VBK vs. IWP

Last updated Jun 13, 2026

VBK (Vanguard Small-Cap Growth ETF) and IWP (iShares Russell Mid-Cap Growth ETF) are both exchange-traded funds - VBK is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth Index, while IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index. Both are passively managed. Over the past 10 years, VBK returned 11.82%/yr vs 12.47%/yr for IWP. Their correlation of 0.94 suggests significant overlap in exposure. VBK charges 0.05%/yr vs 0.23%/yr for IWP.

Performance

VBK vs. IWP - Performance Comparison

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

Returns By Period

In the year-to-date period, VBK achieves a 16.25% return, which is significantly higher than IWP's 2.86% return. Over the past 10 years, VBK has underperformed IWP with an annualized return of 11.82%, while IWP has yielded a comparatively higher 12.47% annualized return.

VBK

• 1D: 0.33%
• 1M: 2.22%
• YTD: 16.25%
• 6M: 14.67%
• 1Y: 29.81%
• 3Y*: 16.10%
• 5Y*: 4.87%
• 10Y*: 11.82%

IWP

• 1D: 0.06%
• 1M: 3.23%
• YTD: 2.86%
• 6M: 1.29%
• 1Y: 4.54%
• 3Y*: 14.57%
• 5Y*: 5.82%
• 10Y*: 12.47%

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

VBK vs. IWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBK Vanguard Small-Cap Growth ETF	16.25%	8.50%	16.50%	21.45%	-28.44%	5.66%	35.44%	32.75%	-5.70%	21.87%
IWP iShares Russell Mid-Cap Growth ETF	2.86%	8.45%	21.86%	25.70%	-26.90%	12.60%	35.25%	35.04%	-4.89%	24.93%

Correlation

The correlation between VBK and IWP is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.94

The correlation between VBK and IWP has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

VBK vs. IWP - Sectors Allocation Comparison

Sectors	VBK	IWP
Technology	25.9%	20.0%
Industrials	24.7%	24.2%
Healthcare	15.3%	13.5%
Consumer Cyclical	9.6%	21.1%
Financial Services	5.6%	6.9%
Energy	4.8%	3.8%
Real Estate	3.9%	1.4%
Communication Services	3.5%	4.2%
Basic Materials	3.2%	0.4%
Consumer Defensive	2.4%	1.5%
Utilities	1.2%	2.9%

Return for Risk

VBK vs. IWP — Risk / Return Rank

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

VBK

VBK Risk / Return Rank: 53
VBK Sharpe Ratio Rank: 49
VBK Sortino Ratio Rank: 47
VBK Omega Ratio Rank: 45
VBK Calmar Ratio Rank: 61
VBK Martin Ratio Rank: 62

IWP

IWP Risk / Return Rank: 13
IWP Sharpe Ratio Rank: 14
IWP Sortino Ratio Rank: 13
IWP Omega Ratio Rank: 13
IWP Calmar Ratio Rank: 13
IWP Martin Ratio Rank: 14

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.

VBK vs. IWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth ETF (VBK) and iShares Russell Mid-Cap Growth ETF (IWP). 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.

	VBK	IWP	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.27	+1.23
Sortino ratio: Return per unit of downside risk	2.09	0.50	+1.59
Omega ratio: Gain probability vs. loss probability	1.26	1.06	+0.20
Calmar ratio: Return relative to maximum drawdown	2.62	0.31	+2.31
Martin ratio: Return relative to average drawdown	9.82	0.89	+8.92

VBK vs. IWP - Sharpe Ratio Comparison

The current VBK Sharpe Ratio is 1.50, which is higher than the IWP Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of VBK and IWP, 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

VBK vs. IWP - Drawdown Comparison

The maximum VBK drawdown since its inception was -58.68%, roughly equal to the maximum IWP drawdown of -56.92%. Use the drawdown chart below to compare losses from any high point for VBK and IWP.

Drawdown Indicators

	VBK	IWP	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-56.92%	-1.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.44%	-14.79%	+3.35%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-25.20%	-2.34%
Max Drawdown (5Y) Largest decline over 5 years	-38.39%	-38.62%	+0.23%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-38.62%	-0.08%
Current Drawdown Current decline from peak	-2.04%	-2.95%	+0.91%
Average Drawdown Average peak-to-trough decline	-10.14%	-9.68%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	5.10%	-2.05%

Volatility

VBK vs. IWP - Volatility Comparison

Vanguard Small-Cap Growth ETF (VBK) has a higher volatility of 7.31% compared to iShares Russell Mid-Cap Growth ETF (IWP) at 5.68%. This indicates that VBK's price experiences larger fluctuations and is considered to be riskier than IWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBK	IWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	5.68%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	15.61%	13.34%	+2.27%
Volatility (1Y) Calculated over the trailing 1-year period	19.96%	17.03%	+2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.59%	22.37%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.92%	21.71%	+1.21%

VBK vs. IWP - Expense Ratio Comparison

VBK has a 0.05% expense ratio, which is lower than IWP's 0.23% 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

VBK vs. IWP - Dividend Comparison

VBK's dividend yield for the trailing twelve months is around 0.45%, more than IWP's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWP iShares Russell Mid-Cap Growth ETF	0.33%	0.37%	0.40%	0.54%	0.77%	0.30%	0.38%	0.59%	1.02%	0.78%	1.16%	0.98%
VBK Vanguard Small-Cap Growth ETF	0.45%	0.54%	0.54%	0.68%	0.55%	0.36%	0.44%	0.57%	0.79%	0.82%	1.08%	0.98%

Frequently Asked Questions

Can I hold both VBK and IWP in my portfolio?

With a correlation of 0.92, VBK and IWP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VBK or IWP?

VBK has higher volatility (7.31%) compared to IWP (5.68%). In terms of maximum drawdown, VBK dropped -58.68% vs IWP's -56.92%.

Which ETF is better, VBK or IWP?

On 10-year performance, IWP leads with 12.47% vs 11.82% for VBK. On fees, VBK is cheaper at 0.05% per year. On volatility, IWP has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VBK or IWP?

Over the 10-year period, IWP has performed better with a 12.47% return vs 11.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBK or IWP?

VBK is cheaper with a 0.05% expense ratio, compared with 0.23% for IWP.

Which ETF pays a higher dividend yield, VBK or IWP?

VBK has the higher dividend yield at 0.45%, compared with 0.33% for IWP.

What is the main difference between VBK and IWP?

VBK is categorized as Small Cap Growth Equities, while IWP is Mid Cap Growth Equities. VBK tracks CRSP US Small Cap Growth Index, while IWP tracks Russell Midcap Growth Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VBK and 0.23% for IWP.

Which has better risk-adjusted returns?

VBK currently has the higher Sharpe Ratio (1.50 vs 0.27), 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.