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SIZE vs. IMCB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SIZE vs. IMCB

Last updated Jul 14, 2026
Documentation

SIZE (iShares MSCI USA Size Factor ETF) and IMCB (iShares Morningstar Mid-Cap ETF) are both Mid Cap Blend Equities funds from iShares - SIZE tracks the MSCI USA Low Size Index while IMCB tracks the IMCB-US - Morningstar U.S. Mid Cap Index. Both are passively managed. Over the past 10 years, SIZE returned 11.67%/yr vs 11.30%/yr for IMCB. Their correlation of 0.90 suggests significant overlap in exposure. SIZE charges 0.15%/yr vs 0.04%/yr for IMCB.

Performance

SIZE vs. IMCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) and iShares Morningstar Mid-Cap ETF (IMCB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SIZE achieves a 11.50% return, which is significantly lower than IMCB's 17.96% return. Both investments have delivered pretty close results over the past 10 years, with SIZE having a 11.67% annualized return and IMCB not far behind at 11.30%.

SIZE

1D
-0.19%
1M
1.55%
6M
7.92%
YTD
11.50%
1Y
16.58%
3Y*
14.33%
5Y*
8.43%
10Y*
11.67%

IMCB

1D
-0.11%
1M
2.38%
6M
14.04%
YTD
17.96%
1Y
22.38%
3Y*
16.28%
5Y*
9.54%
10Y*
11.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SIZE vs. IMCB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SIZE
iShares MSCI USA Size Factor ETF		11.50%10.51%14.37%17.78%-15.86%25.05%16.26%28.97%-6.59%18.76%
IMCB
iShares Morningstar Mid-Cap ETF		17.96%10.25%15.10%16.37%-16.09%22.81%13.35%31.49%-11.53%19.70%

Correlation

The correlation between SIZE and IMCB is 0.94, 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

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (10Y)
Calculated over the trailing 10-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2013

0.90

The correlation between SIZE and IMCB has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.

SIZE vs. IMCB - Sectors Allocation Comparison

Sectors
SIZE
IMCB

Technology

20.0%
22.6%

Industrials

15.3%
18.5%

Financial Services

14.7%
11.9%

Consumer Cyclical

11.2%
9.1%

Healthcare

10.7%
7.9%

Utilities

5.4%
6.0%

Consumer Defensive

5.3%
5.1%

Real Estate

5.3%
4.3%

Basic Materials

4.3%
5.3%

Communication Services

3.9%
2.5%

Energy

3.7%
6.7%

Technology

SIZE
20.0%
IMCB
22.6%

Industrials

SIZE
15.3%
IMCB
18.5%

Financial Services

SIZE
14.7%
IMCB
11.9%

Consumer Cyclical

SIZE
11.2%
IMCB
9.1%

Healthcare

SIZE
10.7%
IMCB
7.9%

Utilities

SIZE
5.4%
IMCB
6.0%

Consumer Defensive

SIZE
5.3%
IMCB
5.1%

Real Estate

SIZE
5.3%
IMCB
4.3%

Basic Materials

SIZE
4.3%
IMCB
5.3%

Communication Services

SIZE
3.9%
IMCB
2.5%

Energy

SIZE
3.7%
IMCB
6.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Size Factor ETF

iShares Morningstar Mid-Cap ETF

Often compared with SIZE:
SIZE vs. XLGSIZE vs. SPYSIZE vs. QUALSIZE vs. QDVA.DESIZE vs. VOOSIZE vs. VIGSIZE vs. QGRO
Often compared with IMCB:
IMCB vs. IMCGIMCB vs. FSMDXIMCB vs. SPMDIMCB vs. BKMCIMCB vs. VOIMCB vs. IJHIMCB vs. ISCB

