ISCG vs SPY
iShares Morningstar Small-Cap Growth ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ISCG or SPY?
Small Cap Growth against Large Cap Blend.
ISCG has a lower expense ratio. ISCG led over 1Y, SPY over 3Y, 5Y and the full window. ISCG is less concentrated, with 5.6% 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 | ISCG | SPY |
|---|---|---|
| Expense Ratio | 0.06%Best | 0.09% |
| AUM | $996M | $814.4B |
| Dividend Yield | 0.59% | 1.01% |
| Holdings | 939 | 505 |
| YTD Return | +13.82%Best | +13.78% |
| 1Y Return | +22.04%Best | +21.44% |
| 3Y Return (annualized) | +16.53% | +21.38%Best |
| 5Y Return (annualized) | +4.98% | +12.80%Best |
| Volatility (annualized) | 19.5% | 14.7%Best |
| Max Drawdown | -58.0% | -56.5%Best |
| $10,000 over 5 years | $12,751 | $18,262Best |
| Top 10 Weight | 5.6%Best | 38.0% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small 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 7, 2004 to Sep 3, 2026 (22.2 years).
ISCG 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.
ISCG vs SPY Performance
iShares Morningstar Small-Cap Growth ETF (ISCG) 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 ISCG returned +22.04% while SPY returned +21.44%. Year to date, ISCG is up 13.82% versus a gain of 13.78% for SPY.
Over three years, ISCG compounded at +16.53% per year against +21.38% for SPY; over five years the annualized figures are +4.98% and +12.80% respectively. Across the full 22-year window we track, SPY has the edge at +9.47% annualized vs +9.13%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ISCG has been the more volatile fund, with annualized monthly volatility of 19.5% 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 -58.0% for ISCG 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 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ISCG 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, ISCG currently yields 0.59% against 1.01% for SPY.
Holdings Overlap
6.8% of ISCG's money is in holdings SPY also owns. 0.9% of SPY's money is in holdings ISCG also owns.
ISCG and SPY share little of their money.
34 positions in common, counted across the 922 positions we hold weights for in ISCG and 504 in SPY, against full books of 939 and 505.
What only one of them owns
Our book lists 461 positions for SPY that do not appear in our book for ISCG (98.6% of the fund), and 865 for ISCG that do not appear in SPY (92.0%).
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 ISCG | Weight in SPY | Difference |
|---|---|---|---|
| NDSNNordson Corp | 0.49% | 0.02% | 0.47% |
| RLRalph Lauren Corp. Class A | 0.44% | 0.02% | 0.42% |
| GNRCGenerac Holdings, Inc. | 0.40% | 0.02% | 0.38% |
| ZBRAZebra Technologies Corp | 0.29% | 0.03% | 0.26% |
| IEXI D E X Corporation | 0.29% | 0.03% | 0.26% |
| PODDInsulet Corporation | 0.29% | 0.02% | 0.27% |
| DECKDeckers Outdoor Corp | 0.24% | 0.02% | 0.22% |
| AKAMAkamai Technologies Inc. | 0.23% | 0.03% | 0.20% |
| GILDGilead Sciences | 0.00% | 0.25% | 0.25% |
| HIIHuntington Ingalls Industries Inc. | 0.23% | 0.02% | 0.21% |
You are not choosing between two funds in isolation.
Whichever of ISCG and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ISCG or SPY?
ISCG has an expense ratio of 0.06% while SPY charges 0.09%. ISCG is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, ISCG or SPY?
Over the past year ISCG returned +22.04% vs +21.44% for SPY, so ISCG leads on 1-year performance. Over the longest common window we track (22 years), ISCG annualized +9.13% vs +9.47% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ISCG or SPY?
ISCG has been the more volatile fund at 19.5% annualized versus 14.7% for SPY. Worst drawdown: ISCG -58.0% vs SPY -56.5%.
Should I hold both ISCG and SPY?
ISCG and SPY have a monthly-return correlation of 0.87, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between ISCG and SPY?
6.8% of ISCG's money is in holdings SPY also owns. 0.9% of SPY's is in holdings ISCG also owns. They hold 34 positions in common, counted across the 922 positions we hold weights for in ISCG and 504 in SPY.
Which pays a higher dividend, ISCG or SPY?
ISCG yields 0.59% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than ISCG?
ISCG has a lower expense ratio. ISCG led over 1Y, SPY over 3Y, 5Y and the full window. ISCG is less concentrated, with 5.6% 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.