ILCG vs PWB: Grades, Fees and Holdings Compared

iShares Morningstar Growth ETF

ILCGANYSE Arca

Invesco Large Cap Growth ETF

PWBCNYSE Arca

Overlap

42.3%by weight

Expense ratio

ILCG −0.51pt a year

ILCG0.04%PWB0.55%

Avg volume · 30D

PWB 1.5×the volume

ILCG70.4KPWB107K

10Y return · a year

ILCG+17.3%PWB+17.3%

ILCG vs PWB Performance

Oct 29, 2021 – Oct 30, 2026

+59.5%ILCG+88.0%PWB

Expense ratio: ILCG 0.04%, better; PWB 0.55%
Fund size: ILCG $3B; PWB $2.53B
1Y total return: ILCG +3.2%; PWB +13.2%, better
Yield (12M): ILCG 0.44%, better; PWB 0.00%
Holdings: ILCG 328; PWB 52
Avg volume (30D): ILCG 70.4K sh; PWB 107K sh, better
NAV per share: ILCG $109.98; PWB $147.74
52W range

ETF.net Grade

Pillar letters and Scores for ILCG, PWB, with each pillar’s weight
Pillar	ILCG	PWB
Cost30% weight	A96Higher	F12
Mission25% weight	A100Higher	A84
Risk15% weight	C44	C51Higher
Tradability15% weight	B64	A73Higher
Holdings10% weight	C49	B66Higher
Durability5% weight	B64Higher	B59

Rank among US Growth Index funds

How we build Categories ›

Same Category. ILCG and PWB are both graded against the same 35 US Growth Index funds, so their Grades compare head to head.

US Growth Index⁠

Category · 35 funds

See all 35 ›

ILCG ranks 2nd and PWB 26th of 35 funds in the US Growth Index Category.

Rank 1ASPYGState Street SPDR Portfolio S&P 500 Growth ETFScore 84
Rank 2AILCGiShares Morningstar Growth ETFScore 78
Rank 2AIMCGiShares Morningstar Mid-Cap Growth ETFScore 78
Rank 24CGFLWVictoryshares Free Cash Flow Growth ETFScore 53
Rank 26CPWBInvesco Large Cap Growth ETFScore 52
Rank 27CBKLGBNY Mellon US Large Cap Equity Growth ETFScore 51

Our read on each fund

ETF.net Research

ILCGAiShares Morningstar Growth ETF

PWBCInvesco Large Cap Growth ETF

In short

ILCG Growth by Morningstar's rulebook. A 2004-vintage iShares fund that screens large and mid caps for above-average earnings, sales, cash-flow and book-value growth, and charges four basis points to do it.

PWB Smart beta before it had a name. Since 2005, PWB has run a rules-based Intellidex screen down to about 50 large-cap growth names instead of owning the whole growth index by size.

Stated mandate

ILCG The fund aims to follow an index of U.S. large- and mid-cap stocks chosen for above-average earnings, sales, cash-flow, and book-value growth.

PWB The Fund seeks capital appreciation by tracking the Dynamic Large Cap Growth IntellidexSM Index.

Why people hold it

ILCG 0.04% a year. The typical fund in its factor peer group charges roughly eight times that, so almost none of the return leaks out the fee door.
Uses Morningstar's growth definition (earnings, sales, cash flow, book value) rather than S&P's or Russell's, and reaches into mid caps, not just the S&P 500.ishares.com
Trading since 2004, a multi-billion-dollar fund holding roughly 300 stocks. Long-running plumbing, not a launch-week experiment.
Tracking has been tight, and the fund sits in the upper half of its factor cohort overall, with cost doing much of the heavy lifting.

PWB Live since 2005, making it one of the longest-running rules-based growth ETFs on the market, with two decades of history through multiple full market cycles.invesco.com
The Intellidex screen lands on roughly 50 names, so it behaves less like a cap-weighted growth index and more like a quant stock-picker in an index wrapper.
A billion-dollar-plus fund with moderate trading activity and one clearly stated job: capital appreciation by tracking the Dynamic Large Cap Growth Intellidex Index.

Worth knowing

ILCG Pure growth means no value ballast, and the ride has been bumpier than most funds in its factor group. The style can sit out of favor for long stretches.
Concentration runs high for the cohort: cap-weighted growth screens funnel a big share of the fund into the same handful of mega-cap names.
Moderately traded, not a tape leader. Sibling IUSG applies S&P's growth definition at the same 0.04%, so the pick is which index rulebook you prefer.

