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RZV vs. IWN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RZV vs. IWN

Last updated Jul 15, 2026
Documentation

RZV (Invesco S&P SmallCap 600® Pure Value ETF) and IWN (iShares Russell 2000 Value ETF) are both Small Cap Value Equities funds - RZV tracks the S&P Small Cap 600 Pure Value while IWN tracks the Russell 2000 Value Index. Both are passively managed. Over the past 10 years, RZV returned 10.52%/yr vs 10.08%/yr for IWN. Their correlation of 0.91 suggests significant overlap in exposure. RZV charges 0.35%/yr vs 0.24%/yr for IWN.

Performance

RZV vs. IWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600® Pure Value ETF (RZV) and iShares Russell 2000 Value ETF (IWN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RZV achieves a 25.28% return, which is significantly higher than IWN's 21.96% return. Both investments have delivered pretty close results over the past 10 years, with RZV having a 10.52% annualized return and IWN not far behind at 10.08%.

RZV

1D
0.01%
1M
1.36%
6M
16.90%
YTD
25.28%
1Y
36.09%
3Y*
17.47%
5Y*
11.91%
10Y*
10.52%

IWN

1D
-0.08%
1M
0.94%
6M
15.19%
YTD
21.96%
1Y
34.99%
3Y*
17.16%
5Y*
8.76%
10Y*
10.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RZV vs. IWN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RZV
Invesco S&P SmallCap 600® Pure Value ETF		25.28%8.65%5.06%22.97%-6.80%45.95%-3.88%22.29%-19.66%1.25%
IWN
iShares Russell 2000 Value ETF		21.96%12.40%7.63%14.56%-14.77%27.96%4.66%22.01%-13.01%7.69%

Correlation

The correlation between RZV and IWN is 0.88, 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

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.93

Correlation (10Y)
Calculated over the trailing 10-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Mar 7, 2006

0.91

The correlation between RZV and IWN has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

RZV vs. IWN - Sectors Allocation Comparison

Sectors
RZV
IWN

Consumer Cyclical

21.0%
8.9%

Industrials

14.1%
12.1%

Technology

12.7%
11.6%

Consumer Defensive

9.0%
2.1%

Healthcare

7.7%
10.1%

Financial Services

7.3%
23.9%

Energy

7.3%
7.9%

Basic Materials

6.3%
5.4%

Real Estate

3.1%
10.2%

Communication Services

2.6%
2.7%

Utilities

0.4%
5.1%

Consumer Cyclical

RZV
21.0%
IWN
8.9%

Industrials

RZV
14.1%
IWN
12.1%

Technology

RZV
12.7%
IWN
11.6%

Consumer Defensive

RZV
9.0%
IWN
2.1%

Healthcare

RZV
7.7%
IWN
10.1%

Financial Services

RZV
7.3%
IWN
23.9%

Energy

RZV
7.3%
IWN
7.9%

Basic Materials

RZV
6.3%
IWN
5.4%

Real Estate

RZV
3.1%
IWN
10.2%

Communication Services

RZV
2.6%
IWN
2.7%

Utilities

RZV
0.4%
IWN
5.1%

Compare stocks, funds, or ETFs

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

Invesco S&P SmallCap 600® Pure Value ETF

iShares Russell 2000 Value ETF

Often compared with RZV:
RZV vs. AVUVRZV vs. RWJRZV vs. RPVRZV vs. VBRRZV vs. IJRRZV vs. PSCCRZV vs. SPY
Often compared with IWN:
IWN vs. IWMIWN vs. IWOIWN vs. VTWOIWN vs. IJSIWN vs. IWSIWN vs. IWVIWN vs. IWX

Return for Risk

RZV vs. IWN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RZV
RZV Risk / Return Rank: 6868
Overall Rank
RZV Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
RZV Sortino Ratio Rank: 7171
Sortino Ratio Rank
RZV Omega Ratio Rank: 6262
Omega Ratio Rank
RZV Calmar Ratio Rank: 7272
Calmar Ratio Rank
RZV Martin Ratio Rank: 6666
Martin Ratio Rank
IWN
IWN Risk / Return Rank: 8282
Overall Rank
IWN Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
IWN Sortino Ratio Rank: 8181
Sortino Ratio Rank
IWN Omega Ratio Rank: 7575
Omega Ratio Rank
IWN Calmar Ratio Rank: 8989
Calmar Ratio Rank
IWN Martin Ratio Rank: 8686
Martin Ratio Rank
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.