Return for Risk

SIZE vs. IMCB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SIZE
SIZE Risk / Return Rank: 4949
Overall Rank
SIZE Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
SIZE Sortino Ratio Rank: 4848
Sortino Ratio Rank
SIZE Omega Ratio Rank: 4343
Omega Ratio Rank
SIZE Calmar Ratio Rank: 5252
Calmar Ratio Rank
SIZE Martin Ratio Rank: 5959
Martin Ratio Rank
IMCB
IMCB Risk / Return Rank: 6868
Overall Rank
IMCB Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
IMCB Sortino Ratio Rank: 6666
Sortino Ratio Rank
IMCB Omega Ratio Rank: 6363
Omega Ratio Rank
IMCB Calmar Ratio Rank: 7070
Calmar Ratio Rank
IMCB Martin Ratio Rank: 7575
Martin Ratio Rank
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.

SIZE vs. IMCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) 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.

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.

SIZEIMCBDifference
Sharpe ratioReturn per unit of total volatility
1.28
1.71

-0.42

Sortino ratioReturn per unit of downside risk
1.91
2.42

-0.51

Omega ratioGain probability vs. loss probability

1.23

1.30

-0.08

Calmar ratioReturn relative to maximum drawdown

2.09

2.79

-0.70

Martin ratioReturn relative to average drawdown

8.08

10.95

-2.87

SIZE vs. IMCB - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.28, which is comparable to the IMCB Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SIZE and IMCB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SIZE vs. IMCB - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, smaller than the maximum IMCB drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for SIZE and IMCB.

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Drawdown Indicators

SIZEIMCBDifference

Max Drawdown

Largest peak-to-trough decline

-39.15%

-58.80%

+19.65%

Max Drawdown (1Y)

Largest decline over 1 year

-7.97%

-8.05%

+0.08%

Max Drawdown (3Y)

Largest decline over 3 years

-18.71%

-19.80%

+1.09%

Max Drawdown (5Y)

Largest decline over 5 years

-24.03%

-25.15%

+1.12%

Max Drawdown (10Y)

Largest decline over 10 years

-39.15%

-40.99%

+1.84%

Current Drawdown

Current decline from peak

-0.91%

-0.16%

-0.75%

Average Drawdown

Average peak-to-trough decline

-4.16%

-7.70%

+3.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

2.05%

+0.01%

Volatility

SIZE vs. IMCB - Volatility Comparison

iShares MSCI USA Size Factor ETF (SIZE) and iShares Morningstar Mid-Cap ETF (IMCB) have volatilities of 3.50% and 3.42%, 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.

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Volatility by Period

SIZEIMCBDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.50%

3.42%

+0.08%

Volatility (6M)

Calculated over the trailing 6-month period

9.71%

10.03%

-0.32%

Volatility (1Y)

Calculated over the trailing 1-year period

13.00%

13.20%

-0.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.44%

17.61%

-0.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.66%

19.60%

-0.94%

SIZE vs. IMCB - Expense Ratio Comparison

SIZE has a 0.15% expense ratio, which is higher than IMCB's 0.04% 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

SIZE vs. IMCB - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.36%, more than IMCB's 1.21% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SIZE
iShares MSCI USA Size Factor ETF		1.36%1.50%1.53%1.42%1.59%1.19%1.43%1.35%2.43%1.58%1.88%1.95%

Frequently Asked Questions

With a correlation of 0.94, SIZE and IMCB 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.

SIZE has higher volatility (3.50%) compared to IMCB (3.42%). In terms of maximum drawdown, SIZE dropped -39.15% vs IMCB's -58.80%.

On 10-year performance, SIZE leads with 11.67% vs 11.30% for IMCB. On fees, IMCB is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SIZE has performed better with a 11.67% return vs 11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IMCB is cheaper with a 0.04% expense ratio, compared with 0.15% for SIZE.

SIZE has the higher dividend yield at 1.36%, compared with 1.21% for IMCB.

SIZE tracks MSCI USA Low Size Index, while IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index. Their fees differ too: 0.15% for SIZE and 0.04% for IMCB.

IMCB currently has the higher Sharpe Ratio (1.71 vs 1.28), 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.

Portfolio Optimizer

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