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IWM vs. SPSM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWM vs. SPSM

Last updated Aug 5, 2026
Documentation

IWM (iShares Russell 2000 ETF) and SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) are both Small Cap Blend Equities funds - IWM tracks the Russell 2000 Index while SPSM tracks the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, IWM returned 10.83%/yr vs 11.06%/yr for SPSM. Their 0.95 correlation means they have historically moved very closely together. IWM charges 0.19%/yr vs 0.03%/yr for SPSM.

Performance

IWM vs. SPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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 23.08% return, which is significantly lower than SPSM's 25.67% return. Both investments have delivered pretty close results over the past 10 years, with IWM having a 10.83% annualized return and SPSM not far ahead at 11.06%.

IWM

1D
1.85%
1M
1.39%
6M
15.29%
YTD
23.08%
1Y
38.74%
3Y*
17.20%
5Y*
7.66%
10Y*
10.83%
ALL TIME*
8.88%

SPSM

1D
1.70%
1M
2.67%
6M
17.80%
YTD
25.67%
1Y
38.20%
3Y*
15.19%
5Y*
8.20%
10Y*
11.06%
ALL TIME*
10.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWM

iShares Russell 2000 ETF
$6.85B$6.35B$7.43B

SPSM

State Street SPDR Portfolio S&P 600 Small Cap ETF
$88.68M$97.46M$94.84M

IWM vs. SPSM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWM
iShares Russell 2000 ETF		23.08%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%
SPSM
State Street SPDR Portfolio S&P 600 Small Cap ETF		25.67%6.11%8.55%16.11%-16.12%26.67%11.69%25.85%-11.17%15.44%

Correlation

The correlation between IWM and SPSM is 0.93, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.93

Correlation (3Y)
Balances recent behavior with more history.

0.96

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.97

Correlation (10Y)
Provides a long-term view across more market conditions.

0.97

Correlation (All Time)
Calculated using the full available price history since Jul 9, 2013

0.95

The correlation between IWM and SPSM has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

IWM vs. SPSM - Sectors Allocation Comparison

Sectors
IWM
SPSM

Healthcare

20.0%
12.4%

Financial Services

18.3%
17.1%

Industrials

13.7%
15.6%

Technology

13.6%
15.5%

Consumer Cyclical

9.2%
13.2%

Real Estate

7.0%
7.6%

Energy

5.6%
4.7%

Basic Materials

4.5%
4.7%

Utilities

2.9%
1.8%

Consumer Defensive

2.8%
4.2%

Communication Services

2.0%
3.2%

Healthcare

IWM
20.0%
SPSM
12.4%

Financial Services

IWM
18.3%
SPSM
17.1%

Industrials

IWM
13.7%
SPSM
15.6%

Technology

IWM
13.6%
SPSM
15.5%

Consumer Cyclical

IWM
9.2%
SPSM
13.2%

Real Estate

IWM
7.0%
SPSM
7.6%

Energy

IWM
5.6%
SPSM
4.7%

Basic Materials

IWM
4.5%
SPSM
4.7%

Utilities

IWM
2.9%
SPSM
1.8%

Consumer Defensive

IWM
2.8%
SPSM
4.2%

Communication Services

IWM
2.0%
SPSM
3.2%

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

State Street SPDR Portfolio S&P 600 Small Cap ETF

Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. VOOIWM vs. IWNIWM vs. IWO
Often compared with SPSM:
SPSM vs. IJRSPSM vs. AVUVSPSM vs. VBSPSM vs. SCHASPSM vs. VIOOSPSM vs. ISCBSPSM vs. DFSCX

Return for Risk

IWM vs. SPSM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWM
IWM Risk / Return Rank: 7979
Overall Rank
IWM Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7979
Sortino Ratio Rank
IWM Omega Ratio Rank: 7272
Omega Ratio Rank
IWM Calmar Ratio Rank: 8484
Calmar Ratio Rank
IWM Martin Ratio Rank: 8383
Martin Ratio Rank
SPSM
SPSM Risk / Return Rank: 8787
Overall Rank
SPSM Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
SPSM Sortino Ratio Rank: 8787
Sortino Ratio Rank
SPSM Omega Ratio Rank: 8383
Omega Ratio Rank
SPSM Calmar Ratio Rank: 9191
Calmar Ratio Rank
SPSM Martin Ratio Rank: 8989
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IWM vs. SPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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.

IWMSPSMDifference
Sharpe ratioReturn per unit of total volatility
2.02
2.23

-0.21

Sortino ratioReturn per unit of downside risk
2.82
3.22

-0.40

Omega ratioGain probability vs. loss probability

1.34

1.39

-0.05

Calmar ratioReturn relative to maximum drawdown

3.53

4.40

-0.87

Martin ratioReturn relative to average drawdown

12.51

15.09

-2.58

IWM vs. SPSM - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 2.02, which is comparable to the SPSM Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of IWM and SPSM, 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. SPSM - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, which is greater than SPSM's maximum drawdown of -42.89%. Use the drawdown chart below to compare losses from any high point for IWM and SPSM.

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Drawdown Indicators

IWMSPSMDifference

Max Drawdown

Largest peak-to-trough decline

-59.05%

-42.89%

-16.16%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-8.72%

-2.31%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-27.94%

+0.44%

Max Drawdown (5Y)

Largest decline over 5 years

-31.91%

-27.94%

-3.97%

Max Drawdown (10Y)

Largest decline over 10 years

-41.13%

-42.89%

+1.76%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-10.71%

-7.84%

-2.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

2.54%

+0.57%

Volatility

IWM vs. SPSM - Volatility Comparison

iShares Russell 2000 ETF (IWM) has a higher volatility of 4.58% compared to State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) at 4.10%. This indicates that IWM's price experiences larger fluctuations and is considered to be riskier than SPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWMSPSMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.58%

4.10%

+0.48%

Volatility (6M)

Calculated over the trailing 6-month period

14.21%

11.76%

+2.45%

Volatility (1Y)

Calculated over the trailing 1-year period

19.40%

17.28%

+2.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.50%

21.29%

+1.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.02%

22.95%

+0.07%

IWM vs. SPSM - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is higher than SPSM's 0.03% 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. SPSM - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.88%, less than SPSM's 1.34% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.88%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
SPSM
State Street SPDR Portfolio S&P 600 Small Cap ETF		1.34%1.62%1.85%1.61%1.38%1.40%1.34%1.58%1.82%1.51%1.49%2.37%

Frequently Asked Questions

With a correlation of 0.93, IWM and SPSM 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.

IWM has higher volatility (4.58%) compared to SPSM (4.10%). In terms of maximum drawdown, IWM dropped -59.05% vs SPSM's -42.89%.

On 10-year performance, SPSM leads with 11.06% vs 10.83% for IWM. On fees, SPSM is cheaper at 0.03% per year. On volatility, SPSM has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPSM has performed better with a 11.06% return vs 10.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPSM is cheaper with a 0.03% expense ratio, compared with 0.19% for IWM.

SPSM has the higher dividend yield at 1.34%, compared with 0.88% for IWM.

IWM tracks Russell 2000 Index, while SPSM tracks S&P SmallCap 600 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.19% for IWM and 0.03% for SPSM.

SPSM currently has the higher Sharpe Ratio (2.23 vs 2.02), 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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