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IWX vs. VMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWX vs. VMAX

Last updated Aug 4, 2026
Documentation

IWX (iShares Russell Top 200 Value ETF) and VMAX (Hartford US Value ETF) are both Large Cap Value Equities funds. IWX is passively managed, while VMAX is actively managed. Over the past year, IWX returned 36.20% vs 31.16% for VMAX. Their correlation of 0.88 means they have usually moved in the same direction. IWX charges 0.20%/yr vs 0.29%/yr for VMAX.

Performance

IWX vs. VMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Value ETF (IWX) and Hartford US Value ETF (VMAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWX achieves a 22.04% return, which is significantly higher than VMAX's 18.73% return.

IWX

1D
0.94%
1M
3.56%
6M
15.64%
YTD
22.04%
1Y
36.20%
3Y*
19.92%
5Y*
12.91%
10Y*
12.05%
ALL TIME*
11.75%

VMAX

1D
0.57%
1M
2.72%
6M
13.64%
YTD
18.73%
1Y
31.16%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
21.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWX

iShares Russell Top 200 Value ETF
$52.73M$47.86M$34.45M

VMAX

Hartford US Value ETF
$16.61K$9.61K$6.33K

IWX vs. VMAX - Yearly Performance Comparison

2026 (YTD)202520242023
IWX
iShares Russell Top 200 Value ETF		22.04%18.23%14.89%4.33%
VMAX
Hartford US Value ETF		18.73%15.65%15.89%5.71%

Correlation

The correlation between IWX and VMAX is 0.84, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.84

Correlation (All Time)
Calculated using the full available price history since Dec 6, 2023

0.88

The correlation between IWX and VMAX has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

IWX vs. VMAX - Sectors Allocation Comparison

Sectors
IWX
VMAX

Technology

22.6%
13.8%

Financial Services

20.0%
33.8%

Healthcare

13.6%
11.3%

Consumer Cyclical

11.6%
3.8%

Industrials

8.3%
5.4%

Consumer Defensive

8.2%
3.6%

Energy

5.1%
9.8%

Communication Services

3.5%
5.9%

Basic Materials

2.8%
2.4%

Utilities

2.6%
5.4%

Real Estate

1.8%
4.8%

Technology

IWX
22.6%
VMAX
13.8%

Financial Services

IWX
20.0%
VMAX
33.8%

Healthcare

IWX
13.6%
VMAX
11.3%

Consumer Cyclical

IWX
11.6%
VMAX
3.8%

Industrials

IWX
8.3%
VMAX
5.4%

Consumer Defensive

IWX
8.2%
VMAX
3.6%

Energy

IWX
5.1%
VMAX
9.8%

Communication Services

IWX
3.5%
VMAX
5.9%

Basic Materials

IWX
2.8%
VMAX
2.4%

Utilities

IWX
2.6%
VMAX
5.4%

Real Estate

IWX
1.8%
VMAX
4.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Russell Top 200 Value ETF

Hartford US Value ETF

Often compared with IWX:
IWX vs. IWNIWX vs. IWYIWX vs. IWCIWX vs. IWFIWX vs. XLPIWX vs. QQQIWX vs. SPYV
Often compared with VMAX:
VMAX vs. VVIAXVMAX vs. CGDVVMAX vs. VSGAXVMAX vs. SCHGVMAX vs. SVOLVMAX vs. SCHDVMAX vs. SPYV

Return for Risk

IWX vs. VMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWX
IWX Risk / Return Rank: 9696
Overall Rank
IWX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
IWX Sortino Ratio Rank: 9696
Sortino Ratio Rank
IWX Omega Ratio Rank: 9696
Omega Ratio Rank
IWX Calmar Ratio Rank: 9595
Calmar Ratio Rank
IWX Martin Ratio Rank: 9696
Martin Ratio Rank
VMAX
VMAX Risk / Return Rank: 9494
Overall Rank
VMAX Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
VMAX Sortino Ratio Rank: 9393
Sortino Ratio Rank
VMAX Omega Ratio Rank: 9292
Omega Ratio Rank
VMAX Calmar Ratio Rank: 9696
Calmar Ratio Rank
VMAX Martin Ratio Rank: 9696
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IWX vs. VMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) and Hartford US Value ETF (VMAX). 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.

IWXVMAXDifference
Sharpe ratioReturn per unit of total volatility
3.40
2.62

+0.79

Sortino ratioReturn per unit of downside risk
4.70
3.57

+1.13

Omega ratioGain probability vs. loss probability

1.61

1.47

+0.14

Calmar ratioReturn relative to maximum drawdown

5.52

6.35

-0.83

Martin ratioReturn relative to average drawdown

24.26

23.40

+0.86

IWX vs. VMAX - Sharpe Ratio Comparison

The current IWX Sharpe Ratio is 3.40, which is higher than the VMAX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of IWX and VMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IWX vs. VMAX - Drawdown Comparison

The maximum IWX drawdown since its inception was -35.76%, which is greater than VMAX's maximum drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for IWX and VMAX.

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Drawdown Indicators

IWXVMAXDifference

Max Drawdown

Largest peak-to-trough decline

-35.76%

-19.05%

-16.71%

Max Drawdown (1Y)

Largest decline over 1 year

-6.59%

-4.93%

-1.66%

Max Drawdown (3Y)

Largest decline over 3 years

-13.37%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-18.13%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-35.76%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-3.79%

-2.43%

-1.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.50%

1.33%

+0.17%

Volatility

IWX vs. VMAX - Volatility Comparison

iShares Russell Top 200 Value ETF (IWX) has a higher volatility of 2.94% compared to Hartford US Value ETF (VMAX) at 2.51%. This indicates that IWX's price experiences larger fluctuations and is considered to be riskier than VMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWXVMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.94%

2.51%

+0.43%

Volatility (6M)

Calculated over the trailing 6-month period

8.50%

8.30%

+0.20%

Volatility (1Y)

Calculated over the trailing 1-year period

10.71%

11.99%

-1.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.89%

15.17%

-1.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.49%

15.17%

+1.32%

IWX vs. VMAX - Expense Ratio Comparison

IWX has a 0.20% expense ratio, which is lower than VMAX's 0.29% expense ratio.

Dividends

IWX vs. VMAX - Dividend Comparison

IWX's dividend yield for the trailing twelve months is around 1.38%, less than VMAX's 1.82% yield.

PositionTTM20252024202320222021202020192018201720162015
IWX
iShares Russell Top 200 Value ETF		1.38%1.59%1.97%2.13%2.07%1.79%2.12%2.60%2.66%2.12%2.22%2.77%
VMAX
Hartford US Value ETF		1.82%2.14%1.95%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IWX and VMAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWX has higher volatility (2.94%) compared to VMAX (2.51%). In terms of maximum drawdown, IWX dropped -35.76% vs VMAX's -19.05%.

On 1-year performance, IWX leads with 36.20% vs 31.16% for VMAX. On fees, IWX is cheaper at 0.20% per year. On volatility, VMAX has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, IWX has performed better with a 36.20% return vs 31.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWX is cheaper with a 0.20% expense ratio, compared with 0.29% for VMAX.

VMAX has the higher dividend yield at 1.82%, compared with 1.38% for IWX.

They also come from different issuers: iShares and Hartford. Their fees differ too: 0.20% for IWX and 0.29% for VMAX.

IWX currently has the higher Sharpe Ratio (3.40 vs 2.62), 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.

Portfolio Optimizer

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