IWP vs. FEMG

Last updated Jun 4, 2026

IWP (iShares Russell Mid-Cap Growth ETF) and FEMG (Fidelity Enhanced Mid Cap Growth ETF) are both Mid Cap Growth Equities funds. IWP is passively managed, while FEMG is actively managed. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.23% expense ratio.

Performance

IWP vs. FEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Growth ETF (IWP) and Fidelity Enhanced Mid Cap Growth ETF (FEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IWP

• 1D: -1.05%
• 1M: 4.11%
• YTD: 3.75%
• 6M: 2.84%
• 1Y: 5.63%
• 3Y*: 15.88%
• 5Y*: 6.59%
• 10Y*: 12.40%

FEMG

• 1D: -0.84%
• 1M: 3.74%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWP vs. FEMG - Yearly Performance Comparison

	2026 (YTD)
IWP iShares Russell Mid-Cap Growth ETF	4.19%
FEMG Fidelity Enhanced Mid Cap Growth ETF	4.23%

Correlation

The correlation between IWP and FEMG is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 1, 2026	0.97

IWP vs. FEMG - Sectors Allocation Comparison

Sectors	IWP	FEMG
Industrials	24.2%	26.5%
Consumer Cyclical	21.1%	17.4%
Technology	20.0%	24.0%
Healthcare	13.5%	12.6%
Financial Services	6.9%	6.0%
Communication Services	4.2%	2.7%
Energy	3.8%	3.3%
Utilities	2.9%	2.9%
Consumer Defensive	1.5%	1.4%
Real Estate	1.4%	1.8%
Basic Materials	0.4%	0.7%

Return for Risk

IWP vs. FEMG — Risk / Return Rank

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

IWP

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

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.

IWP vs. FEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Growth ETF (IWP) and Fidelity Enhanced Mid Cap Growth ETF (FEMG). 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.

	IWP	FEMG	Difference
Sharpe ratio: Return per unit of total volatility	0.34	—	—
Sortino ratio: Return per unit of downside risk	0.60	—	—
Omega ratio: Gain probability vs. loss probability	1.07	—	—
Calmar ratio: Return relative to maximum drawdown	0.38	—	—
Martin ratio: Return relative to average drawdown	1.12	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IWP	FEMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	4.78	-4.36

Drawdowns

IWP vs. FEMG - Drawdown Comparison

The maximum IWP drawdown since its inception was -56.92%, which is greater than FEMG's maximum drawdown of -3.29%. Use the drawdown chart below to compare losses from any high point for IWP and FEMG.

Drawdown Indicators

	IWP	FEMG	Difference
Max Drawdown Largest peak-to-trough decline	-56.92%	-3.29%	-53.63%
Max Drawdown (1Y) Largest decline over 1 year	-14.79%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-25.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.62%	—	—
Current Drawdown Current decline from peak	-2.10%	-1.18%	-0.92%
Average Drawdown Average peak-to-trough decline	-9.68%	-0.96%	-8.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	—	—

Volatility

Volatility by Period

	IWP	FEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	12.29%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.31%	12.29%	+10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	12.29%	+9.38%

IWP vs. FEMG - Expense Ratio Comparison

Both IWP and FEMG have an expense ratio of 0.23%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IWP vs. FEMG - Dividend Comparison

IWP's dividend yield for the trailing twelve months is around 0.33%, while FEMG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMG Fidelity Enhanced Mid Cap Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IWP iShares Russell Mid-Cap Growth ETF	0.33%	0.37%	0.40%	0.54%	0.77%	0.30%	0.38%	0.59%	1.02%	0.78%	1.16%	0.98%

Frequently Asked Questions

Can I hold both IWP and FEMG in my portfolio?

With a correlation of 0.97, IWP and FEMG 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 ETF is better, IWP or FEMG?

Both ETFs have the same 0.23% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWP or FEMG?

IWP and FEMG have the same expense ratio: 0.23% per year.

Which ETF pays a higher dividend yield, IWP or FEMG?

IWP has the higher dividend yield at 0.33%, compared with 0.00% for FEMG.

What is the main difference between IWP and FEMG?

They also come from different issuers: iShares and Fidelity.