PWB At 0.55% a year, it runs roughly three times the 0.18% median for its growth cohort, and the cheapest peers (VUG, SCHG) charge 0.03% to 0.04%.
With about 50 holdings, single names and sector tilts carry real weight, so the ride can look quite different from a broad cap-weighted growth index.
The stated mandate is capital appreciation, not income, and the fund has not been a regular distribution payer.

Full ILCG profile⁠

Full PWB profile⁠

ILCG vs PWB Holdings

How ILCG and PWB differ

Overlap by weight

42.3%

Shared holdings make up 95.8% of PWB and 61.7% of ILCG.

Level by level

Holdings47 in both42.3%
Countryby domicile99.5%
Asset classEquity100%

Sector

No Sector split for PWB.

Country, concentration and asset class

Country by domicile

Country weights in ILCG and PWB, widest gap first
Country	More in ILCGMore in PWB	ILCG	PWB
United States	PWB +0.5 points	99.5%	100.0%
Other countries (5)	ILCG +0.5 points	0.5%	0.0%

Concentration

Weight in the 10 largest Holdings

ILCG49.8%
PWB36.1%

Securities held

ILCG325
PWB51

Asset class

ILCG: Equity
PWB: Equity

Holdings

Only in ILCG278
In both47
Only in PWB4

Only in ILCG

278 securities, 38.2% of ILCG by weight

Microsoft3.08%
Alphabet Class C2.43%
Tesla Inc2.26%
Ge Aerospace1.01%
Palo Alto Networks0.96%
Netflix0.84%
Crowdstrike Holdings Class A0.80%
Walmart0.69%
Marvell Technology0.55%
Welltower0.55%
Intuitive Surgical0.49%
Boeing0.44%
Servicenow0.35%
Oracle0.35%
Snowflake0.33%
Cadence Design Systems0.29%
Cloudflare Class A0.29%
Freeport Mcmoran Inc0.29%
Motorola Solutions Inc0.26%
Deere0.25%
Hilton Worldwide Holdings0.25%
Sandisk0.25%
Datadog Inc Class A0.25%
Royal Caribbean Group0.25%
Ecolab0.25%
Cintas0.24%
Moodys Corp0.24%
Oreilly Automotive Inc0.23%
Cummins Inc0.22%
Aon PLC Class A0.22%
Doordash Class A0.22%
Robinhood Markets Class A0.21%
Csx0.21%
Transdigm Group0.20%
Cencora0.20%
Applovin Class A0.20%
Bank of New York Mellon Corp0.20%
Marathon Petroleum0.20%
Ww Grainger Inc0.19%
Bloom Energy Class A0.19%
Fastenal0.19%
Equinix Reit0.18%
Eaton PLC0.18%
Natera0.18%
Emerson Electric0.18%
Baker Hughes Class A0.18%
Synopsys0.18%
Autodesk0.17%
Constellation Energy Corp0.17%
Autozone0.17%

Only in PWB

4 securities, 4.2% of PWB by weight

Lockheed Martin Corp1.67%
RTX Corp1.37%
Nebius Group NV1.12%
Invesco Government & Agency Portfolio0.03%

Weight gaps

All 47 Holdings in both funds, largest gap first.

