ILCG vs. FSMD

Last updated Jun 14, 2026

ILCG (iShares Morningstar Growth ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - ILCG is a Large Cap Growth Equities fund tracking the Morningstar US Large-Mid Cap Broad Growth Index Gross, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, ILCG returned 13.61%/yr vs 10.00%/yr for FSMD. A 0.69 correlation means they provide meaningful diversification when combined. ILCG charges 0.04%/yr vs 0.29%/yr for FSMD.

Performance

ILCG vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Growth ETF (ILCG) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ILCG achieves a 9.97% return, which is significantly lower than FSMD's 17.58% return.

ILCG

• 1D: 0.32%
• 1M: -0.83%
• YTD: 9.97%
• 6M: 11.01%
• 1Y: 24.20%
• 3Y*: 24.07%
• 5Y*: 13.61%
• 10Y*: 17.85%

FSMD

• 1D: 1.00%
• 1M: 6.31%
• YTD: 17.58%
• 6M: 15.58%
• 1Y: 29.65%
• 3Y*: 17.46%
• 5Y*: 10.00%
• 10Y*: —

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

ILCG vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ILCG iShares Morningstar Growth ETF	9.97%	16.71%	32.82%	40.41%	-31.75%	24.33%	38.56%	18.19%
FSMD Fidelity Small-Mid Multifactor ETF	17.58%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between ILCG and FSMD is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.69

The correlation between ILCG and FSMD shifts across timeframes, from 0.59 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

ILCG vs. FSMD - Sectors Allocation Comparison

Sectors	ILCG	FSMD
Technology	53.1%	20.5%
Communication Services	13.5%	2.9%
Consumer Cyclical	10.1%	10.6%
Industrials	7.7%	20.1%
Financial Services	5.5%	14.8%
Healthcare	5.2%	11.7%
Consumer Defensive	1.4%	3.1%
Real Estate	1.3%	6.2%
Basic Materials	1.0%	4.0%
Utilities	0.7%	2.1%
Energy	0.4%	4.1%

Return for Risk

ILCG vs. FSMD — Risk / Return Rank

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

ILCG

ILCG Risk / Return Rank: 39
ILCG Sharpe Ratio Rank: 43
ILCG Sortino Ratio Rank: 39
ILCG Omega Ratio Rank: 41
ILCG Calmar Ratio Rank: 34
ILCG Martin Ratio Rank: 37

FSMD

FSMD Risk / Return Rank: 66
FSMD Sharpe Ratio Rank: 61
FSMD Sortino Ratio Rank: 64
FSMD Omega Ratio Rank: 58
FSMD Calmar Ratio Rank: 74
FSMD Martin Ratio Rank: 73

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.

ILCG vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Growth ETF (ILCG) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

	ILCG	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.78	-0.45
Sortino ratio: Return per unit of downside risk	1.81	2.58	-0.76
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.07
Calmar ratio: Return relative to maximum drawdown	1.46	3.30	-1.84
Martin ratio: Return relative to average drawdown	5.04	11.89	-6.84

ILCG vs. FSMD - Sharpe Ratio Comparison

The current ILCG Sharpe Ratio is 1.33, which is comparable to the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of ILCG and FSMD, 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

ILCG vs. FSMD - Drawdown Comparison

The maximum ILCG drawdown since its inception was -52.98%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for ILCG and FSMD.

Drawdown Indicators

	ILCG	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-52.98%	-40.67%	-12.31%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-8.44%	-7.21%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	-22.16%	-0.94%
Max Drawdown (5Y) Largest decline over 5 years	-35.38%	-22.16%	-13.22%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	—	—
Current Drawdown Current decline from peak	-4.92%	0.00%	-4.92%
Average Drawdown Average peak-to-trough decline	-8.21%	-5.98%	-2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	2.34%	+2.17%

Volatility

ILCG vs. FSMD - Volatility Comparison

iShares Morningstar Growth ETF (ILCG) has a higher volatility of 6.77% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 5.14%. This indicates that ILCG's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCG	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	5.14%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	13.98%	11.85%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	15.69%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.12%	18.55%	+3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.59%	21.43%	+0.16%

ILCG vs. FSMD - Expense Ratio Comparison

ILCG has a 0.04% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

ILCG vs. FSMD - Dividend Comparison

ILCG's dividend yield for the trailing twelve months is around 0.42%, less than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%
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 ILCG and FSMD in my portfolio?

ILCG and FSMD have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ILCG or FSMD?

ILCG has higher volatility (6.77%) compared to FSMD (5.14%). In terms of maximum drawdown, ILCG dropped -52.98% vs FSMD's -40.67%.

Which ETF is better, ILCG or FSMD?

On 5-year performance, ILCG leads with 13.61% vs 10.00% for FSMD. On fees, ILCG is cheaper at 0.04% per year. On volatility, FSMD has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCG or FSMD?

Over the 5-year period, ILCG has performed better with a 13.61% return vs 10.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCG or FSMD?

ILCG is cheaper with a 0.04% expense ratio, compared with 0.29% for FSMD.

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

FSMD has the higher dividend yield at 1.18%, compared with 0.42% for ILCG.

What is the main difference between ILCG and FSMD?

ILCG is categorized as Large Cap Growth Equities, while FSMD is Small Cap Growth Equities. ILCG tracks Morningstar US Large-Mid Cap Broad Growth Index Gross, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.04% for ILCG and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.78 vs 1.33), 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.