IWP vs. VNQ
IWP (iShares Russell Mid-Cap Growth ETF) and VNQ (Vanguard Real Estate ETF) are both exchange-traded funds - IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index, while VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. Both are passively managed. Over the past 10 years, IWP returned 12.47%/yr vs 5.65%/yr for VNQ. A 0.63 correlation means they provide meaningful diversification when combined. IWP charges 0.23%/yr vs 0.13%/yr for VNQ.
Performance
IWP vs. VNQ - Performance Comparison
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Returns By Period
In the year-to-date period, IWP achieves a 2.86% return, which is significantly lower than VNQ's 12.51% return. Over the past 10 years, IWP has outperformed VNQ with an annualized return of 12.47%, while VNQ has yielded a comparatively lower 5.65% annualized return.
IWP
- 1D
- 0.06%
- 1M
- 2.33%
- YTD
- 2.86%
- 6M
- 1.29%
- 1Y
- 5.92%
- 3Y*
- 14.57%
- 5Y*
- 5.82%
- 10Y*
- 12.47%
VNQ
- 1D
- 0.92%
- 1M
- 3.35%
- YTD
- 12.51%
- 6M
- 12.32%
- 1Y
- 14.02%
- 3Y*
- 10.14%
- 5Y*
- 2.55%
- 10Y*
- 5.65%
IWP vs. VNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWP iShares Russell Mid-Cap Growth ETF | 2.86% | 8.45% | 21.86% | 25.70% | -26.90% | 12.60% | 35.25% | 35.04% | -4.89% | 24.93% |
VNQ Vanguard Real Estate ETF | 12.51% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
Correlation
The correlation between IWP and VNQ is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004 | 0.63 |
Over the past year, the correlation between IWP and VNQ has dropped to 0.38 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.
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Return for Risk
IWP vs. VNQ — Risk / Return Rank
IWP
VNQ
IWP vs. VNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Growth ETF (IWP) and Vanguard Real Estate ETF (VNQ). 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.
| IWP | VNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.17 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 1.56 | -1.25 |
| Martin ratioReturn relative to average drawdown | 0.89 | 4.90 | -4.01 |
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Drawdowns
IWP vs. VNQ - Drawdown Comparison
The maximum IWP drawdown since its inception was -56.92%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for IWP and VNQ.
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Drawdown Indicators
| IWP | VNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.92% | -73.07% | +16.15% |
Max Drawdown (1Y)Largest decline over 1 year | -14.79% | -8.34% | -6.45% |
Max Drawdown (3Y)Largest decline over 3 years | -25.20% | -17.46% | -7.74% |
Max Drawdown (5Y)Largest decline over 5 years | -38.62% | -34.48% | -4.14% |
Max Drawdown (10Y)Largest decline over 10 years | -38.62% | -42.40% | +3.78% |
Current DrawdownCurrent decline from peak | -2.95% | 0.00% | -2.95% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -13.61% | +3.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.10% | 2.65% | +2.45% |
Volatility
IWP vs. VNQ - Volatility Comparison
iShares Russell Mid-Cap Growth ETF (IWP) has a higher volatility of 5.68% compared to Vanguard Real Estate ETF (VNQ) at 4.72%. This indicates that IWP's price experiences larger fluctuations and is considered to be riskier than VNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWP | VNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.68% | 4.72% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 13.34% | 9.77% | +3.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.03% | 13.54% | +3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.37% | 18.84% | +3.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.71% | 20.72% | +0.99% |
IWP vs. VNQ - Expense Ratio Comparison
IWP has a 0.23% expense ratio, which is higher than VNQ's 0.13% 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
IWP vs. VNQ - Dividend Comparison
IWP's dividend yield for the trailing twelve months is around 0.33%, less than VNQ's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWP iShares Russell Mid-Cap Growth ETF | 0.33% | 0.37% | 0.40% | 0.54% | 0.77% | 0.30% | 0.38% | 0.59% | 1.02% | 0.78% | 1.16% | 0.98% |
VNQ Vanguard Real Estate ETF | 3.54% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
IWP and VNQ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWP has higher volatility (5.68%) compared to VNQ (4.72%). In terms of maximum drawdown, IWP dropped -56.92% vs VNQ's -73.07%.
On 10-year performance, IWP leads with 12.47% vs 5.65% for VNQ. On fees, VNQ is cheaper at 0.13% per year. On volatility, VNQ has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWP has performed better with a 12.47% return vs 5.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQ is cheaper with a 0.13% expense ratio, compared with 0.23% for IWP.
VNQ has the higher dividend yield at 3.54%, compared with 0.33% for IWP.
IWP is categorized as Mid Cap Growth Equities, while VNQ is REIT. IWP tracks Russell Midcap Growth Index, while VNQ tracks MSCI US Investable Market Real Estate 25/50 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.23% for IWP and 0.13% for VNQ.
VNQ currently has the higher Sharpe Ratio (0.96 vs 0.27), 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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