IWS vs. FLDZ

Last updated Jun 4, 2026

IWS (iShares Russell Mid-Cap Value ETF) and FLDZ (RiverNorth Patriot ETF) are both exchange-traded funds - IWS is a Mid Cap Value Equities fund tracking the Russell Midcap Value Index, while FLDZ is a Mid Cap Blend Equities fund actively managed by RiverNorth. IWS is passively managed, while FLDZ is actively managed. Over the past 3 years, IWS returned 17.40%/yr vs 13.19%/yr for FLDZ. With a 0.96 correlation, they move nearly in lockstep. IWS charges 0.23%/yr vs 0.77%/yr for FLDZ.

Performance

IWS vs. FLDZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Value ETF (IWS) and RiverNorth Patriot ETF (FLDZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWS achieves a 15.06% return, which is significantly higher than FLDZ's 4.32% 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%

FLDZ

• 1D: -0.20%
• 1M: -0.80%
• YTD: 4.32%
• 6M: 3.13%
• 1Y: 8.06%
• 3Y*: 13.19%
• 5Y*: —
• 10Y*: —

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

IWS vs. FLDZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IWS iShares Russell Mid-Cap Value ETF	15.06%	10.82%	12.91%	12.52%	-12.27%
FLDZ RiverNorth Patriot ETF	4.32%	6.66%	15.99%	12.15%	-11.99%

Correlation

The correlation between IWS and FLDZ is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 4, 2022	0.96

The correlation between IWS and FLDZ has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

IWS vs. FLDZ - Sectors Allocation Comparison

Sectors	IWS	FLDZ
Industrials	16.7%	12.1%
Technology	16.5%	3.4%
Financial Services	14.1%	15.1%
Real Estate	8.6%	8.3%
Consumer Cyclical	8.4%	14.8%
Energy	8.1%	11.5%
Healthcare	7.3%	11.7%
Utilities	7.0%	11.9%
Basic Materials	5.4%	1.6%
Consumer Defensive	4.8%	4.8%
Communication Services	3.1%	4.6%

Return for Risk

IWS vs. FLDZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IWS

IWS Risk / Return Rank: 65
IWS Sharpe Ratio Rank: 60
IWS Sortino Ratio Rank: 62
IWS Omega Ratio Rank: 58
IWS Calmar Ratio Rank: 72
IWS Martin Ratio Rank: 72

FLDZ

FLDZ Risk / Return Rank: 24
FLDZ Sharpe Ratio Rank: 22
FLDZ Sortino Ratio Rank: 21
FLDZ Omega Ratio Rank: 20
FLDZ Calmar Ratio Rank: 27
FLDZ Martin Ratio Rank: 28

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.

IWS vs. FLDZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Value ETF (IWS) and RiverNorth Patriot ETF (FLDZ). 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	FLDZ	Difference
Sharpe ratio Return per unit of total volatility	2.06	0.72	+1.34
Sortino ratio Return per unit of downside risk	2.95	1.10	+1.85
Omega ratio Gain probability vs. loss probability	1.36	1.13	+0.23
Calmar ratio Return relative to maximum drawdown	3.60	1.30	+2.31
Martin ratio Return relative to average drawdown	13.59	3.94	+9.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWS vs. FLDZ - Sharpe Ratio Comparison

The current IWS Sharpe Ratio is 2.06, which is higher than the FLDZ Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of IWS and FLDZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IWS	FLDZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	0.72	+1.34
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	0.34	+0.09

Drawdowns

IWS vs. FLDZ - Drawdown Comparison

The maximum IWS drawdown since its inception was -62.40%, which is greater than FLDZ's maximum drawdown of -19.54%. Use the drawdown chart below to compare losses from any high point for IWS and FLDZ.

Drawdown Indicators

	IWS	FLDZ	Difference
Max Drawdown Largest peak-to-trough decline	-62.40%	-19.54%	-42.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-6.25%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-17.43%	-3.14%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	—	—
Current Drawdown Current decline from peak	-0.04%	-1.72%	+1.68%
Average Drawdown Average peak-to-trough decline	-8.02%	-5.98%	-2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.05%	-0.06%

Volatility

IWS vs. FLDZ - Volatility Comparison

iShares Russell Mid-Cap Value ETF (IWS) has a higher volatility of 3.40% compared to RiverNorth Patriot ETF (FLDZ) at 2.57%. This indicates that IWS's price experiences larger fluctuations and is considered to be riskier than FLDZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWS	FLDZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	2.57%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	7.63%	+1.94%
Volatility (1Y) Calculated over the trailing 1-year period	13.19%	11.31%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	16.91%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	16.91%	+2.45%

IWS vs. FLDZ - Expense Ratio Comparison

IWS has a 0.23% expense ratio, which is lower than FLDZ's 0.77% expense ratio.

Dividends

IWS vs. FLDZ - Dividend Comparison

IWS's dividend yield for the trailing twelve months is around 1.34%, less than FLDZ's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLDZ RiverNorth Patriot ETF	1.48%	1.54%	1.17%	1.39%	1.52%	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

Can I hold both IWS and FLDZ in my portfolio?

With a correlation of 0.92, IWS and FLDZ 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.

Which is riskier, IWS or FLDZ?

IWS has higher volatility (3.40%) compared to FLDZ (2.57%). In terms of maximum drawdown, IWS dropped -62.40% vs FLDZ's -19.54%.

Which ETF is better, IWS or FLDZ?

On 3-year performance, IWS leads with 17.40% vs 13.19% for FLDZ. On fees, IWS is cheaper at 0.23% per year. On volatility, FLDZ has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWS or FLDZ?

Over the 3-year period, IWS has performed better with a 17.40% return vs 13.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWS or FLDZ?

IWS is cheaper with a 0.23% expense ratio, compared with 0.77% for FLDZ.

Which ETF pays a higher dividend yield, IWS or FLDZ?

FLDZ has the higher dividend yield at 1.48%, compared with 1.34% for IWS.

What is the main difference between IWS and FLDZ?

IWS is categorized as Mid Cap Value Equities, while FLDZ is Mid Cap Blend Equities. They also come from different issuers: iShares and RiverNorth. Their fees differ too: 0.23% for IWS and 0.77% for FLDZ.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (2.06 vs 0.72), 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.