SLYV vs. IWM

Last updated Jun 23, 2026

SLYV (SPDR S&P 600 Small Cap Value ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - SLYV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, SLYV returned 10.63%/yr vs 11.68%/yr for IWM. Their correlation of 0.89 suggests significant overlap in exposure. SLYV charges 0.15%/yr vs 0.19%/yr for IWM.

Performance

SLYV vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 600 Small Cap Value ETF (SLYV) 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, SLYV achieves a 17.70% return, which is significantly lower than IWM's 21.64% return. Over the past 10 years, SLYV has underperformed IWM with an annualized return of 10.63%, while IWM has yielded a comparatively higher 11.68% annualized return.

SLYV

• 1D: -0.20%
• 1M: 3.12%
• YTD: 17.70%
• 6M: 15.50%
• 1Y: 39.46%
• 3Y*: 15.47%
• 5Y*: 6.55%
• 10Y*: 10.63%

IWM

• 1D: 0.88%
• 1M: 4.83%
• YTD: 21.64%
• 6M: 18.08%
• 1Y: 44.01%
• 3Y*: 19.60%
• 5Y*: 6.77%
• 10Y*: 11.68%

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

SLYV vs. IWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLYV SPDR S&P 600 Small Cap Value ETF	17.70%	6.54%	7.28%	14.82%	-11.08%	30.57%	2.68%	24.26%	-12.77%	11.74%
IWM iShares Russell 2000 ETF	21.64%	12.66%	11.38%	16.83%	-20.48%	14.54%	20.03%	25.39%	-11.12%	14.58%

Correlation

The correlation between SLYV and IWM is 0.89, 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	0.89
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 Oct 2, 2000	0.89

The correlation between SLYV and IWM has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

SLYV vs. IWM - Sectors Allocation Comparison

Sectors	SLYV	IWM
Financial Services	19.5%	15.5%
Consumer Cyclical	15.4%	8.0%
Technology	13.4%	20.1%
Industrials	11.6%	17.3%
Real Estate	8.6%	5.5%
Healthcare	7.3%	15.6%
Energy	7.0%	6.0%
Basic Materials	6.9%	4.5%
Communication Services	4.4%	1.7%
Consumer Defensive	3.8%	2.0%
Utilities	2.1%	3.1%

Return for Risk

SLYV vs. IWM — Risk / Return Rank

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

SLYV

SLYV Risk / Return Rank: 73
SLYV Sharpe Ratio Rank: 69
SLYV Sortino Ratio Rank: 72
SLYV Omega Ratio Rank: 64
SLYV Calmar Ratio Rank: 83
SLYV Martin Ratio Rank: 76

IWM

IWM Risk / Return Rank: 72
IWM Sharpe Ratio Rank: 72
IWM Sortino Ratio Rank: 70
IWM Omega Ratio Rank: 63
IWM Calmar Ratio Rank: 80
IWM Martin Ratio Rank: 76

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.

SLYV vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 600 Small Cap Value ETF (SLYV) 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.

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.

	SLYV	IWM	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.24	-0.07
Sortino ratio: Return per unit of downside risk	3.10	3.05	+0.06
Omega ratio: Gain probability vs. loss probability	1.37	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	4.24	4.01	+0.23
Martin ratio: Return relative to average drawdown	14.05	14.19	-0.13

SLYV vs. IWM - Sharpe Ratio Comparison

The current SLYV Sharpe Ratio is 2.17, which is comparable to the IWM Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of SLYV 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.

Drawdowns

SLYV vs. IWM - Drawdown Comparison

The maximum SLYV drawdown since its inception was -61.15%, roughly equal to the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for SLYV and IWM.

Drawdown Indicators

	SLYV	IWM	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-59.05%	-2.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-11.03%	+1.67%
Max Drawdown (3Y) Largest decline over 3 years	-28.68%	-27.50%	-1.18%
Max Drawdown (5Y) Largest decline over 5 years	-28.68%	-31.91%	+3.23%
Max Drawdown (10Y) Largest decline over 10 years	-47.73%	-41.13%	-6.60%
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-8.93%	-10.75%	+1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	3.11%	-0.29%

Volatility

SLYV vs. IWM - Volatility Comparison

The current volatility for SPDR S&P 600 Small Cap Value ETF (SLYV) is 4.75%, while iShares Russell 2000 ETF (IWM) has a volatility of 6.47%. This indicates that SLYV experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLYV	IWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	6.47%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	11.73%	14.28%	-2.55%
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	19.75%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.91%	22.60%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.98%	23.09%	+0.89%

SLYV vs. IWM - Expense Ratio Comparison

SLYV has a 0.15% expense ratio, which is lower than IWM's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SLYV vs. IWM - Dividend Comparison

SLYV's dividend yield for the trailing twelve months is around 2.28%, more than IWM's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWM iShares Russell 2000 ETF	0.89%	1.04%	1.15%	1.35%	1.48%	0.94%	1.04%	1.26%	1.40%	1.26%	1.38%	1.54%
SLYV SPDR S&P 600 Small Cap Value ETF	2.28%	2.02%	2.30%	2.11%	1.47%	1.94%	1.40%	1.67%	2.14%	5.53%	2.18%	6.55%

Frequently Asked Questions

Can I hold both SLYV and IWM in my portfolio?

SLYV and IWM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLYV or IWM?

IWM has higher volatility (6.47%) compared to SLYV (4.75%). In terms of maximum drawdown, SLYV dropped -61.15% vs IWM's -59.05%.

Which ETF is better, SLYV or IWM?

On 10-year performance, IWM leads with 11.68% vs 10.63% for SLYV. On fees, SLYV is cheaper at 0.15% per year. On volatility, SLYV has been the lower-risk option at 4.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLYV or IWM?

Over the 10-year period, IWM has performed better with a 11.68% return vs 10.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLYV or IWM?

SLYV is cheaper with a 0.15% expense ratio, compared with 0.19% for IWM.

Which ETF pays a higher dividend yield, SLYV or IWM?

SLYV has the higher dividend yield at 2.28%, compared with 0.89% for IWM.

What is the main difference between SLYV and IWM?

SLYV is categorized as Small Cap Value Equities, while IWM is Small Cap Blend Equities. SLYV tracks S&P SmallCap 600 Value Index, while IWM tracks Russell 2000 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.15% for SLYV and 0.19% for IWM.

Which has better risk-adjusted returns?

IWM currently has the higher Sharpe Ratio (2.24 vs 2.17), 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.