IWC vs. VO
IWC (iShares Micro-Cap ETF) and VO (Vanguard Mid-Cap ETF) are both exchange-traded funds - IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index, while VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index. Both are passively managed. Over the past 10 years, IWC returned 11.98%/yr vs 11.93%/yr for VO. Their correlation of 0.85 suggests significant overlap in exposure. IWC charges 0.60%/yr vs 0.03%/yr for VO.
Performance
IWC vs. VO - Performance Comparison
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Returns By Period
In the year-to-date period, IWC achieves a 22.38% return, which is significantly higher than VO's 10.36% return. Both investments have delivered pretty close results over the past 10 years, with IWC having a 11.98% annualized return and VO not far behind at 11.93%.
IWC
- 1D
- -0.79%
- 1M
- 3.18%
- YTD
- 22.38%
- 6M
- 19.49%
- 1Y
- 56.41%
- 3Y*
- 22.77%
- 5Y*
- 5.48%
- 10Y*
- 11.98%
VO
- 1D
- -0.85%
- 1M
- 2.16%
- YTD
- 10.36%
- 6M
- 9.10%
- 1Y
- 17.71%
- 3Y*
- 16.26%
- 5Y*
- 7.72%
- 10Y*
- 11.93%
IWC vs. VO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWC iShares Micro-Cap ETF | 22.38% | 22.45% | 13.63% | 8.99% | -21.93% | 18.67% | 20.88% | 22.20% | -13.13% | 12.79% |
VO Vanguard Mid-Cap ETF | 10.36% | 11.62% | 15.31% | 16.03% | -18.73% | 24.70% | 18.10% | 30.98% | -9.24% | 19.28% |
Correlation
The correlation between IWC and VO is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2005 | 0.85 |
The correlation between IWC and VO has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.
IWC vs. VO - Sectors Allocation Comparison
Sectors
IWC
VO
Healthcare
Technology
Financial Services
Industrials
Consumer Cyclical
Basic Materials
Energy
Real Estate
Communication Services
Consumer Defensive
Utilities
Healthcare
IWC
VO
Technology
IWC
VO
Financial Services
IWC
VO
Industrials
IWC
VO
Consumer Cyclical
IWC
VO
Basic Materials
IWC
VO
Energy
IWC
VO
Real Estate
IWC
VO
Communication Services
IWC
VO
Consumer Defensive
IWC
VO
Utilities
IWC
VO
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Return for Risk
IWC vs. VO — Risk / Return Rank
IWC
VO
IWC vs. VO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) and Vanguard Mid-Cap ETF (VO). 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.
| IWC | VO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.24 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.56 | 2.18 | +2.38 |
| Martin ratioReturn relative to average drawdown | 14.85 | 8.21 | +6.64 |
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Drawdowns
IWC vs. VO - Drawdown Comparison
The maximum IWC drawdown since its inception was -64.61%, which is greater than VO's maximum drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for IWC and VO.
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Drawdown Indicators
| IWC | VO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.61% | -58.87% | -5.74% |
Max Drawdown (1Y)Largest decline over 1 year | -12.43% | -8.17% | -4.26% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -19.02% | -10.44% |
Max Drawdown (5Y)Largest decline over 5 years | -40.61% | -27.57% | -13.04% |
Max Drawdown (10Y)Largest decline over 10 years | -47.21% | -39.37% | -7.84% |
Current DrawdownCurrent decline from peak | -0.79% | -1.29% | +0.50% |
Average DrawdownAverage peak-to-trough decline | -15.24% | -7.85% | -7.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 2.16% | +1.65% |
Volatility
IWC vs. VO - Volatility Comparison
iShares Micro-Cap ETF (IWC) has a higher volatility of 8.51% compared to Vanguard Mid-Cap ETF (VO) at 4.46%. This indicates that IWC's price experiences larger fluctuations and is considered to be riskier than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWC | VO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 4.46% | +4.05% |
Volatility (6M)Calculated over the trailing 6-month period | 18.17% | 9.84% | +8.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.36% | 12.81% | +11.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.58% | 17.66% | +6.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.50% | 18.93% | +5.57% |
IWC vs. VO - Expense Ratio Comparison
IWC has a 0.60% expense ratio, which is higher than VO's 0.03% expense ratio.
Dividends
IWC vs. VO - Dividend Comparison
IWC's dividend yield for the trailing twelve months is around 0.98%, less than VO's 1.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWC iShares Micro-Cap ETF | 0.98% | 1.10% | 1.06% | 1.17% | 1.18% | 0.78% | 0.98% | 1.19% | 1.01% | 1.09% | 1.16% | 1.49% |
VO Vanguard Mid-Cap ETF | 1.36% | 1.52% | 1.49% | 1.52% | 1.60% | 1.12% | 1.45% | 1.48% | 1.82% | 1.35% | 1.45% | 1.47% |
Frequently Asked Questions
IWC and VO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWC has higher volatility (8.51%) compared to VO (4.46%). In terms of maximum drawdown, IWC dropped -64.61% vs VO's -58.87%.
On 10-year performance, IWC leads with 11.98% vs 11.93% for VO. On fees, VO is cheaper at 0.03% per year. On volatility, VO has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWC has performed better with a 11.98% return vs 11.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VO is cheaper with a 0.03% expense ratio, compared with 0.60% for IWC.
VO has the higher dividend yield at 1.36%, compared with 0.98% for IWC.
IWC is categorized as Small Cap Blend Equities, while VO is Mid Cap Blend Equities. IWC tracks Russell Microcap Index, while VO tracks CRSP US Mid Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.60% for IWC and 0.03% for VO.
IWC currently has the higher Sharpe Ratio (2.33 vs 1.39), 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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