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IVW vs. MFUS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IVW vs. MFUS

Last updated Jun 24, 2026

IVW (iShares S&P 500 Growth ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both Large Cap Growth Equities funds - IVW tracks the S&P 500 Growth Index while MFUS tracks the RAFI Dynamic Multi-Factor U.S. Index​. Both are passively managed. Over the past 5 years, IVW returned 13.97%/yr vs 13.08%/yr for MFUS. A 0.76 correlation means they provide meaningful diversification when combined. IVW charges 0.18%/yr vs 0.30%/yr for MFUS.

Performance

IVW vs. MFUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Growth ETF (IVW) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IVW achieves a 8.67% return, which is significantly lower than MFUS's 17.10% return.

IVW

1D
-2.32%
1M
-2.04%
YTD
8.67%
6M
7.44%
1Y
26.74%
3Y*
25.36%
5Y*
13.97%
10Y*
17.93%

MFUS

1D
-1.02%
1M
2.42%
YTD
17.10%
6M
16.30%
1Y
27.79%
3Y*
21.88%
5Y*
13.08%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IVW vs. MFUS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IVW
iShares S&P 500 Growth ETF		8.67%21.95%35.82%29.83%-29.50%31.80%33.19%30.77%-0.21%8.64%
MFUS
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		17.10%16.02%20.17%12.19%-5.82%24.10%10.64%26.17%-7.30%11.20%

Correlation

The correlation between IVW and MFUS is 0.64, 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

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.72

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Sep 6, 2017

0.76

The correlation between IVW and MFUS shifts across timeframes, from 0.64 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

IVW vs. MFUS - Sectors Allocation Comparison

Sectors
IVW
MFUS

Technology

53.0%
24.7%

Communication Services

15.8%
5.1%

Financial Services

8.6%
12.0%

Consumer Cyclical

8.4%
10.5%

Healthcare

5.7%
13.4%

Industrials

5.3%
12.2%

Utilities

1.2%
1.6%

Consumer Defensive

1.0%
9.7%

Real Estate

0.5%
1.7%

Basic Materials

0.3%
2.8%

Energy

0.1%
6.4%

Technology

IVW
53.0%
MFUS
24.7%

Communication Services

IVW
15.8%
MFUS
5.1%

Financial Services

IVW
8.6%
MFUS
12.0%

Consumer Cyclical

IVW
8.4%
MFUS
10.5%

Healthcare

IVW
5.7%
MFUS
13.4%

Industrials

IVW
5.3%
MFUS
12.2%

Utilities

IVW
1.2%
MFUS
1.6%

Consumer Defensive

IVW
1.0%
MFUS
9.7%

Real Estate

IVW
0.5%
MFUS
1.7%

Basic Materials

IVW
0.3%
MFUS
2.8%

Energy

IVW
0.1%
MFUS
6.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P 500 Growth ETF

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

Often compared with IVW:
IVW vs. IVVIVW vs. IVEIVW vs. QQQIVW vs. SPYIVW vs. VOOIVW vs. VOOGIVW vs. SPYG
Often compared with MFUS:
MFUS vs. RWLMFUS vs. FNDXMFUS vs. VOOVMFUS vs. SPYMFUS vs. AVUSMFUS vs. DGRWMFUS vs. AVLV

Return for Risk

IVW vs. MFUS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IVW
IVW Risk / Return Rank: 4545
Overall Rank
IVW Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
IVW Sortino Ratio Rank: 4444
Sortino Ratio Rank
IVW Omega Ratio Rank: 4444
Omega Ratio Rank
IVW Calmar Ratio Rank: 4141
Calmar Ratio Rank
IVW Martin Ratio Rank: 4848
Martin Ratio Rank
MFUS
MFUS Risk / Return Rank: 8484
Overall Rank
MFUS Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
MFUS Sortino Ratio Rank: 8585
Sortino Ratio Rank
MFUS Omega Ratio Rank: 8181
Omega Ratio Rank
MFUS Calmar Ratio Rank: 8585
Calmar Ratio Rank
MFUS Martin Ratio Rank: 8787
Martin Ratio Rank
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.

