VBR vs. IMCB

Last updated Jun 9, 2026

VBR (Vanguard Small-Cap Value ETF) and IMCB (iShares Morningstar Mid-Cap ETF) are both exchange-traded funds - VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value 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, VBR returned 10.50%/yr vs 11.18%/yr for IMCB. Their correlation of 0.92 suggests significant overlap in exposure. VBR charges 0.05%/yr vs 0.04%/yr for IMCB.

Performance

VBR vs. IMCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Value ETF (VBR) 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, VBR achieves a 11.45% return, which is significantly lower than IMCB's 12.99% return. Over the past 10 years, VBR has underperformed IMCB with an annualized return of 10.50%, while IMCB has yielded a comparatively higher 11.18% annualized return.

VBR

• 1D: 0.16%
• 1M: 0.48%
• YTD: 11.45%
• 6M: 12.14%
• 1Y: 24.85%
• 3Y*: 15.60%
• 5Y*: 7.78%
• 10Y*: 10.50%

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)

VBR vs. IMCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBR Vanguard Small-Cap Value ETF	11.45%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%
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 VBR and IMCB is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.92

The correlation between VBR and IMCB has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

VBR vs. IMCB - Sectors Allocation Comparison

Sectors	VBR	IMCB
Industrials	18.1%	19.1%
Financial Services	17.6%	11.7%
Consumer Cyclical	12.4%	9.0%
Technology	10.6%	21.8%
Real Estate	10.1%	4.2%
Healthcare	7.9%	7.9%
Basic Materials	6.3%	5.5%
Energy	5.2%	7.0%
Utilities	4.8%	6.1%
Consumer Defensive	4.0%	5.2%
Communication Services	2.5%	2.3%

Return for Risk

VBR vs. IMCB — Risk / Return Rank

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

VBR

VBR Risk / Return Rank: 57
VBR Sharpe Ratio Rank: 53
VBR Sortino Ratio Rank: 56
VBR Omega Ratio Rank: 51
VBR Calmar Ratio Rank: 62
VBR Martin Ratio Rank: 61

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.

VBR vs. IMCB - Risk-Adjusted Trends Comparison

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

	VBR	IMCB	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.62	+0.03
Sortino ratio: Return per unit of downside risk	2.43	2.30	+0.14
Omega ratio: Gain probability vs. loss probability	1.29	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	2.82	2.60	+0.21
Martin ratio: Return relative to average drawdown	9.94	10.27	-0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBR vs. IMCB - Sharpe Ratio Comparison

The current VBR Sharpe Ratio is 1.65, which is comparable to the IMCB Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of VBR 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

	VBR	IMCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.62	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.48	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.57	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.50	-0.08

Drawdowns

VBR vs. IMCB - Drawdown Comparison

The maximum VBR drawdown since its inception was -61.98%, which is greater than IMCB's maximum drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for VBR and IMCB.

Drawdown Indicators

	VBR	IMCB	Difference
Max Drawdown Largest peak-to-trough decline	-61.98%	-58.80%	-3.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-8.05%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-24.19%	-19.80%	-4.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.19%	-25.15%	+0.96%
Max Drawdown (10Y) Largest decline over 10 years	-45.28%	-40.99%	-4.29%
Current Drawdown Current decline from peak	-0.95%	-2.19%	+1.24%
Average Drawdown Average peak-to-trough decline	-8.26%	-7.73%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.04%	+0.47%

Volatility

VBR vs. IMCB - Volatility Comparison

Vanguard Small-Cap Value ETF (VBR) and iShares Morningstar Mid-Cap ETF (IMCB) have volatilities of 3.67% and 3.73%, 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

	VBR	IMCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	3.73%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	9.87%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.16%	12.96%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	17.60%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	19.67%	+2.07%

VBR vs. IMCB - Expense Ratio Comparison

VBR 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

VBR vs. IMCB - Dividend Comparison

VBR's dividend yield for the trailing twelve months is around 1.76%, 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%
VBR Vanguard Small-Cap Value ETF	1.76%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both VBR and IMCB in my portfolio?

With a correlation of 0.92, VBR 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, VBR or IMCB?

IMCB has higher volatility (3.73%) compared to VBR (3.67%). In terms of maximum drawdown, VBR dropped -61.98% vs IMCB's -58.80%.

Which ETF is better, VBR or IMCB?

On 10-year performance, IMCB leads with 11.18% vs 10.50% for VBR. 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.

Which ETF has performed better, VBR or IMCB?

Over the 10-year period, IMCB has performed better with a 11.18% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBR or IMCB?

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

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

VBR has the higher dividend yield at 1.76%, compared with 1.23% for IMCB.

What is the main difference between VBR and IMCB?

VBR is categorized as Small Cap Value Equities, while IMCB is Mid Cap Blend Equities. VBR tracks CRSP US Small Cap Value 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 VBR and 0.04% for IMCB.

Which has better risk-adjusted returns?

VBR currently has the higher Sharpe Ratio (1.65 vs 1.62), 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.