IWR vs. BKMC

Last updated Jun 5, 2026

IWR (iShares Russell Midcap ETF) and BKMC (BNY Mellon US Mid Cap Core Equity ETF) are both Mid Cap Growth Equities funds - IWR tracks the Russell Midcap Index while BKMC tracks the Morningstar US Mid Cap Index. Both are passively managed. Over the past 5 years, IWR returned 8.11%/yr vs 7.98%/yr for BKMC. With a 0.98 correlation, they move nearly in lockstep. IWR charges 0.19%/yr vs 0.04%/yr for BKMC.

Performance

IWR vs. BKMC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Midcap ETF (IWR) and BNY Mellon US Mid Cap Core Equity ETF (BKMC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWR achieves a 13.02% return, which is significantly higher than BKMC's 11.95% return.

IWR

• 1D: 0.52%
• 1M: 3.28%
• YTD: 13.02%
• 6M: 12.45%
• 1Y: 22.54%
• 3Y*: 17.59%
• 5Y*: 8.11%
• 10Y*: 11.55%

BKMC

• 1D: 0.57%
• 1M: 2.95%
• YTD: 11.95%
• 6M: 11.20%
• 1Y: 23.76%
• 3Y*: 16.44%
• 5Y*: 7.98%
• 10Y*: —

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

IWR vs. BKMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IWR iShares Russell Midcap ETF	13.02%	10.37%	15.21%	17.05%	-17.48%	22.44%	45.72%
BKMC BNY Mellon US Mid Cap Core Equity ETF	11.95%	8.74%	13.78%	17.50%	-16.03%	23.83%	45.93%

Correlation

The correlation between IWR and BKMC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Apr 13, 2020	0.98

The correlation between IWR and BKMC has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

IWR vs. BKMC - Sectors Allocation Comparison

Sectors	IWR	BKMC
Industrials	18.4%	22.9%
Technology	17.2%	16.2%
Financial Services	12.5%	12.4%
Consumer Cyclical	11.2%	9.1%
Healthcare	8.7%	11.4%
Energy	7.2%	3.3%
Real Estate	7.0%	7.6%
Utilities	6.1%	2.4%
Basic Materials	4.3%	4.6%
Consumer Defensive	4.1%	4.3%
Communication Services	3.4%	3.5%

Return for Risk

IWR vs. BKMC — Risk / Return Rank

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

IWR

IWR Risk / Return Rank: 53
IWR Sharpe Ratio Rank: 50
IWR Sortino Ratio Rank: 51
IWR Omega Ratio Rank: 48
IWR Calmar Ratio Rank: 57
IWR Martin Ratio Rank: 61

BKMC

BKMC Risk / Return Rank: 49
BKMC Sharpe Ratio Rank: 46
BKMC Sortino Ratio Rank: 48
BKMC Omega Ratio Rank: 44
BKMC Calmar Ratio Rank: 50
BKMC Martin Ratio Rank: 55

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.

IWR vs. BKMC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) and BNY Mellon US Mid Cap Core Equity ETF (BKMC). 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.

	IWR	BKMC	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.58	+0.11
Sortino ratio: Return per unit of downside risk	2.44	2.32	+0.12
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.77	2.43	+0.34
Martin ratio: Return relative to average drawdown	10.70	9.36	+1.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWR vs. BKMC - Sharpe Ratio Comparison

The current IWR Sharpe Ratio is 1.69, which is comparable to the BKMC Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of IWR and BKMC, 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

	IWR	BKMC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.58	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.43	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.83	-0.33

Drawdowns

IWR vs. BKMC - Drawdown Comparison

The maximum IWR drawdown since its inception was -58.78%, which is greater than BKMC's maximum drawdown of -25.02%. Use the drawdown chart below to compare losses from any high point for IWR and BKMC.

Drawdown Indicators

	IWR	BKMC	Difference
Max Drawdown Largest peak-to-trough decline	-58.78%	-25.02%	-33.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-9.82%	+1.65%
Max Drawdown (3Y) Largest decline over 3 years	-21.09%	-23.68%	+2.59%
Max Drawdown (5Y) Largest decline over 5 years	-26.18%	-25.02%	-1.16%
Max Drawdown (10Y) Largest decline over 10 years	-40.59%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.80%	-6.54%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	2.55%	-0.44%

Volatility

IWR vs. BKMC - Volatility Comparison

The current volatility for iShares Russell Midcap ETF (IWR) is 3.16%, while BNY Mellon US Mid Cap Core Equity ETF (BKMC) has a volatility of 4.08%. This indicates that IWR experiences smaller price fluctuations and is considered to be less risky than BKMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWR	BKMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	4.08%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	10.94%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	13.36%	15.10%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	18.77%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	19.15%	+0.21%

IWR vs. BKMC - Expense Ratio Comparison

IWR has a 0.19% expense ratio, which is higher than BKMC's 0.04% 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

IWR vs. BKMC - Dividend Comparison

IWR's dividend yield for the trailing twelve months is around 1.14%, less than BKMC's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKMC BNY Mellon US Mid Cap Core Equity ETF	1.37%	1.35%	1.54%	1.38%	1.63%	1.15%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%
IWR iShares Russell Midcap ETF	1.14%	1.29%	1.27%	1.43%	1.59%	1.04%	1.28%	1.43%	1.98%	1.52%	1.72%	1.59%

Frequently Asked Questions

Can I hold both IWR and BKMC in my portfolio?

With a correlation of 0.97, IWR and BKMC 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.

Which is riskier, IWR or BKMC?

BKMC has higher volatility (4.08%) compared to IWR (3.16%). In terms of maximum drawdown, IWR dropped -58.78% vs BKMC's -25.02%.

Which ETF is better, IWR or BKMC?

On 5-year performance, IWR leads with 8.11% vs 7.98% for BKMC. On fees, BKMC is cheaper at 0.04% per year. On volatility, IWR has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWR or BKMC?

Over the 5-year period, IWR has performed better with a 8.11% return vs 7.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWR or BKMC?

BKMC is cheaper with a 0.04% expense ratio, compared with 0.19% for IWR.

Which ETF pays a higher dividend yield, IWR or BKMC?

BKMC has the higher dividend yield at 1.37%, compared with 1.14% for IWR.

What is the main difference between IWR and BKMC?

IWR tracks Russell Midcap Index, while BKMC tracks Morningstar US Mid Cap Index. They also come from different issuers: iShares and BNY Mellon. Their fees differ too: 0.19% for IWR and 0.04% for BKMC.

Which has better risk-adjusted returns?

IWR currently has the higher Sharpe Ratio (1.69 vs 1.58), 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.