HRNOX vs. IWM
HRNOX (Hood River New Opportunities Fund Institutional Class) and IWM (iShares Russell 2000 ETF) are both funds - HRNOX is a Diversified Portfolio fund managed by Hood River, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past year, HRNOX returned 50.32% vs 36.90% for IWM. Their correlation of 0.85 means they have usually moved in the same direction. HRNOX charges 0.95%/yr vs 0.19%/yr for IWM.
Performance
HRNOX vs. IWM - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with HRNOX having a 17.95% return and IWM slightly higher at 18.79%.
HRNOX
- 1D
- 4.61%
- 1M
- -6.97%
- 6M
- 11.65%
- YTD
- 17.95%
- 1Y
- 50.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 45.64%
IWM
- 1D
- -0.48%
- 1M
- -2.14%
- 6M
- 12.62%
- YTD
- 18.79%
- 1Y
- 36.90%
- 3Y*
- 15.11%
- 5Y*
- 6.99%
- 10Y*
- 10.70%
- ALL TIME*
- 8.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $6.67B | $6.32B | $7.45B |
HRNOX vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HRNOX Hood River New Opportunities Fund Institutional Class | 17.95% | 35.76% | 31.31% |
IWM iShares Russell 2000 ETF | 18.79% | 12.66% | 8.79% |
Correlation
The correlation between HRNOX and IWM is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2024 | 0.85 |
The correlation between HRNOX and IWM has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HRNOX vs. IWM — Risk / Return Rank
HRNOX
IWM
HRNOX vs. IWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hood River New Opportunities Fund Institutional Class (HRNOX) 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.
| HRNOX | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.29 | 3.11 | +0.18 |
| Martin ratioReturn relative to average drawdown | 12.04 | 11.02 | +1.02 |
Loading charts...
Drawdowns
HRNOX vs. IWM - Drawdown Comparison
The maximum HRNOX drawdown since its inception was -31.44%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for HRNOX and IWM.
Loading charts...
Drawdown Indicators
| HRNOX | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.44% | -59.05% | +27.61% |
Max Drawdown (1Y)Largest decline over 1 year | -14.65% | -11.03% | -3.62% |
Max Drawdown (3Y)Largest decline over 3 years | — | -27.50% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -31.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.13% | — |
Current DrawdownCurrent decline from peak | -10.71% | -3.08% | -7.63% |
Average DrawdownAverage peak-to-trough decline | -5.04% | -10.71% | +5.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.99% | 3.11% | +0.88% |
Volatility
HRNOX vs. IWM - Volatility Comparison
Hood River New Opportunities Fund Institutional Class (HRNOX) has a higher volatility of 9.34% compared to iShares Russell 2000 ETF (IWM) at 3.82%. This indicates that HRNOX'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.
Loading charts...
Volatility by Period
| HRNOX | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.34% | 3.82% | +5.52% |
Volatility (6M)Calculated over the trailing 6-month period | 23.78% | 14.12% | +9.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.44% | 19.41% | +10.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.38% | 22.48% | +6.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.38% | 23.01% | +6.37% |
HRNOX vs. IWM - Expense Ratio Comparison
HRNOX has a 0.95% expense ratio, which is higher than IWM's 0.19% expense ratio.
Dividends
HRNOX vs. IWM - Dividend Comparison
HRNOX has not paid dividends to shareholders, while IWM's dividend yield for the trailing twelve months is around 0.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HRNOX Hood River New Opportunities Fund Institutional Class | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IWM iShares Russell 2000 ETF | 0.91% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
Frequently Asked Questions
HRNOX and IWM have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HRNOX has higher volatility (9.34%) compared to IWM (3.82%). In terms of maximum drawdown, HRNOX dropped -31.44% vs IWM's -59.05%.
IWM currently has the higher Sharpe Ratio (1.77 vs 1.64), 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.
Find the right allocation for HRNOX and IWM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer