BOUT vs. IMCG

Last updated Jun 4, 2026

BOUT (Innovator IBD Breakout Opportunities ETF) and IMCG (iShares Morningstar Mid-Cap Growth ETF) are both Mid Cap Growth Equities funds - BOUT tracks the IBD Breakout Stocks Total Return Index while IMCG tracks the Morningstar US Mid Cap Broad Growth Index. Both are passively managed. Over the past 5 years, BOUT returned 8.25%/yr vs 8.62%/yr for IMCG. A 0.80 correlation means they provide meaningful diversification when combined. BOUT charges 0.80%/yr vs 0.06%/yr for IMCG.

Performance

BOUT vs. IMCG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator IBD Breakout Opportunities ETF (BOUT) and iShares Morningstar Mid-Cap Growth ETF (IMCG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOUT achieves a 31.39% return, which is significantly higher than IMCG's 20.05% return.

BOUT

• 1D: -0.01%
• 1M: 5.85%
• YTD: 31.39%
• 6M: 30.30%
• 1Y: 35.27%
• 3Y*: 17.42%
• 5Y*: 8.25%
• 10Y*: —

IMCG

• 1D: -0.26%
• 1M: 8.33%
• YTD: 20.05%
• 6M: 18.28%
• 1Y: 23.35%
• 3Y*: 18.91%
• 5Y*: 8.62%
• 10Y*: 14.46%

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

BOUT vs. IMCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BOUT Innovator IBD Breakout Opportunities ETF	31.39%	-6.77%	18.82%	13.27%	-22.60%	22.69%	50.56%	20.59%	-29.80%
IMCG iShares Morningstar Mid-Cap Growth ETF	20.05%	6.55%	18.14%	20.73%	-25.79%	15.39%	45.64%	35.70%	-17.84%

Correlation

The correlation between BOUT and IMCG is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 14, 2018	0.80

The correlation between BOUT and IMCG has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

BOUT vs. IMCG - Sectors Allocation Comparison

Sectors	BOUT	IMCG
Technology	28.4%	30.4%
Financial Services	22.9%	9.1%
Basic Materials	9.9%	4.5%
Consumer Defensive	9.7%	1.2%
Industrials	9.7%	26.6%
Consumer Cyclical	8.5%	10.0%
Utilities	7.0%	2.7%
Real Estate	3.5%	3.4%
Energy	3.1%	2.1%
Healthcare	2.6%	7.4%
Communication Services	2.0%	2.6%

Return for Risk

BOUT vs. IMCG — Risk / Return Rank

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

BOUT

BOUT Risk / Return Rank: 51
BOUT Sharpe Ratio Rank: 49
BOUT Sortino Ratio Rank: 47
BOUT Omega Ratio Rank: 46
BOUT Calmar Ratio Rank: 61
BOUT Martin Ratio Rank: 53

IMCG

IMCG Risk / Return Rank: 44
IMCG Sharpe Ratio Rank: 42
IMCG Sortino Ratio Rank: 42
IMCG Omega Ratio Rank: 40
IMCG Calmar Ratio Rank: 46
IMCG Martin Ratio Rank: 52

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.

BOUT vs. IMCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator IBD Breakout Opportunities ETF (BOUT) and iShares Morningstar Mid-Cap Growth ETF (IMCG). 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.

	BOUT	IMCG	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.51	+0.19
Sortino ratio: Return per unit of downside risk	2.33	2.18	+0.15
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	3.01	2.31	+0.70
Martin ratio: Return relative to average drawdown	9.00	8.97	+0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOUT vs. IMCG - Sharpe Ratio Comparison

The current BOUT Sharpe Ratio is 1.71, which is comparable to the IMCG Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of BOUT and IMCG, 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

	BOUT	IMCG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	1.51	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.43	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.54	-0.13

Drawdowns

BOUT vs. IMCG - Drawdown Comparison

The maximum BOUT drawdown since its inception was -36.75%, smaller than the maximum IMCG drawdown of -58.96%. Use the drawdown chart below to compare losses from any high point for BOUT and IMCG.

Drawdown Indicators

	BOUT	IMCG	Difference
Max Drawdown Largest peak-to-trough decline	-36.75%	-58.96%	+22.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-10.17%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-25.31%	-21.92%	-3.39%
Max Drawdown (5Y) Largest decline over 5 years	-28.28%	-35.08%	+6.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.08%	—
Current Drawdown Current decline from peak	-0.01%	-0.26%	+0.25%
Average Drawdown Average peak-to-trough decline	-12.29%	-9.22%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	2.61%	+1.32%

Volatility

BOUT vs. IMCG - Volatility Comparison

Innovator IBD Breakout Opportunities ETF (BOUT) has a higher volatility of 5.96% compared to iShares Morningstar Mid-Cap Growth ETF (IMCG) at 4.65%. This indicates that BOUT's price experiences larger fluctuations and is considered to be riskier than IMCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOUT	IMCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	4.65%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	16.05%	12.53%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	20.79%	15.53%	+5.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.48%	20.17%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.93%	20.51%	+2.42%

BOUT vs. IMCG - Expense Ratio Comparison

BOUT has a 0.80% expense ratio, which is higher than IMCG's 0.06% expense ratio.

Dividends

BOUT vs. IMCG - Dividend Comparison

BOUT's dividend yield for the trailing twelve months is around 0.26%, less than IMCG's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOUT Innovator IBD Breakout Opportunities ETF	0.26%	0.34%	0.60%	1.32%	1.35%	0.00%	0.00%	0.00%	0.22%	0.00%	0.00%	0.00%
IMCG iShares Morningstar Mid-Cap Growth ETF	0.65%	0.78%	0.78%	0.85%	0.91%	0.41%	0.09%	0.30%	0.35%	0.45%	0.52%	0.38%

Frequently Asked Questions

Can I hold both BOUT and IMCG in my portfolio?

BOUT and IMCG have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOUT or IMCG?

BOUT has higher volatility (5.96%) compared to IMCG (4.65%). In terms of maximum drawdown, BOUT dropped -36.75% vs IMCG's -58.96%.

Which ETF is better, BOUT or IMCG?

On 5-year performance, IMCG leads with 8.62% vs 8.25% for BOUT. On fees, IMCG is cheaper at 0.06% per year. On volatility, IMCG has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOUT or IMCG?

Over the 5-year period, IMCG has performed better with a 8.62% return vs 8.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOUT or IMCG?

IMCG is cheaper with a 0.06% expense ratio, compared with 0.80% for BOUT.

Which ETF pays a higher dividend yield, BOUT or IMCG?

IMCG has the higher dividend yield at 0.65%, compared with 0.26% for BOUT.

What is the main difference between BOUT and IMCG?

BOUT tracks IBD Breakout Stocks Total Return Index, while IMCG tracks Morningstar US Mid Cap Broad Growth Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.80% for BOUT and 0.06% for IMCG.

Which has better risk-adjusted returns?

BOUT currently has the higher Sharpe Ratio (1.71 vs 1.51), 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.