SDY vs. IMCV

Last updated Jun 4, 2026

SDY (SPDR S&P Dividend ETF) and IMCV (iShares Morningstar Mid-Cap ETF) are both Mid Cap Value Equities funds - SDY tracks the S&P High Yield Dividend Aristocrats Index while IMCV tracks the Morningstar US Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, SDY returned 9.29%/yr vs 10.40%/yr for IMCV. Their correlation of 0.90 suggests significant overlap in exposure. SDY charges 0.35%/yr vs 0.06%/yr for IMCV.

Performance

SDY vs. IMCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Dividend ETF (SDY) 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, SDY achieves a 7.49% return, which is significantly lower than IMCV's 9.96% return. Over the past 10 years, SDY has underperformed IMCV with an annualized return of 9.29%, while IMCV has yielded a comparatively higher 10.40% annualized return.

SDY

• 1D: -0.15%
• 1M: 0.81%
• YTD: 7.49%
• 6M: 7.45%
• 1Y: 12.80%
• 3Y*: 9.83%
• 5Y*: 5.97%
• 10Y*: 9.29%

IMCV

• 1D: -0.21%
• 1M: 2.12%
• YTD: 9.96%
• 6M: 11.32%
• 1Y: 23.41%
• 3Y*: 16.66%
• 5Y*: 8.69%
• 10Y*: 10.40%

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

SDY vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDY SPDR S&P Dividend ETF	7.49%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%
IMCV iShares Morningstar Mid-Cap ETF	9.96%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between SDY and IMCV is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 16, 2005	0.90

The correlation between SDY and IMCV has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

SDY vs. IMCV - Sectors Allocation Comparison

Sectors	SDY	IMCV
Industrials	17.5%	12.1%
Consumer Defensive	17.1%	8.9%
Utilities	14.8%	10.0%
Financial Services	11.5%	15.6%
Technology	8.7%	9.1%
Basic Materials	6.4%	6.5%
Healthcare	6.2%	8.5%
Consumer Cyclical	5.2%	8.7%
Real Estate	4.6%	5.6%
Energy	4.6%	12.5%
Communication Services	3.5%	2.5%

Return for Risk

SDY vs. IMCV — Risk / Return Rank

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

SDY

SDY Risk / Return Rank: 33
SDY Sharpe Ratio Rank: 33
SDY Sortino Ratio Rank: 36
SDY Omega Ratio Rank: 31
SDY Calmar Ratio Rank: 33
SDY Martin Ratio Rank: 31

IMCV

IMCV Risk / Return Rank: 63
IMCV Sharpe Ratio Rank: 59
IMCV Sortino Ratio Rank: 62
IMCV Omega Ratio Rank: 58
IMCV Calmar Ratio Rank: 68
IMCV Martin Ratio Rank: 69

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.

SDY vs. IMCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Dividend ETF (SDY) 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.

	SDY	IMCV	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.02	-0.78
Sortino ratio: Return per unit of downside risk	1.92	2.94	-1.02
Omega ratio: Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.68	3.41	-1.73
Martin ratio: Return relative to average drawdown	4.60	12.72	-8.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDY vs. IMCV - Sharpe Ratio Comparison

The current SDY Sharpe Ratio is 1.25, which is lower than the IMCV Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of SDY 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

	SDY	IMCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	2.02	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.53	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.53	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.47	-0.01

Drawdowns

SDY vs. IMCV - Drawdown Comparison

The maximum SDY drawdown since its inception was -54.75%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for SDY and IMCV.

Drawdown Indicators

	SDY	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-54.75%	-64.74%	+9.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-6.90%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-18.63%	+4.24%
Max Drawdown (5Y) Largest decline over 5 years	-15.21%	-19.87%	+4.66%
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	-46.33%	+9.63%
Current Drawdown Current decline from peak	-4.07%	-0.21%	-3.86%
Average Drawdown Average peak-to-trough decline	-6.21%	-8.42%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	1.85%	+0.94%

Volatility

SDY vs. IMCV - Volatility Comparison

SPDR S&P Dividend ETF (SDY) and iShares Morningstar Mid-Cap ETF (IMCV) have volatilities of 2.47% and 2.56%, 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

	SDY	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	2.56%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	8.00%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	10.33%	11.63%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	16.63%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	19.66%	-2.58%

SDY vs. IMCV - Expense Ratio Comparison

SDY has a 0.35% expense ratio, which is higher than IMCV's 0.06% expense ratio.

Dividends

SDY vs. IMCV - Dividend Comparison

SDY's dividend yield for the trailing twelve months is around 2.48%, more 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%
SDY SPDR S&P Dividend ETF	2.48%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both SDY and IMCV in my portfolio?

SDY and IMCV have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDY or IMCV?

IMCV has higher volatility (2.56%) compared to SDY (2.47%). In terms of maximum drawdown, SDY dropped -54.75% vs IMCV's -64.74%.

Which ETF is better, SDY or IMCV?

On 10-year performance, IMCV leads with 10.40% vs 9.29% for SDY. 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, SDY or IMCV?

Over the 10-year period, IMCV has performed better with a 10.40% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDY or IMCV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.35% for SDY.

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

SDY has the higher dividend yield at 2.48%, compared with 1.94% for IMCV.

What is the main difference between SDY and IMCV?

SDY tracks S&P High Yield Dividend Aristocrats Index, while IMCV tracks Morningstar US Mid Cap Broad Value Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for SDY and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.02 vs 1.25), 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.