RFG vs. IMCG

Last updated Jun 24, 2026

RFG (Invesco S&P MidCap 400® Pure Growth ETF) and IMCG (iShares Morningstar Mid-Cap Growth ETF) are both exchange-traded funds - RFG is a Small Cap Growth Equities fund tracking the S&P Mid Cap 400 Pure Growth, while IMCG is a Mid Cap Growth Equities fund tracking the Morningstar US Mid Cap Broad Growth Index. Both are passively managed. Over the past 10 years, RFG returned 10.97%/yr vs 14.83%/yr for IMCG. Their correlation of 0.90 suggests significant overlap in exposure. RFG charges 0.35%/yr vs 0.06%/yr for IMCG.

Performance

RFG vs. IMCG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400® Pure Growth ETF (RFG) and iShares Morningstar Mid-Cap Growth ETF (IMCG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with RFG having a 20.79% return and IMCG slightly lower at 20.55%. Over the past 10 years, RFG has underperformed IMCG with an annualized return of 10.97%, while IMCG has yielded a comparatively higher 14.83% annualized return.

RFG

• 1D: -1.97%
• 1M: 2.77%
• YTD: 20.79%
• 6M: 18.16%
• 1Y: 33.12%
• 3Y*: 19.62%
• 5Y*: 7.71%
• 10Y*: 10.97%

IMCG

• 1D: -1.53%
• 1M: 5.21%
• YTD: 20.55%
• 6M: 18.49%
• 1Y: 23.77%
• 3Y*: 18.73%
• 5Y*: 7.83%
• 10Y*: 14.83%

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

RFG vs. IMCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RFG Invesco S&P MidCap 400® Pure Growth ETF	20.79%	8.80%	17.80%	16.42%	-21.70%	13.81%	32.86%	17.09%	-13.98%	20.46%
IMCG iShares Morningstar Mid-Cap Growth ETF	20.55%	6.55%	18.14%	20.73%	-25.79%	15.39%	45.64%	35.70%	-3.68%	25.57%

Correlation

The correlation between RFG and IMCG is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 7, 2006	0.90

The correlation between RFG and IMCG has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

RFG vs. IMCG - Sectors Allocation Comparison

Sectors	RFG	IMCG
Industrials	33.1%	25.3%
Technology	22.8%	34.9%
Healthcare	19.0%	6.9%
Energy	4.9%	1.7%
Consumer Defensive	4.8%	1.2%
Consumer Cyclical	4.0%	9.1%
Financial Services	3.7%	8.6%
Basic Materials	2.9%	4.3%
Utilities	2.6%	2.5%
Real Estate	1.8%	3.1%
Communication Services	0.5%	2.4%

Return for Risk

RFG vs. IMCG — Risk / Return Rank

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

RFG

RFG Risk / Return Rank: 60
RFG Sharpe Ratio Rank: 55
RFG Sortino Ratio Rank: 54
RFG Omega Ratio Rank: 50
RFG Calmar Ratio Rank: 68
RFG Martin Ratio Rank: 73

IMCG

IMCG Risk / Return Rank: 45
IMCG Sharpe Ratio Rank: 42
IMCG Sortino Ratio Rank: 42
IMCG Omega Ratio Rank: 40
IMCG Calmar Ratio Rank: 49
IMCG Martin Ratio Rank: 54

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.

RFG vs. IMCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® Pure Growth ETF (RFG) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	RFG	IMCG	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.42	+0.30
Sortino ratio: Return per unit of downside risk	2.44	2.04	+0.40
Omega ratio: Gain probability vs. loss probability	1.30	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	3.20	2.35	+0.85
Martin ratio: Return relative to average drawdown	12.88	8.95	+3.93

RFG vs. IMCG - Sharpe Ratio Comparison

The current RFG Sharpe Ratio is 1.73, which is comparable to the IMCG Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of RFG 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.

Drawdowns

RFG vs. IMCG - Drawdown Comparison

The maximum RFG drawdown since its inception was -51.93%, smaller than the maximum IMCG drawdown of -58.96%. Use the drawdown chart below to compare losses from any high point for RFG and IMCG.

Drawdown Indicators

	RFG	IMCG	Difference
Max Drawdown Largest peak-to-trough decline	-51.93%	-58.96%	+7.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-10.17%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-26.71%	-21.92%	-4.79%
Max Drawdown (5Y) Largest decline over 5 years	-35.16%	-35.08%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-42.92%	-35.08%	-7.84%
Current Drawdown Current decline from peak	-1.97%	-1.53%	-0.44%
Average Drawdown Average peak-to-trough decline	-8.95%	-9.20%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.66%	-0.08%

Volatility

RFG vs. IMCG - Volatility Comparison

The current volatility for Invesco S&P MidCap 400® Pure Growth ETF (RFG) is 6.67%, while iShares Morningstar Mid-Cap Growth ETF (IMCG) has a volatility of 7.43%. This indicates that RFG 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

	RFG	IMCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	7.43%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	15.63%	14.09%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	16.78%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.93%	20.37%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.07%	20.59%	+2.48%

RFG vs. IMCG - Expense Ratio Comparison

RFG has a 0.35% expense ratio, which is higher than IMCG's 0.06% expense ratio.

Dividends

RFG vs. IMCG - Dividend Comparison

RFG's dividend yield for the trailing twelve months is around 0.14%, less than IMCG's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCG iShares Morningstar Mid-Cap Growth ETF	0.62%	0.78%	0.78%	0.85%	0.91%	0.41%	0.09%	0.30%	0.35%	0.45%	0.52%	0.38%
RFG Invesco S&P MidCap 400® Pure Growth ETF	0.14%	0.43%	0.38%	0.99%	0.78%	0.05%	0.27%	0.64%	0.76%	0.66%	0.35%	0.61%

Frequently Asked Questions

Can I hold both RFG and IMCG in my portfolio?

With a correlation of 0.91, RFG and IMCG 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 is riskier, RFG or IMCG?

IMCG has higher volatility (7.43%) compared to RFG (6.67%). In terms of maximum drawdown, RFG dropped -51.93% vs IMCG's -58.96%.

Which ETF is better, RFG or IMCG?

On 10-year performance, IMCG leads with 14.83% vs 10.97% for RFG. On fees, IMCG is cheaper at 0.06% per year. On volatility, RFG has been the lower-risk option at 6.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFG or IMCG?

Over the 10-year period, IMCG has performed better with a 14.83% return vs 10.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFG or IMCG?

IMCG is cheaper with a 0.06% expense ratio, compared with 0.35% for RFG.

Which ETF pays a higher dividend yield, RFG or IMCG?

IMCG has the higher dividend yield at 0.62%, compared with 0.14% for RFG.

What is the main difference between RFG and IMCG?

RFG is categorized as Small Cap Growth Equities, while IMCG is Mid Cap Growth Equities. RFG tracks S&P Mid Cap 400 Pure Growth, while IMCG tracks Morningstar US Mid Cap Broad Growth Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for RFG and 0.06% for IMCG.

Which has better risk-adjusted returns?

RFG currently has the higher Sharpe Ratio (1.73 vs 1.42), 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.