FV vs. ILCG

Last updated Jun 24, 2026

FV (First Trust Dorsey Wright Focus 5 ETF) and ILCG (iShares Morningstar Growth ETF) are both Large Cap Growth Equities funds - FV tracks the Dorsey Wright Focus Five Index while ILCG tracks the Morningstar US Large-Mid Cap Broad Growth Index Gross. Both are passively managed. Over the past 10 years, FV returned 13.38%/yr vs 18.10%/yr for ILCG. Their correlation of 0.82 suggests significant overlap in exposure. FV charges 0.87%/yr vs 0.04%/yr for ILCG.

Performance

FV vs. ILCG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright Focus 5 ETF (FV) 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, FV achieves a 15.21% return, which is significantly higher than ILCG's 9.21% return. Over the past 10 years, FV has underperformed ILCG with an annualized return of 13.38%, while ILCG has yielded a comparatively higher 18.10% annualized return.

FV

• 1D: -2.10%
• 1M: 1.40%
• YTD: 15.21%
• 6M: 13.75%
• 1Y: 25.68%
• 3Y*: 17.37%
• 5Y*: 9.69%
• 10Y*: 13.38%

ILCG

• 1D: -2.86%
• 1M: -1.80%
• YTD: 9.21%
• 6M: 7.82%
• 1Y: 22.02%
• 3Y*: 23.80%
• 5Y*: 12.71%
• 10Y*: 18.10%

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

FV vs. ILCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FV First Trust Dorsey Wright Focus 5 ETF	15.21%	7.23%	14.73%	11.34%	-3.93%	21.63%	28.36%	25.73%	-8.27%	19.97%
ILCG iShares Morningstar Growth ETF	9.21%	16.71%	32.82%	40.41%	-31.75%	24.33%	38.56%	33.22%	2.06%	30.57%

Correlation

The correlation between FV and ILCG is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Mar 6, 2014	0.82

The correlation between FV and ILCG has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

FV vs. ILCG - Sectors Allocation Comparison

Sectors	FV	ILCG
Energy	34.8%	0.4%
Technology	23.5%	53.1%
Healthcare	20.5%	5.2%
Financial Services	19.8%	5.5%
Industrials	13.9%	7.7%
Consumer Cyclical	7.4%	10.1%
Communication Services	6.3%	13.5%
Real Estate	0.7%	1.3%
Basic Materials	-	1.0%
Consumer Defensive	-	1.4%
Utilities	-	0.7%

Return for Risk

FV vs. ILCG — Risk / Return Rank

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

FV

FV Risk / Return Rank: 45
FV Sharpe Ratio Rank: 48
FV Sortino Ratio Rank: 45
FV Omega Ratio Rank: 46
FV Calmar Ratio Rank: 41
FV Martin Ratio Rank: 46

ILCG

ILCG Risk / Return Rank: 34
ILCG Sharpe Ratio Rank: 36
ILCG Sortino Ratio Rank: 34
ILCG Omega Ratio Rank: 36
ILCG Calmar Ratio Rank: 30
ILCG Martin Ratio Rank: 34

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.

FV vs. ILCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright Focus 5 ETF (FV) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FV	ILCG	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.25	+0.34
Sortino ratio: Return per unit of downside risk	2.17	1.72	+0.45
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	1.92	1.41	+0.50
Martin ratio: Return relative to average drawdown	7.14	4.86	+2.28

FV vs. ILCG - Sharpe Ratio Comparison

The current FV Sharpe Ratio is 1.60, which is comparable to the ILCG Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of FV 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.

Drawdowns

FV vs. ILCG - Drawdown Comparison

The maximum FV drawdown since its inception was -34.04%, smaller than the maximum ILCG drawdown of -52.98%. Use the drawdown chart below to compare losses from any high point for FV and ILCG.

Drawdown Indicators

	FV	ILCG	Difference
Max Drawdown Largest peak-to-trough decline	-34.04%	-52.98%	+18.94%
Max Drawdown (1Y) Largest decline over 1 year	-13.45%	-15.65%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	-23.08%	-23.10%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-23.08%	-35.38%	+12.30%
Max Drawdown (10Y) Largest decline over 10 years	-34.04%	-35.38%	+1.34%
Current Drawdown Current decline from peak	-2.55%	-5.58%	+3.03%
Average Drawdown Average peak-to-trough decline	-5.81%	-8.21%	+2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	4.54%	-0.93%

Volatility

FV vs. ILCG - Volatility Comparison

The current volatility for First Trust Dorsey Wright Focus 5 ETF (FV) is 6.72%, while iShares Morningstar Growth ETF (ILCG) has a volatility of 7.83%. This indicates that FV experiences smaller price fluctuations and is considered to be less risky than ILCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FV	ILCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	7.83%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	14.51%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	17.70%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	22.22%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.47%	21.63%	-0.16%

FV vs. ILCG - Expense Ratio Comparison

FV has a 0.87% expense ratio, which is higher than ILCG's 0.04% expense ratio.

Dividends

FV vs. ILCG - Dividend Comparison

FV's dividend yield for the trailing twelve months is around 0.53%, more than ILCG's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FV First Trust Dorsey Wright Focus 5 ETF	0.53%	0.63%	0.14%	0.47%	1.38%	0.11%	0.06%	0.56%	0.19%	0.67%	0.95%	0.14%
ILCG iShares Morningstar Growth ETF	0.42%	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 FV and ILCG in my portfolio?

FV and ILCG have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FV or ILCG?

ILCG has higher volatility (7.83%) compared to FV (6.72%). In terms of maximum drawdown, FV dropped -34.04% vs ILCG's -52.98%.

Which ETF is better, FV or ILCG?

On 10-year performance, ILCG leads with 18.10% vs 13.38% for FV. On fees, ILCG is cheaper at 0.04% per year. On volatility, FV has been the lower-risk option at 6.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FV or ILCG?

Over the 10-year period, ILCG has performed better with a 18.10% return vs 13.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FV or ILCG?

ILCG is cheaper with a 0.04% expense ratio, compared with 0.87% for FV.

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

FV has the higher dividend yield at 0.53%, compared with 0.42% for ILCG.

What is the main difference between FV and ILCG?

FV tracks Dorsey Wright Focus Five 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: 0.87% for FV and 0.04% for ILCG.

Which has better risk-adjusted returns?

FV currently has the higher Sharpe Ratio (1.60 vs 1.25), 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.