EPSV vs. IWN

Last updated Jun 4, 2026

EPSV (Harbor SMID Cap Value ETF) and IWN (iShares Russell 2000 Value ETF) are both Small Cap Value Equities funds. EPSV is actively managed, while IWN is passively managed. Over the past year, EPSV returned 46.19% vs 41.15% for IWN. Their correlation of 0.91 suggests significant overlap in exposure. EPSV charges 0.88%/yr vs 0.24%/yr for IWN.

Performance

EPSV vs. IWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor SMID Cap Value ETF (EPSV) and iShares Russell 2000 Value ETF (IWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPSV achieves a 26.42% return, which is significantly higher than IWN's 17.42% return.

EPSV

• 1D: -0.04%
• 1M: 7.26%
• YTD: 26.42%
• 6M: 26.98%
• 1Y: 46.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWN

• 1D: -1.31%
• 1M: 2.73%
• YTD: 17.42%
• 6M: 16.54%
• 1Y: 41.15%
• 3Y*: 17.66%
• 5Y*: 6.48%
• 10Y*: 10.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EPSV vs. IWN - Yearly Performance Comparison

	2026 (YTD)	2025
EPSV Harbor SMID Cap Value ETF	26.42%	20.91%
IWN iShares Russell 2000 Value ETF	17.42%	23.73%

Correlation

The correlation between EPSV and IWN is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 5, 2025	0.91

The correlation between EPSV and IWN has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

EPSV vs. IWN - Sectors Allocation Comparison

Sectors	EPSV	IWN
Industrials	24.9%	11.1%
Technology	22.7%	12.4%
Financial Services	19.1%	24.2%
Real Estate	7.5%	10.2%
Energy	6.1%	9.2%
Consumer Cyclical	5.8%	8.7%
Consumer Defensive	5.0%	2.0%
Basic Materials	4.3%	5.4%
Utilities	3.7%	5.7%
Healthcare	0.9%	8.8%
Communication Services	-	1.6%

Return for Risk

EPSV vs. IWN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EPSV

EPSV Risk / Return Rank: 83
EPSV Sharpe Ratio Rank: 81
EPSV Sortino Ratio Rank: 83
EPSV Omega Ratio Rank: 77
EPSV Calmar Ratio Rank: 88
EPSV Martin Ratio Rank: 86

IWN

IWN Risk / Return Rank: 74
IWN Sharpe Ratio Rank: 69
IWN Sortino Ratio Rank: 71
IWN Omega Ratio Rank: 64
IWN Calmar Ratio Rank: 86
IWN Martin Ratio Rank: 81

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EPSV vs. IWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor SMID Cap Value ETF (EPSV) and iShares Russell 2000 Value ETF (IWN). 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.

	EPSV	IWN	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.33	+0.30
Sortino ratio: Return per unit of downside risk	3.68	3.28	+0.41
Omega ratio: Gain probability vs. loss probability	1.46	1.40	+0.06
Calmar ratio: Return relative to maximum drawdown	5.19	4.89	+0.30
Martin ratio: Return relative to average drawdown	18.03	16.44	+1.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPSV vs. IWN - Sharpe Ratio Comparison

The current EPSV Sharpe Ratio is 2.62, which is comparable to the IWN Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of EPSV and IWN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EPSV	IWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.33	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.30	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.66	0.39	+2.27

Drawdowns

EPSV vs. IWN - Drawdown Comparison

The maximum EPSV drawdown since its inception was -8.93%, smaller than the maximum IWN drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for EPSV and IWN.

Drawdown Indicators

	EPSV	IWN	Difference
Max Drawdown Largest peak-to-trough decline	-8.93%	-61.55%	+52.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-8.45%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.70%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.08%	—
Current Drawdown Current decline from peak	-0.04%	-1.47%	+1.43%
Average Drawdown Average peak-to-trough decline	-1.67%	-10.16%	+8.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.51%	+0.06%

Volatility

EPSV vs. IWN - Volatility Comparison

Harbor SMID Cap Value ETF (EPSV) has a higher volatility of 6.05% compared to iShares Russell 2000 Value ETF (IWN) at 4.91%. This indicates that EPSV's price experiences larger fluctuations and is considered to be riskier than IWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPSV	IWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	4.91%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	11.86%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	17.81%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.14%	21.43%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	23.39%	-5.25%

EPSV vs. IWN - Expense Ratio Comparison

EPSV has a 0.88% expense ratio, which is higher than IWN's 0.24% expense ratio.

Dividends

EPSV vs. IWN - Dividend Comparison

EPSV's dividend yield for the trailing twelve months is around 2.28%, more than IWN's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPSV Harbor SMID Cap Value ETF	2.28%	2.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IWN iShares Russell 2000 Value ETF	1.46%	1.70%	1.80%	2.04%	2.12%	1.48%	1.60%	1.92%	1.99%	1.78%	1.74%	2.15%

Frequently Asked Questions

Can I hold both EPSV and IWN in my portfolio?

With a correlation of 0.91, EPSV and IWN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EPSV or IWN?

EPSV has higher volatility (6.05%) compared to IWN (4.91%). In terms of maximum drawdown, EPSV dropped -8.93% vs IWN's -61.55%.

Which ETF is better, EPSV or IWN?

On 1-year performance, EPSV leads with 46.19% vs 41.15% for IWN. On fees, IWN is cheaper at 0.24% per year. On volatility, IWN has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPSV or IWN?

Over the 1-year period, EPSV has performed better with a 46.19% return vs 41.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPSV or IWN?

IWN is cheaper with a 0.24% expense ratio, compared with 0.88% for EPSV.

Which ETF pays a higher dividend yield, EPSV or IWN?

EPSV has the higher dividend yield at 2.28%, compared with 1.46% for IWN.

What is the main difference between EPSV and IWN?

They also come from different issuers: Harbor and iShares. Their fees differ too: 0.88% for EPSV and 0.24% for IWN.

Which has better risk-adjusted returns?

EPSV currently has the higher Sharpe Ratio (2.62 vs 2.33), 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.