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VIEIX vs. IWN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIEIX vs. IWN

Last updated Aug 4, 2026
Documentation

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 tracking the Spliced Extended Market Index, while IWN is a Small Cap Value Equities fund tracking the Russell 2000 Value Index. Both are passively managed. Over the past 10 years, VIEIX returned 11.74%/yr vs 10.13%/yr for IWN. Their correlation of 0.92 means they have usually moved in the same direction. VIEIX charges 0.04%/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.

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Returns By Period

In the year-to-date period, VIEIX achieves a 13.51% return, which is significantly lower than IWN's 24.65% return. Over the past 10 years, VIEIX has outperformed IWN with an annualized return of 11.74%, while IWN has yielded a comparatively lower 10.13% annualized return.

VIEIX

1D
-0.41%
1M
-3.02%
6M
10.17%
YTD
13.51%
1Y
23.28%
3Y*
15.99%
5Y*
6.11%
10Y*
11.74%
ALL TIME*
9.03%

IWN

1D
1.45%
1M
1.41%
6M
15.31%
YTD
24.65%
1Y
45.28%
3Y*
16.79%
5Y*
9.49%
10Y*
10.13%
ALL TIME*
9.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWN

iShares Russell 2000 Value ETF
$165.06M$132.93M$146.59M

VIEIX

Vanguard Extended Market Index Fund Institutional Shares
$0.00$0.00$0.00

VIEIX vs. IWN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		13.51%11.42%15.49%26.97%-26.46%12.46%32.24%28.05%-9.36%18.12%
IWN
iShares Russell 2000 Value ETF		24.65%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 0.88, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.88

Correlation (3Y)
Balances recent behavior with more history.

0.91

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.92

Correlation (10Y)
Provides a long-term view across more market conditions.

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 0.88 to 0.92 - a consistent structural relationship.

VIEIX vs. IWN - Sectors Allocation Comparison

Sectors
VIEIX
IWN

Industrials

21.1%
12.1%

Technology

19.7%
6.8%

Financial Services

14.2%
28.1%

Healthcare

14.2%
10.5%

Consumer Cyclical

9.4%
9.6%

Real Estate

5.8%
11.4%

Energy

4.2%
6.0%

Basic Materials

3.9%
4.2%

Communication Services

3.1%
2.2%

Consumer Defensive

2.6%
3.3%

Utilities

1.8%
5.2%

Industrials

VIEIX
21.1%
IWN
12.1%

Technology

VIEIX
19.7%
IWN
6.8%

Financial Services

VIEIX
14.2%
IWN
28.1%

Healthcare

VIEIX
14.2%
IWN
10.5%

Consumer Cyclical

VIEIX
9.4%
IWN
9.6%

Real Estate

VIEIX
5.8%
IWN
11.4%

Energy

VIEIX
4.2%
IWN
6.0%

Basic Materials

VIEIX
3.9%
IWN
4.2%

Communication Services

VIEIX
3.1%
IWN
2.2%

Consumer Defensive

VIEIX
2.6%
IWN
3.3%

Utilities

VIEIX
1.8%
IWN
5.2%

Compare stocks, funds, or ETFs

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

Vanguard Extended Market Index Fund Institutional Shares

iShares Russell 2000 Value ETF

Often compared with VIEIX:
VIEIX vs. FSMAXVIEIX vs. VOOVIEIX vs. VMCIXVIEIX vs. VEXAXVIEIX vs. VEXRXVIEIX vs. VSCIXVIEIX vs. SPY
Often compared with IWN:
IWN vs. IWMIWN vs. IWOIWN vs. VTWOIWN vs. IJSIWN vs. IWSIWN vs. IWVIWN vs. IWX

Return for Risk

VIEIX vs. IWN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VIEIX
VIEIX Risk / Return Rank: 4040
Overall Rank
VIEIX Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
VIEIX Sortino Ratio Rank: 3535
Sortino Ratio Rank
VIEIX Omega Ratio Rank: 3232
Omega Ratio Rank
VIEIX Calmar Ratio Rank: 5151
Calmar Ratio Rank
VIEIX Martin Ratio Rank: 4545
Martin Ratio Rank
IWN
IWN Risk / Return Rank: 9494
Overall Rank
IWN Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
IWN Sortino Ratio Rank: 9494
Sortino Ratio Rank
IWN Omega Ratio Rank: 9292
Omega Ratio Rank
IWN Calmar Ratio Rank: 9595
Calmar Ratio Rank
IWN Martin Ratio Rank: 9494
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

VIEIXIWNDifference
Sharpe ratioReturn per unit of total volatility
1.17
2.64

-1.47

Sortino ratioReturn per unit of downside risk
1.72
3.71

-1.98

Omega ratioGain probability vs. loss probability

1.21

1.46

-0.25

Calmar ratioReturn relative to maximum drawdown

2.03

5.38

-3.35

Martin ratioReturn relative to average drawdown

6.88

19.36

-12.48

VIEIX vs. IWN - Sharpe Ratio Comparison

The current VIEIX Sharpe Ratio is 1.17, which is lower than the IWN Sharpe Ratio of 2.64. 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.

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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.

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Drawdown Indicators

VIEIXIWNDifference

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

-4.13%

0.00%

-4.13%

Average Drawdown

Average peak-to-trough decline

-13.77%

-10.10%

-3.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.35%

+0.67%

Volatility

VIEIX vs. IWN - Volatility Comparison

Vanguard Extended Market Index Fund Institutional Shares (VIEIX) has a higher volatility of 3.88% compared to iShares Russell 2000 Value ETF (IWN) at 3.52%. 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.

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Volatility by Period

VIEIXIWNDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.88%

3.52%

+0.36%

Volatility (6M)

Calculated over the trailing 6-month period

13.31%

11.84%

+1.47%

Volatility (1Y)

Calculated over the trailing 1-year period

17.81%

17.27%

+0.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.40%

21.24%

+1.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.34%

23.34%

-1.00%

VIEIX vs. IWN - Expense Ratio Comparison

VIEIX has a 0.04% 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 1.04%, less than IWN's 1.42% yield.

PositionTTM20252024202320222021202020192018201720162015
IWN
iShares Russell 2000 Value ETF		1.42%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		1.04%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

VIEIX 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.

VIEIX has higher volatility (3.88%) compared to IWN (3.52%). In terms of maximum drawdown, VIEIX dropped -58.03% vs IWN's -61.55%.

IWN currently has the higher Sharpe Ratio (2.64 vs 1.17), 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.

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Find the right allocation for VIEIX and IWN

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