IWS vs. IVOV

Last updated Jun 4, 2026

IWS (iShares Russell Mid-Cap Value ETF) and IVOV (Vanguard S&P Mid-Cap 400 Value ETF) are both Mid Cap Value Equities funds - IWS tracks the Russell Midcap Value Index while IVOV tracks the S&P MidCap 400 Value Index. Both are passively managed. Over the past 10 years, IWS returned 10.23%/yr vs 10.41%/yr for IVOV. Their correlation of 0.91 suggests significant overlap in exposure. IWS charges 0.23%/yr vs 0.10%/yr for IVOV.

Performance

IWS vs. IVOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Value ETF (IWS) and Vanguard S&P Mid-Cap 400 Value ETF (IVOV). 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 IVOV's 8.98% return. Both investments have delivered pretty close results over the past 10 years, with IWS having a 10.23% annualized return and IVOV not far ahead at 10.41%.

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%

IVOV

• 1D: -0.30%
• 1M: 1.86%
• YTD: 8.98%
• 6M: 9.21%
• 1Y: 20.80%
• 3Y*: 13.95%
• 5Y*: 7.51%
• 10Y*: 10.41%

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

IWS vs. IVOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWS iShares Russell Mid-Cap Value ETF	15.06%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%
IVOV Vanguard S&P Mid-Cap 400 Value ETF	8.98%	7.61%	11.53%	15.38%	-7.20%	30.50%	3.70%	25.91%	-12.13%	12.22%

Correlation

The correlation between IWS and IVOV is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.91

The correlation between IWS and IVOV has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.

IWS vs. IVOV - Sectors Allocation Comparison

Sectors	IWS	IVOV
Industrials	16.7%	18.8%
Technology	16.5%	9.2%
Financial Services	14.1%	21.9%
Real Estate	8.6%	9.6%
Consumer Cyclical	8.4%	13.5%
Energy	8.1%	7.4%
Healthcare	7.3%	3.5%
Utilities	7.0%	4.2%
Basic Materials	5.4%	6.0%
Consumer Defensive	4.8%	5.5%
Communication Services	3.1%	0.5%

Return for Risk

IWS vs. IVOV — 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

IVOV

IVOV Risk / Return Rank: 39
IVOV Sharpe Ratio Rank: 38
IVOV Sortino Ratio Rank: 40
IVOV Omega Ratio Rank: 36
IVOV Calmar Ratio Rank: 40
IVOV Martin Ratio Rank: 42

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. IVOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Value ETF (IWS) and Vanguard S&P Mid-Cap 400 Value ETF (IVOV). 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	IVOV	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.37	+0.69
Sortino ratio: Return per unit of downside risk	2.95	2.08	+0.86
Omega ratio: Gain probability vs. loss probability	1.36	1.24	+0.12
Calmar ratio: Return relative to maximum drawdown	3.60	1.97	+1.63
Martin ratio: Return relative to average drawdown	13.59	6.80	+6.79
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. IVOV - Sharpe Ratio Comparison

The current IWS Sharpe Ratio is 2.06, which is higher than the IVOV Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of IWS and IVOV, 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	IVOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.37	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.39	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.48	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.58	-0.15

Drawdowns

IWS vs. IVOV - Drawdown Comparison

The maximum IWS drawdown since its inception was -62.40%, which is greater than IVOV's maximum drawdown of -45.99%. Use the drawdown chart below to compare losses from any high point for IWS and IVOV.

Drawdown Indicators

	IWS	IVOV	Difference
Max Drawdown Largest peak-to-trough decline	-62.40%	-45.99%	-16.41%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-10.58%	+3.05%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-22.61%	+2.04%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	-22.61%	+1.38%
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	-45.99%	+2.16%
Current Drawdown Current decline from peak	-0.04%	-0.31%	+0.27%
Average Drawdown Average peak-to-trough decline	-8.02%	-5.43%	-2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	3.07%	-1.08%

Volatility

IWS vs. IVOV - Volatility Comparison

The current volatility for iShares Russell Mid-Cap Value ETF (IWS) is 3.40%, while Vanguard S&P Mid-Cap 400 Value ETF (IVOV) has a volatility of 4.07%. This indicates that IWS experiences smaller price fluctuations and is considered to be less risky than IVOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWS	IVOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	4.07%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	10.61%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.19%	15.27%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	19.48%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	21.73%	-2.37%

IWS vs. IVOV - Expense Ratio Comparison

IWS has a 0.23% expense ratio, which is higher than IVOV's 0.10% 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

IWS vs. IVOV - Dividend Comparison

IWS's dividend yield for the trailing twelve months is around 1.34%, less than IVOV's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.67%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%
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 IVOV in my portfolio?

With a correlation of 0.95, IWS and IVOV 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 IVOV?

IVOV has higher volatility (4.07%) compared to IWS (3.40%). In terms of maximum drawdown, IWS dropped -62.40% vs IVOV's -45.99%.

Which ETF is better, IWS or IVOV?

On 10-year performance, IVOV leads with 10.41% vs 10.23% for IWS. On fees, IVOV is cheaper at 0.10% per year. On volatility, IWS has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWS or IVOV?

Over the 10-year period, IVOV has performed better with a 10.41% return vs 10.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWS or IVOV?

IVOV is cheaper with a 0.10% expense ratio, compared with 0.23% for IWS.

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

IVOV has the higher dividend yield at 1.67%, compared with 1.34% for IWS.

What is the main difference between IWS and IVOV?

IWS tracks Russell Midcap Value Index, while IVOV tracks S&P MidCap 400 Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.23% for IWS and 0.10% for IVOV.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (2.06 vs 1.37), 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.