IVW vs. MFUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Growth ETF (IVW) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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.

IVWMFUSDifference
Sharpe ratioReturn per unit of total volatility
1.58
2.49

-0.91

Sortino ratioReturn per unit of downside risk
2.16
3.53

-1.38

Omega ratioGain probability vs. loss probability

1.28

1.45

-0.17

Calmar ratioReturn relative to maximum drawdown

1.95

4.37

-2.42

Martin ratioReturn relative to average drawdown

7.75

17.76

-10.01

IVW vs. MFUS - Sharpe Ratio Comparison

The current IVW Sharpe Ratio is 1.58, which is lower than the MFUS Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of IVW and MFUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IVW vs. MFUS - Drawdown Comparison

The maximum IVW drawdown since its inception was -57.33%, which is greater than MFUS's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for IVW and MFUS.

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Drawdown Indicators

IVWMFUSDifference

Max Drawdown

Largest peak-to-trough decline

-57.33%

-35.21%

-22.12%

Max Drawdown (1Y)

Largest decline over 1 year

-13.75%

-6.39%

-7.36%

Max Drawdown (3Y)

Largest decline over 3 years

-22.15%

-15.39%

-6.76%

Max Drawdown (5Y)

Largest decline over 5 years

-32.72%

-18.22%

-14.50%

Max Drawdown (10Y)

Largest decline over 10 years

-32.72%

—

—

Current Drawdown

Current decline from peak

-5.48%

-1.05%

-4.43%

Average Drawdown

Average peak-to-trough decline

-17.59%

-3.98%

-13.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.46%

1.57%

+1.89%

Volatility

IVW vs. MFUS - Volatility Comparison

iShares S&P 500 Growth ETF (IVW) has a higher volatility of 7.23% compared to PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) at 4.27%. This indicates that IVW's price experiences larger fluctuations and is considered to be riskier than MFUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IVWMFUSDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.23%

4.27%

+2.96%

Volatility (6M)

Calculated over the trailing 6-month period

13.82%

8.91%

+4.91%

Volatility (1Y)

Calculated over the trailing 1-year period

17.06%

11.25%

+5.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.35%

15.09%

+6.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.70%

17.35%

+3.35%

IVW vs. MFUS - Expense Ratio Comparison

IVW has a 0.18% expense ratio, which is lower than MFUS's 0.30% expense ratio.

Dividends

IVW vs. MFUS - Dividend Comparison

IVW's dividend yield for the trailing twelve months is around 0.37%, less than MFUS's 1.35% yield.

PositionTTM20252024202320222021202020192018201720162015
IVW
iShares S&P 500 Growth ETF		0.37%0.40%0.43%1.03%0.92%0.46%0.82%1.63%1.28%1.30%1.51%1.51%
MFUS
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1.35%1.54%1.45%1.96%2.07%1.35%1.72%1.89%1.69%1.01%0.00%0.00%

Frequently Asked Questions

IVW and MFUS have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IVW has higher volatility (7.23%) compared to MFUS (4.27%). In terms of maximum drawdown, IVW dropped -57.33% vs MFUS's -35.21%.

On 5-year performance, IVW leads with 13.97% vs 13.08% for MFUS. On fees, IVW is cheaper at 0.18% per year. On volatility, MFUS has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, IVW has performed better with a 13.97% return vs 13.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IVW is cheaper with a 0.18% expense ratio, compared with 0.30% for MFUS.

MFUS has the higher dividend yield at 1.35%, compared with 0.37% for IVW.

IVW tracks S&P 500 Growth Index, while MFUS tracks RAFI Dynamic Multi-Factor U.S. Index​. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.18% for IVW and 0.30% for MFUS.

MFUS currently has the higher Sharpe Ratio (2.49 vs 1.58), 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.

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