IWM vs. IWO

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Russell 2000 ETF (IWM) and iShares Russell 2000 Growth ETF (IWO).

IWM and IWO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWM is a passively managed fund by iShares that tracks the performance of the Russell 2000 Index. It was launched on May 22, 2000. IWO is a passively managed fund by iShares that tracks the performance of the Russell 2000 Growth Index. It was launched on Jul 24, 2000. Both IWM and IWO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IWM vs. IWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) and iShares Russell 2000 Growth ETF (IWO). The values are adjusted to include any dividend payments, if applicable.

IWM vs. IWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWM iShares Russell 2000 ETF	1.56%	12.66%	11.38%	16.83%	-20.48%	14.54%	20.03%	25.39%	-11.12%	14.58%
IWO iShares Russell 2000 Growth ETF	-2.09%	12.90%	15.04%	18.51%	-26.27%	2.54%	34.68%	28.48%	-9.43%	22.25%

Returns By Period

In the year-to-date period, IWM achieves a 1.56% return, which is significantly higher than IWO's -2.09% return. Both investments have delivered pretty close results over the past 10 years, with IWM having a 9.83% annualized return and IWO not far behind at 9.75%.

IWM

• 1D: 0.63%
• 1M: -5.23%
• YTD: 1.56%
• 6M: 3.44%
• 1Y: 26.43%
• 3Y*: 13.18%
• 5Y*: 3.47%
• 10Y*: 9.83%

IWO

• 1D: 0.75%
• 1M: -6.57%
• YTD: -2.09%
• 6M: -0.97%
• 1Y: 24.27%
• 3Y*: 12.46%
• 5Y*: 1.37%
• 10Y*: 9.75%

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

IWM vs. IWO - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is lower than IWO's 0.24% 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%.

IWO

iShares Russell 2000 Growth ETF

IWM

iShares Russell 2000 ETF

Return for Risk

IWM vs. IWO — Risk / Return Rank

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

IWM

IWM Risk / Return Rank: 65
IWM Sharpe Ratio Rank: 63
IWM Sortino Ratio Rank: 65
IWM Omega Ratio Rank: 56
IWM Calmar Ratio Rank: 72
IWM Martin Ratio Rank: 68

IWO

IWO Risk / Return Rank: 54
IWO Sharpe Ratio Rank: 52
IWO Sortino Ratio Rank: 55
IWO Omega Ratio Rank: 46
IWO Calmar Ratio Rank: 62
IWO Martin Ratio Rank: 54

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.

IWM vs. IWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) and iShares Russell 2000 Growth ETF (IWO). 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.

	IWM	IWO	Difference
Sharpe ratio Return per unit of total volatility	1.15	0.97	+0.18
Sortino ratio Return per unit of downside risk	1.70	1.49	+0.21
Omega ratio Gain probability vs. loss probability	1.22	1.19	+0.03
Calmar ratio Return relative to maximum drawdown	1.93	1.64	+0.29
Martin ratio Return relative to average drawdown	7.08	5.48	+1.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWM vs. IWO - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 1.15, which is comparable to the IWO Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of IWM and IWO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IWM	IWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	0.97	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.06	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.41	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.26	+0.09

Correlation

The correlation between IWM and IWO is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IWM vs. IWO - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 1.02%, more than IWO's 0.48% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWM iShares Russell 2000 ETF	1.02%	1.04%	1.15%	1.35%	1.48%	0.94%	1.04%	1.26%	1.40%	1.26%	1.38%	1.54%
IWO iShares Russell 2000 Growth ETF	0.48%	0.56%	0.80%	0.73%	0.73%	0.32%	0.44%	0.71%	0.76%	0.73%	0.97%	0.89%

Drawdowns

IWM vs. IWO - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, roughly equal to the maximum IWO drawdown of -60.11%. Use the drawdown chart below to compare losses from any high point for IWM and IWO.

Drawdown Indicators

	IWM	IWO	Difference
Max Drawdown Largest peak-to-trough decline	-59.05%	-60.11%	+1.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.74%	-14.87%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-31.91%	-40.51%	+8.60%
Max Drawdown (10Y) Largest decline over 10 years	-41.13%	-42.02%	+0.89%
Current Drawdown Current decline from peak	-7.33%	-10.59%	+3.26%
Average Drawdown Average peak-to-trough decline	-10.83%	-16.80%	+5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	4.44%	-0.71%

Volatility

IWM vs. IWO - Volatility Comparison

The current volatility for iShares Russell 2000 ETF (IWM) is 7.36%, while iShares Russell 2000 Growth ETF (IWO) has a volatility of 8.60%. This indicates that IWM experiences smaller price fluctuations and is considered to be less risky than IWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWM	IWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	8.60%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	14.48%	16.54%	-2.06%
Volatility (1Y) Calculated over the trailing 1-year period	23.18%	25.23%	-2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.54%	24.46%	-1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	24.06%	-1.07%