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IWR vs. VO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWR vs. VO

Last updated Jun 23, 2026

IWR (iShares Russell Midcap ETF) and VO (Vanguard Mid-Cap ETF) are both exchange-traded funds - IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index, while VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index. Both are passively managed. Over the past 10 years, IWR returned 12.03%/yr vs 12.03%/yr for VO. With a 0.98 correlation, they move nearly in lockstep. IWR charges 0.19%/yr vs 0.03%/yr for VO.

Performance

IWR vs. VO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Midcap ETF (IWR) and Vanguard Mid-Cap ETF (VO). 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 13.93% return, which is significantly higher than VO's 11.30% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: IWR at 12.03% and VO at 12.03%.

IWR

1D
0.52%
1M
3.28%
YTD
13.93%
6M
12.06%
1Y
23.42%
3Y*
17.38%
5Y*
8.30%
10Y*
12.03%

VO

1D
0.44%
1M
3.04%
YTD
11.30%
6M
9.77%
1Y
19.89%
3Y*
16.59%
5Y*
8.06%
10Y*
12.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWR vs. VO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWR
iShares Russell Midcap ETF		13.93%10.37%15.21%17.05%-17.48%22.44%16.93%30.23%-9.10%18.25%
VO
Vanguard Mid-Cap ETF		11.30%11.62%15.31%16.03%-18.73%24.70%18.10%30.98%-9.24%19.28%

Correlation

The correlation between IWR and VO is 0.98 - 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

0.98

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

0.99

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

0.99

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

0.99

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2004

0.98

The correlation between IWR and VO has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

IWR vs. VO - Sectors Allocation Comparison

Sectors
IWR
VO

Technology

19.6%
20.8%

Industrials

18.1%
17.7%

Financial Services

12.1%
12.5%

Consumer Cyclical

11.1%
8.6%

Healthcare

8.7%
7.5%

Real Estate

6.8%
5.1%

Energy

6.5%
7.9%

Utilities

5.7%
7.9%

Basic Materials

4.2%
4.0%

Consumer Defensive

3.9%
4.7%

Communication Services

3.3%
3.0%

Technology

IWR
19.6%
VO
20.8%

Industrials

IWR
18.1%
VO
17.7%

Financial Services

IWR
12.1%
VO
12.5%

Consumer Cyclical

IWR
11.1%
VO
8.6%

Healthcare

IWR
8.7%
VO
7.5%

Real Estate

IWR
6.8%
VO
5.1%

Energy

IWR
6.5%
VO
7.9%

Utilities

IWR
5.7%
VO
7.9%

Basic Materials

IWR
4.2%
VO
4.0%

Consumer Defensive

IWR
3.9%
VO
4.7%

Communication Services

IWR
3.3%
VO
3.0%

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

Vanguard Mid-Cap ETF

Often compared with IWR:
IWR vs. IWDIWR vs. SPMDIWR vs. IWNIWR vs. SCHMIWR vs. VXFIWR vs. REGLIWR vs. IMCG
Often compared with VO:
VO vs. VOOVO vs. VOTVO vs. IJHVO vs. VOEVO vs. VIMAXVO vs. VXFVO vs. SCHM

Return for Risk

IWR vs. VO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWR
IWR Risk / Return Rank: 5555
Overall Rank
IWR Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
IWR Sortino Ratio Rank: 5151
Sortino Ratio Rank
IWR Omega Ratio Rank: 4848
Omega Ratio Rank
IWR Calmar Ratio Rank: 6060
Calmar Ratio Rank
IWR Martin Ratio Rank: 6363
Martin Ratio Rank
VO
VO Risk / Return Rank: 4848
Overall Rank
VO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
VO Sortino Ratio Rank: 4646
Sortino Ratio Rank
VO Omega Ratio Rank: 4343
Omega Ratio Rank
VO Calmar Ratio Rank: 5151
Calmar Ratio Rank
VO Martin Ratio Rank: 5555
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.

IWR vs. VO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) and Vanguard Mid-Cap ETF (VO). 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.

IWRVODifference
Sharpe ratioReturn per unit of total volatility
1.71
1.56

+0.14

Sortino ratioReturn per unit of downside risk
2.44
2.23

+0.21

Omega ratioGain probability vs. loss probability

1.30

1.27

+0.02

Calmar ratioReturn relative to maximum drawdown

2.88

2.45

+0.43

Martin ratioReturn relative to average drawdown

11.02

9.23

+1.79

IWR vs. VO - Sharpe Ratio Comparison

The current IWR Sharpe Ratio is 1.71, which is comparable to the VO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of IWR and VO, 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. VO - Drawdown Comparison

The maximum IWR drawdown since its inception was -58.78%, roughly equal to the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for IWR and VO.

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Drawdown Indicators

IWRVODifference

Max Drawdown

Largest peak-to-trough decline

-58.78%

-58.87%

+0.09%

Max Drawdown (1Y)

Largest decline over 1 year

-8.17%

-8.17%

0.00%

Max Drawdown (3Y)

Largest decline over 3 years

-21.09%

-19.02%

-2.07%

Max Drawdown (5Y)

Largest decline over 5 years

-26.18%

-27.57%

+1.39%

Max Drawdown (10Y)

Largest decline over 10 years

-40.59%

-39.37%

-1.22%

Current Drawdown

Current decline from peak

-0.30%

-0.45%

+0.15%

Average Drawdown

Average peak-to-trough decline

-7.79%

-7.85%

+0.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

2.16%

-0.03%

Volatility

IWR vs. VO - Volatility Comparison

iShares Russell Midcap ETF (IWR) and Vanguard Mid-Cap ETF (VO) have volatilities of 4.41% and 4.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWRVODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

4.35%

+0.06%

Volatility (6M)

Calculated over the trailing 6-month period

10.38%

9.80%

+0.58%

Volatility (1Y)

Calculated over the trailing 1-year period

13.80%

12.80%

+1.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.28%

17.66%

+0.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.40%

18.98%

+0.42%

IWR vs. VO - Expense Ratio Comparison

IWR has a 0.19% expense ratio, which is higher than VO's 0.03% 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. VO - Dividend Comparison

IWR's dividend yield for the trailing twelve months is around 1.16%, less than VO's 1.35% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VO
Vanguard Mid-Cap ETF		1.35%1.52%1.49%1.52%1.60%1.12%1.45%1.48%1.82%1.35%1.45%1.47%

Frequently Asked Questions

With a correlation of 0.98, IWR and VO 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.

IWR has higher volatility (4.41%) compared to VO (4.35%). In terms of maximum drawdown, IWR dropped -58.78% vs VO's -58.87%.

On 10-year performance, VO leads with 12.03% vs 12.03% for IWR. On fees, VO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VO has performed better with a 12.03% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VO is cheaper with a 0.03% expense ratio, compared with 0.19% for IWR.

VO has the higher dividend yield at 1.35%, compared with 1.16% for IWR.

IWR is categorized as Mid Cap Growth Equities, while VO is Mid Cap Blend Equities. IWR tracks Russell Midcap Index, while VO tracks CRSP US Mid Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.19% for IWR and 0.03% for VO.

IWR currently has the higher Sharpe Ratio (1.71 vs 1.56), 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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