IMCG vs. HLGEX

Last updated Jun 4, 2026

IMCG (iShares Morningstar Mid-Cap Growth ETF) and HLGEX (JPMorgan Mid Cap Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, IMCG returned 14.46%/yr vs 13.78%/yr for HLGEX. Their correlation of 0.95 suggests significant overlap in exposure. IMCG charges 0.06%/yr vs 0.89%/yr for HLGEX.

Performance

IMCG vs. HLGEX - Performance Comparison

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

Returns By Period

In the year-to-date period, IMCG achieves a 20.05% return, which is significantly higher than HLGEX's 6.63% return. Both investments have delivered pretty close results over the past 10 years, with IMCG having a 14.46% annualized return and HLGEX not far behind at 13.78%.

IMCG

• 1D: -0.26%
• 1M: 8.33%
• YTD: 20.05%
• 6M: 18.28%
• 1Y: 23.35%
• 3Y*: 18.91%
• 5Y*: 8.62%
• 10Y*: 14.46%

HLGEX

• 1D: 0.09%
• 1M: 4.71%
• YTD: 6.63%
• 6M: 4.87%
• 1Y: 12.43%
• 3Y*: 16.60%
• 5Y*: 6.87%
• 10Y*: 13.78%

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

IMCG vs. HLGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCG iShares Morningstar Mid-Cap Growth ETF	20.05%	6.55%	18.14%	20.73%	-25.79%	15.39%	45.64%	35.70%	-3.68%	25.57%
HLGEX JPMorgan Mid Cap Growth Fund	6.63%	8.65%	22.80%	23.11%	-27.08%	10.67%	48.33%	39.73%	-5.07%	29.51%

Correlation

The correlation between IMCG and HLGEX 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	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.95

The correlation between IMCG and HLGEX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

IMCG vs. HLGEX — Risk / Return Rank

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

IMCG

IMCG Risk / Return Rank: 44
IMCG Sharpe Ratio Rank: 42
IMCG Sortino Ratio Rank: 42
IMCG Omega Ratio Rank: 40
IMCG Calmar Ratio Rank: 46
IMCG Martin Ratio Rank: 52

HLGEX

HLGEX Risk / Return Rank: 10
HLGEX Sharpe Ratio Rank: 10
HLGEX Sortino Ratio Rank: 10
HLGEX Omega Ratio Rank: 9
HLGEX Calmar Ratio Rank: 10
HLGEX Martin Ratio Rank: 10

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.

IMCG vs. HLGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap Growth ETF (IMCG) and JPMorgan Mid Cap Growth Fund (HLGEX). 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.

	IMCG	HLGEX	Difference
Sharpe ratio Return per unit of total volatility	1.51	0.78	+0.73
Sortino ratio Return per unit of downside risk	2.18	1.20	+0.98
Omega ratio Gain probability vs. loss probability	1.26	1.14	+0.12
Calmar ratio Return relative to maximum drawdown	2.31	0.96	+1.35
Martin ratio Return relative to average drawdown	8.97	3.05	+5.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMCG vs. HLGEX - Sharpe Ratio Comparison

The current IMCG Sharpe Ratio is 1.51, which is higher than the HLGEX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of IMCG and HLGEX, 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

	IMCG	HLGEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	0.78	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.31	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.63	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.50	+0.04

Drawdowns

IMCG vs. HLGEX - Drawdown Comparison

The maximum IMCG drawdown since its inception was -58.96%, roughly equal to the maximum HLGEX drawdown of -57.65%. Use the drawdown chart below to compare losses from any high point for IMCG and HLGEX.

Drawdown Indicators

	IMCG	HLGEX	Difference
Max Drawdown Largest peak-to-trough decline	-58.96%	-57.65%	-1.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.17%	-14.19%	+4.02%
Max Drawdown (3Y) Largest decline over 3 years	-21.92%	-25.50%	+3.58%
Max Drawdown (5Y) Largest decline over 5 years	-35.08%	-37.16%	+2.08%
Max Drawdown (10Y) Largest decline over 10 years	-35.08%	-37.16%	+2.08%
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-9.22%	-11.43%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	4.44%	-1.83%

Volatility

IMCG vs. HLGEX - Volatility Comparison

iShares Morningstar Mid-Cap Growth ETF (IMCG) has a higher volatility of 4.65% compared to JPMorgan Mid Cap Growth Fund (HLGEX) at 4.33%. This indicates that IMCG's price experiences larger fluctuations and is considered to be riskier than HLGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCG	HLGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	4.33%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	13.48%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	15.53%	17.37%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.17%	22.29%	-2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.51%	21.97%	-1.46%

IMCG vs. HLGEX - Expense Ratio Comparison

IMCG has a 0.06% expense ratio, which is lower than HLGEX's 0.89% expense ratio.

Dividends

IMCG vs. HLGEX - Dividend Comparison

IMCG's dividend yield for the trailing twelve months is around 0.65%, less than HLGEX's 8.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLGEX JPMorgan Mid Cap Growth Fund	8.84%	9.43%	14.70%	0.00%	0.79%	8.87%	10.61%	7.29%	7.26%	6.41%	0.04%	5.32%
IMCG iShares Morningstar Mid-Cap Growth ETF	0.65%	0.78%	0.78%	0.85%	0.91%	0.41%	0.09%	0.30%	0.35%	0.45%	0.52%	0.38%

Frequently Asked Questions

Can I hold both IMCG and HLGEX in my portfolio?

With a correlation of 0.93, IMCG and HLGEX 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, IMCG or HLGEX?

IMCG has higher volatility (4.65%) compared to HLGEX (4.33%). In terms of maximum drawdown, IMCG dropped -58.96% vs HLGEX's -57.65%.

Which has better risk-adjusted returns?

IMCG currently has the higher Sharpe Ratio (1.51 vs 0.78), 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.