IWL vs. VRNIX
IWL (iShares Russell Top 200 ETF) and VRNIX (Vanguard Russell 1000 Index Fund Institutional Shares) are both funds - IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index, while VRNIX is a Large Cap Blend Equities fund managed by Vanguard. Over the past 10 years, IWL returned 15.94%/yr vs 15.19%/yr for VRNIX. With a 0.95 correlation, they move nearly in lockstep. IWL charges 0.15%/yr vs 0.07%/yr for VRNIX.
Performance
IWL vs. VRNIX - Performance Comparison
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Returns By Period
In the year-to-date period, IWL achieves a 9.11% return, which is significantly lower than VRNIX's 11.20% return. Both investments have delivered pretty close results over the past 10 years, with IWL having a 15.94% annualized return and VRNIX not far behind at 15.19%.
IWL
- 1D
- -0.93%
- 1M
- 1.22%
- 6M
- 7.39%
- YTD
- 9.11%
- 1Y
- 21.24%
- 3Y*
- 21.09%
- 5Y*
- 13.40%
- 10Y*
- 15.94%
VRNIX
- 1D
- 0.34%
- 1M
- 2.03%
- 6M
- 8.92%
- YTD
- 11.20%
- 1Y
- 21.86%
- 3Y*
- 20.61%
- 5Y*
- 12.76%
- 10Y*
- 15.19%
IWL vs. VRNIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWL iShares Russell Top 200 ETF | 9.11% | 19.09% | 27.12% | 29.77% | -19.89% | 27.79% | 22.10% | 31.42% | -3.30% | 22.90% |
VRNIX Vanguard Russell 1000 Index Fund Institutional Shares | 11.20% | 16.94% | 24.44% | 26.49% | -19.19% | 28.64% | 20.90% | 31.36% | -4.84% | 21.58% |
Correlation
The correlation between IWL and VRNIX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010 | 0.95 |
The correlation between IWL and VRNIX has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
IWL vs. VRNIX — Risk / Return Rank
IWL
VRNIX
IWL vs. VRNIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 ETF (IWL) and Vanguard Russell 1000 Index Fund Institutional Shares (VRNIX). 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.
| IWL | VRNIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 2.43 | -0.26 |
| Martin ratioReturn relative to average drawdown | 9.00 | 10.64 | -1.64 |
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Drawdowns
IWL vs. VRNIX - Drawdown Comparison
The maximum IWL drawdown since its inception was -32.71%, smaller than the maximum VRNIX drawdown of -34.57%. Use the drawdown chart below to compare losses from any high point for IWL and VRNIX.
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Drawdown Indicators
| IWL | VRNIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.71% | -34.57% | +1.86% |
Max Drawdown (1Y)Largest decline over 1 year | -9.83% | -8.85% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -19.15% | -19.40% | +0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -25.65% | -25.14% | -0.51% |
Max Drawdown (10Y)Largest decline over 10 years | -32.71% | -34.57% | +1.86% |
Current DrawdownCurrent decline from peak | -1.65% | -0.16% | -1.49% |
Average DrawdownAverage peak-to-trough decline | -3.88% | -3.89% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 2.02% | +0.35% |
Volatility
IWL vs. VRNIX - Volatility Comparison
iShares Russell Top 200 ETF (IWL) and Vanguard Russell 1000 Index Fund Institutional Shares (VRNIX) have volatilities of 4.25% and 4.25%, 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.
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Volatility by Period
| IWL | VRNIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.25% | 4.25% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 10.29% | 9.98% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.96% | 12.61% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 17.34% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.10% | 18.25% | -0.15% |
IWL vs. VRNIX - Expense Ratio Comparison
IWL has a 0.15% expense ratio, which is higher than VRNIX's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IWL vs. VRNIX - Dividend Comparison
IWL's dividend yield for the trailing twelve months is around 0.85%, less than VRNIX's 1.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWL iShares Russell Top 200 ETF | 0.85% | 0.90% | 1.04% | 1.30% | 1.54% | 1.12% | 1.30% | 1.96% | 1.93% | 1.69% | 1.96% | 2.14% |
VRNIX Vanguard Russell 1000 Index Fund Institutional Shares | 1.02% | 0.82% | 1.21% | 1.41% | 1.59% | 2.86% | 1.46% | 1.65% | 2.00% | 1.73% | 1.93% | 1.92% |
Frequently Asked Questions
With a correlation of 0.98, IWL and VRNIX 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.
VRNIX has higher volatility (4.25%) compared to IWL (4.25%). In terms of maximum drawdown, IWL dropped -32.71% vs VRNIX's -34.57%.
VRNIX currently has the higher Sharpe Ratio (1.70 vs 1.65), 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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