IWN vs. DEVLX
IWN (iShares Russell 2000 Value ETF) and DEVLX (Delaware Small Cap Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, IWN returned 10.72%/yr vs 10.28%/yr for DEVLX. With a 0.95 correlation, they move nearly in lockstep. IWN charges 0.24%/yr vs 1.11%/yr for DEVLX.
Performance
IWN vs. DEVLX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with IWN having a 20.82% return and DEVLX slightly lower at 20.04%. Both investments have delivered pretty close results over the past 10 years, with IWN having a 10.72% annualized return and DEVLX not far behind at 10.28%.
IWN
- 1D
- -0.20%
- 1M
- 3.32%
- YTD
- 20.82%
- 6M
- 18.59%
- 1Y
- 42.32%
- 3Y*
- 19.19%
- 5Y*
- 7.16%
- 10Y*
- 10.72%
DEVLX
- 1D
- 0.51%
- 1M
- 4.59%
- YTD
- 20.04%
- 6M
- 18.13%
- 1Y
- 31.55%
- 3Y*
- 17.14%
- 5Y*
- 8.20%
- 10Y*
- 10.28%
IWN vs. DEVLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWN iShares Russell 2000 Value ETF | 20.82% | 12.40% | 7.63% | 14.56% | -14.77% | 27.96% | 4.66% | 22.01% | -13.01% | 7.69% |
DEVLX Delaware Small Cap Value Fund | 20.04% | 7.66% | 10.87% | 9.22% | -12.46% | 33.85% | -0.79% | 27.85% | -17.70% | 11.69% |
Correlation
The correlation between IWN and DEVLX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 28, 2000 | 0.95 |
The correlation between IWN and DEVLX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
IWN vs. DEVLX — Risk / Return Rank
IWN
DEVLX
IWN vs. DEVLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Value ETF (IWN) and Delaware Small Cap Value Fund (DEVLX). 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.
| IWN | DEVLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.35 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 5.03 | 3.57 | +1.47 |
| Martin ratioReturn relative to average drawdown | 16.92 | 12.24 | +4.68 |
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Drawdowns
IWN vs. DEVLX - Drawdown Comparison
The maximum IWN drawdown since its inception was -61.55%, roughly equal to the maximum DEVLX drawdown of -60.08%. Use the drawdown chart below to compare losses from any high point for IWN and DEVLX.
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Drawdown Indicators
| IWN | DEVLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.55% | -60.08% | -1.47% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -9.44% | +0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -26.70% | -24.80% | -1.90% |
Max Drawdown (5Y)Largest decline over 5 years | -26.70% | -24.80% | -1.90% |
Max Drawdown (10Y)Largest decline over 10 years | -46.08% | -46.48% | +0.40% |
Current DrawdownCurrent decline from peak | -0.20% | 0.00% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -10.14% | -8.28% | -1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 2.74% | -0.23% |
Volatility
IWN vs. DEVLX - Volatility Comparison
iShares Russell 2000 Value ETF (IWN) has a higher volatility of 5.29% compared to Delaware Small Cap Value Fund (DEVLX) at 4.18%. This indicates that IWN's price experiences larger fluctuations and is considered to be riskier than DEVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWN | DEVLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.29% | 4.18% | +1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 12.29% | 11.60% | +0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.04% | 16.62% | +1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.41% | 20.93% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.39% | 23.52% | -0.13% |
IWN vs. DEVLX - Expense Ratio Comparison
IWN has a 0.24% expense ratio, which is lower than DEVLX's 1.11% expense ratio.
Dividends
IWN vs. DEVLX - Dividend Comparison
IWN's dividend yield for the trailing twelve months is around 1.46%, less than DEVLX's 11.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DEVLX Delaware Small Cap Value Fund | 11.46% | 13.76% | 12.67% | 7.54% | 4.37% | 4.43% | 1.37% | 4.29% | 8.80% | 1.34% | 0.52% | 7.01% |
IWN iShares Russell 2000 Value ETF | 1.46% | 1.70% | 1.80% | 2.04% | 2.12% | 1.48% | 1.60% | 1.92% | 1.99% | 1.78% | 1.74% | 2.15% |
Frequently Asked Questions
With a correlation of 0.93, IWN and DEVLX 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.
IWN has higher volatility (5.29%) compared to DEVLX (4.18%). In terms of maximum drawdown, IWN dropped -61.55% vs DEVLX's -60.08%.
IWN currently has the higher Sharpe Ratio (2.36 vs 2.03), 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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