IWX vs. VOE

Last updated Jun 5, 2026

IWX (iShares Russell Top 200 Value ETF) and VOE (Vanguard Mid-Cap Value ETF) are both exchange-traded funds - IWX is a Large Cap Value Equities fund tracking the Russell Top 200 Value Index, while VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, IWX returned 11.67%/yr vs 10.58%/yr for VOE. Their correlation of 0.89 suggests significant overlap in exposure. IWX charges 0.20%/yr vs 0.05%/yr for VOE.

Performance

IWX vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Value ETF (IWX) 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, IWX achieves a 14.74% return, which is significantly higher than VOE's 11.76% return. Over the past 10 years, IWX has outperformed VOE with an annualized return of 11.67%, while VOE has yielded a comparatively lower 10.58% annualized return.

IWX

• 1D: 0.84%
• 1M: 4.24%
• YTD: 14.74%
• 6M: 15.73%
• 1Y: 30.38%
• 3Y*: 19.30%
• 5Y*: 11.25%
• 10Y*: 11.67%

VOE

• 1D: 0.91%
• 1M: 1.77%
• YTD: 11.76%
• 6M: 12.39%
• 1Y: 24.53%
• 3Y*: 17.01%
• 5Y*: 8.65%
• 10Y*: 10.58%

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

IWX vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWX iShares Russell Top 200 Value ETF	14.74%	18.23%	14.89%	10.45%	-5.33%	23.33%	1.46%	25.82%	-6.53%	14.05%
VOE Vanguard Mid-Cap Value ETF	11.76%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between IWX and VOE is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 29, 2009	0.89

The correlation between IWX and VOE has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

IWX vs. VOE - Sectors Allocation Comparison

Sectors	IWX	VOE
Financial Services	21.5%	16.5%
Technology	14.2%	10.9%
Healthcare	12.5%	6.3%
Industrials	11.3%	14.0%
Communication Services	11.0%	2.2%
Consumer Defensive	8.2%	7.9%
Consumer Cyclical	6.8%	5.7%
Energy	6.4%	12.8%
Utilities	3.2%	12.1%
Basic Materials	3.0%	5.8%
Real Estate	1.9%	6.0%

Return for Risk

IWX vs. VOE — Risk / Return Rank

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

IWX

IWX Risk / Return Rank: 89
IWX Sharpe Ratio Rank: 90
IWX Sortino Ratio Rank: 91
IWX Omega Ratio Rank: 89
IWX Calmar Ratio Rank: 85
IWX Martin Ratio Rank: 89

VOE

VOE Risk / Return Rank: 69
VOE Sharpe Ratio Rank: 66
VOE Sortino Ratio Rank: 69
VOE Omega Ratio Rank: 63
VOE Calmar Ratio Rank: 72
VOE Martin Ratio Rank: 73

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.

IWX vs. VOE - Risk-Adjusted Trends Comparison

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

	IWX	VOE	Difference
Sharpe ratio: Return per unit of total volatility	3.05	2.15	+0.90
Sortino ratio: Return per unit of downside risk	4.29	3.09	+1.20
Omega ratio: Gain probability vs. loss probability	1.55	1.38	+0.18
Calmar ratio: Return relative to maximum drawdown	4.63	3.56	+1.07
Martin ratio: Return relative to average drawdown	19.89	13.50	+6.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWX vs. VOE - Sharpe Ratio Comparison

The current IWX Sharpe Ratio is 3.05, which is higher than the VOE Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of IWX 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.

Sharpe Ratios by Period

	IWX	VOE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.05	2.15	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.54	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.56	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.44	+0.26

Drawdowns

IWX vs. VOE - Drawdown Comparison

The maximum IWX drawdown since its inception was -35.76%, smaller than the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for IWX and VOE.

Drawdown Indicators

	IWX	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-35.76%	-61.50%	+25.74%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-6.93%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-18.45%	+5.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-19.70%	+1.57%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	-43.18%	+7.42%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.82%	-8.35%	+4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	1.82%	-0.29%

Volatility

IWX vs. VOE - Volatility Comparison

iShares Russell Top 200 Value ETF (IWX) and Vanguard Mid-Cap Value ETF (VOE) have volatilities of 2.76% and 2.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWX	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	2.68%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	8.16%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	11.48%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	16.04%	-2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	18.83%	-2.32%

IWX vs. VOE - Expense Ratio Comparison

IWX has a 0.20% 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

IWX vs. VOE - Dividend Comparison

IWX's dividend yield for the trailing twelve months is around 1.47%, less than VOE's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWX iShares Russell Top 200 Value ETF	1.47%	1.59%	1.97%	2.13%	2.07%	1.79%	2.12%	2.60%	2.66%	2.12%	2.22%	2.77%
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 IWX and VOE in my portfolio?

IWX and VOE have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWX or VOE?

IWX has higher volatility (2.76%) compared to VOE (2.68%). In terms of maximum drawdown, IWX dropped -35.76% vs VOE's -61.50%.

Which ETF is better, IWX or VOE?

On 10-year performance, IWX leads with 11.67% vs 10.58% for VOE. On fees, VOE is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWX or VOE?

Over the 10-year period, IWX has performed better with a 11.67% return vs 10.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWX or VOE?

VOE is cheaper with a 0.05% expense ratio, compared with 0.20% for IWX.

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

VOE has the higher dividend yield at 1.86%, compared with 1.47% for IWX.

What is the main difference between IWX and VOE?

IWX is categorized as Large Cap Value Equities, while VOE is Mid Cap Value Equities. IWX tracks Russell Top 200 Value Index, while VOE tracks CRSP US Mid Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for IWX and 0.05% for VOE.

Which has better risk-adjusted returns?

IWX currently has the higher Sharpe Ratio (3.05 vs 2.15), 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.