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IWN vs. IJJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWN vs. IJJ

Last updated Jul 22, 2026
Documentation

IWN (iShares Russell 2000 Value ETF) and IJJ (iShares S&P Mid-Cap 400 Value ETF) are both exchange-traded funds - IWN is a Small Cap Value Equities fund tracking the Russell 2000 Value Index, while IJJ is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Value Index. Both are passively managed. Over the past 10 years, IWN returned 10.21%/yr vs 10.35%/yr for IJJ. Their correlation of 0.94 suggests significant overlap in exposure. IWN charges 0.24%/yr vs 0.18%/yr for IJJ.

Performance

IWN vs. IJJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 Value ETF (IWN) and iShares S&P Mid-Cap 400 Value ETF (IJJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWN achieves a 23.80% return, which is significantly higher than IJJ's 12.83% return. Both investments have delivered pretty close results over the past 10 years, with IWN having a 10.21% annualized return and IJJ not far ahead at 10.35%.

IWN

1D
0.93%
1M
2.79%
6M
16.35%
YTD
23.80%
1Y
38.80%
3Y*
16.86%
5Y*
9.33%
10Y*
10.21%
ALL TIME*
9.54%

IJJ

1D
0.59%
1M
1.83%
6M
8.82%
YTD
12.83%
1Y
18.95%
3Y*
12.12%
5Y*
9.48%
10Y*
10.35%
ALL TIME*
10.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWN vs. IJJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWN
iShares Russell 2000 Value ETF		23.80%12.40%7.63%14.56%-14.77%27.96%4.66%22.01%-13.01%7.69%
IJJ
iShares S&P Mid-Cap 400 Value ETF		12.83%7.27%11.63%15.24%-7.11%30.45%3.56%25.66%-12.06%12.04%

Correlation

The correlation between IWN and IJJ is 0.91, 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

0.91

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

0.95

Correlation (All Time)
Calculated using the full available price history since Jul 28, 2000

0.94

The correlation between IWN and IJJ has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

IWN vs. IJJ - Sectors Allocation Comparison

Sectors
IWN
IJJ

Financial Services

28.4%
21.8%

Industrials

12.9%
19.1%

Real Estate

12.1%
9.5%

Consumer Cyclical

9.6%
13.9%

Healthcare

8.8%
3.8%

Utilities

6.9%
4.0%

Energy

6.6%
6.3%

Technology

5.6%
10.4%

Basic Materials

4.2%
5.7%

Consumer Defensive

2.8%
4.8%

Communication Services

1.6%
0.8%

Financial Services

IWN
28.4%
IJJ
21.8%

Industrials

IWN
12.9%
IJJ
19.1%

Real Estate

IWN
12.1%
IJJ
9.5%

Consumer Cyclical

IWN
9.6%
IJJ
13.9%

Healthcare

IWN
8.8%
IJJ
3.8%

Utilities

IWN
6.9%
IJJ
4.0%

Energy

IWN
6.6%
IJJ
6.3%

Technology

IWN
5.6%
IJJ
10.4%

Basic Materials

IWN
4.2%
IJJ
5.7%

Consumer Defensive

IWN
2.8%
IJJ
4.8%

Communication Services

IWN
1.6%
IJJ
0.8%

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 Value ETF

iShares S&P Mid-Cap 400 Value ETF

Often compared with IWN:
IWN vs. IWMIWN vs. IWOIWN vs. VTWOIWN vs. IJSIWN vs. IWSIWN vs. IWVIWN vs. IWX
Often compared with IJJ:
IJJ vs. IJHIJJ vs. VOEIJJ vs. SPYIJJ vs. PSRIJJ vs. IVVIJJ vs. VOOIJJ vs. VOOV

Return for Risk

IWN vs. IJJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWN
IWN Risk / Return Rank: 8989
Overall Rank
IWN Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
IWN Sortino Ratio Rank: 8989
Sortino Ratio Rank
IWN Omega Ratio Rank: 8585
Omega Ratio Rank
IWN Calmar Ratio Rank: 9393
Calmar Ratio Rank
IWN Martin Ratio Rank: 9191
Martin Ratio Rank
IJJ
IJJ Risk / Return Rank: 4848
Overall Rank
IJJ Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
IJJ Sortino Ratio Rank: 5252
Sortino Ratio Rank
IJJ Omega Ratio Rank: 4646
Omega Ratio Rank
IJJ Calmar Ratio Rank: 4747
Calmar Ratio Rank
IJJ Martin Ratio Rank: 5050
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.

