IWN vs. PNNT
IWN (iShares Russell 2000 Value ETF) is Small Cap Value Equities fund tracking the Russell 2000 Value Index, while PNNT (PennantPark Investment Corporation) is a stock. Over the past 10 years, IWN returned 10.05%/yr vs 6.83%/yr for PNNT. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
IWN vs. PNNT - Performance Comparison
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Returns By Period
In the year-to-date period, IWN achieves a 16.90% return, which is significantly higher than PNNT's -30.57% return. Over the past 10 years, IWN has outperformed PNNT with an annualized return of 10.05%, while PNNT has yielded a comparatively lower 6.83% annualized return.
IWN
- 1D
- 0.86%
- 1M
- -0.18%
- YTD
- 16.90%
- 6M
- 16.09%
- 1Y
- 39.09%
- 3Y*
- 16.65%
- 5Y*
- 6.08%
- 10Y*
- 10.05%
PNNT
- 1D
- -1.30%
- 1M
- -15.02%
- YTD
- -30.57%
- 6M
- -29.01%
- 1Y
- -33.64%
- 3Y*
- 0.71%
- 5Y*
- 0.56%
- 10Y*
- 6.83%
IWN vs. PNNT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWN iShares Russell 2000 Value ETF | 16.90% | 12.40% | 7.63% | 14.56% | -14.77% | 27.96% | 4.66% | 22.01% | -13.01% | 7.69% |
PNNT PennantPark Investment Corporation | -30.57% | -2.96% | 16.56% | 37.25% | -8.90% | 61.71% | -17.99% | 14.30% | 2.05% | -0.65% |
Correlation
The correlation between IWN and PNNT is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2007 | 0.54 |
The correlation between IWN and PNNT shifts across timeframes, from 0.39 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IWN vs. PNNT — Risk / Return Rank
IWN
PNNT
IWN vs. PNNT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Value ETF (IWN) and PennantPark Investment Corporation (PNNT). 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.
| IWN | PNNT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.43 | ||
| Sortino ratioReturn per unit of downside risk | +4.76 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.78 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 4.65 | -0.79 | +5.44 |
| Martin ratioReturn relative to average drawdown | 15.56 | -1.69 | +17.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWN | PNNT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.19 | -1.25 | +3.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.02 | +0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.21 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.13 | +0.26 |
Drawdowns
IWN vs. PNNT - Drawdown Comparison
The maximum IWN drawdown since its inception was -61.55%, smaller than the maximum PNNT drawdown of -82.16%. Use the drawdown chart below to compare losses from any high point for IWN and PNNT.
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Drawdown Indicators
| IWN | PNNT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.55% | -82.16% | +20.61% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -42.61% | +34.16% |
Max Drawdown (3Y)Largest decline over 3 years | -26.70% | -42.61% | +15.91% |
Max Drawdown (5Y)Largest decline over 5 years | -26.70% | -42.61% | +15.91% |
Max Drawdown (10Y)Largest decline over 10 years | -46.08% | -69.14% | +23.06% |
Current DrawdownCurrent decline from peak | -1.91% | -40.90% | +38.99% |
Average DrawdownAverage peak-to-trough decline | -10.15% | -15.28% | +5.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 19.92% | -17.40% |
Volatility
IWN vs. PNNT - Volatility Comparison
The current volatility for iShares Russell 2000 Value ETF (IWN) is 5.31%, while PennantPark Investment Corporation (PNNT) has a volatility of 14.65%. This indicates that IWN experiences smaller price fluctuations and is considered to be less risky than PNNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWN | PNNT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.31% | 14.65% | -9.34% |
Volatility (6M)Calculated over the trailing 6-month period | 12.13% | 23.99% | -11.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.99% | 27.16% | -9.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.47% | 23.80% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.41% | 32.77% | -9.36% |
Dividends
IWN vs. PNNT - Dividend Comparison
IWN's dividend yield for the trailing twelve months is around 1.46%, less than PNNT's 25.20% 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% |
PNNT PennantPark Investment Corporation | 25.20% | 16.11% | 12.85% | 11.65% | 10.43% | 6.93% | 11.71% | 11.03% | 11.30% | 10.42% | 14.62% | 18.12% |
Frequently Asked Questions
IWN and PNNT have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNNT has higher volatility (14.65%) compared to IWN (5.31%). In terms of maximum drawdown, IWN dropped -61.55% vs PNNT's -82.16%.
IWN currently has the higher Sharpe Ratio (2.19 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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