IVOV vs. IWS

Last updated Aug 2, 2026

IVOV (Vanguard S&P Mid-Cap 400 Value ETF) and IWS (iShares Russell Mid-Cap Value ETF) are both Mid Cap Value Equities funds - IVOV tracks the S&P MidCap 400 Value Index while IWS tracks the Russell Midcap Value Index. Both are passively managed. Over the past 10 years, IVOV returned 10.61%/yr vs 10.30%/yr for IWS. Their correlation of 0.91 means they have usually moved in the same direction. IVOV charges 0.10%/yr vs 0.23%/yr for IWS.

Performance

IVOV vs. IWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and iShares Russell Mid-Cap Value ETF (IWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOV achieves a 13.17% return, which is significantly lower than IWS's 19.19% return. Both investments have delivered pretty close results over the past 10 years, with IVOV having a 10.61% annualized return and IWS not far behind at 10.30%.

IVOV

• 1D: -0.27%
• 1M: 0.84%
• 6M: 8.73%
• YTD: 13.17%
• 1Y: 22.84%
• 3Y*: 11.95%
• 5Y*: 9.15%
• 10Y*: 10.61%
• ALL TIME*: 11.75%

IWS

• 1D: -0.31%
• 1M: 0.62%
• 6M: 14.40%
• YTD: 19.19%
• 1Y: 27.66%
• 3Y*: 15.33%
• 5Y*: 9.45%
• 10Y*: 10.30%
• ALL TIME*: 9.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IVOV Vanguard S&P Mid-Cap 400 Value ETF	$975.54K	$1.11M	$1.64M
IWS iShares Russell Mid-Cap Value ETF	$90.38M	$82.14M	$73.71M

IVOV vs. IWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOV Vanguard S&P Mid-Cap 400 Value ETF	13.17%	7.61%	11.53%	15.38%	-7.20%	30.50%	3.70%	25.91%	-12.13%	12.22%
IWS iShares Russell Mid-Cap Value ETF	19.19%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%

Correlation

The correlation between IVOV and IWS is 0.93, 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.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.91

The correlation between IVOV and IWS has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

IVOV vs. IWS - Sectors Allocation Comparison

Sectors	IVOV	IWS
Financial Services	21.8%	16.3%
Industrials	19.2%	14.9%
Consumer Cyclical	13.9%	8.5%
Technology	10.3%	13.3%
Real Estate	9.5%	8.7%
Energy	6.3%	7.1%
Basic Materials	5.7%	5.9%
Consumer Defensive	4.8%	5.7%
Utilities	4.0%	7.2%
Healthcare	3.8%	9.9%
Communication Services	0.8%	2.4%

Return for Risk

IVOV vs. IWS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IVOV

IVOV Risk / Return Rank: 59
IVOV Sharpe Ratio Rank: 60
IVOV Sortino Ratio Rank: 65
IVOV Omega Ratio Rank: 56
IVOV Calmar Ratio Rank: 56
IVOV Martin Ratio Rank: 59

IWS

IWS Risk / Return Rank: 85
IWS Sharpe Ratio Rank: 84
IWS Sortino Ratio Rank: 85
IWS Omega Ratio Rank: 81
IWS Calmar Ratio Rank: 87
IWS Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IVOV vs. IWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and iShares Russell Mid-Cap Value ETF (IWS). 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.

	IVOV	IWS	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.94	-0.54
Sortino ratio: Return per unit of downside risk	2.13	2.81	-0.68
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.10
Calmar ratio: Return relative to maximum drawdown	1.98	3.47	-1.49
Martin ratio: Return relative to average drawdown	7.05	13.35	-6.30

IVOV vs. IWS - Sharpe Ratio Comparison

The current IVOV Sharpe Ratio is 1.40, which is comparable to the IWS Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of IVOV and IWS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IVOV vs. IWS - Drawdown Comparison

The maximum IVOV drawdown since its inception was -45.99%, smaller than the maximum IWS drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for IVOV and IWS.

Drawdown Indicators

	IVOV	IWS	Difference
Max Drawdown Largest peak-to-trough decline	-45.99%	-62.40%	+16.41%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-7.53%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-22.61%	-20.57%	-2.04%
Max Drawdown (5Y) Largest decline over 5 years	-22.61%	-21.23%	-1.38%
Max Drawdown (10Y) Largest decline over 10 years	-45.99%	-43.83%	-2.16%
Current Drawdown Current decline from peak	-1.21%	-1.38%	+0.17%
Average Drawdown Average peak-to-trough decline	-5.38%	-7.97%	+2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	1.95%	+1.02%

Volatility

IVOV vs. IWS - Volatility Comparison

Vanguard S&P Mid-Cap 400 Value ETF (IVOV) has a higher volatility of 3.31% compared to iShares Russell Mid-Cap Value ETF (IWS) at 2.96%. This indicates that IVOV's price experiences larger fluctuations and is considered to be riskier than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOV	IWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	2.96%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	9.98%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	13.46%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	17.26%	+2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.65%	19.30%	+2.35%

IVOV vs. IWS - Expense Ratio Comparison

IVOV has a 0.10% expense ratio, which is lower than IWS's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVOV vs. IWS - Dividend Comparison

IVOV's dividend yield for the trailing twelve months is around 1.61%, more than IWS's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.61%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%
IWS iShares Russell Mid-Cap Value ETF	1.30%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%

Frequently Asked Questions

Can I hold both IVOV and IWS in my portfolio?

With a correlation of 0.93, IVOV and IWS 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, IVOV or IWS?

IVOV has higher volatility (3.31%) compared to IWS (2.96%). In terms of maximum drawdown, IVOV dropped -45.99% vs IWS's -62.40%.

Which ETF is better, IVOV or IWS?

On 10-year performance, IVOV leads with 10.61% vs 10.30% for IWS. On fees, IVOV is cheaper at 0.10% per year. On volatility, IWS has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOV or IWS?

Over the 10-year period, IVOV has performed better with a 10.61% return vs 10.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOV or IWS?

IVOV is cheaper with a 0.10% expense ratio, compared with 0.23% for IWS.

Which ETF pays a higher dividend yield, IVOV or IWS?

IVOV has the higher dividend yield at 1.61%, compared with 1.30% for IWS.

What is the main difference between IVOV and IWS?

IVOV tracks S&P MidCap 400 Value Index, while IWS tracks Russell Midcap Value Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.10% for IVOV and 0.23% for IWS.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (1.94 vs 1.40), 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.