IMCV vs SPY
iShares Morningstar Mid-Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IMCV or SPY?
Mid Cap Value against Large Cap Blend.
IMCV has a lower expense ratio. IMCV led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. IMCV is less concentrated, with 12.5% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IMCV | SPY |
|---|---|---|
| Expense Ratio | 0.06%Best | 0.09% |
| AUM | $1.2B | $804.7B |
| Dividend Yield | 1.78% | 0.98% |
| Holdings | 275 | 505 |
| YTD Return | +16.95%Best | +12.47% |
| 1Y Return | +21.77%Best | +17.51% |
| 3Y Return (annualized) | +17.87% | +21.18%Best |
| 5Y Return (annualized) | +10.81% | +12.88%Best |
| Volatility (annualized) | 17.6% | 14.7%Best |
| Max Drawdown | -66.5% | -56.5%Best |
| $10,000 over 5 years | $16,707 | $18,327Best |
| Top 10 Weight | 12.5%Best | 38.0% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Jun 28, 2004 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 2, 2004 to Sep 11, 2026 (22.2 years).
IMCV vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 22.2 years both funds cover.
IMCV vs SPY Performance
iShares Morningstar Mid-Cap Value ETF (IMCV) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year IMCV returned +21.77% while SPY returned +17.51%. Year to date, IMCV is up 16.95% versus a gain of 12.47% for SPY.
Over three years, IMCV compounded at +17.87% per year against +21.18% for SPY; over five years the annualized figures are +10.81% and +12.88% respectively. Across the full 22-year window we track, SPY has the edge at +9.37% annualized vs +7.94%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IMCV has been the more volatile fund, with annualized monthly volatility of 17.6% compared with 14.7% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -66.5% for IMCV and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IMCV charges 0.06% per year while SPY charges 0.09%. On a $10,000 position that is $6 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, IMCV currently yields 1.78% against 0.98% for SPY.
Holdings Overlap
91.0% of IMCV's money is in holdings SPY also owns. 13.6% of SPY's money is in holdings IMCV also owns.
Most of IMCV is already inside SPY. Owning both mostly buys the same companies twice.
226 positions in common, counted across the 270 positions we hold weights for in IMCV and 504 in SPY, against full books of 275 and 505.
What only one of them owns
Our book lists 274 positions for SPY that do not appear in our book for IMCV (86.2% of the fund), and 38 for IMCV that do not appear in SPY (7.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in IMCV | Weight in SPY | Difference |
|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 1.50% | 0.16% | 1.34% |
| PNCPnc Financial Services Group Inc. | 1.43% | 0.15% | 1.28% |
| USBUS Bancorp | 1.38% | 0.15% | 1.23% |
| MMM3m Co. | 1.31% | 0.14% | 1.17% |
| VLOValero Energy Corp. | 1.24% | 0.14% | 1.10% |
| PSXPhillips 66 | 1.13% | 0.12% | 1.01% |
| ELVElevance Health Inc | 1.13% | 0.12% | 1.01% |
| MDLZMondelez International Inc. Class A | 1.12% | 0.12% | 1.00% |
| TRVTravelers Cos., Inc. | 1.12% | 0.12% | 1.00% |
| GMGeneral Motors Co. | 1.11% | 0.12% | 0.99% |
91.0% of IMCV is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IMCV or SPY?
IMCV has an expense ratio of 0.06% while SPY charges 0.09%. IMCV is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, IMCV or SPY?
Over the past year IMCV returned +21.77% vs +17.51% for SPY, so IMCV leads on 1-year performance. Over the longest common window we track (22 years), IMCV annualized +7.94% vs +9.37% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IMCV or SPY?
IMCV has been the more volatile fund at 17.6% annualized versus 14.7% for SPY. Worst drawdown: IMCV -66.5% vs SPY -56.5%.
Should I hold both IMCV and SPY?
IMCV and SPY have a monthly-return correlation of 0.90, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between IMCV and SPY?
91.0% of IMCV's money is in holdings SPY also owns. 13.6% of SPY's is in holdings IMCV also owns. They hold 226 positions in common, counted across the 270 positions we hold weights for in IMCV and 504 in SPY.
Which pays a higher dividend, IMCV or SPY?
IMCV yields 1.78% while SPY yields 0.98%, so IMCV currently pays the higher dividend yield.
Is SPY better than IMCV?
IMCV has a lower expense ratio. IMCV led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. IMCV is less concentrated, with 12.5% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.