SCHV vs. IMCV

Last updated Jul 21, 2026

SCHV (Schwab U.S. Large-Cap Value ETF) and IMCV (iShares Morningstar Mid-Cap ETF) are both exchange-traded funds - SCHV is a Large Cap Value Equities fund tracking the Dow Jones U.S. Large-Cap Value Total Stock Market Index, 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, SCHV returned 10.94%/yr vs 10.54%/yr for IMCV. Their correlation of 0.91 suggests significant overlap in exposure. SCHV charges 0.04%/yr vs 0.06%/yr for IMCV.

Performance

SCHV vs. IMCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Large-Cap Value ETF (SCHV) 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 investments are quite close, with SCHV having a 14.69% return and IMCV slightly higher at 14.96%. Both investments have delivered pretty close results over the past 10 years, with SCHV having a 10.94% annualized return and IMCV not far behind at 10.54%.

SCHV

• 1D: -0.47%
• 1M: -2.19%
• 6M: 9.69%
• YTD: 14.69%
• 1Y: 22.64%
• 3Y*: 16.15%
• 5Y*: 10.49%
• 10Y*: 10.94%
• ALL TIME*: 11.54%

IMCV

• 1D: -0.59%
• 1M: 4.45%
• 6M: 10.82%
• YTD: 14.96%
• 1Y: 23.82%
• 3Y*: 15.08%
• 5Y*: 10.69%
• 10Y*: 10.54%
• ALL TIME*: 9.85%

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

SCHV vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHV Schwab U.S. Large-Cap Value ETF	14.69%	16.02%	14.13%	8.93%	-7.65%	25.58%	2.64%	25.92%	-7.30%	16.56%
IMCV iShares Morningstar Mid-Cap ETF	14.96%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between SCHV and IMCV 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 (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 11, 2009	0.91

The correlation between SCHV and IMCV shifts across timeframes, from 0.83 (1 year) to 0.94 (5 years), reflecting how their relationship changes across market environments.

SCHV vs. IMCV - Sectors Allocation Comparison

Sectors	SCHV	IMCV
Technology	22.9%	9.3%
Financial Services	18.7%	17.7%
Industrials	13.9%	11.6%
Healthcare	11.2%	10.3%
Consumer Defensive	8.1%	8.6%
Consumer Cyclical	6.5%	8.4%
Energy	5.8%	11.4%
Utilities	4.3%	10.1%
Real Estate	3.9%	5.5%
Basic Materials	2.5%	4.8%
Communication Services	2.1%	2.4%

Return for Risk

SCHV vs. IMCV — Risk / Return Rank

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

SCHV

SCHV Risk / Return Rank: 84
SCHV Sharpe Ratio Rank: 84
SCHV Sortino Ratio Rank: 85
SCHV Omega Ratio Rank: 81
SCHV Calmar Ratio Rank: 83
SCHV Martin Ratio Rank: 86

IMCV

IMCV Risk / Return Rank: 85
IMCV Sharpe Ratio Rank: 84
IMCV Sortino Ratio Rank: 86
IMCV Omega Ratio Rank: 81
IMCV Calmar Ratio Rank: 86
IMCV Martin Ratio Rank: 86

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.

SCHV vs. IMCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Large-Cap Value ETF (SCHV) 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.

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.

	SCHV	IMCV	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.06	-0.03
Sortino ratio: Return per unit of downside risk	2.93	3.01	-0.09
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	3.33	3.47	-0.14
Martin ratio: Return relative to average drawdown	12.95	12.94	0.00

SCHV vs. IMCV - Sharpe Ratio Comparison

The current SCHV Sharpe Ratio is 2.03, which is comparable to the IMCV Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SCHV 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.

Drawdowns

SCHV vs. IMCV - Drawdown Comparison

The maximum SCHV drawdown since its inception was -37.08%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for SCHV and IMCV.

Drawdown Indicators

	SCHV	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-37.08%	-64.74%	+27.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-6.90%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-15.26%	-18.63%	+3.37%
Max Drawdown (5Y) Largest decline over 5 years	-19.78%	-19.87%	+0.09%
Max Drawdown (10Y) Largest decline over 10 years	-37.08%	-46.33%	+9.25%
Current Drawdown Current decline from peak	-3.42%	-0.83%	-2.59%
Average Drawdown Average peak-to-trough decline	-3.81%	-8.37%	+4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	1.85%	-0.10%

Volatility

SCHV vs. IMCV - Volatility Comparison

Schwab U.S. Large-Cap Value ETF (SCHV) has a higher volatility of 3.33% compared to iShares Morningstar Mid-Cap ETF (IMCV) at 2.88%. This indicates that SCHV'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

	SCHV	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	2.88%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	8.17%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	11.65%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.52%	16.52%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.92%	19.55%	-2.63%

SCHV vs. IMCV - Expense Ratio Comparison

SCHV has a 0.04% expense ratio, which is lower than IMCV's 0.06% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SCHV vs. IMCV - Dividend Comparison

SCHV's dividend yield for the trailing twelve months is around 1.82%, less than IMCV's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.84%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
SCHV Schwab U.S. Large-Cap Value ETF	1.82%	2.02%	2.25%	2.42%	2.37%	1.93%	3.03%	3.02%	3.05%	2.37%	2.65%	2.69%

Frequently Asked Questions

Can I hold both SCHV and IMCV in my portfolio?

SCHV and IMCV 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 is riskier, SCHV or IMCV?

SCHV has higher volatility (3.33%) compared to IMCV (2.88%). In terms of maximum drawdown, SCHV dropped -37.08% vs IMCV's -64.74%.

Which ETF is better, SCHV or IMCV?

On 10-year performance, SCHV leads with 10.94% vs 10.54% for IMCV. On fees, SCHV is cheaper at 0.04% per year. On volatility, IMCV has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHV or IMCV?

Over the 10-year period, SCHV has performed better with a 10.94% return vs 10.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHV or IMCV?

SCHV is cheaper with a 0.04% expense ratio, compared with 0.06% for IMCV.

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

IMCV has the higher dividend yield at 1.84%, compared with 1.82% for SCHV.

What is the main difference between SCHV and IMCV?

SCHV is categorized as Large Cap Value Equities, while IMCV is Mid Cap Value Equities. SCHV tracks Dow Jones U.S. Large-Cap Value Total Stock Market Index, while IMCV tracks Morningstar US Mid Cap Broad Value Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.04% for SCHV and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.06 vs 2.03), 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.