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IWO vs. VTCLX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWO vs. VTCLX

Last updated Aug 5, 2026
Documentation

IWO (iShares Russell 2000 Growth ETF) and VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) are both funds - IWO is a Small Cap Growth Equities fund tracking the Russell 2000 Growth Index, while VTCLX is a Large Cap Blend Equities fund tracking the Russell 1000 Index. Both are passively managed. Over the past 10 years, IWO returned 10.96%/yr vs 15.03%/yr for VTCLX. Their correlation of 0.87 means they have usually moved in the same direction. IWO charges 0.24%/yr vs 0.05%/yr for VTCLX.

Performance

IWO vs. VTCLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 Growth ETF (IWO) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWO achieves a 20.41% return, which is significantly higher than VTCLX's 11.59% return. Over the past 10 years, IWO has underperformed VTCLX with an annualized return of 10.96%, while VTCLX has yielded a comparatively higher 15.03% annualized return.

IWO

1D
2.68%
1M
0.41%
6M
14.89%
YTD
20.41%
1Y
33.81%
3Y*
17.15%
5Y*
5.77%
10Y*
10.96%
ALL TIME*
7.07%

VTCLX

1D
1.51%
1M
1.31%
6M
10.30%
YTD
11.59%
1Y
21.13%
3Y*
20.34%
5Y*
12.37%
10Y*
15.03%
ALL TIME*
10.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWO

iShares Russell 2000 Growth ETF
$179.14M$160.12M$166.50M

VTCLX

Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares
$0.00$0.00$0.00

IWO vs. VTCLX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWO
iShares Russell 2000 Growth ETF		20.41%12.90%15.04%18.51%-26.27%2.54%34.68%28.48%-9.43%22.25%
VTCLX
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares		11.59%17.44%23.76%26.62%-19.07%26.87%21.08%31.47%-4.98%22.40%

Correlation

The correlation between IWO and VTCLX is 0.82, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.82

Correlation (3Y)
Balances recent behavior with more history.

0.82

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.85

Correlation (10Y)
Provides a long-term view across more market conditions.

0.84

Correlation (All Time)
Calculated using the full available price history since Nov 12, 2001

0.87

The correlation between IWO and VTCLX has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

IWO vs. VTCLX - Sectors Allocation Comparison

Sectors
IWO
VTCLX

Healthcare

28.9%
9.0%

Technology

22.1%
36.9%

Industrials

15.9%
9.0%

Consumer Cyclical

8.2%
9.4%

Financial Services

8.0%
11.7%

Basic Materials

5.0%
2.1%

Energy

4.8%
3.2%

Real Estate

2.4%
2.0%

Consumer Defensive

2.3%
4.4%

Communication Services

1.9%
9.3%

Utilities

0.6%
2.6%

Healthcare

IWO
28.9%
VTCLX
9.0%

Technology

IWO
22.1%
VTCLX
36.9%

Industrials

IWO
15.9%
VTCLX
9.0%

Consumer Cyclical

IWO
8.2%
VTCLX
9.4%

Financial Services

IWO
8.0%
VTCLX
11.7%

Basic Materials

IWO
5.0%
VTCLX
2.1%

Energy

IWO
4.8%
VTCLX
3.2%

Real Estate

IWO
2.4%
VTCLX
2.0%

Consumer Defensive

IWO
2.3%
VTCLX
4.4%

Communication Services

IWO
1.9%
VTCLX
9.3%

Utilities

IWO
0.6%
VTCLX
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Russell 2000 Growth ETF

Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares

Often compared with IWO:
IWO vs. IWMIWO vs. IWNIWO vs. QQQIWO vs. VTWOIWO vs. SLYGIWO vs. IJRIWO vs. SCHA
Often compared with VTCLX:
VTCLX vs. VOOVTCLX vs. VTMFXVTCLX vs. VTIVTCLX vs. VTMSXVTCLX vs. PRCOXVTCLX vs. VTSMXVTCLX vs. VUG

