ILCG vs. QWLD

Last updated Aug 4, 2026

ILCG (iShares Morningstar Growth ETF) and QWLD (SPDR MSCI World StrategicFactors ETF) are both Large Cap Growth Equities funds - ILCG tracks the Morningstar US Large-Mid Cap Broad Growth Index Gross while QWLD tracks the MSCI World Factor Mix A-Series (USD). Both are passively managed. Over the past 10 years, ILCG returned 17.23%/yr vs 11.64%/yr for QWLD. Their 0.67 correlation means they have sometimes moved together and sometimes differently. ILCG charges 0.04%/yr vs 0.30%/yr for QWLD.

Performance

ILCG vs. QWLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Growth ETF (ILCG) and SPDR MSCI World StrategicFactors ETF (QWLD). 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 ILCG having a 9.70% return and QWLD slightly higher at 10.03%. Over the past 10 years, ILCG has outperformed QWLD with an annualized return of 17.23%, while QWLD has yielded a comparatively lower 11.64% annualized return.

ILCG

• 1D: 1.92%
• 1M: -0.14%
• 6M: 8.78%
• YTD: 9.70%
• 1Y: 16.20%
• 3Y*: 23.09%
• 5Y*: 11.74%
• 10Y*: 17.23%
• ALL TIME*: 11.61%

QWLD

• 1D: 0.58%
• 1M: 2.22%
• 6M: 5.89%
• YTD: 10.03%
• 1Y: 19.80%
• 3Y*: 16.43%
• 5Y*: 10.04%
• 10Y*: 11.64%
• ALL TIME*: 10.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ILCG iShares Morningstar Growth ETF	$5.71M	$6.91M	$9.84M
QWLD SPDR MSCI World StrategicFactors ETF	$247.86K	$289.30K	$1.06M

ILCG vs. QWLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCG iShares Morningstar Growth ETF	9.70%	16.71%	32.82%	40.41%	-31.75%	24.33%	38.56%	33.22%	2.06%	30.57%
QWLD SPDR MSCI World StrategicFactors ETF	10.03%	17.93%	14.44%	19.59%	-13.30%	21.57%	10.24%	27.59%	-7.02%	22.44%

Correlation

The correlation between ILCG and QWLD is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.74
Correlation (All Time) Calculated using the full available price history since Jun 5, 2014	0.67

The correlation between ILCG and QWLD shifts across timeframes, from 0.65 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

ILCG vs. QWLD - Sectors Allocation Comparison

Sectors	ILCG	QWLD
Technology	54.1%	24.9%
Industrials	10.9%	10.9%
Communication Services	9.7%	9.5%
Consumer Cyclical	9.2%	6.3%
Healthcare	5.3%	13.2%
Financial Services	4.7%	16.5%
Consumer Defensive	1.6%	8.1%
Real Estate	1.5%	1.0%
Basic Materials	1.4%	2.5%
Utilities	0.9%	3.8%
Energy	0.7%	3.4%

Return for Risk

ILCG vs. QWLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ILCG

ILCG Risk / Return Rank: 33
ILCG Sharpe Ratio Rank: 35
ILCG Sortino Ratio Rank: 34
ILCG Omega Ratio Rank: 33
ILCG Calmar Ratio Rank: 31
ILCG Martin Ratio Rank: 34

QWLD

QWLD Risk / Return Rank: 81
QWLD Sharpe Ratio Rank: 85
QWLD Sortino Ratio Rank: 85
QWLD Omega Ratio Rank: 83
QWLD Calmar Ratio Rank: 72
QWLD Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ILCG vs. QWLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Growth ETF (ILCG) and SPDR MSCI World StrategicFactors ETF (QWLD). 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	QWLD	Difference
Sharpe ratio: Return per unit of total volatility	0.87	2.06	-1.19
Sortino ratio: Return per unit of downside risk	1.28	2.91	-1.63
Omega ratio: Gain probability vs. loss probability	1.16	1.37	-0.21
Calmar ratio: Return relative to maximum drawdown	1.04	2.60	-1.56
Martin ratio: Return relative to average drawdown	3.30	11.35	-8.05

ILCG vs. QWLD - Sharpe Ratio Comparison

The current ILCG Sharpe Ratio is 0.87, which is lower than the QWLD Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of ILCG and QWLD, 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. QWLD - Drawdown Comparison

The maximum ILCG drawdown since its inception was -52.98%, which is greater than QWLD's maximum drawdown of -31.89%. Use the drawdown chart below to compare losses from any high point for ILCG and QWLD.

Drawdown Indicators

	ILCG	QWLD	Difference
Max Drawdown Largest peak-to-trough decline	-52.98%	-31.89%	-21.09%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-7.66%	-7.99%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	-12.40%	-10.70%
Max Drawdown (5Y) Largest decline over 5 years	-35.38%	-22.84%	-12.54%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	-31.89%	-3.49%
Current Drawdown Current decline from peak	-5.15%	0.00%	-5.15%
Average Drawdown Average peak-to-trough decline	-8.20%	-3.66%	-4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	1.75%	+3.17%

Volatility

ILCG vs. QWLD - Volatility Comparison

iShares Morningstar Growth ETF (ILCG) has a higher volatility of 6.33% compared to SPDR MSCI World StrategicFactors ETF (QWLD) at 2.28%. This indicates that ILCG's price experiences larger fluctuations and is considered to be riskier than QWLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCG	QWLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	2.28%	+4.05%
Volatility (6M) Calculated over the trailing 6-month period	15.61%	7.74%	+7.87%
Volatility (1Y) Calculated over the trailing 1-year period	18.74%	9.70%	+9.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.39%	13.51%	+8.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.71%	15.12%	+6.59%

ILCG vs. QWLD - Expense Ratio Comparison

ILCG has a 0.04% expense ratio, which is lower than QWLD's 0.30% expense ratio.

Dividends

ILCG vs. QWLD - Dividend Comparison

ILCG's dividend yield for the trailing twelve months is around 0.42%, less than QWLD's 1.78% 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%
QWLD SPDR MSCI World StrategicFactors ETF	1.78%	1.85%	1.74%	1.78%	2.02%	1.77%	1.77%	2.13%	2.33%	2.73%	2.22%	3.42%

Frequently Asked Questions

Can I hold both ILCG and QWLD in my portfolio?

ILCG and QWLD have a correlation of 0.65, 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 QWLD?

ILCG has higher volatility (6.33%) compared to QWLD (2.28%). In terms of maximum drawdown, ILCG dropped -52.98% vs QWLD's -31.89%.

Which ETF is better, ILCG or QWLD?

On 10-year performance, ILCG leads with 17.23% vs 11.64% for QWLD. On fees, ILCG is cheaper at 0.04% per year. On volatility, QWLD has been the lower-risk option at 2.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCG or QWLD?

Over the 10-year period, ILCG has performed better with a 17.23% return vs 11.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCG or QWLD?

ILCG is cheaper with a 0.04% expense ratio, compared with 0.30% for QWLD.

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

QWLD has the higher dividend yield at 1.78%, compared with 0.42% for ILCG.

What is the main difference between ILCG and QWLD?

ILCG tracks Morningstar US Large-Mid Cap Broad Growth Index Gross, while QWLD tracks MSCI World Factor Mix A-Series (USD). They also come from different issuers: iShares and State Street. Their fees differ too: 0.04% for ILCG and 0.30% for QWLD.

Which has better risk-adjusted returns?

QWLD currently has the higher Sharpe Ratio (2.06 vs 0.87), 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.