VIEIX vs. IWN

Last updated Jun 24, 2026

VIEIX (Vanguard Extended Market Index Fund Institutional Shares) and IWN (iShares Russell 2000 Value ETF) are both funds - VIEIX is a Mid Cap Blend Equities fund managed by Vanguard, while IWN is a Small Cap Value Equities fund tracking the Russell 2000 Value Index. Over the past 10 years, VIEIX returned 12.64%/yr vs 10.72%/yr for IWN. Their correlation of 0.92 suggests significant overlap in exposure. VIEIX charges 0.05%/yr vs 0.24%/yr for IWN.

Performance

VIEIX vs. IWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market Index Fund Institutional Shares (VIEIX) and iShares Russell 2000 Value ETF (IWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIEIX achieves a 15.56% return, which is significantly lower than IWN's 20.82% return. Over the past 10 years, VIEIX has outperformed IWN with an annualized return of 12.64%, while IWN has yielded a comparatively lower 10.72% annualized return.

VIEIX

• 1D: -0.12%
• 1M: 4.29%
• YTD: 15.56%
• 6M: 13.21%
• 1Y: 29.40%
• 3Y*: 20.28%
• 5Y*: 6.40%
• 10Y*: 12.64%

IWN

• 1D: -0.20%
• 1M: 3.32%
• YTD: 20.82%
• 6M: 18.59%
• 1Y: 42.32%
• 3Y*: 19.19%
• 5Y*: 7.16%
• 10Y*: 10.72%

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

VIEIX vs. IWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIEIX Vanguard Extended Market Index Fund Institutional Shares	15.56%	11.42%	15.49%	26.97%	-26.46%	12.46%	32.24%	28.05%	-9.36%	18.12%
IWN iShares Russell 2000 Value ETF	20.82%	12.40%	7.63%	14.56%	-14.77%	27.96%	4.66%	22.01%	-13.01%	7.69%

Correlation

The correlation between VIEIX and IWN is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 28, 2000	0.92

The correlation between VIEIX and IWN has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

VIEIX vs. IWN - Sectors Allocation Comparison

Sectors	VIEIX	IWN
Technology	22.8%	11.6%
Industrials	19.3%	12.1%
Financial Services	14.0%	23.9%
Healthcare	12.9%	10.1%
Consumer Cyclical	9.2%	8.9%
Real Estate	5.8%	10.2%
Energy	4.4%	7.9%
Basic Materials	4.2%	5.4%
Communication Services	3.2%	2.7%
Consumer Defensive	2.5%	2.1%
Utilities	1.9%	5.1%

Return for Risk

VIEIX vs. IWN — Risk / Return Rank

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

VIEIX

VIEIX Risk / Return Rank: 47
VIEIX Sharpe Ratio Rank: 41
VIEIX Sortino Ratio Rank: 38
VIEIX Omega Ratio Rank: 36
VIEIX Calmar Ratio Rank: 66
VIEIX Martin Ratio Rank: 55

IWN

IWN Risk / Return Rank: 80
IWN Sharpe Ratio Rank: 78
IWN Sortino Ratio Rank: 79
IWN Omega Ratio Rank: 71
IWN Calmar Ratio Rank: 89
IWN Martin Ratio Rank: 85

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.

VIEIX vs. IWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market Index Fund Institutional Shares (VIEIX) 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.

	VIEIX	IWN	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.36	-0.64
Sortino ratio: Return per unit of downside risk	2.40	3.30	-0.90
Omega ratio: Gain probability vs. loss probability	1.29	1.40	-0.11
Calmar ratio: Return relative to maximum drawdown	2.99	5.03	-2.04
Martin ratio: Return relative to average drawdown	10.48	16.92	-6.44

VIEIX vs. IWN - Sharpe Ratio Comparison

The current VIEIX Sharpe Ratio is 1.72, which is comparable to the IWN Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of VIEIX 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.

Drawdowns

VIEIX vs. IWN - Drawdown Comparison

The maximum VIEIX drawdown since its inception was -58.03%, smaller than the maximum IWN drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for VIEIX and IWN.

Drawdown Indicators

	VIEIX	IWN	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-61.55%	+3.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.25%	-8.45%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-26.84%	-26.70%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-36.32%	-26.70%	-9.62%
Max Drawdown (10Y) Largest decline over 10 years	-41.62%	-46.08%	+4.46%
Current Drawdown Current decline from peak	-0.24%	-0.20%	-0.04%
Average Drawdown Average peak-to-trough decline	-13.81%	-10.14%	-3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.51%	+0.40%

Volatility

VIEIX vs. IWN - Volatility Comparison

Vanguard Extended Market Index Fund Institutional Shares (VIEIX) has a higher volatility of 6.09% compared to iShares Russell 2000 Value ETF (IWN) at 5.29%. This indicates that VIEIX'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.

Volatility by Period

	VIEIX	IWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	5.29%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	12.29%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.84%	18.04%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.45%	21.41%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	23.39%	-0.98%

VIEIX vs. IWN - Expense Ratio Comparison

VIEIX has a 0.05% expense ratio, which is lower than IWN's 0.24% 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

VIEIX vs. IWN - Dividend Comparison

VIEIX's dividend yield for the trailing twelve months is around 1.01%, less than IWN's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWN iShares Russell 2000 Value ETF	1.46%	1.70%	1.80%	2.04%	2.12%	1.48%	1.60%	1.92%	1.99%	1.78%	1.74%	2.15%
VIEIX Vanguard Extended Market Index Fund Institutional Shares	1.01%	1.14%	1.10%	1.26%	1.16%	1.14%	1.08%	1.31%	1.67%	1.27%	1.45%	1.37%

Frequently Asked Questions

Can I hold both VIEIX and IWN in my portfolio?

With a correlation of 0.90, VIEIX and IWN 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, VIEIX or IWN?

VIEIX has higher volatility (6.09%) compared to IWN (5.29%). In terms of maximum drawdown, VIEIX dropped -58.03% vs IWN's -61.55%.

Which has better risk-adjusted returns?

IWN currently has the higher Sharpe Ratio (2.36 vs 1.72), 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.