Return for Risk

IWO vs. VTCLX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWO
IWO Risk / Return Rank: 5555
Overall Rank
IWO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IWO Sortino Ratio Rank: 5555
Sortino Ratio Rank
IWO Omega Ratio Rank: 4949
Omega Ratio Rank
IWO Calmar Ratio Rank: 5757
Calmar Ratio Rank
IWO Martin Ratio Rank: 5959
Martin Ratio Rank
VTCLX
VTCLX Risk / Return Rank: 7474
Overall Rank
VTCLX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
VTCLX Sortino Ratio Rank: 6868
Sortino Ratio Rank
VTCLX Omega Ratio Rank: 6666
Omega Ratio Rank
VTCLX Calmar Ratio Rank: 7676
Calmar Ratio Rank
VTCLX Martin Ratio Rank: 8585
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IWO vs. VTCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Growth ETF (IWO) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). 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.

IWOVTCLXDifference
Sharpe ratioReturn per unit of total volatility
1.52
1.78

-0.26

Sortino ratioReturn per unit of downside risk
2.15
2.47

-0.32

Omega ratioGain probability vs. loss probability

1.25

1.32

-0.06

Calmar ratioReturn relative to maximum drawdown

2.28

2.62

-0.34

Martin ratioReturn relative to average drawdown

7.84

11.39

-3.55

IWO vs. VTCLX - Sharpe Ratio Comparison

The current IWO Sharpe Ratio is 1.52, which is comparable to the VTCLX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of IWO and VTCLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IWO vs. VTCLX - Drawdown Comparison

The maximum IWO drawdown since its inception was -60.11%, which is greater than VTCLX's maximum drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for IWO and VTCLX.

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Drawdown Indicators

IWOVTCLXDifference

Max Drawdown

Largest peak-to-trough decline

-60.11%

-55.18%

-4.93%

Max Drawdown (1Y)

Largest decline over 1 year

-14.87%

-8.79%

-6.08%

Max Drawdown (3Y)

Largest decline over 3 years

-28.57%

-19.01%

-9.56%

Max Drawdown (5Y)

Largest decline over 5 years

-40.51%

-24.98%

-15.53%

Max Drawdown (10Y)

Largest decline over 10 years

-42.02%

-34.56%

-7.46%

Current Drawdown

Current decline from peak

-1.42%

0.00%

-1.42%

Average Drawdown

Average peak-to-trough decline

-16.62%

-7.52%

-9.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.33%

2.02%

+2.31%

Volatility

IWO vs. VTCLX - Volatility Comparison

iShares Russell 2000 Growth ETF (IWO) has a higher volatility of 6.69% compared to Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) at 3.78%. This indicates that IWO's price experiences larger fluctuations and is considered to be riskier than VTCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWOVTCLXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.69%

3.78%

+2.91%

Volatility (6M)

Calculated over the trailing 6-month period

17.25%

10.25%

+7.00%

Volatility (1Y)

Calculated over the trailing 1-year period

22.51%

12.97%

+9.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.67%

17.34%

+7.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.20%

18.28%

+5.92%

IWO vs. VTCLX - Expense Ratio Comparison

IWO has a 0.24% expense ratio, which is higher than VTCLX'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

IWO vs. VTCLX - Dividend Comparison

IWO's dividend yield for the trailing twelve months is around 0.42%, less than VTCLX's 0.89% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VTCLX
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares		0.89%0.93%1.04%1.24%1.47%1.04%1.32%1.52%1.83%1.57%1.76%1.69%

Frequently Asked Questions

IWO and VTCLX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWO has higher volatility (6.69%) compared to VTCLX (3.78%). In terms of maximum drawdown, IWO dropped -60.11% vs VTCLX's -55.18%.

VTCLX currently has the higher Sharpe Ratio (1.78 vs 1.52), 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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