NEAGX vs. IMCG

Last updated Jun 3, 2026

NEAGX (Needham Aggressive Growth Fund) and IMCG (iShares Morningstar Mid-Cap Growth ETF) are both funds - NEAGX is a Small Cap Growth Equities fund managed by Needham, while IMCG is a Mid Cap Growth Equities fund tracking the Morningstar US Mid Cap Broad Growth Index. Over the past 10 years, NEAGX returned 22.12%/yr vs 14.46%/yr for IMCG. Their correlation of 0.83 suggests significant overlap in exposure. NEAGX charges 1.86%/yr vs 0.06%/yr for IMCG.

Performance

NEAGX vs. IMCG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Needham Aggressive Growth Fund (NEAGX) 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, NEAGX achieves a 54.53% return, which is significantly higher than IMCG's 20.05% return. Over the past 10 years, NEAGX has outperformed IMCG with an annualized return of 22.12%, while IMCG has yielded a comparatively lower 14.46% annualized return.

NEAGX

• 1D: 1.06%
• 1M: 12.81%
• YTD: 54.53%
• 6M: 59.73%
• 1Y: 93.95%
• 3Y*: 37.18%
• 5Y*: 22.53%
• 10Y*: 22.12%

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)

NEAGX vs. IMCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEAGX Needham Aggressive Growth Fund	54.53%	26.40%	14.31%	37.65%	-27.53%	37.56%	51.53%	43.82%	-16.09%	8.75%
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 NEAGX and IMCG is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jul 6, 2004	0.83

The correlation between NEAGX and IMCG has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

NEAGX vs. IMCG — Risk / Return Rank

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

NEAGX

NEAGX Risk / Return Rank: 92
NEAGX Sharpe Ratio Rank: 97
NEAGX Sortino Ratio Rank: 87
NEAGX Omega Ratio Rank: 84
NEAGX Calmar Ratio Rank: 97
NEAGX Martin Ratio Rank: 97

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.

NEAGX vs. IMCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Needham Aggressive Growth Fund (NEAGX) 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.

	NEAGX	IMCG	Difference
Sharpe ratio Return per unit of total volatility	3.67	1.51	+2.16
Sortino ratio Return per unit of downside risk	4.19	2.18	+2.01
Omega ratio Gain probability vs. loss probability	1.56	1.26	+0.30
Calmar ratio Return relative to maximum drawdown	6.60	2.31	+4.29
Martin ratio Return relative to average drawdown	26.66	8.97	+17.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NEAGX vs. IMCG - Sharpe Ratio Comparison

The current NEAGX Sharpe Ratio is 3.67, which is higher than the IMCG Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of NEAGX 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

	NEAGX	IMCG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.67	1.51	+2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.43	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.71	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.54	+0.11

Drawdowns

NEAGX vs. IMCG - Drawdown Comparison

The maximum NEAGX drawdown since its inception was -41.80%, smaller than the maximum IMCG drawdown of -58.96%. Use the drawdown chart below to compare losses from any high point for NEAGX and IMCG.

Drawdown Indicators

	NEAGX	IMCG	Difference
Max Drawdown Largest peak-to-trough decline	-41.80%	-58.96%	+17.16%
Max Drawdown (1Y) Largest decline over 1 year	-14.01%	-10.17%	-3.84%
Max Drawdown (3Y) Largest decline over 3 years	-28.49%	-21.92%	-6.57%
Max Drawdown (5Y) Largest decline over 5 years	-36.31%	-35.08%	-1.23%
Max Drawdown (10Y) Largest decline over 10 years	-36.31%	-35.08%	-1.23%
Current Drawdown Current decline from peak	-0.07%	-0.26%	+0.19%
Average Drawdown Average peak-to-trough decline	-8.67%	-9.22%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	2.61%	+0.86%

Volatility

NEAGX vs. IMCG - Volatility Comparison

Needham Aggressive Growth Fund (NEAGX) has a higher volatility of 9.81% compared to iShares Morningstar Mid-Cap Growth ETF (IMCG) at 4.65%. This indicates that NEAGX's price experiences larger fluctuations and is considered to be riskier than IMCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NEAGX	IMCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.81%	4.65%	+5.16%
Volatility (6M) Calculated over the trailing 6-month period	20.26%	12.53%	+7.73%
Volatility (1Y) Calculated over the trailing 1-year period	25.69%	15.53%	+10.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.53%	20.17%	+4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.13%	20.51%	+3.62%

NEAGX vs. IMCG - Expense Ratio Comparison

NEAGX has a 1.86% expense ratio, which is higher than IMCG's 0.06% expense ratio.

Dividends

NEAGX vs. IMCG - Dividend Comparison

NEAGX's dividend yield for the trailing twelve months is around 1.38%, 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%
NEAGX Needham Aggressive Growth Fund	1.38%	2.14%	0.00%	0.00%	0.00%	7.10%	3.91%	10.64%	16.57%	5.17%	6.72%	11.88%

Frequently Asked Questions

Can I hold both NEAGX and IMCG in my portfolio?

NEAGX and IMCG have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEAGX or IMCG?

NEAGX has higher volatility (9.81%) compared to IMCG (4.65%). In terms of maximum drawdown, NEAGX dropped -41.80% vs IMCG's -58.96%.

Which has better risk-adjusted returns?

NEAGX currently has the higher Sharpe Ratio (3.67 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.