ILCB vs. SPYG

Last updated Jun 24, 2026

ILCB (iShares Morningstar U.S. Equity ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - ILCB is a Large Cap Growth Equities fund tracking the Morningstar US Large-Mid Cap Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, ILCB returned 14.97%/yr vs 18.05%/yr for SPYG. Their correlation of 0.92 suggests significant overlap in exposure. ILCB charges 0.03%/yr vs 0.04%/yr for SPYG.

Performance

ILCB vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar U.S. Equity ETF (ILCB) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ILCB having a 8.52% return and SPYG slightly higher at 8.70%. Over the past 10 years, ILCB has underperformed SPYG with an annualized return of 14.97%, while SPYG has yielded a comparatively higher 18.05% annualized return.

ILCB

• 1D: -1.36%
• 1M: -1.01%
• YTD: 8.52%
• 6M: 7.55%
• 1Y: 23.81%
• 3Y*: 21.04%
• 5Y*: 12.58%
• 10Y*: 14.97%

SPYG

• 1D: -2.40%
• 1M: -2.07%
• YTD: 8.70%
• 6M: 7.46%
• 1Y: 26.87%
• 3Y*: 25.48%
• 5Y*: 14.11%
• 10Y*: 18.05%

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

ILCB vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCB iShares Morningstar U.S. Equity ETF	8.52%	17.70%	24.96%	26.91%	-19.48%	24.07%	19.40%	32.68%	-8.51%	22.09%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	8.70%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between ILCB and SPYG is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.92

The correlation between ILCB and SPYG has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

ILCB vs. SPYG - Sectors Allocation Comparison

Sectors	ILCB	SPYG
Technology	38.9%	52.1%
Financial Services	11.4%	9.0%
Communication Services	9.9%	15.9%
Consumer Cyclical	9.3%	8.5%
Industrials	8.4%	5.4%
Healthcare	8.4%	5.9%
Consumer Defensive	4.5%	1.0%
Energy	3.1%	0.1%
Utilities	2.6%	1.2%
Basic Materials	1.8%	0.3%
Real Estate	1.7%	0.6%

Return for Risk

ILCB vs. SPYG — Risk / Return Rank

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

ILCB

ILCB Risk / Return Rank: 60
ILCB Sharpe Ratio Rank: 60
ILCB Sortino Ratio Rank: 57
ILCB Omega Ratio Rank: 59
ILCB Calmar Ratio Rank: 57
ILCB Martin Ratio Rank: 67

SPYG

SPYG Risk / Return Rank: 45
SPYG Sharpe Ratio Rank: 47
SPYG Sortino Ratio Rank: 44
SPYG Omega Ratio Rank: 44
SPYG Calmar Ratio Rank: 41
SPYG Martin Ratio Rank: 48

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.

ILCB vs. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar U.S. Equity ETF (ILCB) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

	ILCB	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.57	+0.33
Sortino ratio: Return per unit of downside risk	2.59	2.17	+0.42
Omega ratio: Gain probability vs. loss probability	1.34	1.28	+0.06
Calmar ratio: Return relative to maximum drawdown	2.63	1.96	+0.67
Martin ratio: Return relative to average drawdown	11.66	7.79	+3.87

ILCB vs. SPYG - Sharpe Ratio Comparison

The current ILCB Sharpe Ratio is 1.89, which is comparable to the SPYG Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of ILCB and SPYG, 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

ILCB vs. SPYG - Drawdown Comparison

The maximum ILCB drawdown since its inception was -51.53%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for ILCB and SPYG.

Drawdown Indicators

	ILCB	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-51.53%	-67.63%	+16.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-13.76%	+4.67%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-22.14%	+3.09%
Max Drawdown (5Y) Largest decline over 5 years	-25.47%	-32.67%	+7.20%
Max Drawdown (10Y) Largest decline over 10 years	-35.30%	-32.67%	-2.63%
Current Drawdown Current decline from peak	-3.00%	-5.52%	+2.52%
Average Drawdown Average peak-to-trough decline	-6.23%	-24.28%	+18.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	3.46%	-1.41%

Volatility

ILCB vs. SPYG - Volatility Comparison

The current volatility for iShares Morningstar U.S. Equity ETF (ILCB) is 4.82%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 7.26%. This indicates that ILCB experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCB	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	7.26%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	13.90%	-3.91%
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	17.26%	-4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	21.36%	-4.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	20.73%	-2.53%

ILCB vs. SPYG - Expense Ratio Comparison

ILCB has a 0.03% expense ratio, which is lower than SPYG's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ILCB vs. SPYG - Dividend Comparison

ILCB's dividend yield for the trailing twelve months is around 1.00%, more than SPYG's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCB iShares Morningstar U.S. Equity ETF	1.00%	1.11%	1.19%	1.43%	1.65%	1.16%	1.26%	2.25%	2.17%	1.81%	1.97%	2.44%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.50%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both ILCB and SPYG in my portfolio?

With a correlation of 0.93, ILCB and SPYG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ILCB or SPYG?

SPYG has higher volatility (7.26%) compared to ILCB (4.82%). In terms of maximum drawdown, ILCB dropped -51.53% vs SPYG's -67.63%.

Which ETF is better, ILCB or SPYG?

On 10-year performance, SPYG leads with 18.05% vs 14.97% for ILCB. On fees, ILCB is cheaper at 0.03% per year. On volatility, ILCB has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCB or SPYG?

Over the 10-year period, SPYG has performed better with a 18.05% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCB or SPYG?

ILCB is cheaper with a 0.03% expense ratio, compared with 0.04% for SPYG.

Which ETF pays a higher dividend yield, ILCB or SPYG?

ILCB has the higher dividend yield at 1.00%, compared with 0.50% for SPYG.

What is the main difference between ILCB and SPYG?

ILCB is categorized as Large Cap Growth Equities, while SPYG is S&P 500. ILCB tracks Morningstar US Large-Mid Cap Index, while SPYG tracks S&P 500 Growth Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.03% for ILCB and 0.04% for SPYG.

Which has better risk-adjusted returns?

ILCB currently has the higher Sharpe Ratio (1.89 vs 1.57), 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.