IWY vs. VBR

Last updated Jun 16, 2026

IWY (iShares Russell Top 200 Growth ETF) and VBR (Vanguard Small-Cap Value ETF) are both exchange-traded funds - IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, IWY returned 19.59%/yr vs 10.95%/yr for VBR. A 0.68 correlation means they provide meaningful diversification when combined. IWY charges 0.20%/yr vs 0.05%/yr for VBR.

Performance

IWY vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Growth ETF (IWY) and Vanguard Small-Cap Value ETF (VBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWY achieves a 5.40% return, which is significantly lower than VBR's 14.49% return. Over the past 10 years, IWY has outperformed VBR with an annualized return of 19.59%, while VBR has yielded a comparatively lower 10.95% annualized return.

IWY

• 1D: 2.34%
• 1M: -0.22%
• YTD: 5.40%
• 6M: 6.65%
• 1Y: 24.23%
• 3Y*: 23.50%
• 5Y*: 15.67%
• 10Y*: 19.59%

VBR

• 1D: -0.09%
• 1M: 6.08%
• YTD: 14.49%
• 6M: 12.98%
• 1Y: 29.82%
• 3Y*: 16.12%
• 5Y*: 8.62%
• 10Y*: 10.95%

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

IWY vs. VBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWY iShares Russell Top 200 Growth ETF	5.40%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%
VBR Vanguard Small-Cap Value ETF	14.49%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between IWY and VBR is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009	0.68

Over the past year, the correlation between IWY and VBR has dropped to 0.43 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

IWY vs. VBR - Sectors Allocation Comparison

Sectors	IWY	VBR
Technology	56.8%	10.6%
Communication Services	12.7%	2.5%
Consumer Cyclical	10.4%	12.4%
Healthcare	6.9%	7.9%
Financial Services	5.3%	17.6%
Industrials	3.2%	18.1%
Consumer Defensive	2.8%	4.0%
Utilities	0.9%	4.8%
Real Estate	0.4%	10.1%
Basic Materials	0.3%	6.3%
Energy	0.0%	5.2%

Return for Risk

IWY vs. VBR — Risk / Return Rank

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

IWY

IWY Risk / Return Rank: 41
IWY Sharpe Ratio Rank: 48
IWY Sortino Ratio Rank: 46
IWY Omega Ratio Rank: 45
IWY Calmar Ratio Rank: 33
IWY Martin Ratio Rank: 34

VBR

VBR Risk / Return Rank: 69
VBR Sharpe Ratio Rank: 67
VBR Sortino Ratio Rank: 70
VBR Omega Ratio Rank: 62
VBR Calmar Ratio Rank: 74
VBR Martin Ratio Rank: 72

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.

IWY vs. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Growth ETF (IWY) and Vanguard Small-Cap Value ETF (VBR). 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.

	IWY	VBR	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.96	-0.45
Sortino ratio: Return per unit of downside risk	2.07	2.86	-0.79
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.07
Calmar ratio: Return relative to maximum drawdown	1.46	3.38	-1.92
Martin ratio: Return relative to average drawdown	4.70	11.97	-7.27

IWY vs. VBR - Sharpe Ratio Comparison

The current IWY Sharpe Ratio is 1.51, which is comparable to the VBR Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of IWY and VBR, 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

IWY vs. VBR - Drawdown Comparison

The maximum IWY drawdown since its inception was -32.68%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for IWY and VBR.

Drawdown Indicators

	IWY	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-32.68%	-61.98%	+29.30%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-8.85%	-7.78%
Max Drawdown (3Y) Largest decline over 3 years	-23.22%	-24.19%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	-24.19%	-8.49%
Max Drawdown (10Y) Largest decline over 10 years	-32.68%	-45.28%	+12.60%
Current Drawdown Current decline from peak	-3.47%	-0.09%	-3.38%
Average Drawdown Average peak-to-trough decline	-4.75%	-8.26%	+3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	2.50%	+2.67%

Volatility

IWY vs. VBR - Volatility Comparison

iShares Russell Top 200 Growth ETF (IWY) has a higher volatility of 5.68% compared to Vanguard Small-Cap Value ETF (VBR) at 4.43%. This indicates that IWY's price experiences larger fluctuations and is considered to be riskier than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWY	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	4.43%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	10.61%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	15.31%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	19.79%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	21.75%	-0.72%

IWY vs. VBR - Expense Ratio Comparison

IWY has a 0.20% expense ratio, which is higher than VBR'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

IWY vs. VBR - Dividend Comparison

IWY's dividend yield for the trailing twelve months is around 0.43%, less than VBR's 1.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWY iShares Russell Top 200 Growth ETF	0.43%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%
VBR Vanguard Small-Cap Value ETF	1.72%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both IWY and VBR in my portfolio?

IWY and VBR have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWY or VBR?

IWY has higher volatility (5.68%) compared to VBR (4.43%). In terms of maximum drawdown, IWY dropped -32.68% vs VBR's -61.98%.

Which ETF is better, IWY or VBR?

On 10-year performance, IWY leads with 19.59% vs 10.95% for VBR. On fees, VBR is cheaper at 0.05% per year. On volatility, VBR has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWY or VBR?

Over the 10-year period, IWY has performed better with a 19.59% return vs 10.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWY or VBR?

VBR is cheaper with a 0.05% expense ratio, compared with 0.20% for IWY.

Which ETF pays a higher dividend yield, IWY or VBR?

VBR has the higher dividend yield at 1.72%, compared with 0.43% for IWY.

What is the main difference between IWY and VBR?

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

Which has better risk-adjusted returns?

VBR currently has the higher Sharpe Ratio (1.96 vs 1.51), 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.