IWS vs. IWP

Last updated Jun 23, 2026

IWS (iShares Russell Mid-Cap Value ETF) and IWP (iShares Russell Mid-Cap Growth ETF) are both exchange-traded funds - IWS is a Mid Cap Value Equities fund tracking the Russell Midcap Value Index, while IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index. Both are passively managed. Over the past 10 years, IWS returned 10.68%/yr vs 12.76%/yr for IWP. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.23% expense ratio.

Performance

IWS vs. IWP - Performance Comparison

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

Returns By Period

In the year-to-date period, IWS achieves a 17.05% return, which is significantly higher than IWP's 3.69% return. Over the past 10 years, IWS has underperformed IWP with an annualized return of 10.68%, while IWP has yielded a comparatively higher 12.76% annualized return.

IWS

• 1D: 0.69%
• 1M: 3.76%
• YTD: 17.05%
• 6M: 15.46%
• 1Y: 29.21%
• 3Y*: 17.66%
• 5Y*: 9.34%
• 10Y*: 10.68%

IWP

• 1D: -0.13%
• 1M: 1.79%
• YTD: 3.69%
• 6M: 1.21%
• 1Y: 6.05%
• 3Y*: 15.53%
• 5Y*: 5.46%
• 10Y*: 12.76%

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

IWS vs. IWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWS iShares Russell Mid-Cap Value ETF	17.05%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%
IWP iShares Russell Mid-Cap Growth ETF	3.69%	8.45%	21.86%	25.70%	-26.90%	12.60%	35.25%	35.04%	-4.89%	24.93%

Correlation

The correlation between IWS and IWP 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	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Aug 1, 2001	0.86

The correlation between IWS and IWP has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

IWS vs. IWP - Sectors Allocation Comparison

Sectors	IWS	IWP
Technology	18.7%	22.3%
Industrials	16.2%	25.0%
Financial Services	13.7%	6.4%
Consumer Cyclical	8.5%	19.9%
Real Estate	8.3%	1.4%
Healthcare	7.6%	12.8%
Energy	7.4%	3.9%
Utilities	6.6%	2.5%
Basic Materials	5.3%	0.4%
Consumer Defensive	4.7%	1.9%
Communication Services	3.1%	3.0%

Return for Risk

IWS vs. IWP — Risk / Return Rank

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

IWS

IWS Risk / Return Rank: 72
IWS Sharpe Ratio Rank: 69
IWS Sortino Ratio Rank: 71
IWS Omega Ratio Rank: 65
IWS Calmar Ratio Rank: 78
IWS Martin Ratio Rank: 78

IWP

IWP Risk / Return Rank: 13
IWP Sharpe Ratio Rank: 13
IWP Sortino Ratio Rank: 13
IWP Omega Ratio Rank: 12
IWP Calmar Ratio Rank: 13
IWP Martin Ratio Rank: 14

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. IWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Value ETF (IWS) and iShares Russell Mid-Cap Growth ETF (IWP). 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.

	IWS	IWP	Difference
Sharpe ratio: Return per unit of total volatility	2.17	0.36	+1.81
Sortino ratio: Return per unit of downside risk	3.07	0.62	+2.45
Omega ratio: Gain probability vs. loss probability	1.38	1.07	+0.31
Calmar ratio: Return relative to maximum drawdown	3.90	0.41	+3.48
Martin ratio: Return relative to average drawdown	14.62	1.19	+13.43

IWS vs. IWP - Sharpe Ratio Comparison

The current IWS Sharpe Ratio is 2.17, which is higher than the IWP Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of IWS and IWP, 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

IWS vs. IWP - Drawdown Comparison

The maximum IWS drawdown since its inception was -62.40%, which is greater than IWP's maximum drawdown of -56.92%. Use the drawdown chart below to compare losses from any high point for IWS and IWP.

Drawdown Indicators

	IWS	IWP	Difference
Max Drawdown Largest peak-to-trough decline	-62.40%	-56.92%	-5.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-14.79%	+7.26%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-25.20%	+4.63%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	-38.62%	+17.39%
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	-38.62%	-5.21%
Current Drawdown Current decline from peak	-0.16%	-2.16%	+2.00%
Average Drawdown Average peak-to-trough decline	-8.00%	-9.67%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	5.11%	-3.11%

Volatility

IWS vs. IWP - Volatility Comparison

The current volatility for iShares Russell Mid-Cap Value ETF (IWS) is 4.18%, while iShares Russell Mid-Cap Growth ETF (IWP) has a volatility of 5.63%. This indicates that IWS experiences smaller price fluctuations and is considered to be less risky than IWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWS	IWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	5.63%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	13.32%	-3.28%
Volatility (1Y) Calculated over the trailing 1-year period	13.55%	17.05%	-3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	22.39%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.39%	21.73%	-2.34%

IWS vs. IWP - Expense Ratio Comparison

Both IWS and IWP have an expense ratio of 0.23%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IWS vs. IWP - Dividend Comparison

IWS's dividend yield for the trailing twelve months is around 1.33%, more than IWP's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWP iShares Russell Mid-Cap Growth ETF	0.35%	0.37%	0.40%	0.54%	0.77%	0.30%	0.38%	0.59%	1.02%	0.78%	1.16%	0.98%
IWS iShares Russell Mid-Cap Value ETF	1.33%	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 IWP in my portfolio?

IWS and IWP 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.

Which is riskier, IWS or IWP?

IWP has higher volatility (5.63%) compared to IWS (4.18%). In terms of maximum drawdown, IWS dropped -62.40% vs IWP's -56.92%.

Which ETF is better, IWS or IWP?

On 10-year performance, IWP leads with 12.76% vs 10.68% for IWS. Both ETFs have the same 0.23% expense ratio. On volatility, IWS has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWS or IWP?

Over the 10-year period, IWP has performed better with a 12.76% return vs 10.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWS or IWP?

IWS and IWP have the same expense ratio: 0.23% per year.

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

IWS has the higher dividend yield at 1.33%, compared with 0.35% for IWP.

What is the main difference between IWS and IWP?

IWS is categorized as Mid Cap Value Equities, while IWP is Mid Cap Growth Equities. IWS tracks Russell Midcap Value Index, while IWP tracks Russell Midcap Growth Index.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (2.17 vs 0.36), 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.