IWN vs. USHY

Last updated Jun 9, 2026

IWN (iShares Russell 2000 Value ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - IWN is a Small Cap Value Equities fund tracking the Russell 2000 Value Index, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, IWN returned 6.08%/yr vs 4.16%/yr for USHY. A 0.62 correlation means they provide meaningful diversification when combined. IWN charges 0.24%/yr vs 0.15%/yr for USHY.

Performance

IWN vs. USHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 Value ETF (IWN) and iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWN achieves a 16.90% return, which is significantly higher than USHY's 1.29% 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%

USHY

• 1D: 0.08%
• 1M: -0.14%
• YTD: 1.29%
• 6M: 1.85%
• 1Y: 6.84%
• 3Y*: 8.79%
• 5Y*: 4.16%
• 10Y*: —

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

IWN vs. USHY - 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%	1.95%
USHY iShares Broad USD High Yield Corporate Bond ETF	1.29%	8.81%	8.45%	12.73%	-11.18%	5.02%	6.17%	14.24%	-2.41%	0.16%

Correlation

The correlation between IWN and USHY is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.62

The correlation between IWN and USHY has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

IWN vs. USHY - Sectors Allocation Comparison

Sectors	IWN	USHY
Financial Services	24.2%	-
Technology	12.4%	-
Industrials	11.1%	-
Real Estate	10.2%	0.8%
Energy	9.2%	99.2%
Healthcare	8.8%	-
Consumer Cyclical	8.7%	-
Utilities	5.7%	-
Basic Materials	5.4%	-
Consumer Defensive	2.0%	-
Communication Services	1.6%	-

Return for Risk

IWN vs. USHY — Risk / Return Rank

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

IWN

IWN Risk / Return Rank: 78
IWN Sharpe Ratio Rank: 75
IWN Sortino Ratio Rank: 76
IWN Omega Ratio Rank: 69
IWN Calmar Ratio Rank: 88
IWN Martin Ratio Rank: 84

USHY

USHY Risk / Return Rank: 67
USHY Sharpe Ratio Rank: 62
USHY Sortino Ratio Rank: 69
USHY Omega Ratio Rank: 67
USHY Calmar Ratio Rank: 63
USHY Martin Ratio Rank: 74

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. USHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Value ETF (IWN) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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	USHY	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.88	+0.31
Sortino ratio: Return per unit of downside risk	3.07	2.81	+0.26
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	4.65	2.83	+1.82
Martin ratio: Return relative to average drawdown	15.56	12.68	+2.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWN vs. USHY - Sharpe Ratio Comparison

The current IWN Sharpe Ratio is 2.19, which is comparable to the USHY Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of IWN and USHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IWN	USHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.88	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.57	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.58	-0.19

Drawdowns

IWN vs. USHY - Drawdown Comparison

The maximum IWN drawdown since its inception was -61.55%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for IWN and USHY.

Drawdown Indicators

	IWN	USHY	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-22.44%	-39.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-2.43%	-6.02%
Max Drawdown (3Y) Largest decline over 3 years	-26.70%	-4.66%	-22.04%
Max Drawdown (5Y) Largest decline over 5 years	-26.70%	-15.56%	-11.14%
Max Drawdown (10Y) Largest decline over 10 years	-46.08%	—	—
Current Drawdown Current decline from peak	-1.91%	-0.41%	-1.50%
Average Drawdown Average peak-to-trough decline	-10.15%	-2.66%	-7.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	0.54%	+1.98%

Volatility

IWN vs. USHY - Volatility Comparison

iShares Russell 2000 Value ETF (IWN) has a higher volatility of 5.31% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.13%. This indicates that IWN's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWN	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	1.13%	+4.18%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	2.95%	+9.18%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	3.67%	+14.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.47%	7.34%	+14.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.41%	8.25%	+15.16%

IWN vs. USHY - Expense Ratio Comparison

IWN has a 0.24% expense ratio, which is higher than USHY's 0.15% 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. USHY - Dividend Comparison

IWN's dividend yield for the trailing twelve months is around 1.46%, less than USHY's 6.93% 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%
USHY iShares Broad USD High Yield Corporate Bond ETF	6.93%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWN and USHY in my portfolio?

IWN and USHY have a correlation of 0.71, 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 USHY?

IWN has higher volatility (5.31%) compared to USHY (1.13%). In terms of maximum drawdown, IWN dropped -61.55% vs USHY's -22.44%.

Which ETF is better, IWN or USHY?

On 5-year performance, IWN leads with 6.08% vs 4.16% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWN or USHY?

Over the 5-year period, IWN has performed better with a 6.08% return vs 4.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWN or USHY?

USHY is cheaper with a 0.15% expense ratio, compared with 0.24% for IWN.

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

USHY has the higher dividend yield at 6.93%, compared with 1.46% for IWN.

What is the main difference between IWN and USHY?

IWN is categorized as Small Cap Value Equities, while USHY is High Yield Bonds. IWN tracks Russell 2000 Value Index, while USHY tracks ICE BofA US High Yield Constrained Index. Their fees differ too: 0.24% for IWN and 0.15% for USHY.

Which has better risk-adjusted returns?

IWN currently has the higher Sharpe Ratio (2.19 vs 1.88), 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.