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IWP vs. VWOB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWP vs. VWOB

Last updated Jun 9, 2026

IWP (iShares Russell Mid-Cap Growth ETF) and VWOB (Vanguard Emerging Markets Government Bond ETF) are both exchange-traded funds - IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index, while VWOB is a Emerging Markets Bonds fund tracking the Bloomberg USD Emerging Markets Government RIC Capped Index. Both are passively managed. Over the past 10 years, IWP returned 12.22%/yr vs 3.44%/yr for VWOB. At a 0.43 correlation, their price movements are largely independent. IWP charges 0.23%/yr vs 0.15%/yr for VWOB.

Performance

IWP vs. VWOB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Growth ETF (IWP) and Vanguard Emerging Markets Government Bond ETF (VWOB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWP achieves a 1.66% return, which is significantly higher than VWOB's 0.95% return. Over the past 10 years, IWP has outperformed VWOB with an annualized return of 12.22%, while VWOB has yielded a comparatively lower 3.44% annualized return.

IWP

1D
-0.06%
1M
1.28%
YTD
1.66%
6M
0.18%
1Y
2.82%
3Y*
15.01%
5Y*
5.99%
10Y*
12.22%

VWOB

1D
-0.18%
1M
-0.48%
YTD
0.95%
6M
1.64%
1Y
10.16%
3Y*
9.06%
5Y*
1.85%
10Y*
3.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWP vs. VWOB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWP
iShares Russell Mid-Cap Growth ETF		1.66%8.45%21.86%25.70%-26.90%12.60%35.25%35.04%-4.89%24.93%
VWOB
Vanguard Emerging Markets Government Bond ETF		0.95%13.49%5.20%10.68%-17.39%-1.80%5.65%14.46%-2.92%8.41%

Correlation

The correlation between IWP and VWOB is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (3Y)
Calculated over the trailing 3-year period

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.50

Correlation (10Y)
Calculated over the trailing 10-year period

0.46

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2013

0.43

The correlation between IWP and VWOB has been stable across timeframes, ranging from 0.43 to 0.50 - a consistent structural relationship.

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 Mid-Cap Growth ETF

Vanguard Emerging Markets Government Bond ETF

Often compared with IWP:
IWP vs. VOTIWP vs. IWSIWP vs. VOIWP vs. IMCGIWP vs. IJKIWP vs. SCHGIWP vs. VOO
Often compared with VWOB:
VWOB vs. EMBVWOB vs. BNDXVWOB vs. EMLCVWOB vs. VWOVWOB vs. VEMBXVWOB vs. EMHYVWOB vs. PCY

Return for Risk

IWP vs. VWOB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWP
IWP Risk / Return Rank: 1212
Overall Rank
IWP Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
IWP Sortino Ratio Rank: 1212
Sortino Ratio Rank
IWP Omega Ratio Rank: 1111
Omega Ratio Rank
IWP Calmar Ratio Rank: 1212
Calmar Ratio Rank
IWP Martin Ratio Rank: 1212
Martin Ratio Rank
VWOB
VWOB Risk / Return Rank: 6363
Overall Rank
VWOB Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
VWOB Sortino Ratio Rank: 7070
Sortino Ratio Rank
VWOB Omega Ratio Rank: 7171
Omega Ratio Rank
VWOB Calmar Ratio Rank: 5151
Calmar Ratio Rank
VWOB Martin Ratio Rank: 5959
Martin Ratio Rank
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.

IWP vs. VWOB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Growth ETF (IWP) and Vanguard Emerging Markets Government Bond ETF (VWOB). 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.

IWPVWOBDifference
Sharpe ratioReturn per unit of total volatility
0.17
1.97

-1.80

Sortino ratioReturn per unit of downside risk
0.36
2.85

-2.49

Omega ratioGain probability vs. loss probability

1.04

1.38

-0.34

Calmar ratioReturn relative to maximum drawdown

0.19

2.28

-2.08

Martin ratioReturn relative to average drawdown

0.56

9.60

-9.05

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWP vs. VWOB - Sharpe Ratio Comparison

The current IWP Sharpe Ratio is 0.17, which is lower than the VWOB Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of IWP and VWOB, 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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Sharpe Ratios by Period

IWPVWOBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.17

1.97

-1.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.27

0.20

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.37

+0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.41

+0.01

Drawdowns

IWP vs. VWOB - Drawdown Comparison

The maximum IWP drawdown since its inception was -56.92%, which is greater than VWOB's maximum drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for IWP and VWOB.

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Drawdown Indicators

IWPVWOBDifference

Max Drawdown

Largest peak-to-trough decline

-56.92%

-26.98%

-29.94%

Max Drawdown (1Y)

Largest decline over 1 year

-14.79%

-4.48%

-10.31%

Max Drawdown (3Y)

Largest decline over 3 years

-25.20%

-7.71%

-17.49%

Max Drawdown (5Y)

Largest decline over 5 years

-38.62%

-26.98%

-11.64%

Max Drawdown (10Y)

Largest decline over 10 years

-38.62%

-26.98%

-11.64%

Current Drawdown

Current decline from peak

-4.08%

-0.94%

-3.14%

Average Drawdown

Average peak-to-trough decline

-9.68%

-4.78%

-4.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.08%

1.06%

+4.02%

Volatility

IWP vs. VWOB - Volatility Comparison

iShares Russell Mid-Cap Growth ETF (IWP) has a higher volatility of 4.62% compared to Vanguard Emerging Markets Government Bond ETF (VWOB) at 1.65%. This indicates that IWP's price experiences larger fluctuations and is considered to be riskier than VWOB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWPVWOBDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.62%

1.65%

+2.97%

Volatility (6M)

Calculated over the trailing 6-month period

12.93%

4.20%

+8.73%

Volatility (1Y)

Calculated over the trailing 1-year period

16.71%

5.18%

+11.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.34%

9.18%

+13.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.70%

9.34%

+12.36%

IWP vs. VWOB - Expense Ratio Comparison

IWP has a 0.23% expense ratio, which is higher than VWOB'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

IWP vs. VWOB - Dividend Comparison

IWP's dividend yield for the trailing twelve months is around 0.33%, less than VWOB's 5.88% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VWOB
Vanguard Emerging Markets Government Bond ETF		5.88%5.92%6.08%5.50%5.30%4.04%4.18%4.58%4.52%4.61%4.71%4.93%

Frequently Asked Questions

IWP and VWOB have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWP has higher volatility (4.62%) compared to VWOB (1.65%). In terms of maximum drawdown, IWP dropped -56.92% vs VWOB's -26.98%.

On 10-year performance, IWP leads with 12.22% vs 3.44% for VWOB. On fees, VWOB is cheaper at 0.15% per year. On volatility, VWOB has been the lower-risk option at 1.65%. 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 12.22% return vs 3.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VWOB is cheaper with a 0.15% expense ratio, compared with 0.23% for IWP.

VWOB has the higher dividend yield at 5.88%, compared with 0.33% for IWP.

IWP is categorized as Mid Cap Growth Equities, while VWOB is Emerging Markets Bonds. IWP tracks Russell Midcap Growth Index, while VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.23% for IWP and 0.15% for VWOB.

VWOB currently has the higher Sharpe Ratio (1.97 vs 0.17), 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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