PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IWM vs. NA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWM vs. NA.TO

Last updated Jun 7, 2026

IWM (iShares Russell 2000 ETF) is Small Cap Blend Equities fund tracking the Russell 2000 Index, while NA.TO (National Bank of Canada) is a stock. Over the past 10 years, IWM returned 10.54%/yr vs 19.52%/yr for NA.TO. At a 0.41 correlation, their price movements are largely independent.

Performance

IWM vs. NA.TO - Performance Comparison

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

Loading charts...

Different Trading Currencies

IWM is traded in USD, while NA.TO is traded in CAD. To make them comparable, the NA.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IWM achieves a 14.62% return, which is significantly lower than NA.TO's 17.39% return. Over the past 10 years, IWM has underperformed NA.TO with an annualized return of 10.54%, while NA.TO has yielded a comparatively higher 19.52% annualized return.

IWM

1D
-3.55%
1M
-0.22%
YTD
14.62%
6M
12.89%
1Y
34.35%
3Y*
16.56%
5Y*
5.66%
10Y*
10.54%

NA.TO

1D
0.20%
1M
-3.10%
YTD
17.39%
6M
20.31%
1Y
54.69%
3Y*
31.12%
5Y*
18.04%
10Y*
19.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWM vs. NA.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWM
iShares Russell 2000 ETF		14.62%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%
NA.TO
National Bank of Canada		17.41%42.66%24.14%18.35%-7.33%39.09%6.54%39.80%-14.14%28.47%

Correlation

The correlation between IWM and NA.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

Correlation (3Y)
Calculated over the trailing 3-year period

0.37

Correlation (5Y)
Calculated over the trailing 5-year period

0.42

Correlation (10Y)
Calculated over the trailing 10-year period

0.39

Correlation (All Time)
Calculated using the full available price history since Jul 6, 2006

0.41

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Russell 2000 ETF

National Bank of Canada

Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. IWO
Often compared with NA.TO:
NA.TO vs. BNS.TONA.TO vs. CM.TONA.TO vs. PSLVNA.TO vs. AEM.TONA.TO vs. GOLD.TONA.TO vs. BTO.TONA.TO vs. ING

Return for Risk

IWM vs. NA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWM
IWM Risk / Return Rank: 5959
Overall Rank
IWM Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 5555
Sortino Ratio Rank
IWM Omega Ratio Rank: 5151
Omega Ratio Rank
IWM Calmar Ratio Rank: 6868
Calmar Ratio Rank
IWM Martin Ratio Rank: 6565
Martin Ratio Rank
NA.TO
NA.TO Risk / Return Rank: 9797
Overall Rank
NA.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
NA.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
NA.TO Omega Ratio Rank: 9797
Omega Ratio Rank
NA.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
NA.TO Martin Ratio Rank: 9696
Martin Ratio Rank
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. NA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) and National Bank of Canada (NA.TO). 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.

IWMNA.TODifference
Sharpe ratioReturn per unit of total volatility
1.88
3.26

-1.39

Sortino ratioReturn per unit of downside risk
2.60
4.52

-1.92

Omega ratioGain probability vs. loss probability

1.31

1.60

-0.29

Calmar ratioReturn relative to maximum drawdown

3.33

5.57

-2.24

Martin ratioReturn relative to average drawdown

11.78

19.36

-7.59

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. NA.TO - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 1.88, which is lower than the NA.TO Sharpe Ratio of 3.26. The chart below compares the historical Sharpe Ratios of IWM and NA.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

IWMNA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.88

3.26

-1.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.89

-0.64

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.82

-0.37

Sharpe Ratio (All Time)

Calculated using the full available price history

0.36

0.59

-0.23

Drawdowns

IWM vs. NA.TO - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, roughly equal to the maximum NA.TO drawdown of -60.25%. Use the drawdown chart below to compare losses from any high point for IWM and NA.TO.

Loading charts...

Drawdown Indicators

IWMNA.TODifference

Max Drawdown

Largest peak-to-trough decline

-59.05%

-60.25%

+1.20%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-9.89%

-1.14%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-23.62%

-3.88%

Max Drawdown (5Y)

Largest decline over 5 years

-31.91%

-25.56%

-6.35%

Max Drawdown (10Y)

Largest decline over 10 years

-41.13%

-52.83%

+11.70%

Current Drawdown

Current decline from peak

-3.55%

-5.14%

+1.59%

Average Drawdown

Average peak-to-trough decline

-10.76%

-9.08%

-1.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

2.84%

+0.27%

Volatility

IWM vs. NA.TO - Volatility Comparison

iShares Russell 2000 ETF (IWM) has a higher volatility of 6.65% compared to National Bank of Canada (NA.TO) at 6.26%. This indicates that IWM's price experiences larger fluctuations and is considered to be riskier than NA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

IWMNA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.65%

6.26%

+0.39%

Volatility (6M)

Calculated over the trailing 6-month period

14.00%

14.40%

-0.40%

Volatility (1Y)

Calculated over the trailing 1-year period

19.54%

16.90%

+2.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.58%

20.25%

+2.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.06%

23.83%

-0.77%

Dividends

IWM vs. NA.TO - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.90%, less than NA.TO's 2.37% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.90%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
NA.TO
National Bank of Canada		2.37%2.75%3.36%4.03%4.03%3.11%3.96%3.77%4.44%3.70%4.03%5.16%

Frequently Asked Questions

IWM and NA.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Portfolio Optimizer

Find the right allocation for IWM and NA.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer