ISCG vs. FSCRX

Last updated Jun 4, 2026

ISCG (iShares Morningstar Small-Cap Growth ETF) and FSCRX (Fidelity Small Cap Discovery Fund) are both funds - ISCG is a Small Cap Growth Equities fund tracking the Morningstar US Small Cap Broad Growth Extended Index, while FSCRX is a Small Cap Blend Equities fund managed by Fidelity. Over the past 10 years, ISCG returned 11.37%/yr vs 9.74%/yr for FSCRX. Their correlation of 0.87 suggests significant overlap in exposure. ISCG charges 0.06%/yr vs 0.98%/yr for FSCRX.

Performance

ISCG vs. FSCRX - Performance Comparison

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

Returns By Period

In the year-to-date period, ISCG achieves a 12.92% return, which is significantly lower than FSCRX's 14.47% return. Over the past 10 years, ISCG has outperformed FSCRX with an annualized return of 11.37%, while FSCRX has yielded a comparatively lower 9.74% annualized return.

ISCG

• 1D: -0.93%
• 1M: 3.29%
• YTD: 12.92%
• 6M: 12.57%
• 1Y: 30.64%
• 3Y*: 17.01%
• 5Y*: 5.31%
• 10Y*: 11.37%

FSCRX

• 1D: 1.72%
• 1M: 5.21%
• YTD: 14.47%
• 6M: 14.55%
• 1Y: 30.28%
• 3Y*: 14.54%
• 5Y*: 7.38%
• 10Y*: 9.74%

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

ISCG vs. FSCRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISCG iShares Morningstar Small-Cap Growth ETF	12.92%	12.88%	13.35%	23.13%	-26.75%	-1.26%	43.41%	27.66%	-6.91%	24.68%
FSCRX Fidelity Small Cap Discovery Fund	14.47%	10.89%	2.75%	21.28%	-16.68%	35.66%	6.87%	27.31%	-14.06%	7.71%

Correlation

The correlation between ISCG and FSCRX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jul 8, 2004	0.87

The correlation between ISCG and FSCRX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

ISCG vs. FSCRX — Risk / Return Rank

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

ISCG

ISCG Risk / Return Rank: 50
ISCG Sharpe Ratio Rank: 48
ISCG Sortino Ratio Rank: 48
ISCG Omega Ratio Rank: 44
ISCG Calmar Ratio Rank: 53
ISCG Martin Ratio Rank: 58

FSCRX

FSCRX Risk / Return Rank: 43
FSCRX Sharpe Ratio Rank: 39
FSCRX Sortino Ratio Rank: 40
FSCRX Omega Ratio Rank: 34
FSCRX Calmar Ratio Rank: 56
FSCRX Martin Ratio Rank: 45

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.

ISCG vs. FSCRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Small-Cap Growth ETF (ISCG) and Fidelity Small Cap Discovery Fund (FSCRX). 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.

	ISCG	FSCRX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.81	-0.10
Sortino ratio: Return per unit of downside risk	2.40	2.63	-0.22
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	2.69	2.86	-0.16
Martin ratio: Return relative to average drawdown	10.31	9.47	+0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISCG vs. FSCRX - Sharpe Ratio Comparison

The current ISCG Sharpe Ratio is 1.70, which is comparable to the FSCRX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of ISCG and FSCRX, 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

	ISCG	FSCRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.81	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.37	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.45	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.48	-0.07

Drawdowns

ISCG vs. FSCRX - Drawdown Comparison

The maximum ISCG drawdown since its inception was -57.72%, roughly equal to the maximum FSCRX drawdown of -56.27%. Use the drawdown chart below to compare losses from any high point for ISCG and FSCRX.

Drawdown Indicators

	ISCG	FSCRX	Difference
Max Drawdown Largest peak-to-trough decline	-57.72%	-56.27%	-1.45%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-11.34%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-26.71%	-22.51%	-4.20%
Max Drawdown (5Y) Largest decline over 5 years	-37.80%	-25.91%	-11.89%
Max Drawdown (10Y) Largest decline over 10 years	-41.48%	-47.06%	+5.58%
Current Drawdown Current decline from peak	-0.93%	0.00%	-0.93%
Average Drawdown Average peak-to-trough decline	-11.63%	-7.93%	-3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	3.41%	-0.43%

Volatility

ISCG vs. FSCRX - Volatility Comparison

The current volatility for iShares Morningstar Small-Cap Growth ETF (ISCG) is 4.93%, while Fidelity Small Cap Discovery Fund (FSCRX) has a volatility of 5.83%. This indicates that ISCG experiences smaller price fluctuations and is considered to be less risky than FSCRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCG	FSCRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	5.83%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	13.09%	13.17%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	17.92%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	20.18%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.16%	21.72%	+1.44%

ISCG vs. FSCRX - Expense Ratio Comparison

ISCG has a 0.06% expense ratio, which is lower than FSCRX's 0.98% expense ratio.

Dividends

ISCG vs. FSCRX - Dividend Comparison

ISCG's dividend yield for the trailing twelve months is around 0.56%, less than FSCRX's 12.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSCRX Fidelity Small Cap Discovery Fund	12.84%	14.70%	13.03%	4.44%	11.56%	6.12%	2.79%	7.46%	35.48%	13.68%	0.44%	7.28%
ISCG iShares Morningstar Small-Cap Growth ETF	0.56%	0.61%	0.84%	0.77%	0.92%	0.62%	0.10%	0.27%	0.40%	0.52%	1.19%	0.64%

Frequently Asked Questions

Can I hold both ISCG and FSCRX in my portfolio?

With a correlation of 0.90, ISCG and FSCRX 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, ISCG or FSCRX?

FSCRX has higher volatility (5.83%) compared to ISCG (4.93%). In terms of maximum drawdown, ISCG dropped -57.72% vs FSCRX's -56.27%.

Which has better risk-adjusted returns?

FSCRX currently has the higher Sharpe Ratio (1.81 vs 1.70), 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.