IWS vs. CVAR
IWS (iShares Russell Mid-Cap Value ETF) and CVAR (Cultivar ETF) are both Mid Cap Value Equities funds. IWS is passively managed, while CVAR is actively managed. Over the past 3 years, IWS returned 17.40%/yr vs 8.39%/yr for CVAR. Their correlation of 0.87 suggests significant overlap in exposure. IWS charges 0.23%/yr vs 0.87%/yr for CVAR.
Performance
IWS vs. CVAR - Performance Comparison
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Returns By Period
In the year-to-date period, IWS achieves a 15.06% return, which is significantly higher than CVAR's 0.62% return.
IWS
- 1D
- -0.04%
- 1M
- 3.74%
- YTD
- 15.06%
- 6M
- 15.13%
- 1Y
- 27.01%
- 3Y*
- 17.40%
- 5Y*
- 8.37%
- 10Y*
- 10.23%
CVAR
- 1D
- -0.80%
- 1M
- -0.06%
- YTD
- 0.62%
- 6M
- 2.14%
- 1Y
- 11.92%
- 3Y*
- 8.39%
- 5Y*
- —
- 10Y*
- —
IWS vs. CVAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWS iShares Russell Mid-Cap Value ETF | 15.06% | 10.82% | 12.91% | 12.52% | -12.29% | 1.89% |
CVAR Cultivar ETF | 0.62% | 14.95% | 3.12% | 11.74% | -5.03% | 0.71% |
Correlation
The correlation between IWS and CVAR is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2021 | 0.87 |
The correlation between IWS and CVAR has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.
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Return for Risk
IWS vs. CVAR — Risk / Return Rank
IWS
CVAR
IWS vs. CVAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Value ETF (IWS) and Cultivar ETF (CVAR). 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.
| IWS | CVAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.18 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.60 | 1.42 | +2.18 |
| Martin ratioReturn relative to average drawdown | 13.59 | 3.45 | +10.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWS | CVAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | 1.05 | +1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.37 | +0.06 |
Drawdowns
IWS vs. CVAR - Drawdown Comparison
The maximum IWS drawdown since its inception was -62.40%, which is greater than CVAR's maximum drawdown of -19.39%. Use the drawdown chart below to compare losses from any high point for IWS and CVAR.
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Drawdown Indicators
| IWS | CVAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.40% | -19.39% | -43.01% |
Max Drawdown (1Y)Largest decline over 1 year | -7.53% | -8.45% | +0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -20.57% | -15.58% | -4.99% |
Max Drawdown (5Y)Largest decline over 5 years | -21.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.83% | — | — |
Current DrawdownCurrent decline from peak | -0.04% | -6.22% | +6.18% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -5.51% | -2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 3.46% | -1.47% |
Volatility
IWS vs. CVAR - Volatility Comparison
iShares Russell Mid-Cap Value ETF (IWS) has a higher volatility of 3.40% compared to Cultivar ETF (CVAR) at 2.24%. This indicates that IWS's price experiences larger fluctuations and is considered to be riskier than CVAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWS | CVAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.40% | 2.24% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 9.57% | 7.48% | +2.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.19% | 11.43% | +1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 15.47% | +1.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.36% | 15.47% | +3.89% |
IWS vs. CVAR - Expense Ratio Comparison
IWS has a 0.23% expense ratio, which is lower than CVAR's 0.87% expense ratio.
Dividends
IWS vs. CVAR - Dividend Comparison
IWS's dividend yield for the trailing twelve months is around 1.34%, less than CVAR's 1.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVAR Cultivar ETF | 1.52% | 1.53% | 3.57% | 1.41% | 5.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IWS iShares Russell Mid-Cap Value ETF | 1.34% | 1.53% | 1.50% | 1.76% | 1.93% | 1.39% | 1.87% | 1.97% | 2.53% | 1.96% | 2.10% | 2.14% |
Frequently Asked Questions
IWS and CVAR have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWS has higher volatility (3.40%) compared to CVAR (2.24%). In terms of maximum drawdown, IWS dropped -62.40% vs CVAR's -19.39%.
On 3-year performance, IWS leads with 17.40% vs 8.39% for CVAR. On fees, IWS is cheaper at 0.23% per year. On volatility, CVAR has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IWS has performed better with a 17.40% return vs 8.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWS is cheaper with a 0.23% expense ratio, compared with 0.87% for CVAR.
CVAR has the higher dividend yield at 1.52%, compared with 1.34% for IWS.
They also come from different issuers: iShares and Cultivar. Their fees differ too: 0.23% for IWS and 0.87% for CVAR.
IWS currently has the higher Sharpe Ratio (2.06 vs 1.05), 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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