IWN vs. IWO

Last updated Jun 24, 2026

IWN (iShares Russell 2000 Value ETF) and IWO (iShares Russell 2000 Growth ETF) are both exchange-traded funds - IWN is a Small Cap Value Equities fund tracking the Russell 2000 Value Index, while IWO is a Small Cap Growth Equities fund tracking the Russell 2000 Growth Index. Both are passively managed. Over the past 10 years, IWN returned 10.72%/yr vs 12.01%/yr for IWO. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.24% expense ratio.

Performance

IWN vs. IWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 Value ETF (IWN) and iShares Russell 2000 Growth ETF (IWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IWN having a 20.82% return and IWO slightly lower at 20.20%. Over the past 10 years, IWN has underperformed IWO with an annualized return of 10.72%, while IWO has yielded a comparatively higher 12.01% annualized return.

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%

IWO

• 1D: -1.57%
• 1M: 4.24%
• YTD: 20.20%
• 6M: 16.81%
• 1Y: 39.68%
• 3Y*: 19.15%
• 5Y*: 5.15%
• 10Y*: 12.01%

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

IWN vs. IWO - 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%
IWO iShares Russell 2000 Growth ETF	20.20%	12.90%	15.04%	18.51%	-26.27%	2.54%	34.68%	28.48%	-9.43%	22.25%

Correlation

The correlation between IWN and IWO is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 28, 2000	0.91

The correlation between IWN and IWO has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

IWN vs. IWO - Sectors Allocation Comparison

Sectors	IWN	IWO
Financial Services	23.9%	7.8%
Industrials	12.1%	23.0%
Technology	11.6%	25.9%
Real Estate	10.2%	2.0%
Healthcare	10.1%	21.9%
Consumer Cyclical	8.9%	7.0%
Energy	7.9%	3.1%
Basic Materials	5.4%	4.0%
Utilities	5.1%	0.6%
Communication Services	2.7%	2.2%
Consumer Defensive	2.1%	2.3%

Return for Risk

IWN vs. IWO — Risk / Return Rank

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

IWN

IWN Risk / Return Rank: 80
IWN Sharpe Ratio Rank: 78
IWN Sortino Ratio Rank: 79
IWN Omega Ratio Rank: 71
IWN Calmar Ratio Rank: 89
IWN Martin Ratio Rank: 85

IWO

IWO Risk / Return Rank: 54
IWO Sharpe Ratio Rank: 55
IWO Sortino Ratio Rank: 53
IWO Omega Ratio Rank: 48
IWO Calmar Ratio Rank: 57
IWO Martin Ratio Rank: 56

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. IWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Value ETF (IWN) and iShares Russell 2000 Growth ETF (IWO). 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	IWO	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.80	+0.57
Sortino ratio: Return per unit of downside risk	3.30	2.45	+0.85
Omega ratio: Gain probability vs. loss probability	1.40	1.29	+0.11
Calmar ratio: Return relative to maximum drawdown	5.03	2.68	+2.35
Martin ratio: Return relative to average drawdown	16.92	9.57	+7.35

IWN vs. IWO - Sharpe Ratio Comparison

The current IWN Sharpe Ratio is 2.36, which is higher than the IWO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of IWN and IWO, 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

IWN vs. IWO - Drawdown Comparison

The maximum IWN drawdown since its inception was -61.55%, roughly equal to the maximum IWO drawdown of -60.11%. Use the drawdown chart below to compare losses from any high point for IWN and IWO.

Drawdown Indicators

	IWN	IWO	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-60.11%	-1.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-14.87%	+6.42%
Max Drawdown (3Y) Largest decline over 3 years	-26.70%	-28.57%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	-26.70%	-40.51%	+13.81%
Max Drawdown (10Y) Largest decline over 10 years	-46.08%	-42.02%	-4.06%
Current Drawdown Current decline from peak	-0.20%	-1.57%	+1.37%
Average Drawdown Average peak-to-trough decline	-10.14%	-16.68%	+6.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	4.16%	-1.65%

Volatility

IWN vs. IWO - Volatility Comparison

The current volatility for iShares Russell 2000 Value ETF (IWN) is 5.29%, while iShares Russell 2000 Growth ETF (IWO) has a volatility of 7.84%. This indicates that IWN experiences smaller price fluctuations and is considered to be less risky than IWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWN	IWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	7.84%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	16.69%	-4.40%
Volatility (1Y) Calculated over the trailing 1-year period	18.04%	22.20%	-4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.41%	24.65%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.39%	24.18%	-0.79%

IWN vs. IWO - Expense Ratio Comparison

Both IWN and IWO have an expense ratio of 0.24%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IWN vs. IWO - Dividend Comparison

IWN's dividend yield for the trailing twelve months is around 1.46%, more than IWO's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IWO iShares Russell 2000 Growth ETF	0.42%	0.56%	0.80%	0.73%	0.73%	0.32%	0.44%	0.71%	0.76%	0.73%	0.97%	0.89%

Frequently Asked Questions

Can I hold both IWN and IWO in my portfolio?

IWN and IWO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWN or IWO?

IWO has higher volatility (7.84%) compared to IWN (5.29%). In terms of maximum drawdown, IWN dropped -61.55% vs IWO's -60.11%.

Which ETF is better, IWN or IWO?

On 10-year performance, IWO leads with 12.01% vs 10.72% for IWN. Both ETFs have the same 0.24% expense ratio. On volatility, IWN has been the lower-risk option at 5.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWN or IWO?

Over the 10-year period, IWO has performed better with a 12.01% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWN or IWO?

IWN and IWO have the same expense ratio: 0.24% per year.

Which ETF pays a higher dividend yield, IWN or IWO?

IWN has the higher dividend yield at 1.46%, compared with 0.42% for IWO.

What is the main difference between IWN and IWO?

IWN is categorized as Small Cap Value Equities, while IWO is Small Cap Growth Equities. IWN tracks Russell 2000 Value Index, while IWO tracks Russell 2000 Growth Index.

Which has better risk-adjusted returns?

IWN currently has the higher Sharpe Ratio (2.36 vs 1.80), 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.