^XAX vs. IWM
^XAX (NYSE American Composite Index) is an index, while IWM (iShares Russell 2000 ETF) is Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past 10 years, ^XAX returned 13.29%/yr vs 11.58%/yr for IWM. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
^XAX vs. IWM - Performance Comparison
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Returns By Period
In the year-to-date period, ^XAX achieves a 15.65% return, which is significantly lower than IWM's 20.47% return. Over the past 10 years, ^XAX has outperformed IWM with an annualized return of 13.29%, while IWM has yielded a comparatively lower 11.58% annualized return.
^XAX
- 1D
- -0.43%
- 1M
- -12.02%
- YTD
- 15.65%
- 6M
- 14.37%
- 1Y
- 38.43%
- 3Y*
- 25.28%
- 5Y*
- 19.59%
- 10Y*
- 13.29%
IWM
- 1D
- -0.96%
- 1M
- 3.82%
- YTD
- 20.47%
- 6M
- 17.64%
- 1Y
- 40.90%
- 3Y*
- 19.22%
- 5Y*
- 6.27%
- 10Y*
- 11.58%
^XAX vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^XAX NYSE American Composite Index | 15.65% | 46.53% | 2.00% | 11.10% | 20.66% | 45.17% | -7.51% | 11.36% | -13.87% | 15.31% |
IWM iShares Russell 2000 ETF | 20.47% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
Correlation
The correlation between ^XAX and IWM is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since May 26, 2000 | 0.61 |
Over the past year, the correlation between ^XAX and IWM has dropped to 0.38 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
^XAX vs. IWM — Risk / Return Rank
^XAX
IWM
^XAX vs. IWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYSE American Composite Index (^XAX) and iShares Russell 2000 ETF (IWM). 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.
| ^XAX | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.34 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 3.73 | -1.04 |
| Martin ratioReturn relative to average drawdown | 10.17 | 13.18 | -3.01 |
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Drawdowns
^XAX vs. IWM - Drawdown Comparison
The maximum ^XAX drawdown since its inception was -54.41%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for ^XAX and IWM.
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Drawdown Indicators
| ^XAX | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.41% | -59.05% | +4.64% |
Max Drawdown (1Y)Largest decline over 1 year | -14.37% | -11.03% | -3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -18.79% | -27.50% | +8.71% |
Max Drawdown (5Y)Largest decline over 5 years | -19.28% | -31.91% | +12.63% |
Max Drawdown (10Y)Largest decline over 10 years | -52.59% | -41.13% | -11.46% |
Current DrawdownCurrent decline from peak | -14.33% | -0.96% | -13.37% |
Average DrawdownAverage peak-to-trough decline | -10.30% | -10.75% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 3.11% | +0.68% |
Volatility
^XAX vs. IWM - Volatility Comparison
NYSE American Composite Index (^XAX) has a higher volatility of 7.32% compared to iShares Russell 2000 ETF (IWM) at 6.56%. This indicates that ^XAX's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^XAX | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 6.56% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 17.45% | 14.31% | +3.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.50% | 19.74% | +1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.63% | 22.61% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.85% | 23.06% | -1.21% |
Frequently Asked Questions
^XAX and IWM have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^XAX has higher volatility (7.32%) compared to IWM (6.56%). In terms of maximum drawdown, ^XAX dropped -54.41% vs IWM's -59.05%.
IWM currently has the higher Sharpe Ratio (2.08 vs 1.80), 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.
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