FPX vs. ILCG

Last updated Jun 4, 2026

FPX (First Trust US Equity Opportunities ETF) and ILCG (iShares Morningstar Growth ETF) are both Large Cap Growth Equities funds - FPX tracks the IPOX-100 U.S. Index while ILCG tracks the Morningstar US Large-Mid Cap Broad Growth Index Gross. Both are passively managed. Over the past 10 years, FPX returned 14.65%/yr vs 18.15%/yr for ILCG. Their correlation of 0.83 suggests significant overlap in exposure. FPX charges 0.57%/yr vs 0.04%/yr for ILCG.

Performance

FPX vs. ILCG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) and iShares Morningstar Growth ETF (ILCG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPX achieves a 18.28% return, which is significantly higher than ILCG's 14.48% return. Over the past 10 years, FPX has underperformed ILCG with an annualized return of 14.65%, while ILCG has yielded a comparatively higher 18.15% annualized return.

FPX

• 1D: -0.55%
• 1M: 4.63%
• YTD: 18.28%
• 6M: 18.02%
• 1Y: 39.24%
• 3Y*: 32.32%
• 5Y*: 10.31%
• 10Y*: 14.65%

ILCG

• 1D: -1.02%
• 1M: 7.68%
• YTD: 14.48%
• 6M: 14.61%
• 1Y: 29.51%
• 3Y*: 26.55%
• 5Y*: 14.95%
• 10Y*: 18.15%

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

FPX vs. ILCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPX First Trust US Equity Opportunities ETF	18.28%	37.62%	24.75%	22.26%	-35.11%	3.69%	47.89%	30.37%	-8.35%	27.03%
ILCG iShares Morningstar Growth ETF	14.48%	16.71%	32.82%	40.41%	-31.75%	24.33%	38.56%	33.22%	2.06%	30.57%

Correlation

The correlation between FPX and ILCG is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 25, 2006	0.83

The correlation between FPX and ILCG has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

FPX vs. ILCG - Sectors Allocation Comparison

Sectors	FPX	ILCG
Technology	29.8%	49.8%
Industrials	20.0%	8.3%
Healthcare	16.1%	5.3%
Communication Services	7.0%	14.5%
Utilities	6.5%	0.8%
Energy	4.4%	0.5%
Real Estate	4.2%	1.4%
Consumer Cyclical	3.5%	10.6%
Basic Materials	3.3%	1.1%
Financial Services	3.0%	6.0%
Consumer Defensive	2.3%	1.6%

Return for Risk

FPX vs. ILCG — Risk / Return Rank

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

FPX

FPX Risk / Return Rank: 52
FPX Sharpe Ratio Rank: 49
FPX Sortino Ratio Rank: 44
FPX Omega Ratio Rank: 43
FPX Calmar Ratio Rank: 64
FPX Martin Ratio Rank: 58

ILCG

ILCG Risk / Return Rank: 46
ILCG Sharpe Ratio Rank: 52
ILCG Sortino Ratio Rank: 49
ILCG Omega Ratio Rank: 50
ILCG Calmar Ratio Rank: 38
ILCG Martin Ratio Rank: 41

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.

FPX vs. ILCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) and iShares Morningstar Growth ETF (ILCG). 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.

	FPX	ILCG	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.82	-0.11
Sortino ratio: Return per unit of downside risk	2.24	2.45	-0.21
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	3.21	1.89	+1.32
Martin ratio: Return relative to average drawdown	10.40	6.68	+3.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPX vs. ILCG - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 1.71, which is comparable to the ILCG Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of FPX and ILCG, 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

	FPX	ILCG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	1.82	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.68	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.85	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.59	-0.02

Drawdowns

FPX vs. ILCG - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, which is greater than ILCG's maximum drawdown of -52.98%. Use the drawdown chart below to compare losses from any high point for FPX and ILCG.

Drawdown Indicators

	FPX	ILCG	Difference
Max Drawdown Largest peak-to-trough decline	-56.29%	-52.98%	-3.31%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-15.65%	+3.37%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-23.10%	-7.78%
Max Drawdown (5Y) Largest decline over 5 years	-43.14%	-35.38%	-7.76%
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	-35.38%	-7.76%
Current Drawdown Current decline from peak	-0.83%	-1.02%	+0.19%
Average Drawdown Average peak-to-trough decline	-11.34%	-8.22%	-3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	4.43%	-0.65%

Volatility

FPX vs. ILCG - Volatility Comparison

First Trust US Equity Opportunities ETF (FPX) has a higher volatility of 6.22% compared to iShares Morningstar Growth ETF (ILCG) at 4.40%. This indicates that FPX's price experiences larger fluctuations and is considered to be riskier than ILCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPX	ILCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	4.40%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	17.11%	12.81%	+4.30%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	16.31%	+6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.49%	22.00%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.28%	21.53%	+2.75%

FPX vs. ILCG - Expense Ratio Comparison

FPX has a 0.57% expense ratio, which is higher than ILCG's 0.04% expense ratio.

Dividends

FPX vs. ILCG - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.49%, more than ILCG's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPX First Trust US Equity Opportunities ETF	0.49%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%
ILCG iShares Morningstar Growth ETF	0.40%	0.47%	0.50%	0.69%	0.75%	0.34%	0.28%	0.54%	0.81%	0.89%	0.95%	0.99%

Frequently Asked Questions

Can I hold both FPX and ILCG in my portfolio?

FPX and ILCG have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPX or ILCG?

FPX has higher volatility (6.22%) compared to ILCG (4.40%). In terms of maximum drawdown, FPX dropped -56.29% vs ILCG's -52.98%.

Which ETF is better, FPX or ILCG?

On 10-year performance, ILCG leads with 18.15% vs 14.65% for FPX. On fees, ILCG is cheaper at 0.04% per year. On volatility, ILCG has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPX or ILCG?

Over the 10-year period, ILCG has performed better with a 18.15% return vs 14.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPX or ILCG?

ILCG is cheaper with a 0.04% expense ratio, compared with 0.57% for FPX.

Which ETF pays a higher dividend yield, FPX or ILCG?

FPX has the higher dividend yield at 0.49%, compared with 0.40% for ILCG.

What is the main difference between FPX and ILCG?

FPX tracks IPOX-100 U.S. Index, while ILCG tracks Morningstar US Large-Mid Cap Broad Growth Index Gross. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.57% for FPX and 0.04% for ILCG.

Which has better risk-adjusted returns?

ILCG currently has the higher Sharpe Ratio (1.82 vs 1.71), 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.