VRNIX vs. IWL
VRNIX (Vanguard Russell 1000 Index Fund Institutional Shares) and IWL (iShares Russell Top 200 ETF) are both funds - VRNIX is a Large Cap Blend Equities fund managed by Vanguard, while IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index. Over the past 10 years, VRNIX returned 15.43%/yr vs 16.38%/yr for IWL. With a 0.95 correlation, they move nearly in lockstep. VRNIX charges 0.07%/yr vs 0.15%/yr for IWL.
Performance
VRNIX vs. IWL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VRNIX having a 10.55% return and IWL slightly lower at 10.51%. Over the past 10 years, VRNIX has underperformed IWL with an annualized return of 15.43%, while IWL has yielded a comparatively higher 16.38% annualized return.
VRNIX
- 1D
- -0.74%
- 1M
- 4.10%
- YTD
- 10.55%
- 6M
- 10.37%
- 1Y
- 27.08%
- 3Y*
- 21.99%
- 5Y*
- 13.41%
- 10Y*
- 15.43%
IWL
- 1D
- 0.44%
- 1M
- 4.89%
- YTD
- 10.51%
- 6M
- 10.48%
- 1Y
- 28.95%
- 3Y*
- 23.64%
- 5Y*
- 14.69%
- 10Y*
- 16.38%
VRNIX vs. IWL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VRNIX Vanguard Russell 1000 Index Fund Institutional Shares | 10.55% | 16.94% | 24.44% | 26.49% | -19.19% | 28.64% | 20.90% | 31.36% | -4.84% | 21.58% |
IWL iShares Russell Top 200 ETF | 10.51% | 19.09% | 27.12% | 29.77% | -19.89% | 27.79% | 22.10% | 31.42% | -3.30% | 22.90% |
Correlation
The correlation between VRNIX and IWL is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 23, 2010 | 0.95 |
The correlation between VRNIX and IWL has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
VRNIX vs. IWL — Risk / Return Rank
VRNIX
IWL
VRNIX vs. IWL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 Index Fund Institutional Shares (VRNIX) and iShares Russell Top 200 ETF (IWL). 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.
| VRNIX | IWL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.43 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 2.96 | +0.12 |
| Martin ratioReturn relative to average drawdown | 14.21 | 13.13 | +1.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VRNIX | IWL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | 2.39 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | 0.86 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.91 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 0.88 | -0.03 |
Drawdowns
VRNIX vs. IWL - Drawdown Comparison
The maximum VRNIX drawdown since its inception was -34.57%, which is greater than IWL's maximum drawdown of -32.71%. Use the drawdown chart below to compare losses from any high point for VRNIX and IWL.
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Drawdown Indicators
| VRNIX | IWL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.57% | -32.71% | -1.86% |
Max Drawdown (1Y)Largest decline over 1 year | -8.85% | -9.83% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -19.40% | -19.15% | -0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -25.14% | -25.65% | +0.51% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -32.71% | -1.86% |
Current DrawdownCurrent decline from peak | -0.74% | -0.39% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -3.90% | -3.88% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 2.21% | -0.30% |
Volatility
VRNIX vs. IWL - Volatility Comparison
Vanguard Russell 1000 Index Fund Institutional Shares (VRNIX) and iShares Russell Top 200 ETF (IWL) have volatilities of 2.95% and 2.95%, 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
| VRNIX | IWL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | 2.95% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 9.04% | 9.15% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.99% | 12.19% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.25% | 17.16% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.27% | 18.08% | +0.19% |
VRNIX vs. IWL - Expense Ratio Comparison
VRNIX has a 0.07% expense ratio, which is lower than IWL's 0.15% 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
VRNIX vs. IWL - Dividend Comparison
VRNIX's dividend yield for the trailing twelve months is around 1.00%, more than IWL's 0.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWL iShares Russell Top 200 ETF | 0.82% | 0.90% | 1.04% | 1.30% | 1.54% | 1.12% | 1.30% | 1.96% | 1.93% | 1.69% | 1.96% | 2.14% |
VRNIX Vanguard Russell 1000 Index Fund Institutional Shares | 1.00% | 0.82% | 1.21% | 1.41% | 1.59% | 2.86% | 1.46% | 1.65% | 2.00% | 1.73% | 1.93% | 1.92% |
Frequently Asked Questions
With a correlation of 0.98, VRNIX and IWL 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.
IWL has higher volatility (2.95%) compared to VRNIX (2.95%). In terms of maximum drawdown, VRNIX dropped -34.57% vs IWL's -32.71%.
IWL currently has the higher Sharpe Ratio (2.39 vs 2.27), 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.
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