IWS vs. VOE

Last updated Jun 24, 2026

IWS (iShares Russell Mid-Cap Value ETF) and VOE (Vanguard Mid-Cap Value ETF) are both Mid Cap Value Equities funds - IWS tracks the Russell Midcap Value Index while VOE tracks the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, IWS returned 10.56%/yr vs 10.96%/yr for VOE. With a 0.98 correlation, they move nearly in lockstep. IWS charges 0.23%/yr vs 0.05%/yr for VOE.

Performance

IWS vs. VOE - Performance Comparison

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

Returns By Period

In the year-to-date period, IWS achieves a 15.78% return, which is significantly higher than VOE's 11.74% return. Both investments have delivered pretty close results over the past 10 years, with IWS having a 10.56% annualized return and VOE not far ahead at 10.96%.

IWS

• 1D: -1.08%
• 1M: 2.64%
• YTD: 15.78%
• 6M: 14.47%
• 1Y: 26.77%
• 3Y*: 17.23%
• 5Y*: 8.94%
• 10Y*: 10.56%

VOE

• 1D: 0.12%
• 1M: 1.41%
• YTD: 11.74%
• 6M: 10.93%
• 1Y: 23.08%
• 3Y*: 16.24%
• 5Y*: 9.29%
• 10Y*: 10.96%

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

IWS vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWS iShares Russell Mid-Cap Value ETF	15.78%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%
VOE Vanguard Mid-Cap Value ETF	11.74%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between IWS and VOE is 0.93, 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	0.93
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	0.98
Correlation (All Time) Calculated using the full available price history since Aug 25, 2006	0.98

The correlation between IWS and VOE has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

IWS vs. VOE - Sectors Allocation Comparison

Sectors	IWS	VOE
Technology	18.7%	11.4%
Industrials	16.2%	13.6%
Financial Services	13.7%	16.6%
Consumer Cyclical	8.5%	6.2%
Real Estate	8.3%	5.6%
Healthcare	7.6%	6.4%
Energy	7.4%	12.3%
Utilities	6.6%	11.6%
Basic Materials	5.3%	5.9%
Consumer Defensive	4.7%	7.9%
Communication Services	3.1%	2.1%

Return for Risk

IWS vs. VOE — Risk / Return Rank

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

IWS

IWS Risk / Return Rank: 67
IWS Sharpe Ratio Rank: 64
IWS Sortino Ratio Rank: 65
IWS Omega Ratio Rank: 59
IWS Calmar Ratio Rank: 74
IWS Martin Ratio Rank: 75

VOE

VOE Risk / Return Rank: 65
VOE Sharpe Ratio Rank: 63
VOE Sortino Ratio Rank: 65
VOE Omega Ratio Rank: 59
VOE Calmar Ratio Rank: 69
VOE Martin Ratio Rank: 70

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. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Value ETF (IWS) and Vanguard Mid-Cap Value ETF (VOE). 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	VOE	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.00	-0.01
Sortino ratio: Return per unit of downside risk	2.83	2.87	-0.04
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	3.57	3.35	+0.22
Martin ratio: Return relative to average drawdown	13.39	12.65	+0.74

IWS vs. VOE - Sharpe Ratio Comparison

The current IWS Sharpe Ratio is 1.98, which is comparable to the VOE Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of IWS and VOE, 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. VOE - Drawdown Comparison

The maximum IWS drawdown since its inception was -62.40%, roughly equal to the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for IWS and VOE.

Drawdown Indicators

	IWS	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-62.40%	-61.50%	-0.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-6.93%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-18.45%	-2.12%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	-19.70%	-1.53%
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	-43.18%	-0.65%
Current Drawdown Current decline from peak	-1.24%	-1.07%	-0.17%
Average Drawdown Average peak-to-trough decline	-8.00%	-8.33%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.83%	+0.17%

Volatility

IWS vs. VOE - Volatility Comparison

iShares Russell Mid-Cap Value ETF (IWS) has a higher volatility of 4.37% compared to Vanguard Mid-Cap Value ETF (VOE) at 3.36%. This indicates that IWS's price experiences larger fluctuations and is considered to be riskier than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWS	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	3.36%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	8.36%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.57%	11.64%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.33%	16.01%	+1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.35%	18.79%	+0.56%

IWS vs. VOE - Expense Ratio Comparison

IWS has a 0.23% expense ratio, which is higher than VOE's 0.05% 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. VOE - Dividend Comparison

IWS's dividend yield for the trailing twelve months is around 1.34%, less than VOE's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOE Vanguard Mid-Cap Value ETF	1.86%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both IWS and VOE in my portfolio?

With a correlation of 0.93, IWS and VOE 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 VOE?

IWS has higher volatility (4.37%) compared to VOE (3.36%). In terms of maximum drawdown, IWS dropped -62.40% vs VOE's -61.50%.

Which ETF is better, IWS or VOE?

On 10-year performance, VOE leads with 10.96% vs 10.56% for IWS. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWS or VOE?

Over the 10-year period, VOE has performed better with a 10.96% return vs 10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWS or VOE?

VOE is cheaper with a 0.05% expense ratio, compared with 0.23% for IWS.

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

VOE has the higher dividend yield at 1.86%, compared with 1.34% for IWS.

What is the main difference between IWS and VOE?

IWS tracks Russell Midcap Value Index, while VOE tracks CRSP US Mid Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.23% for IWS and 0.05% for VOE.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.00 vs 1.98), 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.