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IWR vs. CSD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWR vs. CSD

Last updated Aug 2, 2026
Documentation

IWR (iShares Russell Midcap ETF) and CSD (Invesco S&P Spin-Off ETF) are both Mid Cap Blend Equities funds - IWR tracks the Russell Midcap Index while CSD tracks the S&P U.S. Spin-Off Index. Both are passively managed. Over the past 10 years, IWR returned 11.43%/yr vs 13.22%/yr for CSD. Their correlation of 0.84 means they have usually moved in the same direction. IWR charges 0.19%/yr vs 0.65%/yr for CSD.

Performance

IWR vs. CSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Midcap ETF (IWR) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWR achieves a 14.55% return, which is significantly lower than CSD's 33.33% return. Over the past 10 years, IWR has underperformed CSD with an annualized return of 11.43%, while CSD has yielded a comparatively higher 13.22% annualized return.

IWR

1D
-0.28%
1M
-0.59%
6M
11.19%
YTD
14.55%
1Y
20.25%
3Y*
14.75%
5Y*
8.04%
10Y*
11.43%
ALL TIME*
9.95%

CSD

1D
-0.25%
1M
-6.37%
6M
19.91%
YTD
33.33%
1Y
54.94%
3Y*
31.10%
5Y*
15.97%
10Y*
13.22%
ALL TIME*
9.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

CSD

Invesco S&P Spin-Off ETF
$2.08M$2.19M$2.22M

IWR

iShares Russell Midcap ETF
$186.41M$266.84M$222.00M

IWR vs. CSD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWR
iShares Russell Midcap ETF		14.55%10.37%15.21%17.05%-17.48%22.44%16.93%30.23%-9.10%18.25%
CSD
Invesco S&P Spin-Off ETF		33.33%21.58%27.61%23.77%-15.04%13.01%10.79%20.61%-17.82%20.64%

Correlation

The correlation between IWR and CSD is 0.80, 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.

0.80

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

0.85

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

0.88

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

0.87

Correlation (All Time)
Calculated using the full available price history since Dec 15, 2006

0.84

The correlation between IWR and CSD has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

IWR vs. CSD - Sectors Allocation Comparison

Sectors
IWR
CSD

Technology

18.3%
23.5%

Industrials

17.2%
35.5%

Financial Services

12.6%
0.1%

Healthcare

10.9%
12.8%

Consumer Cyclical

10.2%
2.4%

Real Estate

6.9%
3.8%

Utilities

6.0%
7.3%

Energy

5.8%

-

Consumer Defensive

4.5%
1.0%

Basic Materials

4.2%
6.8%

Communication Services

3.5%
5.2%

Technology

IWR
18.3%
CSD
23.5%

Industrials

IWR
17.2%
CSD
35.5%

Financial Services

IWR
12.6%
CSD
0.1%

Healthcare

IWR
10.9%
CSD
12.8%

Consumer Cyclical

IWR
10.2%
CSD
2.4%

Real Estate

IWR
6.9%
CSD
3.8%

Utilities

IWR
6.0%
CSD
7.3%

Energy

IWR
5.8%
CSD

-

Consumer Defensive

IWR
4.5%
CSD
1.0%

Basic Materials

IWR
4.2%
CSD
6.8%

Communication Services

IWR
3.5%
CSD
5.2%

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 Midcap ETF

Invesco S&P Spin-Off ETF

Often compared with IWR:
IWR vs. VOIWR vs. IWDIWR vs. SPMDIWR vs. IWNIWR vs. SCHMIWR vs. VXFIWR vs. REGL
Often compared with CSD:
CSD vs. SPMOCSD vs. SPYCSD vs. IYMCSD vs. VOOCSD vs. FUTYCSD vs. ^GSPCCSD vs. SRLN

Return for Risk

IWR vs. CSD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWR
IWR Risk / Return Rank: 6262
Overall Rank
IWR Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
IWR Sortino Ratio Rank: 5959
Sortino Ratio Rank
IWR Omega Ratio Rank: 5555
Omega Ratio Rank
IWR Calmar Ratio Rank: 6666
Calmar Ratio Rank
IWR Martin Ratio Rank: 7272
Martin Ratio Rank
CSD
CSD Risk / Return Rank: 8888
Overall Rank
CSD Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
CSD Sortino Ratio Rank: 8585
Sortino Ratio Rank
CSD Omega Ratio Rank: 8282
Omega Ratio Rank
CSD Calmar Ratio Rank: 9393
Calmar Ratio Rank
CSD Martin Ratio Rank: 9090
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.

