ILCG vs. IMCV

Last updated Jun 9, 2026

ILCG (iShares Morningstar Growth ETF) and IMCV (iShares Morningstar Mid-Cap 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 IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, ILCG returned 17.83%/yr vs 10.39%/yr for IMCV. A 0.70 correlation means they provide meaningful diversification when combined. ILCG charges 0.04%/yr vs 0.06%/yr for IMCV.

Performance

ILCG vs. IMCV - Performance Comparison

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

Returns By Period

In the year-to-date period, ILCG achieves a 10.48% return, which is significantly higher than IMCV's 9.75% return. Over the past 10 years, ILCG has outperformed IMCV with an annualized return of 17.83%, while IMCV has yielded a comparatively lower 10.39% annualized return.

ILCG

• 1D: 0.76%
• 1M: 0.01%
• YTD: 10.48%
• 6M: 9.79%
• 1Y: 24.11%
• 3Y*: 25.09%
• 5Y*: 14.03%
• 10Y*: 17.83%

IMCV

• 1D: -0.41%
• 1M: 1.84%
• YTD: 9.75%
• 6M: 11.34%
• 1Y: 22.85%
• 3Y*: 16.05%
• 5Y*: 8.79%
• 10Y*: 10.39%

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

ILCG vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCG iShares Morningstar Growth ETF	10.48%	16.71%	32.82%	40.41%	-31.75%	24.33%	38.56%	33.22%	2.06%	30.57%
IMCV iShares Morningstar Mid-Cap ETF	9.75%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between ILCG and IMCV is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.70

Over the past year, the correlation between ILCG and IMCV has dropped to 0.40 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

ILCG vs. IMCV - Sectors Allocation Comparison

Sectors	ILCG	IMCV
Technology	49.8%	9.1%
Communication Services	14.5%	2.5%
Consumer Cyclical	10.6%	8.7%
Industrials	8.3%	12.1%
Financial Services	6.0%	15.6%
Healthcare	5.3%	8.5%
Consumer Defensive	1.6%	8.9%
Real Estate	1.4%	5.6%
Basic Materials	1.1%	6.5%
Utilities	0.8%	10.0%
Energy	0.5%	12.5%

Return for Risk

ILCG vs. IMCV — Risk / Return Rank

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

ILCG

ILCG Risk / Return Rank: 41
ILCG Sharpe Ratio Rank: 45
ILCG Sortino Ratio Rank: 43
ILCG Omega Ratio Rank: 45
ILCG Calmar Ratio Rank: 34
ILCG Martin Ratio Rank: 38

IMCV

IMCV Risk / Return Rank: 69
IMCV Sharpe Ratio Rank: 67
IMCV Sortino Ratio Rank: 71
IMCV Omega Ratio Rank: 64
IMCV Calmar Ratio Rank: 73
IMCV 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. IMCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Growth ETF (ILCG) and iShares Morningstar Mid-Cap ETF (IMCV). 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.

	ILCG	IMCV	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.97	-0.53
Sortino ratio: Return per unit of downside risk	1.94	2.87	-0.93
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.09
Calmar ratio: Return relative to maximum drawdown	1.55	3.32	-1.78
Martin ratio: Return relative to average drawdown	5.43	12.40	-6.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ILCG vs. IMCV - Sharpe Ratio Comparison

The current ILCG Sharpe Ratio is 1.44, which is comparable to the IMCV Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of ILCG and IMCV, 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

	ILCG	IMCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	1.97	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.53	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.53	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.47	+0.10

Drawdowns

ILCG vs. IMCV - Drawdown Comparison

The maximum ILCG drawdown since its inception was -52.98%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for ILCG and IMCV.

Drawdown Indicators

	ILCG	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-52.98%	-64.74%	+11.76%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-6.90%	-8.75%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	-18.63%	-4.47%
Max Drawdown (5Y) Largest decline over 5 years	-35.38%	-19.87%	-15.51%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	-46.33%	+10.95%
Current Drawdown Current decline from peak	-4.48%	-1.07%	-3.41%
Average Drawdown Average peak-to-trough decline	-8.22%	-8.41%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	1.85%	+2.60%

Volatility

ILCG vs. IMCV - Volatility Comparison

iShares Morningstar Growth ETF (ILCG) has a higher volatility of 6.01% compared to iShares Morningstar Mid-Cap ETF (IMCV) at 2.35%. This indicates that ILCG's price experiences larger fluctuations and is considered to be riskier than IMCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCG	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	2.35%	+3.66%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	8.05%	+5.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.85%	11.66%	+5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.08%	16.64%	+5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	19.66%	+1.92%

ILCG vs. IMCV - Expense Ratio Comparison

ILCG has a 0.04% expense ratio, which is lower than IMCV's 0.06% 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

ILCG vs. IMCV - Dividend Comparison

ILCG's dividend yield for the trailing twelve months is around 0.42%, less than IMCV's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IMCV iShares Morningstar Mid-Cap ETF	1.94%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%

Frequently Asked Questions

Can I hold both ILCG and IMCV in my portfolio?

ILCG and IMCV have a correlation of 0.40, 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 IMCV?

ILCG has higher volatility (6.01%) compared to IMCV (2.35%). In terms of maximum drawdown, ILCG dropped -52.98% vs IMCV's -64.74%.

Which ETF is better, ILCG or IMCV?

On 10-year performance, ILCG leads with 17.83% vs 10.39% for IMCV. On fees, ILCG is cheaper at 0.04% per year. On volatility, IMCV has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCG or IMCV?

Over the 10-year period, ILCG has performed better with a 17.83% return vs 10.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCG or IMCV?

ILCG is cheaper with a 0.04% expense ratio, compared with 0.06% for IMCV.

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

IMCV has the higher dividend yield at 1.94%, compared with 0.42% for ILCG.

What is the main difference between ILCG and IMCV?

ILCG is categorized as Large Cap Growth Equities, while IMCV is Mid Cap Value Equities. ILCG tracks Morningstar US Large-Mid Cap Broad Growth Index Gross, while IMCV tracks Morningstar US Mid Cap Broad Value Index. Their fees differ too: 0.04% for ILCG and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (1.97 vs 1.44), 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.