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VIEIX vs. IWN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIEIX vs. IWN

Last updated Jun 4, 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 12.20%/yr vs 10.16%/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.

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Returns By Period

In the year-to-date period, VIEIX achieves a 14.93% return, which is significantly lower than IWN's 17.42% return. Over the past 10 years, VIEIX has outperformed IWN with an annualized return of 12.20%, while IWN has yielded a comparatively lower 10.16% annualized return.

VIEIX

1D
1.07%
1M
5.81%
YTD
14.93%
6M
13.66%
1Y
30.15%
3Y*
20.15%
5Y*
6.92%
10Y*
12.20%

IWN

1D
-1.31%
1M
2.73%
YTD
17.42%
6M
16.54%
1Y
41.15%
3Y*
17.66%
5Y*
6.48%
10Y*
10.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIEIX vs. IWN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		14.93%11.42%15.49%26.97%-26.46%12.46%32.24%28.05%-9.36%18.12%
IWN
iShares Russell 2000 Value ETF		17.42%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 31, 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

19.8%
12.4%

Industrials

19.3%
11.1%

Financial Services

14.6%
24.2%

Healthcare

13.3%
8.8%

Consumer Cyclical

9.7%
8.7%

Real Estate

6.0%
10.2%

Energy

5.1%
9.2%

Basic Materials

4.2%
5.4%

Communication Services

3.3%
1.6%

Consumer Defensive

2.7%
2.0%

Utilities

2.0%
5.7%

Technology

VIEIX
19.8%
IWN
12.4%

Industrials

VIEIX
19.3%
IWN
11.1%

Financial Services

VIEIX
14.6%
IWN
24.2%

Healthcare

VIEIX
13.3%
IWN
8.8%

Consumer Cyclical

VIEIX
9.7%
IWN
8.7%

Real Estate

VIEIX
6.0%
IWN
10.2%

Energy

VIEIX
5.1%
IWN
9.2%

Basic Materials

VIEIX
4.2%
IWN
5.4%

Communication Services

VIEIX
3.3%
IWN
1.6%

Consumer Defensive

VIEIX
2.7%
IWN
2.0%

Utilities

VIEIX
2.0%
IWN
5.7%

Compare stocks, funds, or ETFs

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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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIEIX
VIEIX Risk / Return Rank: 4747
Overall Rank
VIEIX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
VIEIX Sortino Ratio Rank: 3939
Sortino Ratio Rank
VIEIX Omega Ratio Rank: 3636
Omega Ratio Rank
VIEIX Calmar Ratio Rank: 6666
Calmar Ratio Rank
VIEIX Martin Ratio Rank: 5555
Martin Ratio Rank
IWN
IWN Risk / Return Rank: 7474
Overall Rank
IWN Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
IWN Sortino Ratio Rank: 7171
Sortino Ratio Rank
IWN Omega Ratio Rank: 6464
Omega Ratio Rank
IWN Calmar Ratio Rank: 8686
Calmar Ratio Rank
IWN Martin Ratio Rank: 8181
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.

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.

VIEIXIWNDifference
Sharpe ratioReturn per unit of total volatility
1.87
2.33

-0.46

Sortino ratioReturn per unit of downside risk
2.61
3.28

-0.67

Omega ratioGain probability vs. loss probability

1.32

1.40

-0.08

Calmar ratioReturn relative to maximum drawdown

3.13

4.89

-1.76

Martin ratioReturn relative to average drawdown

11.08

16.44

-5.35

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIEIX vs. IWN - Sharpe Ratio Comparison

The current VIEIX Sharpe Ratio is 1.87, which is comparable to the IWN Sharpe Ratio of 2.33. 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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Sharpe Ratios by Period

VIEIXIWNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.87

2.33

-0.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.31

0.30

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.44

+0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.39

+0.02

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

0.00%

-1.47%

+1.47%

Average Drawdown

Average peak-to-trough decline

-13.84%

-10.16%

-3.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.89%

2.51%

+0.38%

Volatility

VIEIX vs. IWN - Volatility Comparison

Vanguard Extended Market Index Fund Institutional Shares (VIEIX) and iShares Russell 2000 Value ETF (IWN) have volatilities of 4.69% and 4.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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

4.69%

4.91%

-0.22%

Volatility (6M)

Calculated over the trailing 6-month period

12.46%

11.86%

+0.60%

Volatility (1Y)

Calculated over the trailing 1-year period

17.17%

17.81%

-0.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.34%

21.43%

+0.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.36%

23.39%

-1.03%

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.

PositionTTM20252024202320222021202020192018201720162015
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

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.

IWN has higher volatility (4.91%) compared to VIEIX (4.69%). In terms of maximum drawdown, VIEIX dropped -58.03% vs IWN's -61.55%.

IWN currently has the higher Sharpe Ratio (2.33 vs 1.87), 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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