HRTVX vs. IWM

Last updated Jun 4, 2026

HRTVX (Heartland Value Fund) and IWM (iShares Russell 2000 ETF) are both funds - HRTVX is a Small Cap Value Equities fund managed by Heartland, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past 10 years, HRTVX returned 11.89%/yr vs 10.93%/yr for IWM. Their correlation of 0.90 suggests significant overlap in exposure. HRTVX charges 1.04%/yr vs 0.19%/yr for IWM.

Performance

HRTVX vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Heartland Value Fund (HRTVX) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HRTVX achieves a 20.07% return, which is significantly higher than IWM's 17.07% return. Over the past 10 years, HRTVX has outperformed IWM with an annualized return of 11.89%, while IWM has yielded a comparatively lower 10.93% annualized return.

HRTVX

• 1D: 0.94%
• 1M: 2.89%
• YTD: 20.07%
• 6M: 21.31%
• 1Y: 41.37%
• 3Y*: 22.21%
• 5Y*: 11.41%
• 10Y*: 11.89%

IWM

• 1D: -1.37%
• 1M: 3.52%
• YTD: 17.07%
• 6M: 15.83%
• 1Y: 39.10%
• 3Y*: 17.88%
• 5Y*: 6.11%
• 10Y*: 10.93%

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

HRTVX vs. IWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HRTVX Heartland Value Fund	20.07%	15.94%	15.76%	17.15%	-10.04%	21.86%	13.12%	17.93%	-12.10%	8.45%
IWM iShares Russell 2000 ETF	17.07%	12.66%	11.38%	16.83%	-20.48%	14.54%	20.03%	25.39%	-11.12%	14.58%

Correlation

The correlation between HRTVX and IWM is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 30, 2000	0.90

The correlation between HRTVX and IWM has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

HRTVX vs. IWM — Risk / Return Rank

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

HRTVX

HRTVX Risk / Return Rank: 79
HRTVX Sharpe Ratio Rank: 80
HRTVX Sortino Ratio Rank: 77
HRTVX Omega Ratio Rank: 64
HRTVX Calmar Ratio Rank: 90
HRTVX Martin Ratio Rank: 84

IWM

IWM Risk / Return Rank: 62
IWM Sharpe Ratio Rank: 59
IWM Sortino Ratio Rank: 59
IWM Omega Ratio Rank: 53
IWM Calmar Ratio Rank: 70
IWM Martin Ratio Rank: 67

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.

HRTVX vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Heartland Value Fund (HRTVX) 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.

	HRTVX	IWM	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.05	+0.54
Sortino ratio: Return per unit of downside risk	3.69	2.85	+0.84
Omega ratio: Gain probability vs. loss probability	1.45	1.34	+0.11
Calmar ratio: Return relative to maximum drawdown	4.60	3.56	+1.03
Martin ratio: Return relative to average drawdown	15.84	12.64	+3.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HRTVX vs. IWM - Sharpe Ratio Comparison

The current HRTVX Sharpe Ratio is 2.59, which is comparable to the IWM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of HRTVX and IWM, 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

	HRTVX	IWM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.05	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.27	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.48	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.37	+0.23

Drawdowns

HRTVX vs. IWM - Drawdown Comparison

The maximum HRTVX drawdown since its inception was -61.68%, roughly equal to the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for HRTVX and IWM.

Drawdown Indicators

	HRTVX	IWM	Difference
Max Drawdown Largest peak-to-trough decline	-61.68%	-59.05%	-2.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-11.03%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	-27.50%	+4.33%
Max Drawdown (5Y) Largest decline over 5 years	-23.17%	-31.91%	+8.74%
Max Drawdown (10Y) Largest decline over 10 years	-46.31%	-41.13%	-5.18%
Current Drawdown Current decline from peak	-0.11%	-1.49%	+1.38%
Average Drawdown Average peak-to-trough decline	-9.04%	-10.77%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.10%	-0.35%

Volatility

HRTVX vs. IWM - Volatility Comparison

The current volatility for Heartland Value Fund (HRTVX) is 4.54%, while iShares Russell 2000 ETF (IWM) has a volatility of 5.75%. This indicates that HRTVX experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRTVX	IWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	5.75%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	13.53%	-1.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.83%	19.20%	-2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	22.52%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.04%	23.04%	-2.00%

HRTVX vs. IWM - Expense Ratio Comparison

HRTVX has a 1.04% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

HRTVX vs. IWM - Dividend Comparison

HRTVX's dividend yield for the trailing twelve months is around 7.73%, more than IWM's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRTVX Heartland Value Fund	7.73%	9.29%	8.91%	5.65%	3.01%	13.50%	0.76%	3.12%	7.26%	6.43%	3.56%	8.25%
IWM iShares Russell 2000 ETF	0.88%	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

Can I hold both HRTVX and IWM in my portfolio?

HRTVX 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.

Which is riskier, HRTVX or IWM?

IWM has higher volatility (5.75%) compared to HRTVX (4.54%). In terms of maximum drawdown, HRTVX dropped -61.68% vs IWM's -59.05%.

Which has better risk-adjusted returns?

HRTVX currently has the higher Sharpe Ratio (2.59 vs 2.05), 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.