ILCG vs. MTUM

Last updated Jul 14, 2026

ILCG (iShares Morningstar Growth ETF) and MTUM (iShares MSCI USA Momentum Factor 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 MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, ILCG returned 17.52%/yr vs 16.34%/yr for MTUM. Their correlation of 0.87 suggests significant overlap in exposure. ILCG charges 0.04%/yr vs 0.15%/yr for MTUM.

Performance

ILCG vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Growth ETF (ILCG) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ILCG achieves a 10.18% return, which is significantly lower than MTUM's 25.95% return. Over the past 10 years, ILCG has outperformed MTUM with an annualized return of 17.52%, while MTUM has yielded a comparatively lower 16.34% annualized return.

ILCG

• 1D: -1.79%
• 1M: 0.20%
• 6M: 8.25%
• YTD: 10.18%
• 1Y: 18.17%
• 3Y*: 22.41%
• 5Y*: 12.23%
• 10Y*: 17.52%

MTUM

• 1D: -2.22%
• 1M: -2.90%
• 6M: 21.75%
• YTD: 25.95%
• 1Y: 34.12%
• 3Y*: 30.38%
• 5Y*: 14.17%
• 10Y*: 16.34%

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

ILCG vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCG iShares Morningstar Growth ETF	10.18%	16.71%	32.82%	40.41%	-31.75%	24.33%	38.56%	33.22%	2.06%	30.57%
MTUM iShares MSCI USA Momentum Factor ETF	25.95%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between ILCG and MTUM is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.87

The correlation between ILCG and MTUM has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

ILCG vs. MTUM - Sectors Allocation Comparison

Sectors	ILCG	MTUM
Technology	53.1%	50.2%
Communication Services	13.5%	5.1%
Consumer Cyclical	10.1%	2.9%
Industrials	7.7%	15.0%
Financial Services	5.5%	5.0%
Healthcare	5.2%	3.5%
Consumer Defensive	1.4%	3.7%
Real Estate	1.3%	1.3%
Basic Materials	1.0%	2.3%
Utilities	0.7%	0.6%
Energy	0.4%	10.5%

Return for Risk

ILCG vs. MTUM — Risk / Return Rank

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

ILCG

ILCG Risk / Return Rank: 33
ILCG Sharpe Ratio Rank: 34
ILCG Sortino Ratio Rank: 32
ILCG Omega Ratio Rank: 33
ILCG Calmar Ratio Rank: 29
ILCG Martin Ratio Rank: 33

MTUM

MTUM Risk / Return Rank: 60
MTUM Sharpe Ratio Rank: 53
MTUM Sortino Ratio Rank: 49
MTUM Omega Ratio Rank: 54
MTUM Calmar Ratio Rank: 73
MTUM Martin Ratio Rank: 70

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. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Growth ETF (ILCG) and iShares MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.44	-0.43
Sortino ratio: Return per unit of downside risk	1.44	1.95	-0.51
Omega ratio: Gain probability vs. loss probability	1.19	1.27	-0.08
Calmar ratio: Return relative to maximum drawdown	1.17	2.97	-1.80
Martin ratio: Return relative to average drawdown	3.91	10.23	-6.33

ILCG vs. MTUM - Sharpe Ratio Comparison

The current ILCG Sharpe Ratio is 1.01, which is comparable to the MTUM Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of ILCG and MTUM, 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. MTUM - Drawdown Comparison

The maximum ILCG drawdown since its inception was -52.98%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for ILCG and MTUM.

Drawdown Indicators

	ILCG	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-52.98%	-34.08%	-18.90%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-11.54%	-4.11%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	-20.99%	-2.11%
Max Drawdown (5Y) Largest decline over 5 years	-35.38%	-32.28%	-3.10%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	-34.08%	-1.30%
Current Drawdown Current decline from peak	-4.74%	-8.86%	+4.12%
Average Drawdown Average peak-to-trough decline	-8.20%	-6.19%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.66%	3.34%	+1.32%

Volatility

ILCG vs. MTUM - Volatility Comparison

The current volatility for iShares Morningstar Growth ETF (ILCG) is 7.23%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 13.18%. This indicates that ILCG experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCG	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	13.18%	-5.95%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	21.54%	-6.46%
Volatility (1Y) Calculated over the trailing 1-year period	18.10%	23.81%	-5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.30%	21.54%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.65%	21.52%	+0.13%

ILCG vs. MTUM - Expense Ratio Comparison

ILCG has a 0.04% expense ratio, which is lower than MTUM's 0.15% 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. MTUM - Dividend Comparison

ILCG's dividend yield for the trailing twelve months is around 0.42%, less than MTUM's 0.59% 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%
MTUM iShares MSCI USA Momentum Factor ETF	0.59%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both ILCG and MTUM in my portfolio?

ILCG and MTUM have a correlation of 0.85, 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 MTUM?

MTUM has higher volatility (13.18%) compared to ILCG (7.23%). In terms of maximum drawdown, ILCG dropped -52.98% vs MTUM's -34.08%.

Which ETF is better, ILCG or MTUM?

On 10-year performance, ILCG leads with 17.52% vs 16.34% for MTUM. On fees, ILCG is cheaper at 0.04% per year. On volatility, ILCG has been the lower-risk option at 7.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCG or MTUM?

Over the 10-year period, ILCG has performed better with a 17.52% return vs 16.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCG or MTUM?

ILCG is cheaper with a 0.04% expense ratio, compared with 0.15% for MTUM.

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

MTUM has the higher dividend yield at 0.59%, compared with 0.42% for ILCG.

What is the main difference between ILCG and MTUM?

ILCG is categorized as Large Cap Growth Equities, while MTUM is Momentum. ILCG tracks Morningstar US Large-Mid Cap Broad Growth Index Gross, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.04% for ILCG and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.44 vs 1.01), 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.