73%	0.21%

Frequently Asked Questions

Can I hold both ONEV and IMCV in my portfolio?

With a correlation of 0.93, ONEV 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, ONEV or IMCV?

IMCV has higher volatility (2.35%) compared to ONEV (2.35%). In terms of maximum drawdown, ONEV dropped -39.72% vs IMCV's -64.74%.

Which ETF is better, ONEV or IMCV?

On 10-year performance, ONEV leads with 11.12% vs 10.39% for IMCV. On fees, IMCV is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEV or IMCV?

Over the 10-year period, ONEV has performed better with a 11.12% return vs 10.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEV or IMCV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.20% for ONEV.

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

IMCV has the higher dividend yield at 1.94%, compared with 1.76% for ONEV.

What is the main difference between ONEV and IMCV?

ONEV is categorized as Volatility Hedged Equity, while IMCV is Mid Cap Value Equities. ONEV tracks Russell 1000 Low Volatility Focused Factor (TR), while IMCV tracks Morningstar US Mid Cap Broad Value Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for ONEV and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (1.97 vs 1.07), 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.