IWM vs. CARY
IWM (iShares Russell 2000 ETF) and CARY (Angel Oak Income ETF) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while CARY is a Multisector Bonds fund actively managed by Angel Oak. IWM is passively managed, while CARY is actively managed. Over the past 3 years, IWM returned 17.23%/yr vs 7.39%/yr for CARY. At a 0.17 correlation, their price movements are largely independent. IWM charges 0.19%/yr vs 0.80%/yr for CARY.
Performance
IWM vs. CARY - Performance Comparison
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Returns By Period
In the year-to-date period, IWM achieves a 19.22% return, which is significantly higher than CARY's 2.01% return.
IWM
- 1D
- 0.87%
- 1M
- 5.53%
- YTD
- 19.22%
- 6M
- 16.00%
- 1Y
- 41.75%
- 3Y*
- 17.23%
- 5Y*
- 6.07%
- 10Y*
- 11.27%
CARY
- 1D
- 0.00%
- 1M
- 0.71%
- YTD
- 2.01%
- 6M
- 2.44%
- 1Y
- 6.61%
- 3Y*
- 7.39%
- 5Y*
- —
- 10Y*
- —
IWM vs. CARY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 19.22% | 12.66% | 11.38% | 16.83% | -2.41% |
CARY Angel Oak Income ETF | 2.01% | 7.54% | 6.93% | 8.70% | 0.58% |
Correlation
The correlation between IWM and CARY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2022 | 0.17 |
Over the past year, IWM and CARY have become more correlated (0.45) than their long-term average of 0.17, meaning their price movements have been converging.
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Return for Risk
IWM vs. CARY — Risk / Return Rank
IWM
CARY
IWM vs. CARY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) and Angel Oak Income ETF (CARY). 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.
| IWM | CARY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -2.99 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.81 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 5.11 | -1.54 |
| Martin ratioReturn relative to average drawdown | 12.63 | 22.04 | -9.42 |
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Drawdowns
IWM vs. CARY - Drawdown Comparison
The maximum IWM drawdown since its inception was -59.05%, which is greater than CARY's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for IWM and CARY.
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Drawdown Indicators
| IWM | CARY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.05% | -1.96% | -57.09% |
Max Drawdown (1Y)Largest decline over 1 year | -11.03% | -1.28% | -9.75% |
Max Drawdown (3Y)Largest decline over 3 years | -27.50% | -1.96% | -25.54% |
Max Drawdown (5Y)Largest decline over 5 years | -31.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.13% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -10.76% | -0.32% | -10.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 0.30% | +2.82% |
Volatility
IWM vs. CARY - Volatility Comparison
iShares Russell 2000 ETF (IWM) has a higher volatility of 7.16% compared to Angel Oak Income ETF (CARY) at 0.68%. This indicates that IWM's price experiences larger fluctuations and is considered to be riskier than CARY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWM | CARY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 0.68% | +6.48% |
Volatility (6M)Calculated over the trailing 6-month period | 14.29% | 1.37% | +12.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.73% | 1.80% | +17.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.61% | 2.73% | +19.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.08% | 2.73% | +20.35% |
IWM vs. CARY - Expense Ratio Comparison
IWM has a 0.19% expense ratio, which is lower than CARY's 0.80% expense ratio.
Dividends
IWM vs. CARY - Dividend Comparison
IWM's dividend yield for the trailing twelve months is around 0.87%, less than CARY's 5.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CARY Angel Oak Income ETF | 5.92% | 6.13% | 6.10% | 6.38% | 0.48% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IWM iShares Russell 2000 ETF | 0.87% | 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
IWM and CARY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWM has higher volatility (7.16%) compared to CARY (0.68%). In terms of maximum drawdown, IWM dropped -59.05% vs CARY's -1.96%.
On 3-year performance, IWM leads with 17.23% vs 7.39% for CARY. On fees, IWM is cheaper at 0.19% per year. On volatility, CARY has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IWM has performed better with a 17.23% return vs 7.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWM is cheaper with a 0.19% expense ratio, compared with 0.80% for CARY.
CARY has the higher dividend yield at 5.92%, compared with 0.87% for IWM.
IWM is categorized as Small Cap Blend Equities, while CARY is Multisector Bonds. They also come from different issuers: iShares and Angel Oak. Their fees differ too: 0.19% for IWM and 0.80% for CARY.
CARY currently has the higher Sharpe Ratio (3.66 vs 1.99), 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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