SMLV vs. IMCB

Last updated Jun 9, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and IMCB (iShares Morningstar Mid-Cap ETF) are both exchange-traded funds - SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index, while IMCB is a Mid Cap Blend Equities fund tracking the IMCB-US - Morningstar U.S. Mid Cap Index. Both are passively managed. Over the past 10 years, SMLV returned 10.25%/yr vs 11.18%/yr for IMCB. Their correlation of 0.81 suggests significant overlap in exposure. SMLV charges 0.12%/yr vs 0.04%/yr for IMCB.

Performance

SMLV vs. IMCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and iShares Morningstar Mid-Cap ETF (IMCB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLV achieves a 14.81% return, which is significantly higher than IMCB's 12.99% return. Over the past 10 years, SMLV has underperformed IMCB with an annualized return of 10.25%, while IMCB has yielded a comparatively higher 11.18% annualized return.

SMLV

• 1D: 0.20%
• 1M: 1.40%
• YTD: 14.81%
• 6M: 15.50%
• 1Y: 23.44%
• 3Y*: 15.62%
• 5Y*: 8.02%
• 10Y*: 10.25%

IMCB

• 1D: 0.09%
• 1M: 2.56%
• YTD: 12.99%
• 6M: 13.23%
• 1Y: 20.86%
• 3Y*: 16.89%
• 5Y*: 8.49%
• 10Y*: 11.18%

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

SMLV vs. IMCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	14.81%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
IMCB iShares Morningstar Mid-Cap ETF	12.99%	10.25%	15.10%	16.37%	-16.09%	22.81%	13.35%	31.49%	-11.53%	19.70%

Correlation

The correlation between SMLV and IMCB is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 22, 2013	0.81

The correlation between SMLV and IMCB has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

SMLV vs. IMCB - Sectors Allocation Comparison

Sectors	SMLV	IMCB
Financial Services	30.5%	11.7%
Industrials	14.3%	19.1%
Real Estate	12.2%	4.2%
Technology	11.2%	21.8%
Consumer Cyclical	8.7%	9.0%
Healthcare	8.7%	7.9%
Consumer Defensive	4.3%	5.2%
Basic Materials	3.2%	5.5%
Utilities	2.9%	6.1%
Communication Services	2.2%	2.3%
Energy	1.8%	7.0%

Return for Risk

SMLV vs. IMCB — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 54
SMLV Sharpe Ratio Rank: 48
SMLV Sortino Ratio Rank: 49
SMLV Omega Ratio Rank: 49
SMLV Calmar Ratio Rank: 70
SMLV Martin Ratio Rank: 55

IMCB

IMCB Risk / Return Rank: 55
IMCB Sharpe Ratio Rank: 53
IMCB Sortino Ratio Rank: 53
IMCB Omega Ratio Rank: 50
IMCB Calmar Ratio Rank: 57
IMCB Martin Ratio Rank: 63

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.

SMLV vs. IMCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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.

	SMLV	IMCB	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.62	-0.12
Sortino ratio: Return per unit of downside risk	2.17	2.30	-0.12
Omega ratio: Gain probability vs. loss probability	1.28	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	3.21	2.60	+0.60
Martin ratio: Return relative to average drawdown	8.78	10.27	-1.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLV vs. IMCB - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.50, which is comparable to the IMCB Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of SMLV 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.

Sharpe Ratios by Period

	SMLV	IMCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.62	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.48	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.57	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.50	+0.05

Drawdowns

SMLV vs. IMCB - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, smaller than the maximum IMCB drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for SMLV and IMCB.

Drawdown Indicators

	SMLV	IMCB	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-58.80%	+16.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-8.05%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-19.80%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-25.15%	+4.75%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	-40.99%	-1.46%
Current Drawdown Current decline from peak	0.00%	-2.19%	+2.19%
Average Drawdown Average peak-to-trough decline	-5.45%	-7.73%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.04%	+0.64%

Volatility

SMLV vs. IMCB - Volatility Comparison

SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) has a higher volatility of 4.09% compared to iShares Morningstar Mid-Cap ETF (IMCB) at 3.73%. This indicates that SMLV's price experiences larger fluctuations and is considered to be riskier than IMCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLV	IMCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	3.73%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	9.87%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	12.96%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	17.60%	+0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	19.67%	+1.29%

SMLV vs. IMCB - Expense Ratio Comparison

SMLV has a 0.12% 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

SMLV vs. IMCB - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.31%, more than IMCB's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCB iShares Morningstar Mid-Cap ETF	1.23%	1.42%	1.43%	1.55%	1.70%	1.08%	1.12%	1.32%	1.80%	1.31%	1.79%	1.47%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.31%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both SMLV and IMCB in my portfolio?

SMLV and IMCB have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLV or IMCB?

SMLV has higher volatility (4.09%) compared to IMCB (3.73%). In terms of maximum drawdown, SMLV dropped -42.45% vs IMCB's -58.80%.

Which ETF is better, SMLV or IMCB?

On 10-year performance, IMCB leads with 11.18% vs 10.25% for SMLV. On fees, IMCB is cheaper at 0.04% per year. On volatility, IMCB has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLV or IMCB?

Over the 10-year period, IMCB has performed better with a 11.18% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLV or IMCB?

IMCB is cheaper with a 0.04% expense ratio, compared with 0.12% for SMLV.

Which ETF pays a higher dividend yield, SMLV or IMCB?

SMLV has the higher dividend yield at 2.31%, compared with 1.23% for IMCB.

What is the main difference between SMLV and IMCB?

SMLV is categorized as Volatility Hedged Equity, while IMCB is Mid Cap Blend Equities. SMLV tracks SSGA US Small Cap Low Volatility Index, while IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for SMLV and 0.04% for IMCB.

Which has better risk-adjusted returns?

IMCB currently has the higher Sharpe Ratio (1.62 vs 1.50), 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.