IWM vs. USDX

Last updated Jun 13, 2026

IWM (iShares Russell 2000 ETF) and USDX (SGI Enhanced Core ETF) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments. IWM is passively managed, while USDX is actively managed. Over the past year, IWM returned 39.16% vs 6.47% for USDX. At a correlation of -0.01, they often move in opposite directions. IWM charges 0.19%/yr vs 0.98%/yr for USDX.

Performance

IWM vs. USDX - Performance Comparison

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

Returns By Period

In the year-to-date period, IWM achieves a 19.22% return, which is significantly higher than USDX's 2.26% return.

IWM

• 1D: 0.87%
• 1M: 3.64%
• YTD: 19.22%
• 6M: 16.00%
• 1Y: 39.16%
• 3Y*: 17.23%
• 5Y*: 6.07%
• 10Y*: 11.27%

USDX

• 1D: 0.19%
• 1M: 0.43%
• YTD: 2.26%
• 6M: 2.59%
• 1Y: 6.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWM vs. USDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWM iShares Russell 2000 ETF	19.22%	12.66%	10.50%
USDX SGI Enhanced Core ETF	2.26%	6.25%	6.87%

Correlation

The correlation between IWM and USDX is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	-0.01

IWM vs. USDX - Sectors Allocation Comparison

Sectors	IWM	USDX
Technology	19.5%	-
Industrials	17.2%	-
Healthcare	16.1%	-
Financial Services	15.6%	84.7%
Consumer Cyclical	7.9%	-
Energy	5.8%	-
Real Estate	5.6%	-
Basic Materials	4.5%	-
Utilities	3.0%	-
Consumer Defensive	2.1%	-
Communication Services	2.1%	-

Return for Risk

IWM vs. USDX — Risk / Return Rank

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

IWM

IWM Risk / Return Rank: 72
IWM Sharpe Ratio Rank: 71
IWM Sortino Ratio Rank: 71
IWM Omega Ratio Rank: 63
IWM Calmar Ratio Rank: 79
IWM Martin Ratio Rank: 76

USDX

USDX Risk / Return Rank: 96
USDX Sharpe Ratio Rank: 95
USDX Sortino Ratio Rank: 96
USDX Omega Ratio Rank: 97
USDX Calmar Ratio Rank: 95
USDX Martin Ratio Rank: 98

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. USDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) and SGI Enhanced Core ETF (USDX). 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.

	IWM	USDX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	3.24	-1.24
Sortino ratio: Return per unit of downside risk	2.75	5.13	-2.39
Omega ratio: Gain probability vs. loss probability	1.33	1.81	-0.48
Calmar ratio: Return relative to maximum drawdown	3.57	6.93	-3.36
Martin ratio: Return relative to average drawdown	12.63	45.42	-32.79

IWM vs. USDX - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 1.99, which is lower than the USDX Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of IWM and USDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IWM vs. USDX - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, which is greater than USDX's maximum drawdown of -0.94%. Use the drawdown chart below to compare losses from any high point for IWM and USDX.

Drawdown Indicators

	IWM	USDX	Difference
Max Drawdown Largest peak-to-trough decline	-59.05%	-0.94%	-58.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-0.94%	-10.09%
Max Drawdown (3Y) Largest decline over 3 years	-27.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.13%	—	—
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-10.76%	-0.06%	-10.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	0.14%	+2.98%

Volatility

IWM vs. USDX - Volatility Comparison

iShares Russell 2000 ETF (IWM) has a higher volatility of 7.16% compared to SGI Enhanced Core ETF (USDX) at 1.04%. This indicates that IWM's price experiences larger fluctuations and is considered to be riskier than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWM	USDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	1.04%	+6.12%
Volatility (6M) Calculated over the trailing 6-month period	14.29%	1.82%	+12.47%
Volatility (1Y) Calculated over the trailing 1-year period	19.73%	2.01%	+17.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	1.71%	+20.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.08%	1.71%	+21.37%

IWM vs. USDX - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is lower than USDX's 0.98% expense ratio.

Dividends

IWM vs. USDX - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.87%, less than USDX's 5.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USDX SGI Enhanced Core ETF	5.88%	5.88%	4.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWM and USDX in my portfolio?

IWM and USDX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWM or USDX?

IWM has higher volatility (7.16%) compared to USDX (1.04%). In terms of maximum drawdown, IWM dropped -59.05% vs USDX's -0.94%.

Which ETF is better, IWM or USDX?

On 1-year performance, IWM leads with 39.16% vs 6.47% for USDX. On fees, IWM is cheaper at 0.19% per year. On volatility, USDX has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWM or USDX?

Over the 1-year period, IWM has performed better with a 39.16% return vs 6.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWM or USDX?

IWM is cheaper with a 0.19% expense ratio, compared with 0.98% for USDX.

Which ETF pays a higher dividend yield, IWM or USDX?

USDX has the higher dividend yield at 5.88%, compared with 0.87% for IWM.

What is the main difference between IWM and USDX?

IWM is categorized as Small Cap Blend Equities, while USDX is Intermediate Core Bond. They also come from different issuers: iShares and Summit Global Investments. Their fees differ too: 0.19% for IWM and 0.98% for USDX.

Which has better risk-adjusted returns?

USDX currently has the higher Sharpe Ratio (3.24 vs 1.99), 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.