VOE vs. IMCV

Last updated Jun 4, 2026

VOE (Vanguard Mid-Cap Value ETF) and IMCV (iShares Morningstar Mid-Cap ETF) are both Mid Cap Value Equities funds - VOE tracks the CRSP US Mid Cap Value Index while IMCV tracks the Morningstar US Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, VOE returned 10.55%/yr vs 10.40%/yr for IMCV. With a 0.95 correlation, they move nearly in lockstep. VOE charges 0.07%/yr vs 0.06%/yr for IMCV.

Performance

VOE vs. IMCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value ETF (VOE) 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, VOE achieves a 10.75% return, which is significantly higher than IMCV's 9.96% return. Both investments have delivered pretty close results over the past 10 years, with VOE having a 10.55% annualized return and IMCV not far behind at 10.40%.

VOE

• 1D: -0.16%
• 1M: 1.35%
• YTD: 10.75%
• 6M: 11.62%
• 1Y: 22.73%
• 3Y*: 16.53%
• 5Y*: 8.45%
• 10Y*: 10.55%

IMCV

• 1D: -0.21%
• 1M: 2.12%
• YTD: 9.96%
• 6M: 11.32%
• 1Y: 23.41%
• 3Y*: 16.66%
• 5Y*: 8.69%
• 10Y*: 10.40%

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

VOE vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	10.75%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%
IMCV iShares Morningstar Mid-Cap ETF	9.96%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between VOE and IMCV is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 28, 2006	0.95

The correlation between VOE and IMCV has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

VOE vs. IMCV - Sectors Allocation Comparison

Sectors	VOE	IMCV
Financial Services	16.5%	15.6%
Industrials	14.0%	12.1%
Energy	12.8%	12.5%
Utilities	12.1%	10.0%
Technology	10.9%	9.1%
Consumer Defensive	7.9%	8.9%
Healthcare	6.3%	8.5%
Real Estate	6.0%	5.6%
Basic Materials	5.8%	6.5%
Consumer Cyclical	5.7%	8.7%
Communication Services	2.2%	2.5%

Return for Risk

VOE vs. IMCV — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 61
VOE Sharpe Ratio Rank: 57
VOE Sortino Ratio Rank: 60
VOE Omega Ratio Rank: 55
VOE Calmar Ratio Rank: 65
VOE Martin Ratio Rank: 67

IMCV

IMCV Risk / Return Rank: 63
IMCV Sharpe Ratio Rank: 59
IMCV Sortino Ratio Rank: 62
IMCV Omega Ratio Rank: 58
IMCV Calmar Ratio Rank: 68
IMCV Martin Ratio Rank: 69

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.

VOE vs. IMCV - Risk-Adjusted Trends Comparison

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

	VOE	IMCV	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.02	-0.03
Sortino ratio: Return per unit of downside risk	2.88	2.94	-0.06
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	3.30	3.41	-0.11
Martin ratio: Return relative to average drawdown	12.51	12.72	-0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOE vs. IMCV - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 1.99, which is comparable to the IMCV Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of VOE 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.

Sharpe Ratios by Period

	VOE	IMCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.02	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.53	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.53	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.47	-0.03

Drawdowns

VOE vs. IMCV - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for VOE and IMCV.

Drawdown Indicators

	VOE	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-64.74%	+3.24%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-6.90%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-18.63%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-19.87%	+0.17%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-46.33%	+3.15%
Current Drawdown Current decline from peak	-0.16%	-0.21%	+0.05%
Average Drawdown Average peak-to-trough decline	-8.35%	-8.42%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.85%	-0.03%

Volatility

VOE vs. IMCV - Volatility Comparison

Vanguard Mid-Cap Value ETF (VOE) and iShares Morningstar Mid-Cap ETF (IMCV) have volatilities of 2.58% and 2.56%, 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

	VOE	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	2.56%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	8.13%	8.00%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	11.63%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	16.63%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	19.66%	-0.83%

VOE vs. IMCV - Expense Ratio Comparison

VOE has a 0.07% expense ratio, which is higher than IMCV's 0.06% 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

VOE vs. IMCV - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.88%, less than IMCV's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.94%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
VOE Vanguard Mid-Cap Value ETF	1.88%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both VOE and IMCV in my portfolio?

With a correlation of 0.97, VOE 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, VOE or IMCV?

VOE has higher volatility (2.58%) compared to IMCV (2.56%). In terms of maximum drawdown, VOE dropped -61.50% vs IMCV's -64.74%.

Which ETF is better, VOE or IMCV?

On 10-year performance, VOE leads with 10.55% vs 10.40% for IMCV. On fees, IMCV is cheaper at 0.06% 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, VOE or IMCV?

Over the 10-year period, VOE has performed better with a 10.55% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or IMCV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.07% for VOE.

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

IMCV has the higher dividend yield at 1.94%, compared with 1.88% for VOE.

What is the main difference between VOE and IMCV?

VOE tracks CRSP US Mid 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: 0.07% for VOE and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.02 vs 1.99), 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.