IMCG vs. VO

Last updated Jun 23, 2026

IMCG (iShares Morningstar Mid-Cap Growth ETF) and VO (Vanguard Mid-Cap ETF) are both exchange-traded funds - IMCG is a Mid Cap Growth Equities fund tracking the Morningstar US Mid Cap Broad Growth Index, while VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index. Both are passively managed. Over the past 10 years, IMCG returned 15.00%/yr vs 12.03%/yr for VO. Their correlation of 0.93 suggests significant overlap in exposure. IMCG charges 0.06%/yr vs 0.03%/yr for VO.

Performance

IMCG vs. VO - Performance Comparison

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

Returns By Period

In the year-to-date period, IMCG achieves a 22.43% return, which is significantly higher than VO's 11.30% return. Over the past 10 years, IMCG has outperformed VO with an annualized return of 15.00%, while VO has yielded a comparatively lower 12.03% annualized return.

IMCG

• 1D: 0.49%
• 1M: 6.84%
• YTD: 22.43%
• 6M: 20.06%
• 1Y: 26.63%
• 3Y*: 19.34%
• 5Y*: 8.31%
• 10Y*: 15.00%

VO

• 1D: 0.44%
• 1M: 3.04%
• YTD: 11.30%
• 6M: 9.77%
• 1Y: 19.89%
• 3Y*: 16.59%
• 5Y*: 8.06%
• 10Y*: 12.03%

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

IMCG vs. VO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCG iShares Morningstar Mid-Cap Growth ETF	22.43%	6.55%	18.14%	20.73%	-25.79%	15.39%	45.64%	35.70%	-3.68%	25.57%
VO Vanguard Mid-Cap ETF	11.30%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%

Correlation

The correlation between IMCG and VO 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	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004	0.93

The correlation between IMCG and VO has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

IMCG vs. VO - Sectors Allocation Comparison

Sectors	IMCG	VO
Technology	34.9%	20.8%
Industrials	25.3%	17.7%
Consumer Cyclical	9.1%	8.6%
Financial Services	8.6%	12.5%
Healthcare	6.9%	7.5%
Basic Materials	4.3%	4.0%
Real Estate	3.1%	5.1%
Utilities	2.5%	7.9%
Communication Services	2.4%	3.0%
Energy	1.7%	7.9%
Consumer Defensive	1.2%	4.7%

Return for Risk

IMCG vs. VO — Risk / Return Rank

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

IMCG

IMCG Risk / Return Rank: 50
IMCG Sharpe Ratio Rank: 47
IMCG Sortino Ratio Rank: 47
IMCG Omega Ratio Rank: 44
IMCG Calmar Ratio Rank: 55
IMCG Martin Ratio Rank: 58

VO

VO Risk / Return Rank: 48
VO Sharpe Ratio Rank: 46
VO Sortino Ratio Rank: 46
VO Omega Ratio Rank: 43
VO Calmar Ratio Rank: 51
VO Martin Ratio Rank: 55

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. VO - Risk-Adjusted Trends Comparison

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

	IMCG	VO	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.56	+0.04
Sortino ratio: Return per unit of downside risk	2.27	2.23	+0.04
Omega ratio: Gain probability vs. loss probability	1.28	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.63	2.45	+0.18
Martin ratio: Return relative to average drawdown	10.03	9.23	+0.80

IMCG vs. VO - Sharpe Ratio Comparison

The current IMCG Sharpe Ratio is 1.60, which is comparable to the VO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of IMCG and VO, 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

IMCG vs. VO - Drawdown Comparison

The maximum IMCG drawdown since its inception was -58.96%, roughly equal to the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for IMCG and VO.

Drawdown Indicators

	IMCG	VO	Difference
Max Drawdown Largest peak-to-trough decline	-58.96%	-58.87%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.17%	-8.17%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-21.92%	-19.02%	-2.90%
Max Drawdown (5Y) Largest decline over 5 years	-35.08%	-27.57%	-7.51%
Max Drawdown (10Y) Largest decline over 10 years	-35.08%	-39.37%	+4.29%
Current Drawdown Current decline from peak	0.00%	-0.45%	+0.45%
Average Drawdown Average peak-to-trough decline	-9.21%	-7.85%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.16%	+0.50%

Volatility

IMCG vs. VO - Volatility Comparison

iShares Morningstar Mid-Cap Growth ETF (IMCG) has a higher volatility of 7.22% compared to Vanguard Mid-Cap ETF (VO) at 4.35%. This indicates that IMCG's price experiences larger fluctuations and is considered to be riskier than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCG	VO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.22%	4.35%	+2.87%
Volatility (6M) Calculated over the trailing 6-month period	13.99%	9.80%	+4.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.73%	12.80%	+3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.36%	17.66%	+2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.61%	18.98%	+1.63%

IMCG vs. VO - Expense Ratio Comparison

IMCG has a 0.06% expense ratio, which is higher than VO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IMCG vs. VO - Dividend Comparison

IMCG's dividend yield for the trailing twelve months is around 0.61%, less than VO's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCG iShares Morningstar Mid-Cap Growth ETF	0.61%	0.78%	0.78%	0.85%	0.91%	0.41%	0.09%	0.30%	0.35%	0.45%	0.52%	0.38%
VO Vanguard Mid-Cap ETF	1.35%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both IMCG and VO in my portfolio?

With a correlation of 0.93, IMCG and VO 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 VO?

IMCG has higher volatility (7.22%) compared to VO (4.35%). In terms of maximum drawdown, IMCG dropped -58.96% vs VO's -58.87%.

Which ETF is better, IMCG or VO?

On 10-year performance, IMCG leads with 15.00% vs 12.03% for VO. On fees, VO is cheaper at 0.03% per year. On volatility, VO has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCG or VO?

Over the 10-year period, IMCG has performed better with a 15.00% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCG or VO?

VO is cheaper with a 0.03% expense ratio, compared with 0.06% for IMCG.

Which ETF pays a higher dividend yield, IMCG or VO?

VO has the higher dividend yield at 1.35%, compared with 0.61% for IMCG.

What is the main difference between IMCG and VO?

IMCG is categorized as Mid Cap Growth Equities, while VO is Mid Cap Blend Equities. IMCG tracks Morningstar US Mid Cap Broad Growth Index, while VO tracks CRSP US Mid Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.06% for IMCG and 0.03% for VO.

Which has better risk-adjusted returns?

IMCG currently has the higher Sharpe Ratio (1.60 vs 1.56), 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.