VB vs. IMCB

Last updated Jun 14, 2026

VB (Vanguard Small-Cap ETF) and IMCB (iShares Morningstar Mid-Cap ETF) are both exchange-traded funds - VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap 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, VB returned 11.61%/yr vs 11.53%/yr for IMCB. Their correlation of 0.94 suggests significant overlap in exposure. VB charges 0.05%/yr vs 0.04%/yr for IMCB.

Performance

VB vs. IMCB - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with VB having a 15.33% return and IMCB slightly lower at 15.22%. Both investments have delivered pretty close results over the past 10 years, with VB having a 11.61% annualized return and IMCB not far behind at 11.53%.

VB

• 1D: 0.70%
• 1M: 5.17%
• YTD: 15.33%
• 6M: 13.69%
• 1Y: 30.83%
• 3Y*: 16.14%
• 5Y*: 6.98%
• 10Y*: 11.61%

IMCB

• 1D: 1.00%
• 1M: 5.50%
• YTD: 15.22%
• 6M: 14.34%
• 1Y: 24.76%
• 3Y*: 16.91%
• 5Y*: 8.79%
• 10Y*: 11.53%

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

VB vs. IMCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VB Vanguard Small-Cap ETF	15.33%	8.87%	14.17%	18.22%	-17.51%	17.57%	19.19%	27.34%	-9.34%	16.26%
IMCB iShares Morningstar Mid-Cap ETF	15.22%	10.25%	15.10%	16.37%	-16.09%	22.81%	13.35%	31.49%	-11.53%	19.70%

Correlation

The correlation between VB and IMCB is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.94

The correlation between VB and IMCB has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

VB vs. IMCB - Sectors Allocation Comparison

Sectors	VB	IMCB
Industrials	20.8%	18.5%
Technology	17.2%	22.6%
Financial Services	12.6%	11.9%
Consumer Cyclical	11.3%	9.1%
Healthcare	11.1%	7.9%
Real Estate	7.6%	4.3%
Basic Materials	4.8%	5.3%
Energy	4.7%	6.7%
Consumer Defensive	3.4%	5.1%
Utilities	3.3%	6.0%
Communication Services	3.1%	2.5%

Return for Risk

VB vs. IMCB — Risk / Return Rank

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

VB

VB Risk / Return Rank: 64
VB Sharpe Ratio Rank: 59
VB Sortino Ratio Rank: 60
VB Omega Ratio Rank: 55
VB Calmar Ratio Rank: 73
VB Martin Ratio Rank: 73

IMCB

IMCB Risk / Return Rank: 63
IMCB Sharpe Ratio Rank: 61
IMCB Sortino Ratio Rank: 61
IMCB Omega Ratio Rank: 58
IMCB Calmar Ratio Rank: 66
IMCB Martin Ratio Rank: 70

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.

VB vs. IMCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap ETF (VB) 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.

	VB	IMCB	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.77	-0.04
Sortino ratio: Return per unit of downside risk	2.47	2.50	-0.04
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio: Return relative to maximum drawdown	3.21	2.92	+0.29
Martin ratio: Return relative to average drawdown	11.80	11.45	+0.35

VB vs. IMCB - Sharpe Ratio Comparison

The current VB Sharpe Ratio is 1.73, which is comparable to the IMCB Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of VB 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.

Drawdowns

VB vs. IMCB - Drawdown Comparison

The maximum VB drawdown since its inception was -59.56%, roughly equal to the maximum IMCB drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for VB and IMCB.

Drawdown Indicators

	VB	IMCB	Difference
Max Drawdown Largest peak-to-trough decline	-59.56%	-58.80%	-0.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-8.05%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-25.36%	-19.80%	-5.56%
Max Drawdown (5Y) Largest decline over 5 years	-28.15%	-25.15%	-3.00%
Max Drawdown (10Y) Largest decline over 10 years	-42.05%	-40.99%	-1.06%
Current Drawdown Current decline from peak	0.00%	-0.26%	+0.26%
Average Drawdown Average peak-to-trough decline	-8.43%	-7.72%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.05%	+0.39%

Volatility

VB vs. IMCB - Volatility Comparison

Vanguard Small-Cap ETF (VB) has a higher volatility of 5.41% compared to iShares Morningstar Mid-Cap ETF (IMCB) at 4.70%. This indicates that VB'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

	VB	IMCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	4.70%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	10.18%	+2.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.68%	13.25%	+3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.80%	17.64%	+3.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.44%	19.67%	+1.77%

VB vs. IMCB - Expense Ratio Comparison

VB has a 0.05% 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

VB vs. IMCB - Dividend Comparison

VB's dividend yield for the trailing twelve months is around 1.18%, less than IMCB's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VB Vanguard Small-Cap ETF	1.18%	1.33%	1.30%	1.55%	1.59%	1.24%	1.14%	1.39%	1.67%	1.35%	1.50%	1.48%

Frequently Asked Questions

Can I hold both VB and IMCB in my portfolio?

With a correlation of 0.95, VB 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.

Which is riskier, VB or IMCB?

VB has higher volatility (5.41%) compared to IMCB (4.70%). In terms of maximum drawdown, VB dropped -59.56% vs IMCB's -58.80%.

Which ETF is better, VB or IMCB?

On 10-year performance, VB leads with 11.61% vs 11.53% for IMCB. On fees, IMCB is cheaper at 0.04% per year. On volatility, IMCB has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VB or IMCB?

Over the 10-year period, VB has performed better with a 11.61% return vs 11.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VB or IMCB?

IMCB is cheaper with a 0.04% expense ratio, compared with 0.05% for VB.

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

IMCB has the higher dividend yield at 1.21%, compared with 1.18% for VB.

What is the main difference between VB and IMCB?

VB is categorized as Small Cap Blend Equities, while IMCB is Mid Cap Blend Equities. VB tracks CRSP US Small Cap Index, while IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VB and 0.04% for IMCB.

Which has better risk-adjusted returns?

IMCB currently has the higher Sharpe Ratio (1.77 vs 1.73), 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.