HRSMX vs. IMCG

Last updated Jun 3, 2026

HRSMX (Hood River Small-Cap Growth Fund) and IMCG (iShares Morningstar Mid-Cap Growth ETF) are both funds - HRSMX is a Small Cap Growth Equities fund managed by Hood River Capital Management, while IMCG is a Mid Cap Growth Equities fund tracking the Morningstar US Mid Cap Broad Growth Index. Over the past 10 years, HRSMX returned 20.42%/yr vs 14.46%/yr for IMCG. Their correlation of 0.89 suggests significant overlap in exposure. HRSMX charges 1.09%/yr vs 0.06%/yr for IMCG.

Performance

HRSMX vs. IMCG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hood River Small-Cap Growth Fund (HRSMX) 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, HRSMX achieves a 35.98% return, which is significantly higher than IMCG's 20.05% return. Over the past 10 years, HRSMX has outperformed IMCG with an annualized return of 20.42%, while IMCG has yielded a comparatively lower 14.46% annualized return.

HRSMX

• 1D: 0.10%
• 1M: 8.29%
• YTD: 35.98%
• 6M: 37.76%
• 1Y: 82.03%
• 3Y*: 35.83%
• 5Y*: 15.85%
• 10Y*: 20.42%

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)

HRSMX vs. IMCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HRSMX Hood River Small-Cap Growth Fund	35.98%	23.85%	35.48%	21.52%	-27.99%	23.19%	60.80%	24.13%	-6.91%	20.60%
IMCG iShares Morningstar Mid-Cap Growth ETF	20.05%	6.55%	18.14%	20.73%	-25.79%	15.39%	45.64%	35.70%	-3.68%	25.57%

Correlation

The correlation between HRSMX and IMCG is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.89

The correlation between HRSMX and IMCG has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

HRSMX vs. IMCG — Risk / Return Rank

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

HRSMX

HRSMX Risk / Return Rank: 89
HRSMX Sharpe Ratio Rank: 94
HRSMX Sortino Ratio Rank: 81
HRSMX Omega Ratio Rank: 75
HRSMX Calmar Ratio Rank: 97
HRSMX Martin Ratio Rank: 97

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.

HRSMX vs. IMCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hood River Small-Cap Growth Fund (HRSMX) 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.

	HRSMX	IMCG	Difference
Sharpe ratio Return per unit of total volatility	3.22	1.51	+1.71
Sortino ratio Return per unit of downside risk	3.82	2.18	+1.64
Omega ratio Gain probability vs. loss probability	1.49	1.26	+0.23
Calmar ratio Return relative to maximum drawdown	6.93	2.31	+4.62
Martin ratio Return relative to average drawdown	28.69	8.97	+19.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HRSMX vs. IMCG - Sharpe Ratio Comparison

The current HRSMX Sharpe Ratio is 3.22, which is higher than the IMCG Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of HRSMX 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

	HRSMX	IMCG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.22	1.51	+1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.43	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.71	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.54	+0.04

Drawdowns

HRSMX vs. IMCG - Drawdown Comparison

The maximum HRSMX drawdown since its inception was -64.92%, which is greater than IMCG's maximum drawdown of -58.96%. Use the drawdown chart below to compare losses from any high point for HRSMX and IMCG.

Drawdown Indicators

	HRSMX	IMCG	Difference
Max Drawdown Largest peak-to-trough decline	-64.92%	-58.96%	-5.96%
Max Drawdown (1Y) Largest decline over 1 year	-12.29%	-10.17%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-33.04%	-21.92%	-11.12%
Max Drawdown (5Y) Largest decline over 5 years	-38.49%	-35.08%	-3.41%
Max Drawdown (10Y) Largest decline over 10 years	-40.74%	-35.08%	-5.66%
Current Drawdown Current decline from peak	-1.21%	-0.26%	-0.95%
Average Drawdown Average peak-to-trough decline	-13.07%	-9.22%	-3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.61%	+0.36%

Volatility

HRSMX vs. IMCG - Volatility Comparison

Hood River Small-Cap Growth Fund (HRSMX) has a higher volatility of 8.56% compared to iShares Morningstar Mid-Cap Growth ETF (IMCG) at 4.65%. This indicates that HRSMX'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

	HRSMX	IMCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	4.65%	+3.91%
Volatility (6M) Calculated over the trailing 6-month period	21.43%	12.53%	+8.90%
Volatility (1Y) Calculated over the trailing 1-year period	26.86%	15.53%	+11.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.29%	20.17%	+7.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.98%	20.51%	+5.47%

HRSMX vs. IMCG - Expense Ratio Comparison

HRSMX has a 1.09% expense ratio, which is higher than IMCG's 0.06% expense ratio.

Dividends

HRSMX vs. IMCG - Dividend Comparison

HRSMX's dividend yield for the trailing twelve months is around 3.11%, more than IMCG's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRSMX Hood River Small-Cap Growth Fund	3.11%	4.23%	3.75%	0.00%	0.00%	19.96%	6.28%	0.00%	4.59%	6.74%	0.00%	5.73%
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 HRSMX and IMCG in my portfolio?

HRSMX and IMCG have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRSMX or IMCG?

HRSMX has higher volatility (8.56%) compared to IMCG (4.65%). In terms of maximum drawdown, HRSMX dropped -64.92% vs IMCG's -58.96%.

Which has better risk-adjusted returns?

HRSMX currently has the higher Sharpe Ratio (3.22 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.