RZV vs. IWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600® Pure Value ETF (RZV) and iShares Russell 2000 Value ETF (IWN). 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.

RZVIWNDifference
Sharpe ratioReturn per unit of total volatility
1.77
1.99

-0.22

Sortino ratioReturn per unit of downside risk
2.56
2.85

-0.29

Omega ratioGain probability vs. loss probability

1.30

1.35

-0.05

Calmar ratioReturn relative to maximum drawdown

2.89

4.16

-1.27

Martin ratioReturn relative to average drawdown

9.42

14.09

-4.67

RZV vs. IWN - Sharpe Ratio Comparison

The current RZV Sharpe Ratio is 1.77, which is comparable to the IWN Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of RZV and IWN, 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

RZV vs. IWN - Drawdown Comparison

The maximum RZV drawdown since its inception was -77.11%, which is greater than IWN's maximum drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for RZV and IWN.

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Drawdown Indicators

RZVIWNDifference

Max Drawdown

Largest peak-to-trough decline

-77.11%

-61.55%

-15.56%

Max Drawdown (1Y)

Largest decline over 1 year

-12.56%

-8.45%

-4.11%

Max Drawdown (3Y)

Largest decline over 3 years

-29.81%

-26.70%

-3.11%

Max Drawdown (5Y)

Largest decline over 5 years

-29.81%

-26.70%

-3.11%

Max Drawdown (10Y)

Largest decline over 10 years

-60.42%

-46.08%

-14.34%

Current Drawdown

Current decline from peak

-1.12%

-0.97%

-0.15%

Average Drawdown

Average peak-to-trough decline

-13.53%

-10.12%

-3.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.85%

2.50%

+1.35%

Volatility

RZV vs. IWN - Volatility Comparison

Invesco S&P SmallCap 600® Pure Value ETF (RZV) has a higher volatility of 4.98% compared to iShares Russell 2000 Value ETF (IWN) at 3.07%. This indicates that RZV's price experiences larger fluctuations and is considered to be riskier than IWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RZVIWNDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.98%

3.07%

+1.91%

Volatility (6M)

Calculated over the trailing 6-month period

13.89%

12.09%

+1.80%

Volatility (1Y)

Calculated over the trailing 1-year period

20.51%

17.64%

+2.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.21%

21.32%

+2.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.89%

23.33%

+3.56%

RZV vs. IWN - Expense Ratio Comparison

RZV has a 0.35% expense ratio, which is higher than IWN's 0.24% expense ratio.

Dividends

RZV vs. IWN - Dividend Comparison

RZV's dividend yield for the trailing twelve months is around 1.41%, less than IWN's 1.45% yield.

PositionTTM20252024202320222021202020192018201720162015
IWN
iShares Russell 2000 Value ETF		1.45%1.70%1.80%2.04%2.12%1.48%1.60%1.92%1.99%1.78%1.74%2.15%
RZV
Invesco S&P SmallCap 600® Pure Value ETF		1.41%1.59%1.14%1.13%1.43%0.86%0.63%1.03%2.03%1.02%0.46%1.24%

Frequently Asked Questions

RZV and IWN have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RZV has higher volatility (4.98%) compared to IWN (3.07%). In terms of maximum drawdown, RZV dropped -77.11% vs IWN's -61.55%.

On 10-year performance, RZV leads with 10.52% vs 10.08% for IWN. On fees, IWN is cheaper at 0.24% per year. On volatility, IWN has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RZV has performed better with a 10.52% return vs 10.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWN is cheaper with a 0.24% expense ratio, compared with 0.35% for RZV.

IWN has the higher dividend yield at 1.45%, compared with 1.41% for RZV.

RZV tracks S&P Small Cap 600 Pure Value, while IWN tracks Russell 2000 Value Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for RZV and 0.24% for IWN.

IWN currently has the higher Sharpe Ratio (1.99 vs 1.77), 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.

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