IMCG vs SPY
iShares Morningstar Mid-Cap Growth ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IMCG or SPY?
Mid Cap Growth against Large Cap Blend.
IMCG has a lower expense ratio. IMCG led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.91. IMCG is less concentrated, with 12.3% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IMCG | SPY |
|---|---|---|
| Expense Ratio | 0.06%Best | 0.09% |
| AUM | $4.0B | $804.7B |
| Dividend Yield | 0.61% | 0.98% |
| Holdings | 265 | 505 |
| YTD Return | +18.31%Best | +12.47% |
| 1Y Return | +15.24% | +17.51%Best |
| 3Y Return (annualized) | +17.86% | +21.18%Best |
| 5Y Return (annualized) | +6.72% | +12.88%Best |
| Volatility (annualized) | 17.8% | 14.7%Best |
| Max Drawdown | -59.0% | -56.5%Best |
| $10,000 over 5 years | $13,843 | $18,327Best |
| Top 10 Weight | 12.3%Best | 38.0% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Jun 28, 2004 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 2, 2004 to Sep 11, 2026 (22.2 years).
IMCG vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 22.2 years both funds cover.
IMCG vs SPY Performance
iShares Morningstar Mid-Cap Growth ETF (IMCG) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year IMCG returned +15.24% while SPY returned +17.51%. Year to date, IMCG is up 18.31% versus a gain of 12.47% for SPY.
Over three years, IMCG compounded at +17.86% per year against +21.18% for SPY; over five years the annualized figures are +6.72% and +12.88% respectively. Across the full 22-year window we track, IMCG has the edge at +11.02% annualized vs +9.37%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IMCG has been the more volatile fund, with annualized monthly volatility of 17.8% compared with 14.7% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -59.0% for IMCG and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IMCG charges 0.06% per year while SPY charges 0.09%. On a $10,000 position that is $6 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, IMCG currently yields 0.61% against 0.98% for SPY.
Holdings Overlap
78.7% of IMCG's money is in holdings SPY also owns. 12.5% of SPY's money is in holdings IMCG also owns.
Most of IMCG is already inside SPY. Owning both mostly buys the same companies twice.
187 positions in common, counted across the 260 positions we hold weights for in IMCG and 504 in SPY, against full books of 265 and 505.
What only one of them owns
Our book lists 310 positions for SPY that do not appear in our book for IMCG (87.3% of the fund), and 68 for IMCG that do not appear in SPY (19.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in IMCG | Weight in SPY | Difference |
|---|---|---|---|
| FTNTFortinet Inc. | 1.35% | 0.16% | 1.19% |
| DELLDell Technologies Inc. | 1.23% | 0.20% | 1.03% |
| JCIJohnson Controls International Plc | 1.24% | 0.14% | 1.10% |
| CMICummins Inc. | 1.18% | 0.13% | 1.05% |
| DDOGDatadog Inc. Class A | 1.17% | 0.14% | 1.03% |
| RCLRoyal Caribbean Cruises Ltd. | 1.08% | 0.12% | 0.96% |
| DASHDoordash Inc | 1.03% | 0.12% | 0.91% |
| AONAon Plc | 1.02% | 0.11% | 0.91% |
| ORLYO'reilly Automotive, Inc. | 1.02% | 0.11% | 0.91% |
| MCOMoody'S Corp. | 0.97% | 0.11% | 0.86% |
78.7% of IMCG is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IMCG or SPY?
IMCG has an expense ratio of 0.06% while SPY charges 0.09%. IMCG is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, IMCG or SPY?
Over the past year IMCG returned +15.24% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), IMCG annualized +11.02% vs +9.37% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IMCG or SPY?
IMCG has been the more volatile fund at 17.8% annualized versus 14.7% for SPY. Worst drawdown: IMCG -59.0% vs SPY -56.5%.
Should I hold both IMCG and SPY?
IMCG and SPY have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between IMCG and SPY?
78.7% of IMCG's money is in holdings SPY also owns. 12.5% of SPY's is in holdings IMCG also owns. They hold 187 positions in common, counted across the 260 positions we hold weights for in IMCG and 504 in SPY.
Which pays a higher dividend, IMCG or SPY?
IMCG yields 0.61% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than IMCG?
IMCG has a lower expense ratio. IMCG led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.91. IMCG is less concentrated, with 12.3% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.