OSTGX vs. IWM

Last updated Jun 3, 2026

OSTGX (Osterweis Emerging Opportunity Fund) and IWM (iShares Russell 2000 ETF) are both funds - OSTGX is a Small Cap Growth Equities fund managed by Osterweis, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past 5 years, OSTGX returned -0.11%/yr vs 6.49%/yr for IWM. Their correlation of 0.82 suggests significant overlap in exposure. OSTGX charges 1.17%/yr vs 0.19%/yr for IWM.

Performance

OSTGX vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osterweis Emerging Opportunity Fund (OSTGX) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OSTGX achieves a 16.53% return, which is significantly lower than IWM's 18.69% return.

OSTGX

• 1D: 0.61%
• 1M: 8.46%
• YTD: 16.53%
• 6M: 18.27%
• 1Y: 31.78%
• 3Y*: 16.41%
• 5Y*: -0.11%
• 10Y*: —

IWM

• 1D: 0.93%
• 1M: 4.43%
• YTD: 18.69%
• 6M: 19.57%
• 1Y: 43.31%
• 3Y*: 18.42%
• 5Y*: 6.49%
• 10Y*: 11.08%

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

OSTGX vs. IWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OSTGX Osterweis Emerging Opportunity Fund	16.53%	0.26%	22.49%	23.98%	-33.00%	-14.83%	83.54%	36.97%	1.33%	26.75%
IWM iShares Russell 2000 ETF	18.69%	12.66%	11.38%	16.83%	-20.48%	14.54%	20.03%	25.39%	-11.12%	14.58%

Correlation

The correlation between OSTGX and IWM is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 1, 2016	0.82

The correlation between OSTGX and IWM has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

OSTGX vs. IWM — Risk / Return Rank

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

OSTGX

OSTGX Risk / Return Rank: 34
OSTGX Sharpe Ratio Rank: 30
OSTGX Sortino Ratio Rank: 30
OSTGX Omega Ratio Rank: 27
OSTGX Calmar Ratio Rank: 40
OSTGX Martin Ratio Rank: 42

IWM

IWM Risk / Return Rank: 69
IWM Sharpe Ratio Rank: 68
IWM Sortino Ratio Rank: 67
IWM Omega Ratio Rank: 60
IWM Calmar Ratio Rank: 77
IWM 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.

OSTGX vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osterweis Emerging Opportunity Fund (OSTGX) and iShares Russell 2000 ETF (IWM). 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.

	OSTGX	IWM	Difference
Sharpe ratio Return per unit of total volatility	1.58	2.27	-0.70
Sortino ratio Return per unit of downside risk	2.29	3.12	-0.82
Omega ratio Gain probability vs. loss probability	1.28	1.37	-0.10
Calmar ratio Return relative to maximum drawdown	2.40	3.97	-1.56
Martin ratio Return relative to average drawdown	9.05	14.12	-5.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OSTGX vs. IWM - Sharpe Ratio Comparison

The current OSTGX Sharpe Ratio is 1.58, which is lower than the IWM Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of OSTGX and IWM, 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

	OSTGX	IWM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	2.27	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	0.29	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.37	+0.17

Drawdowns

OSTGX vs. IWM - Drawdown Comparison

The maximum OSTGX drawdown since its inception was -53.93%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for OSTGX and IWM.

Drawdown Indicators

	OSTGX	IWM	Difference
Max Drawdown Largest peak-to-trough decline	-53.93%	-59.05%	+5.12%
Max Drawdown (1Y) Largest decline over 1 year	-13.61%	-11.03%	-2.58%
Max Drawdown (3Y) Largest decline over 3 years	-31.06%	-27.50%	-3.56%
Max Drawdown (5Y) Largest decline over 5 years	-53.93%	-31.91%	-22.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.13%	—
Current Drawdown Current decline from peak	-12.05%	-0.13%	-11.92%
Average Drawdown Average peak-to-trough decline	-19.76%	-10.77%	-8.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	3.10%	+0.52%

Volatility

OSTGX vs. IWM - Volatility Comparison

Osterweis Emerging Opportunity Fund (OSTGX) has a higher volatility of 6.34% compared to iShares Russell 2000 ETF (IWM) at 5.56%. This indicates that OSTGX's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OSTGX	IWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	5.56%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	16.11%	13.52%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	20.77%	19.14%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.69%	22.52%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.13%	23.04%	+2.09%

OSTGX vs. IWM - Expense Ratio Comparison

OSTGX has a 1.17% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

OSTGX vs. IWM - Dividend Comparison

OSTGX's dividend yield for the trailing twelve months is around 1.98%, more than IWM's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWM iShares Russell 2000 ETF	0.87%	1.04%	1.15%	1.35%	1.48%	0.94%	1.04%	1.26%	1.40%	1.26%	1.38%	1.54%
OSTGX Osterweis Emerging Opportunity Fund	1.98%	2.31%	0.84%	0.00%	0.00%	0.10%	10.54%	12.79%	8.06%	18.91%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OSTGX and IWM in my portfolio?

OSTGX and IWM have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OSTGX or IWM?

OSTGX has higher volatility (6.34%) compared to IWM (5.56%). In terms of maximum drawdown, OSTGX dropped -53.93% vs IWM's -59.05%.

Which has better risk-adjusted returns?

IWM currently has the higher Sharpe Ratio (2.27 vs 1.58), 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.