IMTM vs. IWM

Last updated Jun 4, 2026

IMTM (iShares MSCI Intl Momentum Factor ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - IMTM is a Momentum fund tracking the MSCI World ex USA Momentum, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, IMTM returned 10.29%/yr vs 10.93%/yr for IWM. A 0.62 correlation means they provide meaningful diversification when combined. IMTM charges 0.30%/yr vs 0.19%/yr for IWM.

Performance

IMTM vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Intl Momentum Factor ETF (IMTM) 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, IMTM achieves a 11.05% return, which is significantly lower than IWM's 17.07% return. Over the past 10 years, IMTM has underperformed IWM with an annualized return of 10.29%, while IWM has yielded a comparatively higher 10.93% annualized return.

IMTM

• 1D: -0.39%
• 1M: 4.43%
• YTD: 11.05%
• 6M: 14.04%
• 1Y: 23.92%
• 3Y*: 21.55%
• 5Y*: 9.00%
• 10Y*: 10.29%

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)

IMTM vs. IWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMTM iShares MSCI Intl Momentum Factor ETF	11.05%	34.50%	12.17%	13.89%	-16.81%	3.50%	22.17%	24.52%	-14.31%	25.46%
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 IMTM and IWM is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 27, 2015	0.62

The correlation between IMTM and IWM has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

IMTM vs. IWM - Sectors Allocation Comparison

Sectors	IMTM	IWM
Financial Services	29.6%	15.8%
Industrials	17.5%	17.1%
Technology	11.4%	19.5%
Energy	9.4%	6.0%
Basic Materials	9.3%	4.5%
Healthcare	9.0%	15.8%
Utilities	6.4%	3.0%
Consumer Defensive	2.4%	2.1%
Communication Services	1.9%	2.0%
Consumer Cyclical	1.8%	7.8%
Real Estate	1.2%	5.7%

Return for Risk

IMTM vs. IWM — Risk / Return Rank

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

IMTM

IMTM Risk / Return Rank: 40
IMTM Sharpe Ratio Rank: 39
IMTM Sortino Ratio Rank: 39
IMTM Omega Ratio Rank: 39
IMTM Calmar Ratio Rank: 37
IMTM Martin Ratio Rank: 45

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.

IMTM vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Momentum Factor ETF (IMTM) 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.

	IMTM	IWM	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.05	-0.64
Sortino ratio: Return per unit of downside risk	2.07	2.85	-0.78
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	1.87	3.56	-1.69
Martin ratio: Return relative to average drawdown	7.46	12.64	-5.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMTM vs. IWM - Sharpe Ratio Comparison

The current IMTM Sharpe Ratio is 1.41, which is lower than the IWM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of IMTM 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

	IMTM	IWM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	2.05	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.27	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.48	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.37	+0.14

Drawdowns

IMTM vs. IWM - Drawdown Comparison

The maximum IMTM drawdown since its inception was -32.66%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for IMTM and IWM.

Drawdown Indicators

	IMTM	IWM	Difference
Max Drawdown Largest peak-to-trough decline	-32.66%	-59.05%	+26.39%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-11.03%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-12.85%	-27.50%	+14.65%
Max Drawdown (5Y) Largest decline over 5 years	-32.66%	-31.91%	-0.75%
Max Drawdown (10Y) Largest decline over 10 years	-32.66%	-41.13%	+8.47%
Current Drawdown Current decline from peak	-0.39%	-1.49%	+1.10%
Average Drawdown Average peak-to-trough decline	-7.45%	-10.77%	+3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.10%	+0.11%

Volatility

IMTM vs. IWM - Volatility Comparison

iShares MSCI Intl Momentum Factor ETF (IMTM) and iShares Russell 2000 ETF (IWM) have volatilities of 5.48% and 5.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMTM	IWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	5.75%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	14.98%	13.53%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	19.20%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	22.52%	-4.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	23.04%	-5.40%

IMTM vs. IWM - Expense Ratio Comparison

IMTM has a 0.30% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

IMTM vs. IWM - Dividend Comparison

IMTM's dividend yield for the trailing twelve months is around 4.23%, more than IWM's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMTM iShares MSCI Intl Momentum Factor ETF	4.23%	4.70%	2.93%	2.29%	2.68%	2.51%	0.97%	2.13%	2.36%	1.92%	2.75%	1.56%
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 IMTM and IWM in my portfolio?

IMTM and IWM have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMTM or IWM?

IWM has higher volatility (5.75%) compared to IMTM (5.48%). In terms of maximum drawdown, IMTM dropped -32.66% vs IWM's -59.05%.

Which ETF is better, IMTM or IWM?

On 10-year performance, IWM leads with 10.93% vs 10.29% for IMTM. On fees, IWM is cheaper at 0.19% per year. On volatility, IMTM has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMTM or IWM?

Over the 10-year period, IWM has performed better with a 10.93% return vs 10.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMTM or IWM?

IWM is cheaper with a 0.19% expense ratio, compared with 0.30% for IMTM.

Which ETF pays a higher dividend yield, IMTM or IWM?

IMTM has the higher dividend yield at 4.23%, compared with 0.88% for IWM.

What is the main difference between IMTM and IWM?

IMTM is categorized as Momentum, while IWM is Small Cap Blend Equities. IMTM tracks MSCI World ex USA Momentum, while IWM tracks Russell 2000 Index. Their fees differ too: 0.30% for IMTM and 0.19% for IWM.

Which has better risk-adjusted returns?

IWM currently has the higher Sharpe Ratio (2.05 vs 1.41), 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.