IWR vs. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) and Invesco S&P Spin-Off ETF (CSD). 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.

IWRCSDDifference
Sharpe ratioReturn per unit of total volatility
1.37
2.12

-0.76

Sortino ratioReturn per unit of downside risk
2.00
2.81

-0.81

Omega ratioGain probability vs. loss probability

1.24

1.35

-0.11

Calmar ratioReturn relative to maximum drawdown

2.28

4.53

-2.25

Martin ratioReturn relative to average drawdown

8.85

14.08

-5.23

IWR vs. CSD - Sharpe Ratio Comparison

The current IWR Sharpe Ratio is 1.37, which is lower than the CSD Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of IWR and CSD, 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

IWR vs. CSD - Drawdown Comparison

The maximum IWR drawdown since its inception was -58.78%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for IWR and CSD.

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Drawdown Indicators

IWRCSDDifference

Max Drawdown

Largest peak-to-trough decline

-58.78%

-70.47%

+11.69%

Max Drawdown (1Y)

Largest decline over 1 year

-8.17%

-12.02%

+3.85%

Max Drawdown (3Y)

Largest decline over 3 years

-21.09%

-30.15%

+9.06%

Max Drawdown (5Y)

Largest decline over 5 years

-26.18%

-30.15%

+3.97%

Max Drawdown (10Y)

Largest decline over 10 years

-40.59%

-57.55%

+16.96%

Current Drawdown

Current decline from peak

-0.93%

-11.21%

+10.28%

Average Drawdown

Average peak-to-trough decline

-7.76%

-14.16%

+6.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.10%

3.86%

-1.76%

Volatility

IWR vs. CSD - Volatility Comparison

The current volatility for iShares Russell Midcap ETF (IWR) is 2.48%, while Invesco S&P Spin-Off ETF (CSD) has a volatility of 5.61%. This indicates that IWR experiences smaller price fluctuations and is considered to be less risky than CSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWRCSDDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.48%

5.61%

-3.13%

Volatility (6M)

Calculated over the trailing 6-month period

10.17%

19.42%

-9.25%

Volatility (1Y)

Calculated over the trailing 1-year period

13.67%

25.67%

-12.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.22%

23.56%

-5.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.31%

24.97%

-5.66%

IWR vs. CSD - Expense Ratio Comparison

IWR has a 0.19% expense ratio, which is lower than CSD's 0.65% expense ratio.

Dividends

IWR vs. CSD - Dividend Comparison

IWR's dividend yield for the trailing twelve months is around 1.16%, more than CSD's 0.12% yield.

PositionTTM20252024202320222021202020192018201720162015
CSD
Invesco S&P Spin-Off ETF		0.12%0.16%0.17%0.51%0.86%0.73%0.99%1.08%0.99%0.60%1.62%2.61%
IWR
iShares Russell Midcap ETF		1.16%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

IWR and CSD have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CSD has higher volatility (5.61%) compared to IWR (2.48%). In terms of maximum drawdown, IWR dropped -58.78% vs CSD's -70.47%.

On 10-year performance, CSD leads with 13.22% vs 11.43% for IWR. On fees, IWR is cheaper at 0.19% per year. On volatility, IWR has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CSD has performed better with a 13.22% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWR is cheaper with a 0.19% expense ratio, compared with 0.65% for CSD.

IWR has the higher dividend yield at 1.16%, compared with 0.12% for CSD.

IWR tracks Russell Midcap Index, while CSD tracks S&P U.S. Spin-Off Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.19% for IWR and 0.65% for CSD.

CSD currently has the higher Sharpe Ratio (2.12 vs 1.36), 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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