MDFGX vs. IJR

Last updated Jun 3, 2026

MDFGX (BlackRock Capital Appreciation Fund) and IJR (iShares Core S&P Small-Cap ETF) are both funds - MDFGX is a Large Cap Growth Equities fund managed by BlackRock, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Over the past 10 years, MDFGX returned 17.20%/yr vs 10.76%/yr for IJR. A 0.76 correlation means they provide meaningful diversification when combined. MDFGX charges 0.97%/yr vs 0.06%/yr for IJR.

Performance

MDFGX vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Capital Appreciation Fund (MDFGX) and iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MDFGX having a 15.64% return and IJR slightly higher at 16.42%. Over the past 10 years, MDFGX has outperformed IJR with an annualized return of 17.20%, while IJR has yielded a comparatively lower 10.76% annualized return.

MDFGX

• 1D: 1.11%
• 1M: 9.14%
• YTD: 15.64%
• 6M: 14.76%
• 1Y: 29.12%
• 3Y*: 25.86%
• 5Y*: 12.47%
• 10Y*: 17.20%

IJR

• 1D: 0.89%
• 1M: 1.64%
• YTD: 16.42%
• 6M: 16.87%
• 1Y: 34.85%
• 3Y*: 14.73%
• 5Y*: 5.90%
• 10Y*: 10.76%

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

MDFGX vs. IJR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDFGX BlackRock Capital Appreciation Fund	15.64%	12.63%	31.58%	48.77%	-37.83%	20.78%	40.16%	31.89%	1.81%	32.37%
IJR iShares Core S&P Small-Cap ETF	16.42%	5.89%	8.63%	16.06%	-16.20%	26.58%	11.28%	22.82%	-8.51%	13.15%

Correlation

The correlation between MDFGX and IJR is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since May 30, 2000	0.76

Over the past year, the correlation between MDFGX and IJR has dropped to 0.52 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

MDFGX vs. IJR — Risk / Return Rank

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

MDFGX

MDFGX Risk / Return Rank: 29
MDFGX Sharpe Ratio Rank: 36
MDFGX Sortino Ratio Rank: 31
MDFGX Omega Ratio Rank: 33
MDFGX Calmar Ratio Rank: 22
MDFGX Martin Ratio Rank: 24

IJR

IJR Risk / Return Rank: 64
IJR Sharpe Ratio Rank: 59
IJR Sortino Ratio Rank: 61
IJR Omega Ratio Rank: 55
IJR Calmar Ratio Rank: 77
IJR Martin Ratio Rank: 70

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.

MDFGX vs. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Capital Appreciation Fund (MDFGX) and iShares Core S&P Small-Cap ETF (IJR). 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.

	MDFGX	IJR	Difference
Sharpe ratio Return per unit of total volatility	1.76	2.00	-0.24
Sortino ratio Return per unit of downside risk	2.36	2.88	-0.52
Omega ratio Gain probability vs. loss probability	1.31	1.34	-0.04
Calmar ratio Return relative to maximum drawdown	1.81	3.96	-2.15
Martin ratio Return relative to average drawdown	6.17	13.21	-7.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDFGX vs. IJR - Sharpe Ratio Comparison

The current MDFGX Sharpe Ratio is 1.76, which is comparable to the IJR Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of MDFGX and IJR, 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

	MDFGX	IJR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.00	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.28	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.47	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.44	+0.02

Drawdowns

MDFGX vs. IJR - Drawdown Comparison

The maximum MDFGX drawdown since its inception was -47.99%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for MDFGX and IJR.

Drawdown Indicators

	MDFGX	IJR	Difference
Max Drawdown Largest peak-to-trough decline	-47.99%	-58.15%	+10.16%
Max Drawdown (1Y) Largest decline over 1 year	-16.74%	-8.68%	-8.06%
Max Drawdown (3Y) Largest decline over 3 years	-24.43%	-28.02%	+3.59%
Max Drawdown (5Y) Largest decline over 5 years	-42.49%	-28.02%	-14.47%
Max Drawdown (10Y) Largest decline over 10 years	-42.49%	-44.36%	+1.87%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-11.22%	-9.28%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	2.60%	+2.31%

Volatility

MDFGX vs. IJR - Volatility Comparison

The current volatility for BlackRock Capital Appreciation Fund (MDFGX) is 4.04%, while iShares Core S&P Small-Cap ETF (IJR) has a volatility of 4.46%. This indicates that MDFGX experiences smaller price fluctuations and is considered to be less risky than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDFGX	IJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	4.46%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	11.63%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	17.36%	17.51%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.45%	21.40%	+2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.52%	22.91%	-0.39%

MDFGX vs. IJR - Expense Ratio Comparison

MDFGX has a 0.97% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

MDFGX vs. IJR - Dividend Comparison

MDFGX's dividend yield for the trailing twelve months is around 16.87%, more than IJR's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJR iShares Core S&P Small-Cap ETF	1.14%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%
MDFGX BlackRock Capital Appreciation Fund	16.87%	19.51%	12.73%	3.59%	9.46%	12.95%	5.46%	10.67%	14.31%	12.51%	4.01%	11.22%

Frequently Asked Questions

Can I hold both MDFGX and IJR in my portfolio?

MDFGX and IJR have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDFGX or IJR?

IJR has higher volatility (4.46%) compared to MDFGX (4.04%). In terms of maximum drawdown, MDFGX dropped -47.99% vs IJR's -58.15%.

Which has better risk-adjusted returns?

IJR currently has the higher Sharpe Ratio (2.00 vs 1.76), 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.