Holding weights in ILCG and PWB, widest gap first
Holding	More in ILCGMore in PWB	ILCG	PWB
NVIDIANVDA	ILCG +12.03 points	15.40%	3.37%
AppleAAPL	ILCG +4.33 points	8.12%	3.79%
Costco Wholesale CorpCOST	PWB +2.86 points	0.63%	3.49%
Mastercard Class AMA	PWB +2.63 points	0.94%	3.57%
Intel CorporationINTC	PWB +2.55 points	0.99%	3.54%
Visa Class AV	PWB +2.45 points	1.14%	3.59%
Caterpillar IncCAT	PWB +2.17 points	0.51%	2.68%
Meta Platforms Class AMETA	PWB +2.09 points	1.59%	3.68%
Applied Material IncAMAT	PWB +1.95 points	1.00%	2.95%
Broadcom IncAVGO	ILCG +1.67 points	4.92%	3.25%
Micron TechnologyMU	PWB +1.60 points	1.77%	3.37%
United RentalsURI	PWB +1.48 points	0.16%	1.64%
Rockwell Automation IncROK	PWB +1.35 points	0.16%	1.51%
Texas InstrumentTXN	PWB +1.33 points	0.40%	1.73%
Ametek IncAME	PWB +1.32 points	0.18%	1.50%
Analog DevicesADI	PWB +1.32 points	0.35%	1.67%
Johnson Controls International PLCJCI	PWB +1.32 points	0.29%	1.61%
Keysight TechnologiesKEYS	PWB +1.32 points	0.17%	1.49%
Advanced Micro DevicesAMD	PWB +1.31 points	2.66%	3.97%
TjxTJX	PWB +1.27 points	0.19%	1.46%
Lumentum HoldingsLITE	PWB +1.26 points	0.24%	1.50%
Starbucks CorpSBUX	PWB +1.24 points	0.20%	1.44%
Dell Technologies Inc Class CDELL	PWB +1.24 points	0.28%	1.52%
Westinghouse Air Brake TechnologieWAB	PWB +1.24 points	0.15%	1.39%
Ross Stores IncROST	PWB +1.22 points	0.17%	1.39%
Quanta Services IncPWR	PWB +1.22 points	0.30%	1.52%
Monster BeverageMNST	PWB +1.16 points	0.21%	1.37%
CienaCIEN	PWB +1.15 points	0.15%	1.30%
Monolithic Power Systems IncMPWR	PWB +1.14 points	0.18%	1.32%
Vertiv Holdings Class AVRT	PWB +1.11 points	0.28%	1.39%
Comfort Systems UsaFIX	PWB +1.08 points	0.14%	1.22%
Amazon.com IncAMZN	ILCG +1.07 points	4.21%	3.14%
Airbnb Class AABNB	PWB +1.05 points	0.21%	1.26%
FortinetFTNT	PWB +1.03 points	0.27%	1.30%
TeradyneTER	PWB +1.02 points	0.14%	1.16%
CorningGLW	PWB +0.94 points	0.32%	1.26%
Howmet AerospaceHWM	PWB +0.86 points	0.26%	1.12%
Amphenol Corp Class AAPH	PWB +0.86 points	0.63%	1.49%
Western Digital CorpWDC	PWB +0.83 points	0.43%	1.26%
Arista NetworksANET	PWB +0.83 points	0.56%	1.39%
Seagate Technology Holdings PLCSTX	PWB +0.76 points	0.47%	1.23%
KlaKLAC	PWB +0.65 points	0.67%	1.32%
Ge VernovaGEV	PWB +0.64 points	0.74%	1.38%
Palantir Technologies Class APLTR	PWB +0.32 points	1.32%	1.64%
Alphabet Class AGOOGL	ILCG +0.26 points	3.01%	2.75%
Lam ResearchLRCX	PWB +0.19 points	0.97%	1.16%
Eli LillyLLY	PWB +0.08 points	3.66%	3.74%

All 325 ILCG holdings⁠All 51 PWB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ILCG vs PWB Cost

Overpaying PWB vs ILCG

$10,055

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ILCG 0.04%
$849
PWB 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

ILCG 0.04%
PWB 0.55%
Overpaying

Year by year

Year	ILCG	PWB	Overpaying
10	$73	$988	$915
20	$288	$3,790	$3,502
30	$849	$10,904	$10,055

Expense ratio

0.04%ILCG, cheaper
0.55%PWB

ILCG0.04%PWB0.55%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

ILCG 2nd cheapest of 35 funds

PWB 31st cheapest of 35 funds

ILCG vs PWB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCG 0.44%, better; PWB 0.00%
Payout (12M): ILCG $0.48; PWB None
Last payment: ILCG $0.14; PWB No data
Ex-dividend: ILCG Sep 15, 2026; PWB No data
Paid on: ILCG Sep 18, 2026; PWB No data
Frequency: ILCG Quarterly; PWB No data

Distribution history

Per share, 2017 to 2026, same scale for both

ILCGQuarterly · 40 paymentsAll ILCG payments⁠

PWB29 paymentsAll PWB payments⁠

ILCG vs PWB Risk

Fall from peak · 5 years

ILCG
PWB

Risk facts

VolatilityStd dev, 3 years: ILCG 17.8%, betterPWB 20.3%
Return per unit of riskSharpe ratio, 3 years: ILCG 1.06PWB 1.19, better
Worst fallMax drawdown, 5 years: ILCG −35.4%PWB −31.4%, better
Market sensitivityBeta, 5 years: ILCG 1.23PWB 1.22; Market = 1

ILCG and PWB in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026ILCG

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ILCG vs PWB

In short

Stated mandate

Why people hold it

Worth knowing

How ILCG and PWB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ILCG

Only in PWB

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The best growth ETF is the cheap one on the index you want

How ILCG and PWB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ILCG

Only in PWB

Weight gaps