IWR vs. IWL
IWR (iShares Russell Midcap ETF) and IWL (iShares Russell Top 200 ETF) are both exchange-traded funds - IWR is a Mid Cap Blend Equities fund tracking the Russell Midcap Index, while IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index. Both are passively managed. Over the past 10 years, IWR returned 11.43%/yr vs 15.89%/yr for IWL. Their correlation of 0.83 means they have usually moved in the same direction. IWR charges 0.19%/yr vs 0.15%/yr for IWL.
Performance
IWR vs. IWL - Performance Comparison
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Returns By Period
In the year-to-date period, IWR achieves a 14.55% return, which is significantly higher than IWL's 8.65% return. Over the past 10 years, IWR has underperformed IWL with an annualized return of 11.43%, while IWL has yielded a comparatively higher 15.89% 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%
IWL
- 1D
- 0.87%
- 1M
- 0.06%
- 6M
- 7.61%
- YTD
- 8.65%
- 1Y
- 20.97%
- 3Y*
- 20.19%
- 5Y*
- 13.23%
- 10Y*
- 15.89%
- ALL TIME*
- 14.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.92M | $7.26M | $9.02M | |
| $186.41M | $266.84M | $222.00M |
IWR vs. IWL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IWL iShares Russell Top 200 ETF | 8.65% | 19.09% | 27.12% | 29.77% | -19.89% | 27.79% | 22.10% | 31.42% | -3.30% | 22.90% |
Correlation
The correlation between IWR and IWL is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009 | 0.83 |
The correlation between IWR and IWL shifts across timeframes, from 0.68 (1 year) to 0.84 (10 years), reflecting how their relationship changes across market environments.
IWR vs. IWL - Sectors Allocation Comparison
Sectors
IWR
IWL
Technology
Industrials
Financial Services
Healthcare
Consumer Cyclical
Real Estate
Utilities
Energy
Consumer Defensive
Basic Materials
Communication Services
Technology
IWR
IWL
Industrials
IWR
IWL
Financial Services
IWR
IWL
Healthcare
IWR
IWL
Consumer Cyclical
IWR
IWL
Real Estate
IWR
IWL
Utilities
IWR
IWL
Energy
IWR
IWL
Consumer Defensive
IWR
IWL
Basic Materials
IWR
IWL
Communication Services
IWR
IWL
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Return for Risk
IWR vs. IWL — Risk / Return Rank
IWR
IWL
IWR vs. IWL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) and iShares Russell Top 200 ETF (IWL). 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.
| IWR | IWL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 1.92 | +0.36 |
| Martin ratioReturn relative to average drawdown | 8.85 | 7.71 | +1.15 |
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Drawdowns
IWR vs. IWL - Drawdown Comparison
The maximum IWR drawdown since its inception was -58.78%, which is greater than IWL's maximum drawdown of -32.71%. Use the drawdown chart below to compare losses from any high point for IWR and IWL.
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Drawdown Indicators
| IWR | IWL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.78% | -32.71% | -26.07% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -9.83% | +1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -21.09% | -19.15% | -1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -25.65% | -0.53% |
Max Drawdown (10Y)Largest decline over 10 years | -40.59% | -32.71% | -7.88% |
Current DrawdownCurrent decline from peak | -0.93% | -2.07% | +1.14% |
Average DrawdownAverage peak-to-trough decline | -7.76% | -3.87% | -3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 2.44% | -0.34% |
Volatility
IWR vs. IWL - Volatility Comparison
The current volatility for iShares Russell Midcap ETF (IWR) is 2.48%, while iShares Russell Top 200 ETF (IWL) has a volatility of 4.00%. This indicates that IWR experiences smaller price fluctuations and is considered to be less risky than IWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWR | IWL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 4.00% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 10.17% | 10.53% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.67% | 13.35% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 17.32% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.31% | 18.12% | +1.19% |
IWR vs. IWL - Expense Ratio Comparison
IWR has a 0.19% expense ratio, which is higher than IWL'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
IWR vs. IWL - Dividend Comparison
IWR's dividend yield for the trailing twelve months is around 1.16%, more than IWL's 0.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWL iShares Russell Top 200 ETF | 0.85% | 0.90% | 1.04% | 1.30% | 1.54% | 1.12% | 1.30% | 1.96% | 1.93% | 1.69% | 1.96% | 2.14% |
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 IWL have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWL has higher volatility (4.00%) compared to IWR (2.48%). In terms of maximum drawdown, IWR dropped -58.78% vs IWL's -32.71%.
On 10-year performance, IWL leads with 15.89% vs 11.43% for IWR. On fees, IWL is cheaper at 0.15% 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, IWL has performed better with a 15.89% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWL is cheaper with a 0.15% expense ratio, compared with 0.19% for IWR.
IWR has the higher dividend yield at 1.16%, compared with 0.85% for IWL.
IWR is categorized as Mid Cap Blend Equities, while IWL is Large Cap Growth Equities. IWR tracks Russell Midcap Index, while IWL tracks Russell Top 200 Index. Their fees differ too: 0.19% for IWR and 0.15% for IWL.
IWL currently has the higher Sharpe Ratio (1.41 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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