IWN vs. SPMD
IWN (iShares Russell 2000 Value ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - IWN is a Small Cap Value Equities fund tracking the Russell 2000 Value Index, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, IWN returned 10.58%/yr vs 11.78%/yr for SPMD. Their correlation of 0.87 suggests significant overlap in exposure. IWN charges 0.24%/yr vs 0.05%/yr for SPMD.
Performance
IWN vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, IWN achieves a 20.82% return, which is significantly higher than SPMD's 15.51% return. Over the past 10 years, IWN has underperformed SPMD with an annualized return of 10.58%, while SPMD has yielded a comparatively higher 11.78% annualized return.
IWN
- 1D
- 1.17%
- 1M
- 6.00%
- YTD
- 20.82%
- 6M
- 17.48%
- 1Y
- 44.79%
- 3Y*
- 17.41%
- 5Y*
- 6.89%
- 10Y*
- 10.58%
SPMD
- 1D
- 0.73%
- 1M
- 5.31%
- YTD
- 15.51%
- 6M
- 14.03%
- 1Y
- 27.96%
- 3Y*
- 15.42%
- 5Y*
- 8.28%
- 10Y*
- 11.78%
IWN vs. SPMD - 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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.51% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between IWN and SPMD is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.87 |
The correlation between IWN and SPMD has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.
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Return for Risk
IWN vs. SPMD — Risk / Return Rank
IWN
SPMD
IWN vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Value ETF (IWN) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.29 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 5.02 | 2.95 | +2.08 |
| Martin ratioReturn relative to average drawdown | 16.91 | 10.81 | +6.10 |
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Drawdowns
IWN vs. SPMD - Drawdown Comparison
The maximum IWN drawdown since its inception was -61.55%, which is greater than SPMD's maximum drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for IWN and SPMD.
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Drawdown Indicators
| IWN | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.55% | -57.62% | -3.93% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -8.86% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -26.70% | -24.08% | -2.62% |
Max Drawdown (5Y)Largest decline over 5 years | -26.70% | -24.08% | -2.62% |
Max Drawdown (10Y)Largest decline over 10 years | -46.08% | -41.86% | -4.22% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -10.15% | -8.11% | -2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 2.41% | +0.10% |
Volatility
IWN vs. SPMD - Volatility Comparison
iShares Russell 2000 Value ETF (IWN) has a higher volatility of 5.80% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 5.07%. This indicates that IWN's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWN | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.80% | 5.07% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 12.25% | 11.77% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.09% | 15.91% | +2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.47% | 19.75% | +1.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.41% | 21.20% | +2.21% |
IWN vs. SPMD - Expense Ratio Comparison
IWN has a 0.24% expense ratio, which is higher than SPMD's 0.05% 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. SPMD - Dividend Comparison
IWN's dividend yield for the trailing twelve months is around 1.42%, more than SPMD's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWN iShares Russell 2000 Value ETF | 1.42% | 1.70% | 1.80% | 2.04% | 2.12% | 1.48% | 1.60% | 1.92% | 1.99% | 1.78% | 1.74% | 2.15% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.21% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
With a correlation of 0.92, IWN and SPMD 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 (5.80%) compared to SPMD (5.07%). In terms of maximum drawdown, IWN dropped -61.55% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.78% vs 10.58% for IWN. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMD has performed better with a 11.78% return vs 10.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.24% for IWN.
IWN has the higher dividend yield at 1.42%, compared with 1.21% for SPMD.
IWN is categorized as Small Cap Value Equities, while SPMD is Mid Cap Blend Equities. IWN tracks Russell 2000 Value Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.24% for IWN and 0.05% for SPMD.
IWN currently has the higher Sharpe Ratio (2.35 vs 1.64), 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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