IWV vs. IWN

Last updated Jun 23, 2026

IWV (iShares Russell 3000 ETF) and IWN (iShares Russell 2000 Value ETF) are both exchange-traded funds - IWV is a Large Cap Blend Equities fund tracking the Russell 3000 Index, while IWN is a Small Cap Value Equities fund tracking the Russell 2000 Value Index. Both are passively managed. Over the past 10 years, IWV returned 15.13%/yr vs 10.74%/yr for IWN. Their correlation of 0.85 suggests significant overlap in exposure. IWV charges 0.20%/yr vs 0.24%/yr for IWN.

Performance

IWV vs. IWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 3000 ETF (IWV) and iShares Russell 2000 Value ETF (IWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWV achieves a 10.01% return, which is significantly lower than IWN's 21.06% return. Over the past 10 years, IWV has outperformed IWN with an annualized return of 15.13%, while IWN has yielded a comparatively lower 10.74% annualized return.

IWV

• 1D: -0.27%
• 1M: 0.53%
• YTD: 10.01%
• 6M: 9.26%
• 1Y: 26.55%
• 3Y*: 20.91%
• 5Y*: 12.24%
• 10Y*: 15.13%

IWN

• 1D: 0.52%
• 1M: 3.53%
• YTD: 21.06%
• 6M: 18.12%
• 1Y: 44.70%
• 3Y*: 19.27%
• 5Y*: 7.50%
• 10Y*: 10.74%

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

IWV vs. IWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWV iShares Russell 3000 ETF	10.01%	16.96%	23.49%	25.82%	-19.28%	25.54%	20.55%	30.66%	-5.43%	20.97%
IWN iShares Russell 2000 Value ETF	21.06%	12.40%	7.63%	14.56%	-14.77%	27.96%	4.66%	22.01%	-13.01%	7.69%

Correlation

The correlation between IWV and IWN is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jul 28, 2000	0.85

The correlation between IWV and IWN has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

IWV vs. IWN - Sectors Allocation Comparison

Sectors	IWV	IWN
Technology	36.5%	11.6%
Financial Services	11.5%	23.9%
Communication Services	10.0%	2.7%
Consumer Cyclical	9.9%	8.9%
Industrials	9.1%	12.1%
Healthcare	8.9%	10.1%
Consumer Defensive	4.3%	2.1%
Energy	3.3%	7.9%
Real Estate	2.3%	10.2%
Utilities	2.1%	5.1%
Basic Materials	2.0%	5.4%

Return for Risk

IWV vs. IWN — Risk / Return Rank

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

IWV

IWV Risk / Return Rank: 67
IWV Sharpe Ratio Rank: 67
IWV Sortino Ratio Rank: 64
IWV Omega Ratio Rank: 66
IWV Calmar Ratio Rank: 62
IWV Martin Ratio Rank: 73

IWN

IWN Risk / Return Rank: 83
IWN Sharpe Ratio Rank: 81
IWN Sortino Ratio Rank: 81
IWN Omega Ratio Rank: 74
IWN Calmar Ratio Rank: 90
IWN Martin Ratio Rank: 87

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.

IWV vs. IWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 3000 ETF (IWV) and iShares Russell 2000 Value ETF (IWN). 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.

	IWV	IWN	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.49	-0.38
Sortino ratio: Return per unit of downside risk	2.87	3.45	-0.58
Omega ratio: Gain probability vs. loss probability	1.38	1.42	-0.04
Calmar ratio: Return relative to maximum drawdown	3.00	5.31	-2.31
Martin ratio: Return relative to average drawdown	13.42	17.88	-4.46

IWV vs. IWN - Sharpe Ratio Comparison

The current IWV Sharpe Ratio is 2.11, which is comparable to the IWN Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of IWV and IWN, 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

IWV vs. IWN - Drawdown Comparison

The maximum IWV drawdown since its inception was -55.61%, smaller than the maximum IWN drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for IWV and IWN.

Drawdown Indicators

	IWV	IWN	Difference
Max Drawdown Largest peak-to-trough decline	-55.61%	-61.55%	+5.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-8.45%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-19.28%	-26.70%	+7.42%
Max Drawdown (5Y) Largest decline over 5 years	-25.11%	-26.70%	+1.59%
Max Drawdown (10Y) Largest decline over 10 years	-35.22%	-46.08%	+10.86%
Current Drawdown Current decline from peak	-1.46%	0.00%	-1.46%
Average Drawdown Average peak-to-trough decline	-10.57%	-10.14%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.51%	-0.53%

Volatility

IWV vs. IWN - Volatility Comparison

The current volatility for iShares Russell 3000 ETF (IWV) is 4.65%, while iShares Russell 2000 Value ETF (IWN) has a volatility of 5.29%. This indicates that IWV experiences smaller price fluctuations and is considered to be less risky than IWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWV	IWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	5.29%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	12.29%	-2.40%
Volatility (1Y) Calculated over the trailing 1-year period	12.67%	18.08%	-5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	21.41%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.45%	23.42%	-4.97%

IWV vs. IWN - Expense Ratio Comparison

IWV has a 0.20% expense ratio, which is lower than IWN's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IWV vs. IWN - Dividend Comparison

IWV's dividend yield for the trailing twelve months is around 0.88%, less than IWN's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWN iShares Russell 2000 Value ETF	1.46%	1.70%	1.80%	2.04%	2.12%	1.48%	1.60%	1.92%	1.99%	1.78%	1.74%	2.15%
IWV iShares Russell 3000 ETF	0.88%	0.96%	1.08%	1.30%	1.56%	1.04%	1.30%	1.69%	1.97%	1.58%	1.79%	1.99%

Frequently Asked Questions

Can I hold both IWV and IWN in my portfolio?

IWV and IWN have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWV or IWN?

IWN has higher volatility (5.29%) compared to IWV (4.65%). In terms of maximum drawdown, IWV dropped -55.61% vs IWN's -61.55%.

Which ETF is better, IWV or IWN?

On 10-year performance, IWV leads with 15.13% vs 10.74% for IWN. On fees, IWV is cheaper at 0.20% per year. On volatility, IWV has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWV or IWN?

Over the 10-year period, IWV has performed better with a 15.13% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWV or IWN?

IWV is cheaper with a 0.20% expense ratio, compared with 0.24% for IWN.

Which ETF pays a higher dividend yield, IWV or IWN?

IWN has the higher dividend yield at 1.46%, compared with 0.88% for IWV.

What is the main difference between IWV and IWN?

IWV is categorized as Large Cap Blend Equities, while IWN is Small Cap Value Equities. IWV tracks Russell 3000 Index, while IWN tracks Russell 2000 Value Index. Their fees differ too: 0.20% for IWV and 0.24% for IWN.

Which has better risk-adjusted returns?

IWN currently has the higher Sharpe Ratio (2.49 vs 2.11), 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.