VBR vs. IMCV

Last updated Jul 21, 2026

VBR (Vanguard Small-Cap Value ETF) and IMCV (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 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, VBR returned 10.50%/yr vs 10.54%/yr for IMCV. Their correlation of 0.92 suggests significant overlap in exposure. VBR charges 0.05%/yr vs 0.06%/yr for IMCV.

Performance

VBR vs. IMCV - 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 (IMCV). 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 VBR having a 15.52% return and IMCV slightly lower at 14.96%. Both investments have delivered pretty close results over the past 10 years, with VBR having a 10.50% annualized return and IMCV not far ahead at 10.54%.

VBR

• 1D: -0.80%
• 1M: 2.04%
• 6M: 8.72%
• YTD: 15.52%
• 1Y: 23.17%
• 3Y*: 14.54%
• 5Y*: 9.61%
• 10Y*: 10.50%
• ALL TIME*: 9.62%

IMCV

• 1D: -0.59%
• 1M: 4.45%
• 6M: 10.82%
• YTD: 14.96%
• 1Y: 23.82%
• 3Y*: 15.08%
• 5Y*: 10.69%
• 10Y*: 10.54%
• ALL TIME*: 9.85%

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

VBR vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBR Vanguard Small-Cap Value ETF	15.52%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%
IMCV iShares Morningstar Mid-Cap ETF	14.96%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between VBR and IMCV is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.92

The correlation between VBR and IMCV has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

VBR vs. IMCV - Sectors Allocation Comparison

Sectors	VBR	IMCV
Financial Services	17.5%	17.7%
Industrials	17.4%	11.6%
Consumer Cyclical	12.5%	8.4%
Technology	12.1%	9.3%
Real Estate	10.5%	5.5%
Healthcare	8.3%	10.3%
Basic Materials	6.0%	4.8%
Utilities	4.6%	10.1%
Energy	4.3%	11.4%
Consumer Defensive	4.0%	8.6%
Communication Services	2.8%	2.4%

Return for Risk

VBR vs. IMCV — Risk / Return Rank

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

VBR

VBR Risk / Return Rank: 66
VBR Sharpe Ratio Rank: 63
VBR Sortino Ratio Rank: 68
VBR Omega Ratio Rank: 60
VBR Calmar Ratio Rank: 71
VBR Martin Ratio Rank: 70

IMCV

IMCV Risk / Return Rank: 85
IMCV Sharpe Ratio Rank: 84
IMCV Sortino Ratio Rank: 86
IMCV Omega Ratio Rank: 81
IMCV Calmar Ratio Rank: 86
IMCV Martin Ratio Rank: 86

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. IMCV - 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 (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.

	VBR	IMCV	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.06	-0.50
Sortino ratio: Return per unit of downside risk	2.33	3.01	-0.68
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	2.63	3.47	-0.84
Martin ratio: Return relative to average drawdown	9.32	12.94	-3.62

VBR vs. IMCV - Sharpe Ratio Comparison

The current VBR Sharpe Ratio is 1.55, which is comparable to the IMCV Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of VBR 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

VBR vs. IMCV - Drawdown Comparison

The maximum VBR drawdown since its inception was -61.98%, roughly equal to the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for VBR and IMCV.

Drawdown Indicators

	VBR	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-61.98%	-64.74%	+2.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-6.90%	-1.95%
Max Drawdown (3Y) Largest decline over 3 years	-24.19%	-18.63%	-5.56%
Max Drawdown (5Y) Largest decline over 5 years	-24.19%	-19.87%	-4.32%
Max Drawdown (10Y) Largest decline over 10 years	-45.28%	-46.33%	+1.05%
Current Drawdown Current decline from peak	-1.45%	-0.83%	-0.62%
Average Drawdown Average peak-to-trough decline	-8.22%	-8.37%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	1.85%	+0.64%

Volatility

VBR vs. IMCV - Volatility Comparison

Vanguard Small-Cap Value ETF (VBR) and iShares Morningstar Mid-Cap ETF (IMCV) have volatilities of 2.90% and 2.88%, 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	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	2.88%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	8.17%	+2.32%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	11.65%	+3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.58%	16.52%	+3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.66%	19.55%	+2.11%

VBR vs. IMCV - Expense Ratio Comparison

VBR 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

VBR vs. IMCV - Dividend Comparison

VBR's dividend yield for the trailing twelve months is around 1.78%, less than IMCV's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.84%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
VBR Vanguard Small-Cap Value ETF	1.78%	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 IMCV in my portfolio?

With a correlation of 0.91, VBR and IMCV 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 IMCV?

VBR has higher volatility (2.90%) compared to IMCV (2.88%). In terms of maximum drawdown, VBR dropped -61.98% vs IMCV's -64.74%.

Which ETF is better, VBR or IMCV?

On 10-year performance, IMCV leads with 10.54% vs 10.50% for VBR. On fees, VBR is cheaper at 0.05% 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 IMCV?

Over the 10-year period, IMCV has performed better with a 10.54% 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 IMCV?

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

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

IMCV has the higher dividend yield at 1.84%, compared with 1.78% for VBR.

What is the main difference between VBR and IMCV?

VBR is categorized as Small Cap Value Equities, while IMCV is Mid Cap Value Equities. VBR tracks CRSP US Small Cap Value 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 VBR and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.06 vs 1.55), 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.