ISCG vs. FSGS

Last updated Jun 4, 2026

ISCG (iShares Morningstar Small-Cap Growth ETF) and FSGS (First Trust SMID Growth Strength ETF) are both Small Cap Growth Equities funds - ISCG tracks the Morningstar US Small Cap Broad Growth Extended Index while FSGS tracks the SMID Growth Strength Index. Both are passively managed. Over the past 5 years, ISCG returned 5.31%/yr vs 2.19%/yr for FSGS. A 0.76 correlation means they provide meaningful diversification when combined. ISCG charges 0.06%/yr vs 0.60%/yr for FSGS.

Performance

ISCG vs. FSGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Small-Cap Growth ETF (ISCG) and First Trust SMID Growth Strength ETF (FSGS). 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 higher than FSGS's 1.27% 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%

FSGS

• 1D: -0.37%
• 1M: 0.83%
• YTD: 1.27%
• 6M: 0.20%
• 1Y: 4.81%
• 3Y*: 7.06%
• 5Y*: 2.19%
• 10Y*: —

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

ISCG vs. FSGS - 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%	11.32%
FSGS First Trust SMID Growth Strength ETF	1.27%	2.41%	6.38%	15.98%	-13.17%	25.56%	10.26%	21.31%	-11.92%	10.39%

Correlation

The correlation between ISCG and FSGS is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.76

The correlation between ISCG and FSGS shifts across timeframes, from 0.76 (all time) to 0.87 (3 years), reflecting how their relationship changes across market environments.

ISCG vs. FSGS - Sectors Allocation Comparison

Sectors	ISCG	FSGS
Industrials	24.6%	22.0%
Technology	21.4%	18.8%
Healthcare	15.4%	16.7%
Financial Services	10.6%	19.5%
Consumer Cyclical	9.9%	8.0%
Real Estate	5.2%	0.9%
Basic Materials	3.5%	1.7%
Consumer Defensive	2.9%	5.0%
Communication Services	2.8%	3.1%
Energy	2.8%	4.2%
Utilities	1.0%	-

Return for Risk

ISCG vs. FSGS — 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

FSGS

FSGS Risk / Return Rank: 14
FSGS Sharpe Ratio Rank: 14
FSGS Sortino Ratio Rank: 13
FSGS Omega Ratio Rank: 13
FSGS Calmar Ratio Rank: 14
FSGS Martin Ratio Rank: 15

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. FSGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Small-Cap Growth ETF (ISCG) and First Trust SMID Growth Strength ETF (FSGS). 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	FSGS	Difference
Sharpe ratio: Return per unit of total volatility	1.70	0.32	+1.39
Sortino ratio: Return per unit of downside risk	2.40	0.57	+1.84
Omega ratio: Gain probability vs. loss probability	1.29	1.06	+0.23
Calmar ratio: Return relative to maximum drawdown	2.69	0.43	+2.27
Martin ratio: Return relative to average drawdown	10.31	1.21	+9.09
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. FSGS - Sharpe Ratio Comparison

The current ISCG Sharpe Ratio is 1.70, which is higher than the FSGS Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of ISCG and FSGS, 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	FSGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	0.32	+1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.11	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.30	+0.11

Drawdowns

ISCG vs. FSGS - Drawdown Comparison

The maximum ISCG drawdown since its inception was -57.72%, which is greater than FSGS's maximum drawdown of -43.26%. Use the drawdown chart below to compare losses from any high point for ISCG and FSGS.

Drawdown Indicators

	ISCG	FSGS	Difference
Max Drawdown Largest peak-to-trough decline	-57.72%	-43.26%	-14.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-11.31%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-26.71%	-24.08%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-37.80%	-24.08%	-13.72%
Max Drawdown (10Y) Largest decline over 10 years	-41.48%	—	—
Current Drawdown Current decline from peak	-0.93%	-4.73%	+3.80%
Average Drawdown Average peak-to-trough decline	-11.63%	-8.03%	-3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	3.97%	-0.99%

Volatility

ISCG vs. FSGS - Volatility Comparison

iShares Morningstar Small-Cap Growth ETF (ISCG) has a higher volatility of 4.93% compared to First Trust SMID Growth Strength ETF (FSGS) at 3.74%. This indicates that ISCG's price experiences larger fluctuations and is considered to be riskier than FSGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCG	FSGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	3.74%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	13.09%	10.73%	+2.36%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	15.24%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	20.14%	+2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.16%	22.81%	+0.35%

ISCG vs. FSGS - Expense Ratio Comparison

ISCG has a 0.06% expense ratio, which is lower than FSGS's 0.60% expense ratio.

Dividends

ISCG vs. FSGS - Dividend Comparison

ISCG's dividend yield for the trailing twelve months is around 0.56%, while FSGS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSGS First Trust SMID Growth Strength ETF	0.00%	0.00%	2.71%	2.29%	1.95%	1.35%	1.32%	1.77%	2.13%	1.15%	0.00%	0.00%
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 FSGS in my portfolio?

ISCG and FSGS have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISCG or FSGS?

ISCG has higher volatility (4.93%) compared to FSGS (3.74%). In terms of maximum drawdown, ISCG dropped -57.72% vs FSGS's -43.26%.

Which ETF is better, ISCG or FSGS?

On 5-year performance, ISCG leads with 5.31% vs 2.19% for FSGS. On fees, ISCG is cheaper at 0.06% per year. On volatility, FSGS has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCG or FSGS?

Over the 5-year period, ISCG has performed better with a 5.31% return vs 2.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCG or FSGS?

ISCG is cheaper with a 0.06% expense ratio, compared with 0.60% for FSGS.

Which ETF pays a higher dividend yield, ISCG or FSGS?

ISCG has the higher dividend yield at 0.56%, compared with 0.00% for FSGS.

What is the main difference between ISCG and FSGS?

ISCG tracks Morningstar US Small Cap Broad Growth Extended Index, while FSGS tracks SMID Growth Strength Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.06% for ISCG and 0.60% for FSGS.

Which has better risk-adjusted returns?

ISCG currently has the higher Sharpe Ratio (1.70 vs 0.32), 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.