MDPL vs. IWS

Last updated Jun 23, 2026

MDPL (Monarch Dividend Plus ETF) and IWS (iShares Russell Mid-Cap Value ETF) are both Mid Cap Value Equities funds - MDPL tracks the Monarch Dividend Plus Index while IWS tracks the Russell Midcap Value Index. Both are passively managed. Over the past year, MDPL returned -2.23% vs 29.21% for IWS. A 0.73 correlation means they provide meaningful diversification when combined. MDPL charges 1.24%/yr vs 0.23%/yr for IWS.

Performance

MDPL vs. IWS - Performance Comparison

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

Returns By Period

In the year-to-date period, MDPL achieves a -7.59% return, which is significantly lower than IWS's 17.05% return.

MDPL

• 1D: -1.12%
• 1M: -6.08%
• YTD: -7.59%
• 6M: -8.10%
• 1Y: -2.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWS

• 1D: 0.69%
• 1M: 3.76%
• YTD: 17.05%
• 6M: 15.46%
• 1Y: 29.21%
• 3Y*: 17.66%
• 5Y*: 9.34%
• 10Y*: 10.68%

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

MDPL vs. IWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MDPL Monarch Dividend Plus ETF	-7.59%	7.57%	0.42%
IWS iShares Russell Mid-Cap Value ETF	17.05%	10.82%	8.58%

Correlation

The correlation between MDPL and IWS is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.73

The correlation between MDPL and IWS shifts across timeframes, from 0.61 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MDPL vs. IWS — Risk / Return Rank

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

MDPL

MDPL Risk / Return Rank: 7
MDPL Sharpe Ratio Rank: 7
MDPL Sortino Ratio Rank: 7
MDPL Omega Ratio Rank: 7
MDPL Calmar Ratio Rank: 7
MDPL Martin Ratio Rank: 7

IWS

IWS Risk / Return Rank: 72
IWS Sharpe Ratio Rank: 69
IWS Sortino Ratio Rank: 71
IWS Omega Ratio Rank: 65
IWS Calmar Ratio Rank: 78
IWS Martin Ratio Rank: 78

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.

MDPL vs. IWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Dividend Plus ETF (MDPL) and iShares Russell Mid-Cap Value ETF (IWS). 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.

	MDPL	IWS	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	2.17	-2.31
Sortino ratio: Return per unit of downside risk	-0.10	3.07	-3.17
Omega ratio: Gain probability vs. loss probability	0.99	1.38	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.19	3.90	-4.08
Martin ratio: Return relative to average drawdown	-0.44	14.62	-15.06

MDPL vs. IWS - Sharpe Ratio Comparison

The current MDPL Sharpe Ratio is -0.14, which is lower than the IWS Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of MDPL and IWS, 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

MDPL vs. IWS - Drawdown Comparison

The maximum MDPL drawdown since its inception was -14.21%, smaller than the maximum IWS drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for MDPL and IWS.

Drawdown Indicators

	MDPL	IWS	Difference
Max Drawdown Largest peak-to-trough decline	-14.21%	-62.40%	+48.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.84%	-7.53%	-4.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.83%	—
Current Drawdown Current decline from peak	-11.84%	-0.16%	-11.68%
Average Drawdown Average peak-to-trough decline	-4.43%	-8.00%	+3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	2.00%	+3.08%

Volatility

MDPL vs. IWS - Volatility Comparison

Monarch Dividend Plus ETF (MDPL) has a higher volatility of 4.94% compared to iShares Russell Mid-Cap Value ETF (IWS) at 4.18%. This indicates that MDPL's price experiences larger fluctuations and is considered to be riskier than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDPL	IWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	4.18%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	11.23%	10.04%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	13.55%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	17.32%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	19.39%	-4.17%

MDPL vs. IWS - Expense Ratio Comparison

MDPL has a 1.24% expense ratio, which is higher than IWS's 0.23% expense ratio.

Dividends

MDPL vs. IWS - Dividend Comparison

MDPL's dividend yield for the trailing twelve months is around 1.40%, more than IWS's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWS iShares Russell Mid-Cap Value ETF	1.33%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%
MDPL Monarch Dividend Plus ETF	1.40%	1.42%	1.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDPL and IWS in my portfolio?

MDPL and IWS have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDPL or IWS?

MDPL has higher volatility (4.94%) compared to IWS (4.18%). In terms of maximum drawdown, MDPL dropped -14.21% vs IWS's -62.40%.

Which ETF is better, MDPL or IWS?

On 1-year performance, IWS leads with 29.21% vs -2.23% for MDPL. On fees, IWS is cheaper at 0.23% per year. On volatility, IWS has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDPL or IWS?

Over the 1-year period, IWS has performed better with a 29.21% return vs -2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDPL or IWS?

IWS is cheaper with a 0.23% expense ratio, compared with 1.24% for MDPL.

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

MDPL has the higher dividend yield at 1.40%, compared with 1.33% for IWS.

What is the main difference between MDPL and IWS?

MDPL tracks Monarch Dividend Plus Index, while IWS tracks Russell Midcap Value Index. They also come from different issuers: Monarch and iShares. Their fees differ too: 1.24% for MDPL and 0.23% for IWS.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (2.17 vs -0.14), 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.