IWR vs. OPTZ

Last updated Aug 2, 2026

IWR (iShares Russell Midcap ETF) and OPTZ (Optimize Strategy Index ETF) are both Mid Cap Blend Equities funds - IWR tracks the Russell Midcap Index while OPTZ tracks the Optimize Strategy Index. Both are passively managed. Over the past year, IWR returned 20.25% vs 43.75% for OPTZ. Their correlation of 0.86 means they have usually moved in the same direction. IWR charges 0.19%/yr vs 0.25%/yr for OPTZ.

Performance

IWR vs. OPTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Midcap ETF (IWR) and Optimize Strategy Index ETF (OPTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWR achieves a 14.55% return, which is significantly lower than OPTZ's 24.46% 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%

OPTZ

• 1D: -0.11%
• 1M: -3.89%
• 6M: 20.35%
• YTD: 24.46%
• 1Y: 43.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IWR iShares Russell Midcap ETF	$186.41M	$266.84M	$222.00M
OPTZ Optimize Strategy Index ETF	$154.33K	$341.82K	$247.38K

IWR vs. OPTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWR iShares Russell Midcap ETF	14.55%	10.37%	12.52%
OPTZ Optimize Strategy Index ETF	24.46%	22.83%	16.41%

Correlation

The correlation between IWR and OPTZ is 0.82, 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.	0.82
Correlation (All Time) Calculated using the full available price history since Apr 23, 2024	0.86

The correlation between IWR and OPTZ has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

IWR vs. OPTZ - Sectors Allocation Comparison

Sectors	IWR	OPTZ
Technology	18.3%	56.6%
Industrials	17.2%	7.9%
Financial Services	12.6%	7.8%
Healthcare	10.9%	9.7%
Consumer Cyclical	10.2%	8.1%
Real Estate	6.9%	1.3%
Utilities	6.0%	0.6%
Energy	5.8%	1.2%
Consumer Defensive	4.5%	3.6%
Basic Materials	4.2%	1.0%
Communication Services	3.5%	2.4%

Return for Risk

IWR vs. OPTZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IWR

IWR Risk / Return Rank: 62
IWR Sharpe Ratio Rank: 57
IWR Sortino Ratio Rank: 59
IWR Omega Ratio Rank: 55
IWR Calmar Ratio Rank: 66
IWR Martin Ratio Rank: 72

OPTZ

OPTZ Risk / Return Rank: 81
OPTZ Sharpe Ratio Rank: 82
OPTZ Sortino Ratio Rank: 79
OPTZ Omega Ratio Rank: 77
OPTZ Calmar Ratio Rank: 83
OPTZ Martin Ratio Rank: 85

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. OPTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) and Optimize Strategy Index ETF (OPTZ). 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	OPTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.88	-0.52
Sortino ratio: Return per unit of downside risk	2.00	2.56	-0.57
Omega ratio: Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio: Return relative to maximum drawdown	2.28	3.09	-0.80
Martin ratio: Return relative to average drawdown	8.85	12.07	-3.22

IWR vs. OPTZ - Sharpe Ratio Comparison

The current IWR Sharpe Ratio is 1.37, which is comparable to the OPTZ Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of IWR and OPTZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IWR vs. OPTZ - Drawdown Comparison

The maximum IWR drawdown since its inception was -58.78%, which is greater than OPTZ's maximum drawdown of -25.75%. Use the drawdown chart below to compare losses from any high point for IWR and OPTZ.

Drawdown Indicators

	IWR	OPTZ	Difference
Max Drawdown Largest peak-to-trough decline	-58.78%	-25.75%	-33.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-13.39%	+5.22%
Max Drawdown (3Y) Largest decline over 3 years	-21.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.59%	—	—
Current Drawdown Current decline from peak	-0.93%	-9.85%	+8.92%
Average Drawdown Average peak-to-trough decline	-7.76%	-3.51%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	3.42%	-1.32%

Volatility

IWR vs. OPTZ - Volatility Comparison

The current volatility for iShares Russell Midcap ETF (IWR) is 2.48%, while Optimize Strategy Index ETF (OPTZ) has a volatility of 8.76%. This indicates that IWR experiences smaller price fluctuations and is considered to be less risky than OPTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWR	OPTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	8.76%	-6.28%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	18.77%	-8.60%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	21.97%	-8.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	21.88%	-3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.31%	21.88%	-2.57%

IWR vs. OPTZ - Expense Ratio Comparison

IWR has a 0.19% expense ratio, which is lower than OPTZ's 0.25% expense ratio. Despite the difference, 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. OPTZ - Dividend Comparison

IWR's dividend yield for the trailing twelve months is around 1.16%, more than OPTZ's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
OPTZ Optimize Strategy Index ETF	0.47%	0.58%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWR and OPTZ in my portfolio?

IWR and OPTZ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWR or OPTZ?

OPTZ has higher volatility (8.76%) compared to IWR (2.48%). In terms of maximum drawdown, IWR dropped -58.78% vs OPTZ's -25.75%.

Which ETF is better, IWR or OPTZ?

On 1-year performance, OPTZ leads with 43.75% vs 20.25% 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.

Which ETF has performed better, IWR or OPTZ?

Over the 1-year period, OPTZ has performed better with a 43.75% return vs 20.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWR or OPTZ?

IWR is cheaper with a 0.19% expense ratio, compared with 0.25% for OPTZ.

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

IWR has the higher dividend yield at 1.16%, compared with 0.47% for OPTZ.

What is the main difference between IWR and OPTZ?

IWR tracks Russell Midcap Index, while OPTZ tracks Optimize Strategy Index. They also come from different issuers: iShares and Optimize. Their fees differ too: 0.19% for IWR and 0.25% for OPTZ.

Which has better risk-adjusted returns?

OPTZ currently has the higher Sharpe Ratio (1.88 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.