iMGP Berkshire Dividend Growth ETF (BDVG.US)

iMGP Berkshire Dividend Growth ETF (BDVG.US) has delivered strong annualized growth of 14.6% over the last 10 years. A $10,000 investment at the start of the period would have grown to approximately $39,052, representing a total return of 291%. Over this period, BDVG.US generated positive annual returns in 10 out of 10 calendar years (100%).

The best single calendar year for BDVG.US was 2026, with a return of +15.9%. The worst year was 2024, when the asset declined 11.7%. This spread between best and worst year is a useful indicator of the range of outcomes an investor might have experienced in a given 12-month window.

The asset's Sharpe ratio of 0.97 is considered strong on a risk-adjusted basis. The Sharpe ratio measures return earned above the risk-free rate per unit of total volatility — a higher reading indicates more efficient return generation relative to the risk taken. Investors focused on risk-adjusted outcomes should weigh this figure alongside absolute CAGR when making allocation decisions.

BDVG.US's annualized volatility of 11.1% is classified as low relative to the long-run US equity benchmark of approximately 15%. This below-average volatility profile suggests the asset has historically experienced smaller day-to-day price swings than the broad market, which may appeal to risk-conscious or income-oriented investors.

The asset's maximum peak-to-trough decline over the study period was 9.1% — a notable pullback. Drawdown magnitude is a critical consideration for investors who may need to liquidate positions during market stress, as a larger decline requires proportionally greater subsequent gains to recover to the prior peak. A 9% drawdown, for example, requires a 10% gain just to break even.

When evaluating BDVG.US for inclusion in a diversified US portfolio, it is important to note that historical volatility and drawdown metrics are backward-looking. They capture the risk environment of the past 10 years, which included the COVID-19 market crash (2020), the 2022 Federal Reserve rate hike cycle, and various geopolitical disruptions. Future risk may differ materially, particularly in response to structural changes in US monetary policy, sector regulation, or macroeconomic regime shifts.

The macroeconomic factor model attributes 60.3% of BDVG.US's return variance to US Value Equities. This means that when US Value Equities rises or falls sharply, BDVG.US tends to move in the same direction with meaningful magnitude. Investors who already hold significant exposure to this factor — through other funds or direct equity positions — should be aware of this concentration when sizing their BDVG.US allocation.

The second-largest macro driver is Short-Term Interest Rates, contributing 30.3% of variance. 2.6% of BDVG.US's risk is attributable to idiosyncratic, stock-specific factors that are uncorrelated with the broader macro drivers. A higher idiosyncratic share generally indicates that the fund's performance is more dependent on the security selection or holdings composition of the individual underlying assets, rather than broad market forces.

For US investors building a diversified multi-asset portfolio, understanding BDVG.US's factor exposures helps assess its marginal contribution to overall portfolio risk. Adding BDVG.US alongside assets with low correlation to US Value Equities — such as US Treasury bonds, commodities, or assets with significant developed-market ex-US exposure — can reduce the overall portfolio's sensitivity to any single macroeconomic theme.