HRTVX vs. IWM
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 12.24%/yr vs 11.63%/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
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Returns By Period
The year-to-date returns for both stocks are quite close, with HRTVX having a 21.36% return and IWM slightly lower at 21.03%. Both investments have delivered pretty close results over the past 10 years, with HRTVX having a 12.24% annualized return and IWM not far behind at 11.63%.
HRTVX
- 1D
- -0.36%
- 1M
- 2.91%
- YTD
- 21.36%
- 6M
- 19.59%
- 1Y
- 38.29%
- 3Y*
- 22.98%
- 5Y*
- 11.90%
- 10Y*
- 12.24%
IWM
- 1D
- 0.46%
- 1M
- 4.31%
- YTD
- 21.03%
- 6M
- 17.89%
- 1Y
- 39.77%
- 3Y*
- 19.40%
- 5Y*
- 6.33%
- 10Y*
- 11.63%
HRTVX vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HRTVX Heartland Value Fund | 21.36% | 15.94% | 15.76% | 17.15% | -10.04% | 21.86% | 13.12% | 17.93% | -12.10% | 8.45% |
IWM iShares Russell 2000 ETF | 21.03% | 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 0.89, 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 | 0.89 |
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 26, 2000 | 0.90 |
The correlation between HRTVX and IWM has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
HRTVX vs. IWM — Risk / Return Rank
HRTVX
IWM
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.
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.
| HRTVX | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.33 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.18 | 3.62 | +0.56 |
| Martin ratioReturn relative to average drawdown | 14.39 | 12.82 | +1.57 |
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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.
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Drawdown Indicators
| HRTVX | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.36% | -0.50% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -9.02% | -10.74% | +1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 3.11% | -0.35% |
Volatility
HRTVX vs. IWM - Volatility Comparison
The current volatility for Heartland Value Fund (HRTVX) is 4.88%, while iShares Russell 2000 ETF (IWM) has a volatility of 6.52%. 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.
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Volatility by Period
| HRTVX | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 6.52% | -1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 11.96% | 14.30% | -2.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.08% | 19.71% | -2.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.51% | 22.60% | -3.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.02% | 23.06% | -2.04% |
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 7.65%, more than IWM's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HRTVX Heartland Value Fund | 7.65% | 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 | 0.90% | 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
HRTVX and IWM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWM has higher volatility (6.52%) compared to HRTVX (4.88%). In terms of maximum drawdown, HRTVX dropped -61.68% vs IWM's -59.05%.
HRTVX currently has the higher Sharpe Ratio (2.33 vs 2.03), 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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