VBK vs. IMCV

Last updated Jun 14, 2026

VBK (Vanguard Small-Cap Growth ETF) and IMCV (iShares Morningstar Mid-Cap ETF) are both exchange-traded funds - VBK is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth 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, VBK returned 11.82%/yr vs 10.78%/yr for IMCV. Their correlation of 0.81 suggests significant overlap in exposure. VBK charges 0.05%/yr vs 0.06%/yr for IMCV.

Performance

VBK vs. IMCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Growth ETF (VBK) 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, VBK achieves a 16.25% return, which is significantly higher than IMCV's 12.04% return. Over the past 10 years, VBK has outperformed IMCV with an annualized return of 11.82%, while IMCV has yielded a comparatively lower 10.78% annualized return.

VBK

• 1D: 0.33%
• 1M: 3.93%
• YTD: 16.25%
• 6M: 14.67%
• 1Y: 31.85%
• 3Y*: 16.10%
• 5Y*: 4.87%
• 10Y*: 11.82%

IMCV

• 1D: 0.91%
• 1M: 4.87%
• YTD: 12.04%
• 6M: 11.44%
• 1Y: 26.22%
• 3Y*: 16.21%
• 5Y*: 9.22%
• 10Y*: 10.78%

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

VBK vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBK Vanguard Small-Cap Growth ETF	16.25%	8.50%	16.50%	21.45%	-28.44%	5.66%	35.44%	32.75%	-5.70%	21.87%
IMCV iShares Morningstar Mid-Cap ETF	12.04%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between VBK and IMCV is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.81

The correlation between VBK and IMCV has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

VBK vs. IMCV - Sectors Allocation Comparison

Sectors	VBK	IMCV
Technology	25.9%	10.3%
Industrials	24.7%	11.8%
Healthcare	15.3%	8.7%
Consumer Cyclical	9.6%	9.1%
Financial Services	5.6%	15.2%
Energy	4.8%	11.9%
Real Estate	3.9%	5.5%
Communication Services	3.5%	2.5%
Basic Materials	3.2%	6.4%
Consumer Defensive	2.4%	9.0%
Utilities	1.2%	9.6%

Return for Risk

VBK vs. IMCV — Risk / Return Rank

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

VBK

VBK Risk / Return Rank: 53
VBK Sharpe Ratio Rank: 49
VBK Sortino Ratio Rank: 47
VBK Omega Ratio Rank: 45
VBK Calmar Ratio Rank: 61
VBK Martin Ratio Rank: 62

IMCV

IMCV Risk / Return Rank: 77
IMCV Sharpe Ratio Rank: 76
IMCV Sortino Ratio Rank: 79
IMCV Omega Ratio Rank: 73
IMCV Calmar Ratio Rank: 79
IMCV Martin Ratio Rank: 79

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.

VBK vs. IMCV - Risk-Adjusted Trends Comparison

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

	VBK	IMCV	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.11	-0.61
Sortino ratio: Return per unit of downside risk	2.09	3.06	-0.97
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	2.62	3.59	-0.98
Martin ratio: Return relative to average drawdown	9.82	13.41	-3.59

VBK vs. IMCV - Sharpe Ratio Comparison

The current VBK Sharpe Ratio is 1.50, which is comparable to the IMCV Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of VBK 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

VBK vs. IMCV - Drawdown Comparison

The maximum VBK drawdown since its inception was -58.68%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for VBK and IMCV.

Drawdown Indicators

	VBK	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-64.74%	+6.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.44%	-6.90%	-4.54%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-18.63%	-8.91%
Max Drawdown (5Y) Largest decline over 5 years	-38.39%	-19.87%	-18.52%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-46.33%	+7.63%
Current Drawdown Current decline from peak	-2.04%	0.00%	-2.04%
Average Drawdown Average peak-to-trough decline	-10.14%	-8.40%	-1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	1.85%	+1.20%

Volatility

VBK vs. IMCV - Volatility Comparison

Vanguard Small-Cap Growth ETF (VBK) has a higher volatility of 7.31% compared to iShares Morningstar Mid-Cap ETF (IMCV) at 2.87%. This indicates that VBK'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

	VBK	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	2.87%	+4.44%
Volatility (6M) Calculated over the trailing 6-month period	15.61%	8.05%	+7.56%
Volatility (1Y) Calculated over the trailing 1-year period	19.96%	11.75%	+8.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.59%	16.65%	+6.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.92%	19.66%	+3.26%

VBK vs. IMCV - Expense Ratio Comparison

VBK has a 0.05% 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

VBK vs. IMCV - Dividend Comparison

VBK's dividend yield for the trailing twelve months is around 0.45%, less than IMCV's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.90%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
VBK Vanguard Small-Cap Growth ETF	0.45%	0.54%	0.54%	0.68%	0.55%	0.36%	0.44%	0.57%	0.79%	0.82%	1.08%	0.98%

Frequently Asked Questions

Can I hold both VBK and IMCV in my portfolio?

VBK and IMCV have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBK or IMCV?

VBK has higher volatility (7.31%) compared to IMCV (2.87%). In terms of maximum drawdown, VBK dropped -58.68% vs IMCV's -64.74%.

Which ETF is better, VBK or IMCV?

On 10-year performance, VBK leads with 11.82% vs 10.78% for IMCV. On fees, VBK is cheaper at 0.05% per year. On volatility, IMCV has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VBK or IMCV?

Over the 10-year period, VBK has performed better with a 11.82% return vs 10.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBK or IMCV?

VBK is cheaper with a 0.05% expense ratio, compared with 0.06% for IMCV.

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

IMCV has the higher dividend yield at 1.90%, compared with 0.45% for VBK.

What is the main difference between VBK and IMCV?

VBK is categorized as Small Cap Growth Equities, while IMCV is Mid Cap Value Equities. VBK tracks CRSP US Small Cap Growth Index, while IMCV tracks Morningstar US Mid Cap Broad Value Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VBK and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.11 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.