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IWM vs. SPDW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWM vs. SPDW

Last updated Jun 14, 2026

IWM (iShares Russell 2000 ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, IWM returned 11.27%/yr vs 10.64%/yr for SPDW. A 0.73 correlation means they provide meaningful diversification when combined. IWM charges 0.19%/yr vs 0.04%/yr for SPDW.

Performance

IWM vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWM achieves a 19.22% return, which is significantly higher than SPDW's 14.86% return. Over the past 10 years, IWM has outperformed SPDW with an annualized return of 11.27%, while SPDW has yielded a comparatively lower 10.64% annualized return.

IWM

1D
0.87%
1M
2.99%
YTD
19.22%
6M
16.00%
1Y
41.75%
3Y*
17.23%
5Y*
6.07%
10Y*
11.27%

SPDW

1D
0.29%
1M
1.53%
YTD
14.86%
6M
16.65%
1Y
31.27%
3Y*
19.01%
5Y*
9.30%
10Y*
10.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWM vs. SPDW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWM
iShares Russell 2000 ETF		19.22%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%
SPDW
SPDR Portfolio World ex-US ETF		14.86%34.75%3.55%17.81%-15.98%11.45%9.90%22.41%-14.22%25.81%

Correlation

The correlation between IWM and SPDW is 0.75, 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

0.75

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

0.73

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

0.76

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

0.74

Correlation (All Time)
Calculated using the full available price history since Apr 26, 2007

0.73

The correlation between IWM and SPDW has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

IWM vs. SPDW - Sectors Allocation Comparison

Sectors
IWM
SPDW

Technology

19.2%
16.8%

Industrials

17.9%
18.4%

Healthcare

16.3%
7.9%

Financial Services

15.4%
22.2%

Consumer Cyclical

7.9%
7.8%

Real Estate

5.9%
2.3%

Energy

5.4%
4.9%

Basic Materials

4.7%
7.3%

Utilities

2.7%
3.0%

Communication Services

2.5%
3.9%

Consumer Defensive

2.2%
5.4%

Technology

IWM
19.2%
SPDW
16.8%

Industrials

IWM
17.9%
SPDW
18.4%

Healthcare

IWM
16.3%
SPDW
7.9%

Financial Services

IWM
15.4%
SPDW
22.2%

Consumer Cyclical

IWM
7.9%
SPDW
7.8%

Real Estate

IWM
5.9%
SPDW
2.3%

Energy

IWM
5.4%
SPDW
4.9%

Basic Materials

IWM
4.7%
SPDW
7.3%

Utilities

IWM
2.7%
SPDW
3.0%

Communication Services

IWM
2.5%
SPDW
3.9%

Consumer Defensive

IWM
2.2%
SPDW
5.4%

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

SPDR Portfolio World ex-US ETF

Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. TNA
Often compared with SPDW:
SPDW vs. VEASPDW vs. VXUSSPDW vs. SCHFSPDW vs. VEUSPDW vs. SPYSPDW vs. VOOSPDW vs. IXUS

Return for Risk

IWM vs. SPDW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWM
IWM Risk / Return Rank: 7272
Overall Rank
IWM Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7171
Sortino Ratio Rank
IWM Omega Ratio Rank: 6363
Omega Ratio Rank
IWM Calmar Ratio Rank: 7979
Calmar Ratio Rank
IWM Martin Ratio Rank: 7676
Martin Ratio Rank
SPDW
SPDW Risk / Return Rank: 6262
Overall Rank
SPDW Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
SPDW Sortino Ratio Rank: 6262
Sortino Ratio Rank
SPDW Omega Ratio Rank: 6363
Omega Ratio Rank
SPDW Calmar Ratio Rank: 5959
Calmar Ratio Rank
SPDW Martin Ratio Rank: 6363
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. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) and SPDR Portfolio World ex-US ETF (SPDW). 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.

IWMSPDWDifference
Sharpe ratioReturn per unit of total volatility
1.99
1.80

+0.19

Sortino ratioReturn per unit of downside risk
2.75
2.51

+0.24

Omega ratioGain probability vs. loss probability

1.33

1.33

0.00

Calmar ratioReturn relative to maximum drawdown

3.57

2.58

+0.99

Martin ratioReturn relative to average drawdown

12.63

9.95

+2.67

IWM vs. SPDW - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 1.99, which is comparable to the SPDW Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of IWM and SPDW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IWM vs. SPDW - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, roughly equal to the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for IWM and SPDW.

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Drawdown Indicators

IWMSPDWDifference

Max Drawdown

Largest peak-to-trough decline

-59.05%

-60.02%

+0.97%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-11.55%

+0.52%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-13.53%

-13.97%

Max Drawdown (5Y)

Largest decline over 5 years

-31.91%

-30.21%

-1.70%

Max Drawdown (10Y)

Largest decline over 10 years

-41.13%

-34.98%

-6.15%

Current Drawdown

Current decline from peak

0.00%

-0.99%

+0.99%

Average Drawdown

Average peak-to-trough decline

-10.76%

-12.89%

+2.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

2.99%

+0.13%

Volatility

IWM vs. SPDW - Volatility Comparison

iShares Russell 2000 ETF (IWM) and SPDR Portfolio World ex-US ETF (SPDW) have volatilities of 7.16% and 6.86%, 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

IWMSPDWDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.16%

6.86%

+0.30%

Volatility (6M)

Calculated over the trailing 6-month period

14.29%

14.23%

+0.06%

Volatility (1Y)

Calculated over the trailing 1-year period

19.73%

16.51%

+3.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.61%

16.66%

+5.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.08%

17.31%

+5.77%

IWM vs. SPDW - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is higher than SPDW's 0.04% 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

IWM vs. SPDW - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.87%, less than SPDW's 2.87% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPDW
SPDR Portfolio World ex-US ETF		2.87%3.30%3.19%2.75%3.12%3.04%1.87%3.13%3.08%1.86%3.11%2.78%

Frequently Asked Questions

IWM and SPDW have a correlation of 0.75, 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 SPDW (6.86%). In terms of maximum drawdown, IWM dropped -59.05% vs SPDW's -60.02%.

On 10-year performance, IWM leads with 11.27% vs 10.64% for SPDW. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWM has performed better with a 11.27% return vs 10.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPDW is cheaper with a 0.04% expense ratio, compared with 0.19% for IWM.

SPDW has the higher dividend yield at 2.87%, compared with 0.87% for IWM.

IWM is categorized as Small Cap Blend Equities, while SPDW is Foreign Large Cap Equities. IWM tracks Russell 2000 Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.19% for IWM and 0.04% for SPDW.

IWM currently has the higher Sharpe Ratio (1.99 vs 1.80), 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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