IVGTX vs. IEDAX

Last updated Jul 17, 2026

IVGTX (VY Morgan Stanley Global Franchise Portfolio) and IEDAX (Voya Large Cap Value Fund) are both mutual funds - IVGTX is a Global Equities fund managed by Voya, while IEDAX is a Large Cap Value Equities fund managed by Voya. Over the past 10 years, IVGTX returned 7.31%/yr vs 12.22%/yr for IEDAX. A 0.76 correlation means they provide meaningful diversification when combined. IVGTX charges 1.20%/yr vs 1.10%/yr for IEDAX.

Performance

IVGTX vs. IEDAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VY Morgan Stanley Global Franchise Portfolio (IVGTX) and Voya Large Cap Value Fund (IEDAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVGTX achieves a -8.22% return, which is significantly lower than IEDAX's 10.02% return. Over the past 10 years, IVGTX has underperformed IEDAX with an annualized return of 7.31%, while IEDAX has yielded a comparatively higher 12.22% annualized return.

IVGTX

• 1D: 1.37%
• 1M: 1.37%
• 6M: -8.47%
• YTD: -8.22%
• 1Y: -13.19%
• 3Y*: 0.76%
• 5Y*: 0.60%
• 10Y*: 7.31%

IEDAX

• 1D: -0.16%
• 1M: -0.59%
• 6M: 6.33%
• YTD: 10.02%
• 1Y: 16.76%
• 3Y*: 15.34%
• 5Y*: 11.48%
• 10Y*: 12.22%

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

IVGTX vs. IEDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVGTX VY Morgan Stanley Global Franchise Portfolio	-8.22%	0.16%	8.63%	16.01%	-17.63%	21.67%	13.17%	29.34%	-2.81%	25.90%
IEDAX Voya Large Cap Value Fund	10.02%	12.42%	16.47%	13.26%	-3.86%	26.38%	5.53%	35.63%	-8.29%	13.36%

Correlation

The correlation between IVGTX and IEDAX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 20, 2007	0.76

Over the past year, the correlation between IVGTX and IEDAX has dropped to 0.55 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

IVGTX vs. IEDAX — Risk / Return Rank

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

IVGTX

IVGTX Risk / Return Rank: 0
IVGTX Sharpe Ratio Rank: 0
IVGTX Sortino Ratio Rank: 0
IVGTX Omega Ratio Rank: 0
IVGTX Calmar Ratio Rank: 1
IVGTX Martin Ratio Rank: 0

IEDAX

IEDAX Risk / Return Rank: 44
IEDAX Sharpe Ratio Rank: 46
IEDAX Sortino Ratio Rank: 51
IEDAX Omega Ratio Rank: 45
IEDAX Calmar Ratio Rank: 37
IEDAX Martin Ratio Rank: 42

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.

IVGTX vs. IEDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VY Morgan Stanley Global Franchise Portfolio (IVGTX) and Voya Large Cap Value Fund (IEDAX). 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.

	IVGTX	IEDAX	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	1.54	-2.65
Sortino ratio: Return per unit of downside risk	-1.50	2.30	-3.80
Omega ratio: Gain probability vs. loss probability	0.83	1.28	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.71	1.87	-2.58
Martin ratio: Return relative to average drawdown	-1.31	7.28	-8.59

IVGTX vs. IEDAX - Sharpe Ratio Comparison

The current IVGTX Sharpe Ratio is -1.12, which is lower than the IEDAX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of IVGTX and IEDAX, 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

IVGTX vs. IEDAX - Drawdown Comparison

The maximum IVGTX drawdown since its inception was -44.75%, smaller than the maximum IEDAX drawdown of -47.31%. Use the drawdown chart below to compare losses from any high point for IVGTX and IEDAX.

Drawdown Indicators

	IVGTX	IEDAX	Difference
Max Drawdown Largest peak-to-trough decline	-44.75%	-47.31%	+2.56%
Max Drawdown (1Y) Largest decline over 1 year	-19.45%	-10.04%	-9.41%
Max Drawdown (3Y) Largest decline over 3 years	-20.45%	-22.40%	+1.95%
Max Drawdown (5Y) Largest decline over 5 years	-26.27%	-22.40%	-3.87%
Max Drawdown (10Y) Largest decline over 10 years	-30.16%	-39.36%	+9.20%
Current Drawdown Current decline from peak	-14.69%	-1.64%	-13.05%
Average Drawdown Average peak-to-trough decline	-5.83%	-6.45%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.05%	2.48%	+8.57%

Volatility

IVGTX vs. IEDAX - Volatility Comparison

VY Morgan Stanley Global Franchise Portfolio (IVGTX) has a higher volatility of 4.72% compared to Voya Large Cap Value Fund (IEDAX) at 3.58%. This indicates that IVGTX's price experiences larger fluctuations and is considered to be riskier than IEDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVGTX	IEDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	3.58%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	9.58%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	12.30%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	17.23%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.40%	18.79%	-2.39%

IVGTX vs. IEDAX - Expense Ratio Comparison

IVGTX has a 1.20% expense ratio, which is higher than IEDAX's 1.10% expense ratio.

Dividends

IVGTX vs. IEDAX - Dividend Comparison

IVGTX's dividend yield for the trailing twelve months is around 68.59%, more than IEDAX's 7.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEDAX Voya Large Cap Value Fund	7.22%	8.03%	15.43%	10.92%	8.06%	16.02%	9.13%	17.61%	11.75%	11.03%	1.89%	8.59%
IVGTX VY Morgan Stanley Global Franchise Portfolio	68.59%	42.80%	10.28%	8.24%	10.69%	8.69%	8.32%	11.20%	17.80%	7.06%	10.12%	14.63%

Frequently Asked Questions

Can I hold both IVGTX and IEDAX in my portfolio?

IVGTX and IEDAX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVGTX or IEDAX?

IVGTX has higher volatility (4.72%) compared to IEDAX (3.58%). In terms of maximum drawdown, IVGTX dropped -44.75% vs IEDAX's -47.31%.

Which has better risk-adjusted returns?

IEDAX currently has the higher Sharpe Ratio (1.54 vs -1.12), 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.