MARFX vs. IMCG

Last updated Jun 4, 2026

MARFX (BlackRock Mid-Cap Value Fund) and IMCG (iShares Morningstar Mid-Cap Growth ETF) are both funds - MARFX is a Mid Cap Value Equities fund managed by BlackRock, while IMCG is a Mid Cap Growth Equities fund tracking the Morningstar US Mid Cap Broad Growth Index. Over the past 10 years, MARFX returned 11.09%/yr vs 14.46%/yr for IMCG. Their correlation of 0.84 suggests significant overlap in exposure. MARFX charges 0.74%/yr vs 0.06%/yr for IMCG.

Performance

MARFX vs. IMCG - Performance Comparison

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

Returns By Period

In the year-to-date period, MARFX achieves a 11.39% return, which is significantly lower than IMCG's 20.05% return. Over the past 10 years, MARFX has underperformed IMCG with an annualized return of 11.09%, while IMCG has yielded a comparatively higher 14.46% annualized return.

MARFX

• 1D: 1.11%
• 1M: 6.32%
• YTD: 11.39%
• 6M: 12.61%
• 1Y: 24.24%
• 3Y*: 14.08%
• 5Y*: 8.19%
• 10Y*: 11.09%

IMCG

• 1D: -0.26%
• 1M: 8.33%
• YTD: 20.05%
• 6M: 18.28%
• 1Y: 23.35%
• 3Y*: 18.91%
• 5Y*: 8.62%
• 10Y*: 14.46%

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

MARFX vs. IMCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MARFX BlackRock Mid-Cap Value Fund	11.39%	13.68%	6.71%	12.58%	-4.06%	26.43%	7.21%	29.57%	-9.55%	8.79%
IMCG iShares Morningstar Mid-Cap Growth ETF	20.05%	6.55%	18.14%	20.73%	-25.79%	15.39%	45.64%	35.70%	-3.68%	25.57%

Correlation

The correlation between MARFX and IMCG is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.84

The correlation between MARFX and IMCG has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

Return for Risk

MARFX vs. IMCG — Risk / Return Rank

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

MARFX

MARFX Risk / Return Rank: 47
MARFX Sharpe Ratio Rank: 47
MARFX Sortino Ratio Rank: 47
MARFX Omega Ratio Rank: 41
MARFX Calmar Ratio Rank: 50
MARFX Martin Ratio Rank: 50

IMCG

IMCG Risk / Return Rank: 44
IMCG Sharpe Ratio Rank: 42
IMCG Sortino Ratio Rank: 42
IMCG Omega Ratio Rank: 40
IMCG Calmar Ratio Rank: 46
IMCG Martin Ratio Rank: 52

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.

MARFX vs. IMCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Mid-Cap Value Fund (MARFX) and iShares Morningstar Mid-Cap Growth ETF (IMCG). 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.

	MARFX	IMCG	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.51	+0.48
Sortino ratio: Return per unit of downside risk	2.88	2.18	+0.70
Omega ratio: Gain probability vs. loss probability	1.35	1.26	+0.08
Calmar ratio: Return relative to maximum drawdown	2.70	2.31	+0.40
Martin ratio: Return relative to average drawdown	10.23	8.97	+1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARFX vs. IMCG - Sharpe Ratio Comparison

The current MARFX Sharpe Ratio is 2.00, which is higher than the IMCG Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of MARFX and IMCG, 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

	MARFX	IMCG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	1.51	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.43	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.71	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.54	-0.06

Drawdowns

MARFX vs. IMCG - Drawdown Comparison

The maximum MARFX drawdown since its inception was -55.39%, smaller than the maximum IMCG drawdown of -58.96%. Use the drawdown chart below to compare losses from any high point for MARFX and IMCG.

Drawdown Indicators

	MARFX	IMCG	Difference
Max Drawdown Largest peak-to-trough decline	-55.39%	-58.96%	+3.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-10.17%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	-21.92%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	-20.07%	-35.08%	+15.01%
Max Drawdown (10Y) Largest decline over 10 years	-42.09%	-35.08%	-7.01%
Current Drawdown Current decline from peak	0.00%	-0.26%	+0.26%
Average Drawdown Average peak-to-trough decline	-8.01%	-9.22%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.61%	-0.10%

Volatility

MARFX vs. IMCG - Volatility Comparison

The current volatility for BlackRock Mid-Cap Value Fund (MARFX) is 3.18%, while iShares Morningstar Mid-Cap Growth ETF (IMCG) has a volatility of 4.65%. This indicates that MARFX experiences smaller price fluctuations and is considered to be less risky than IMCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARFX	IMCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	4.65%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	12.53%	-3.14%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	15.53%	-2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	20.17%	-4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.00%	20.51%	-1.51%

MARFX vs. IMCG - Expense Ratio Comparison

MARFX has a 0.74% expense ratio, which is higher than IMCG's 0.06% expense ratio.

Dividends

MARFX vs. IMCG - Dividend Comparison

MARFX's dividend yield for the trailing twelve months is around 10.17%, more than IMCG's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCG iShares Morningstar Mid-Cap Growth ETF	0.65%	0.78%	0.78%	0.85%	0.91%	0.41%	0.09%	0.30%	0.35%	0.45%	0.52%	0.38%
MARFX BlackRock Mid-Cap Value Fund	10.17%	11.33%	7.46%	3.70%	4.50%	11.16%	2.13%	3.95%	8.41%	22.19%	5.43%	15.72%

Frequently Asked Questions

Can I hold both MARFX and IMCG in my portfolio?

MARFX and IMCG have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MARFX or IMCG?

IMCG has higher volatility (4.65%) compared to MARFX (3.18%). In terms of maximum drawdown, MARFX dropped -55.39% vs IMCG's -58.96%.

Which has better risk-adjusted returns?

MARFX currently has the higher Sharpe Ratio (2.00 vs 1.51), 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.