IVOG vs. MSCGX

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and Mercer US Small/Mid Cap Equity Fund (MSCGX).

IVOG is a passively managed fund by Vanguard that tracks the performance of the S&P MidCap 400 Growth Index. It was launched on Sep 7, 2010. MSCGX is managed by Mercer Funds. It was launched on Aug 15, 2005.

Performance

IVOG vs. MSCGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and Mercer US Small/Mid Cap Equity Fund (MSCGX). The values are adjusted to include any dividend payments, if applicable.

IVOG vs. MSCGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IVOG Vanguard S&P Mid-Cap 400 Growth ETF	5.26%	7.34%	15.62%	17.36%	-19.08%	18.85%	22.60%	6.57%
MSCGX Mercer US Small/Mid Cap Equity Fund	1.44%	6.52%	13.39%	15.35%	-16.91%	24.32%	12.40%	5.34%

Returns By Period

In the year-to-date period, IVOG achieves a 5.26% return, which is significantly higher than MSCGX's 1.44% return.

IVOG

• 1D: 1.20%
• 1M: -5.49%
• YTD: 5.26%
• 6M: 6.38%
• 1Y: 22.16%
• 3Y*: 13.47%
• 5Y*: 5.99%
• 10Y*: 10.63%

MSCGX

• 1D: 3.02%
• 1M: -5.62%
• YTD: 1.44%
• 6M: 3.09%
• 1Y: 15.25%
• 3Y*: 10.92%
• 5Y*: 5.22%
• 10Y*: —

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

IVOG vs. MSCGX - Expense Ratio Comparison

IVOG has a 0.15% expense ratio, which is lower than MSCGX's 0.48% expense ratio.

MSCGX

Mercer US Small/Mid Cap Equity Fund

IVOG

Vanguard S&P Mid-Cap 400 Growth ETF

Return for Risk

IVOG vs. MSCGX — Risk / Return Rank

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

IVOG

IVOG Risk / Return Rank: 60
IVOG Sharpe Ratio Rank: 54
IVOG Sortino Ratio Rank: 58
IVOG Omega Ratio Rank: 54
IVOG Calmar Ratio Rank: 64
IVOG Martin Ratio Rank: 69

MSCGX

MSCGX Risk / Return Rank: 22
MSCGX Sharpe Ratio Rank: 29
MSCGX Sortino Ratio Rank: 35
MSCGX Omega Ratio Rank: 30
MSCGX Calmar Ratio Rank: 8
MSCGX Martin Ratio Rank: 8

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.

IVOG vs. MSCGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and Mercer US Small/Mid Cap Equity Fund (MSCGX). 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.

	IVOG	MSCGX	Difference
Sharpe ratio Return per unit of total volatility	1.00	0.78	+0.22
Sortino ratio Return per unit of downside risk	1.55	1.27	+0.28
Omega ratio Gain probability vs. loss probability	1.21	1.17	+0.04
Calmar ratio Return relative to maximum drawdown	1.70	0.22	+1.48
Martin ratio Return relative to average drawdown	7.36	0.75	+6.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOG vs. MSCGX - Sharpe Ratio Comparison

The current IVOG Sharpe Ratio is 1.00, which is comparable to the MSCGX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of IVOG and MSCGX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IVOG	MSCGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	0.78	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.23	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.34	+0.27

Correlation

The correlation between IVOG and MSCGX is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IVOG vs. MSCGX - Dividend Comparison

IVOG's dividend yield for the trailing twelve months is around 0.61%, less than MSCGX's 7.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOG Vanguard S&P Mid-Cap 400 Growth ETF	0.61%	0.64%	0.79%	1.15%	1.05%	0.47%	0.74%	1.17%	1.01%	0.93%	1.11%	1.04%
MSCGX Mercer US Small/Mid Cap Equity Fund	7.60%	7.71%	10.73%	3.77%	8.42%	20.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

IVOG vs. MSCGX - Drawdown Comparison

The maximum IVOG drawdown since its inception was -39.32%, roughly equal to the maximum MSCGX drawdown of -41.30%. Use the drawdown chart below to compare losses from any high point for IVOG and MSCGX.

Drawdown Indicators

	IVOG	MSCGX	Difference
Max Drawdown Largest peak-to-trough decline	-39.32%	-41.30%	+1.98%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-13.87%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-29.31%	-35.66%	+6.35%
Max Drawdown (10Y) Largest decline over 10 years	-39.32%	—	—
Current Drawdown Current decline from peak	-5.49%	-6.48%	+0.99%
Average Drawdown Average peak-to-trough decline	-5.93%	-13.03%	+7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	6.27%	-3.09%

Volatility

IVOG vs. MSCGX - Volatility Comparison

Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) has a higher volatility of 7.64% compared to Mercer US Small/Mid Cap Equity Fund (MSCGX) at 6.42%. This indicates that IVOG's price experiences larger fluctuations and is considered to be riskier than MSCGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOG	MSCGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.64%	6.42%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	13.33%	11.97%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	22.33%	23.31%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	23.80%	-3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	25.70%	-5.18%