IWN vs. IWR

Last updated Jun 23, 2026

IWN (iShares Russell 2000 Value ETF) and IWR (iShares Russell Midcap ETF) are both exchange-traded funds - IWN is a Small Cap Value Equities fund tracking the Russell 2000 Value Index, while IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index. Both are passively managed. Over the past 10 years, IWN returned 10.74%/yr vs 12.03%/yr for IWR. Their correlation of 0.89 suggests significant overlap in exposure. IWN charges 0.24%/yr vs 0.19%/yr for IWR.

Performance

IWN vs. IWR - Performance Comparison

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

Returns By Period

In the year-to-date period, IWN achieves a 21.06% return, which is significantly higher than IWR's 13.93% return. Over the past 10 years, IWN has underperformed IWR with an annualized return of 10.74%, while IWR has yielded a comparatively higher 12.03% annualized return.

IWN

• 1D: 0.52%
• 1M: 3.53%
• YTD: 21.06%
• 6M: 18.12%
• 1Y: 44.70%
• 3Y*: 19.27%
• 5Y*: 7.50%
• 10Y*: 10.74%

IWR

• 1D: 0.52%
• 1M: 3.28%
• YTD: 13.93%
• 6M: 12.06%
• 1Y: 23.42%
• 3Y*: 17.38%
• 5Y*: 8.30%
• 10Y*: 12.03%

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

IWN vs. IWR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWN iShares Russell 2000 Value ETF	21.06%	12.40%	7.63%	14.56%	-14.77%	27.96%	4.66%	22.01%	-13.01%	7.69%
IWR iShares Russell Midcap ETF	13.93%	10.37%	15.21%	17.05%	-17.48%	22.44%	16.93%	30.23%	-9.10%	18.25%

Correlation

The correlation between IWN and IWR is 0.90, 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	0.90
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	0.89
Correlation (All Time) Calculated using the full available price history since Jul 20, 2001	0.89

The correlation between IWN and IWR has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

IWN vs. IWR - Sectors Allocation Comparison

Sectors	IWN	IWR
Financial Services	23.9%	12.1%
Industrials	12.1%	18.1%
Technology	11.6%	19.6%
Real Estate	10.2%	6.8%
Healthcare	10.1%	8.7%
Consumer Cyclical	8.9%	11.1%
Energy	7.9%	6.5%
Basic Materials	5.4%	4.2%
Utilities	5.1%	5.7%
Communication Services	2.7%	3.3%
Consumer Defensive	2.1%	3.9%

Return for Risk

IWN vs. IWR — Risk / Return Rank

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

IWN

IWN Risk / Return Rank: 83
IWN Sharpe Ratio Rank: 81
IWN Sortino Ratio Rank: 81
IWN Omega Ratio Rank: 74
IWN Calmar Ratio Rank: 90
IWN Martin Ratio Rank: 87

IWR

IWR Risk / Return Rank: 55
IWR Sharpe Ratio Rank: 52
IWR Sortino Ratio Rank: 51
IWR Omega Ratio Rank: 48
IWR Calmar Ratio Rank: 60
IWR Martin Ratio Rank: 63

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. IWR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Value ETF (IWN) and iShares Russell Midcap ETF (IWR). 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	IWR	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.71	+0.78
Sortino ratio: Return per unit of downside risk	3.45	2.44	+1.01
Omega ratio: Gain probability vs. loss probability	1.42	1.30	+0.12
Calmar ratio: Return relative to maximum drawdown	5.31	2.88	+2.43
Martin ratio: Return relative to average drawdown	17.88	11.02	+6.85

IWN vs. IWR - Sharpe Ratio Comparison

The current IWN Sharpe Ratio is 2.49, which is higher than the IWR Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of IWN and IWR, 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. IWR - Drawdown Comparison

The maximum IWN drawdown since its inception was -61.55%, roughly equal to the maximum IWR drawdown of -58.78%. Use the drawdown chart below to compare losses from any high point for IWN and IWR.

Drawdown Indicators

	IWN	IWR	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-58.78%	-2.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-8.17%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-26.70%	-21.09%	-5.61%
Max Drawdown (5Y) Largest decline over 5 years	-26.70%	-26.18%	-0.52%
Max Drawdown (10Y) Largest decline over 10 years	-46.08%	-40.59%	-5.49%
Current Drawdown Current decline from peak	0.00%	-0.30%	+0.30%
Average Drawdown Average peak-to-trough decline	-10.14%	-7.79%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.13%	+0.38%

Volatility

IWN vs. IWR - Volatility Comparison

iShares Russell 2000 Value ETF (IWN) has a higher volatility of 5.29% compared to iShares Russell Midcap ETF (IWR) at 4.41%. This indicates that IWN's price experiences larger fluctuations and is considered to be riskier than IWR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWN	IWR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	4.41%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	10.38%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	18.08%	13.80%	+4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.41%	18.28%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.42%	19.40%	+4.02%

IWN vs. IWR - Expense Ratio Comparison

IWN has a 0.24% expense ratio, which is higher than IWR's 0.19% 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. IWR - Dividend Comparison

IWN's dividend yield for the trailing twelve months is around 1.46%, more than IWR's 1.16% 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%
IWR iShares Russell Midcap ETF	1.16%	1.29%	1.27%	1.43%	1.59%	1.04%	1.28%	1.43%	1.98%	1.52%	1.72%	1.59%

Frequently Asked Questions

Can I hold both IWN and IWR in my portfolio?

IWN and IWR have a correlation of 0.90, 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 IWR?

IWN has higher volatility (5.29%) compared to IWR (4.41%). In terms of maximum drawdown, IWN dropped -61.55% vs IWR's -58.78%.

Which ETF is better, IWN or IWR?

On 10-year performance, IWR leads with 12.03% vs 10.74% for IWN. On fees, IWR is cheaper at 0.19% per year. On volatility, IWR has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWN or IWR?

Over the 10-year period, IWR has performed better with a 12.03% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWN or IWR?

IWR is cheaper with a 0.19% expense ratio, compared with 0.24% for IWN.

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

IWN has the higher dividend yield at 1.46%, compared with 1.16% for IWR.

What is the main difference between IWN and IWR?

IWN is categorized as Small Cap Value Equities, while IWR is Mid Cap Growth Equities. IWN tracks Russell 2000 Value Index, while IWR tracks Russell Midcap Index. Their fees differ too: 0.24% for IWN and 0.19% for IWR.

Which has better risk-adjusted returns?

IWN currently has the higher Sharpe Ratio (2.49 vs 1.71), 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.