IWN vs. IJJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Value ETF (IWN) and iShares S&P Mid-Cap 400 Value ETF (IJJ). 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.

IWNIJJDifference
Sharpe ratioReturn per unit of total volatility
2.23
1.25

+0.97

Sortino ratioReturn per unit of downside risk
3.17
1.93

+1.24

Omega ratioGain probability vs. loss probability

1.38

1.22

+0.16

Calmar ratioReturn relative to maximum drawdown

4.61

1.80

+2.82

Martin ratioReturn relative to average drawdown

15.62

6.21

+9.41

IWN vs. IJJ - Sharpe Ratio Comparison

The current IWN Sharpe Ratio is 2.23, which is higher than the IJJ Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of IWN and IJJ, 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

IWN vs. IJJ - Drawdown Comparison

The maximum IWN drawdown since its inception was -61.55%, which is greater than IJJ's maximum drawdown of -58.00%. Use the drawdown chart below to compare losses from any high point for IWN and IJJ.

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Drawdown Indicators

IWNIJJDifference

Max Drawdown

Largest peak-to-trough decline

-61.55%

-58.00%

-3.55%

Max Drawdown (1Y)

Largest decline over 1 year

-8.45%

-10.59%

+2.14%

Max Drawdown (3Y)

Largest decline over 3 years

-26.70%

-22.68%

-4.02%

Max Drawdown (5Y)

Largest decline over 5 years

-26.70%

-22.68%

-4.02%

Max Drawdown (10Y)

Largest decline over 10 years

-46.08%

-46.11%

+0.03%

Current Drawdown

Current decline from peak

-0.57%

-1.23%

+0.66%

Average Drawdown

Average peak-to-trough decline

-10.11%

-7.90%

-2.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.49%

3.06%

-0.57%

Volatility

IWN vs. IJJ - Volatility Comparison

The current volatility for iShares Russell 2000 Value ETF (IWN) is 2.89%, while iShares S&P Mid-Cap 400 Value ETF (IJJ) has a volatility of 3.21%. This indicates that IWN experiences smaller price fluctuations and is considered to be less risky than IJJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWNIJJDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.89%

3.21%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

12.20%

10.78%

+1.42%

Volatility (1Y)

Calculated over the trailing 1-year period

17.52%

15.21%

+2.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.26%

19.37%

+1.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.33%

21.97%

+1.36%

IWN vs. IJJ - Expense Ratio Comparison

IWN has a 0.24% expense ratio, which is higher than IJJ's 0.18% 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

IWN vs. IJJ - Dividend Comparison

IWN's dividend yield for the trailing twelve months is around 1.43%, less than IJJ's 1.59% yield.

PositionTTM20252024202320222021202020192018201720162015
IJJ
iShares S&P Mid-Cap 400 Value ETF		1.59%1.79%1.81%1.68%1.97%1.62%1.78%1.70%2.01%1.52%1.67%1.83%
IWN
iShares Russell 2000 Value ETF		1.43%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 0.91, IWN and IJJ 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.

IJJ has higher volatility (3.21%) compared to IWN (2.89%). In terms of maximum drawdown, IWN dropped -61.55% vs IJJ's -58.00%.

On 10-year performance, IJJ leads with 10.35% vs 10.21% for IWN. On fees, IJJ is cheaper at 0.18% per year. On volatility, IWN has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IJJ has performed better with a 10.35% return vs 10.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJJ is cheaper with a 0.18% expense ratio, compared with 0.24% for IWN.

IJJ has the higher dividend yield at 1.59%, compared with 1.43% for IWN.

IWN is categorized as Small Cap Value Equities, while IJJ is Mid Cap Value Equities. IWN tracks Russell 2000 Value Index, while IJJ tracks S&P MidCap 400 Value Index. Their fees differ too: 0.24% for IWN and 0.18% for IJJ.

IWN currently has the higher Sharpe Ratio (2.23 vs 1.25), 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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