Yes, broadly speaking. ER collets have a clamping range of up to 1 mm, so, for example, a 13mm collet will tighten up on a ½” shank ok. However, I have a suspicion that closing up a collet by a lot will increase the chance of it running out of true, or possibly permanently distorting the collet, so prefer to use something that is the right size. You can always buy a few extra imperial collets to suit particular imperial cutters you have, which is what I have done – particularly for ¾” and ¼” shank tools.