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IWM vs. TUR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWM vs. TUR

Last updated Jul 21, 2026
Documentation

IWM (iShares Russell 2000 ETF) and TUR (iShares MSCI Turkey ETF) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while TUR is a Emerging Markets Equities fund tracking the MSCI Turkey Investable Market Index. Both are passively managed. Over the past 10 years, IWM returned 10.65%/yr vs 3.98%/yr for TUR. At a 0.42 correlation, their price movements are largely independent. IWM charges 0.19%/yr vs 0.59%/yr for TUR.

Performance

IWM vs. TUR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) and iShares MSCI Turkey ETF (TUR). 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 19.24% return, which is significantly higher than TUR's 15.93% return. Over the past 10 years, IWM has outperformed TUR with an annualized return of 10.65%, while TUR has yielded a comparatively lower 3.98% annualized return.

IWM

1D
-0.59%
1M
-1.11%
6M
10.45%
YTD
19.24%
1Y
32.84%
3Y*
15.91%
5Y*
6.97%
10Y*
10.65%
ALL TIME*
8.76%

TUR

1D
1.26%
1M
-3.76%
6M
3.89%
YTD
15.93%
1Y
22.19%
3Y*
10.36%
5Y*
16.26%
10Y*
3.98%
ALL TIME*
1.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWM vs. TUR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWM
iShares Russell 2000 ETF		19.24%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%
TUR
iShares MSCI Turkey ETF		15.93%-1.54%12.91%-8.83%105.75%-27.41%-1.19%14.49%-41.46%37.58%

Correlation

The correlation between IWM and TUR is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.26

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

0.29

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

0.26

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

0.28

Correlation (All Time)
Calculated using the full available price history since Mar 28, 2008

0.42

The correlation between IWM and TUR shifts across timeframes, from 0.26 (5 years) to 0.42 (all time), reflecting how their relationship changes across market environments.

IWM vs. TUR - Sectors Allocation Comparison

Sectors
IWM
TUR

Healthcare

20.5%
2.2%

Financial Services

17.9%
15.4%

Technology

14.3%
1.2%

Industrials

13.9%
25.2%

Consumer Cyclical

9.0%
4.8%

Real Estate

6.6%
1.2%

Energy

5.8%
6.9%

Basic Materials

4.3%
10.2%

Utilities

2.9%
1.7%

Consumer Defensive

2.6%
13.4%

Communication Services

1.9%
3.4%

Healthcare

IWM
20.5%
TUR
2.2%

Financial Services

IWM
17.9%
TUR
15.4%

Technology

IWM
14.3%
TUR
1.2%

Industrials

IWM
13.9%
TUR
25.2%

Consumer Cyclical

IWM
9.0%
TUR
4.8%

Real Estate

IWM
6.6%
TUR
1.2%

Energy

IWM
5.8%
TUR
6.9%

Basic Materials

IWM
4.3%
TUR
10.2%

Utilities

IWM
2.9%
TUR
1.7%

Consumer Defensive

IWM
2.6%
TUR
13.4%

Communication Services

IWM
1.9%
TUR
3.4%

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

iShares MSCI Turkey ETF

Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. VOOIWM vs. IWNIWM vs. IWO
Often compared with TUR:
TUR vs. VOOTUR vs. HEDJTUR vs. AMRTUR vs. EPOLTUR vs. SPYTUR vs. VGKTUR vs. SFM

Return for Risk

IWM vs. TUR — 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: 7272
Sortino Ratio Rank
IWM Omega Ratio Rank: 6464
Omega Ratio Rank
IWM Calmar Ratio Rank: 7878
Calmar Ratio Rank
IWM Martin Ratio Rank: 7777
Martin Ratio Rank
TUR
TUR Risk / Return Rank: 3434
Overall Rank
TUR Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
TUR Sortino Ratio Rank: 3333
Sortino Ratio Rank
TUR Omega Ratio Rank: 3535
Omega Ratio Rank
TUR Calmar Ratio Rank: 3636
Calmar Ratio Rank
TUR Martin Ratio Rank: 3232
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. TUR - Risk-Adjusted Trends Comparison

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

IWMTURDifference
Sharpe ratioReturn per unit of total volatility
1.71
0.91

+0.80

Sortino ratioReturn per unit of downside risk
2.44
1.39

+1.04

Omega ratioGain probability vs. loss probability

1.29

1.18

+0.10

Calmar ratioReturn relative to maximum drawdown

2.99

1.39

+1.61

Martin ratioReturn relative to average drawdown

10.54

3.55

+7.00

IWM vs. TUR - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 1.71, which is higher than the TUR Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of IWM and TUR, 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. TUR - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, smaller than the maximum TUR drawdown of -72.34%. Use the drawdown chart below to compare losses from any high point for IWM and TUR.

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Drawdown Indicators

IWMTURDifference

Max Drawdown

Largest peak-to-trough decline

-59.05%

-72.34%

+13.29%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-16.07%

+5.04%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-31.63%

+4.13%

Max Drawdown (5Y)

Largest decline over 5 years

-31.91%

-31.63%

-0.28%

Max Drawdown (10Y)

Largest decline over 10 years

-41.13%

-59.25%

+18.12%

Current Drawdown

Current decline from peak

-2.71%

-27.04%

+24.33%

Average Drawdown

Average peak-to-trough decline

-10.72%

-39.81%

+29.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

6.27%

-3.15%

Volatility

IWM vs. TUR - Volatility Comparison

The current volatility for iShares Russell 2000 ETF (IWM) is 3.62%, while iShares MSCI Turkey ETF (TUR) has a volatility of 5.19%. This indicates that IWM experiences smaller price fluctuations and is considered to be less risky than TUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWMTURDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.62%

5.19%

-1.57%

Volatility (6M)

Calculated over the trailing 6-month period

14.17%

20.41%

-6.24%

Volatility (1Y)

Calculated over the trailing 1-year period

19.38%

24.64%

-5.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.49%

34.16%

-11.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.00%

34.13%

-11.13%

IWM vs. TUR - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is lower than TUR's 0.59% expense ratio.

Dividends

IWM vs. TUR - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.91%, less than TUR's 2.13% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.91%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
TUR
iShares MSCI Turkey ETF		2.13%2.40%1.79%4.43%1.97%4.22%0.87%3.29%4.05%2.64%2.89%3.04%

Frequently Asked Questions

IWM and TUR have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TUR has higher volatility (5.19%) compared to IWM (3.62%). In terms of maximum drawdown, IWM dropped -59.05% vs TUR's -72.34%.

On 10-year performance, IWM leads with 10.65% vs 3.98% for TUR. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 3.62%. 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 10.65% return vs 3.98%. 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 0.59% for TUR.

TUR has the higher dividend yield at 2.13%, compared with 0.91% for IWM.

IWM is categorized as Small Cap Blend Equities, while TUR is Emerging Markets Equities. IWM tracks Russell 2000 Index, while TUR tracks MSCI Turkey Investable Market Index. Their fees differ too: 0.19% for IWM and 0.59% for TUR.

IWM currently has the higher Sharpe Ratio (1.71 vs 0.91), 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.

Portfolio Optimizer

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