IWP vs. ILCG

Last updated Jun 3, 2026

IWP (iShares Russell Mid-Cap Growth ETF) and ILCG (iShares Morningstar Growth ETF) are both exchange-traded funds - IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index, while ILCG is a Large Cap Growth Equities fund tracking the Morningstar US Large-Mid Cap Broad Growth Index Gross. Both are passively managed. Over the past 10 years, IWP returned 12.51%/yr vs 18.27%/yr for ILCG. Their correlation of 0.90 suggests significant overlap in exposure. IWP charges 0.23%/yr vs 0.04%/yr for ILCG.

Performance

IWP vs. ILCG - Performance Comparison

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

Returns By Period

In the year-to-date period, IWP achieves a 4.85% return, which is significantly lower than ILCG's 15.66% return. Over the past 10 years, IWP has underperformed ILCG with an annualized return of 12.51%, while ILCG has yielded a comparatively higher 18.27% annualized return.

IWP

• 1D: -0.18%
• 1M: 5.41%
• YTD: 4.85%
• 6M: 4.45%
• 1Y: 7.95%
• 3Y*: 16.29%
• 5Y*: 7.09%
• 10Y*: 12.51%

ILCG

• 1D: 0.13%
• 1M: 8.76%
• YTD: 15.66%
• 6M: 15.63%
• 1Y: 31.81%
• 3Y*: 26.98%
• 5Y*: 15.51%
• 10Y*: 18.27%

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

IWP vs. ILCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWP iShares Russell Mid-Cap Growth ETF	4.85%	8.45%	21.86%	25.70%	-26.90%	12.60%	35.25%	35.04%	-4.89%	24.93%
ILCG iShares Morningstar Growth ETF	15.66%	16.71%	32.82%	40.41%	-31.75%	24.33%	38.56%	33.22%	2.06%	30.57%

Correlation

The correlation between IWP and ILCG is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.90

The correlation between IWP and ILCG shifts across timeframes, from 0.75 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

IWP vs. ILCG - Sectors Allocation Comparison

Sectors	IWP	ILCG
Industrials	24.2%	8.3%
Consumer Cyclical	21.1%	10.6%
Technology	20.0%	49.8%
Healthcare	13.5%	5.3%
Financial Services	6.9%	6.0%
Communication Services	4.2%	14.5%
Energy	3.8%	0.5%
Utilities	2.9%	0.8%
Consumer Defensive	1.5%	1.6%
Real Estate	1.4%	1.4%
Basic Materials	0.4%	1.1%

Return for Risk

IWP vs. ILCG — Risk / Return Rank

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

IWP

IWP Risk / Return Rank: 16
IWP Sharpe Ratio Rank: 16
IWP Sortino Ratio Rank: 16
IWP Omega Ratio Rank: 15
IWP Calmar Ratio Rank: 15
IWP Martin Ratio Rank: 16

ILCG

ILCG Risk / Return Rank: 51
ILCG Sharpe Ratio Rank: 57
ILCG Sortino Ratio Rank: 54
ILCG Omega Ratio Rank: 55
ILCG Calmar Ratio Rank: 42
ILCG Martin Ratio Rank: 45

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. ILCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Growth ETF (IWP) and iShares Morningstar Growth ETF (ILCG). 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	ILCG	Difference
Sharpe ratio Return per unit of total volatility	0.48	1.96	-1.48
Sortino ratio Return per unit of downside risk	0.80	2.61	-1.82
Omega ratio Gain probability vs. loss probability	1.09	1.34	-0.25
Calmar ratio Return relative to maximum drawdown	0.56	2.09	-1.52
Martin ratio Return relative to average drawdown	1.64	7.37	-5.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWP vs. ILCG - Sharpe Ratio Comparison

The current IWP Sharpe Ratio is 0.48, which is lower than the ILCG Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of IWP and ILCG, 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

	IWP	ILCG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	1.96	-1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.71	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.85	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.59	-0.16

Drawdowns

IWP vs. ILCG - Drawdown Comparison

The maximum IWP drawdown since its inception was -56.92%, which is greater than ILCG's maximum drawdown of -52.98%. Use the drawdown chart below to compare losses from any high point for IWP and ILCG.

Drawdown Indicators

	IWP	ILCG	Difference
Max Drawdown Largest peak-to-trough decline	-56.92%	-52.98%	-3.94%
Max Drawdown (1Y) Largest decline over 1 year	-14.79%	-15.65%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-25.20%	-23.10%	-2.10%
Max Drawdown (5Y) Largest decline over 5 years	-38.62%	-35.38%	-3.24%
Max Drawdown (10Y) Largest decline over 10 years	-38.62%	-35.38%	-3.24%
Current Drawdown Current decline from peak	-1.07%	0.00%	-1.07%
Average Drawdown Average peak-to-trough decline	-9.69%	-8.22%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	4.43%	+0.63%

Volatility

IWP vs. ILCG - Volatility Comparison

The current volatility for iShares Russell Mid-Cap Growth ETF (IWP) is 3.49%, while iShares Morningstar Growth ETF (ILCG) has a volatility of 4.18%. This indicates that IWP experiences smaller price fluctuations and is considered to be less risky than ILCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWP	ILCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	4.18%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	12.60%	12.77%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.47%	16.28%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.31%	22.00%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.68%	21.53%	+0.15%

IWP vs. ILCG - Expense Ratio Comparison

IWP has a 0.23% expense ratio, which is higher than ILCG's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IWP vs. ILCG - Dividend Comparison

IWP's dividend yield for the trailing twelve months is around 0.32%, less than ILCG's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCG iShares Morningstar Growth ETF	0.40%	0.47%	0.50%	0.69%	0.75%	0.34%	0.28%	0.54%	0.81%	0.89%	0.95%	0.99%
IWP iShares Russell Mid-Cap Growth ETF	0.32%	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 ILCG in my portfolio?

IWP and ILCG have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWP or ILCG?

ILCG has higher volatility (4.18%) compared to IWP (3.49%). In terms of maximum drawdown, IWP dropped -56.92% vs ILCG's -52.98%.

Which ETF is better, IWP or ILCG?

On 10-year performance, ILCG leads with 18.27% vs 12.51% for IWP. On fees, ILCG is cheaper at 0.04% per year. On volatility, IWP has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWP or ILCG?

Over the 10-year period, ILCG has performed better with a 18.27% return vs 12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWP or ILCG?

ILCG is cheaper with a 0.04% expense ratio, compared with 0.23% for IWP.

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

ILCG has the higher dividend yield at 0.40%, compared with 0.32% for IWP.

What is the main difference between IWP and ILCG?

IWP is categorized as Mid Cap Growth Equities, while ILCG is Large Cap Growth Equities. IWP tracks Russell Midcap Growth Index, while ILCG tracks Morningstar US Large-Mid Cap Broad Growth Index Gross. Their fees differ too: 0.23% for IWP and 0.04% for ILCG.

Which has better risk-adjusted returns?

ILCG currently has the higher Sharpe Ratio (1.96 vs 0.48), 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.