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VTSIX vs. IWL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTSIX vs. IWL

Last updated Jun 4, 2026

VTSIX (Vanguard Tax-Managed Small-Cap Fund Institutional Shares) and IWL (iShares Russell Top 200 ETF) are both funds - VTSIX is a Small Cap Blend Equities fund managed by BlackRock, while IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index. Over the past 10 years, VTSIX returned 10.82%/yr vs 16.38%/yr for IWL. A 0.73 correlation means they provide meaningful diversification when combined. VTSIX charges 0.06%/yr vs 0.15%/yr for IWL.

Performance

VTSIX vs. IWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX) and iShares Russell Top 200 ETF (IWL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VTSIX achieves a 16.66% return, which is significantly higher than IWL's 10.03% return. Over the past 10 years, VTSIX has underperformed IWL with an annualized return of 10.82%, while IWL has yielded a comparatively higher 16.38% annualized return.

VTSIX

1D
0.92%
1M
2.71%
YTD
16.66%
6M
15.44%
1Y
32.97%
3Y*
14.85%
5Y*
6.01%
10Y*
10.82%

IWL

1D
-0.83%
1M
5.18%
YTD
10.03%
6M
10.03%
1Y
28.50%
3Y*
23.42%
5Y*
14.59%
10Y*
16.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTSIX vs. IWL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTSIX
Vanguard Tax-Managed Small-Cap Fund Institutional Shares		16.66%5.96%8.64%15.99%-16.14%27.12%11.09%23.30%-8.59%13.08%
IWL
iShares Russell Top 200 ETF		10.03%19.09%27.12%29.77%-19.89%27.79%22.10%31.42%-3.30%22.90%

Correlation

The correlation between VTSIX and IWL is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.66

Correlation (3Y)
Calculated over the trailing 3-year period

0.67

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (10Y)
Calculated over the trailing 10-year period

0.72

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2009

0.73

The correlation between VTSIX and IWL has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

VTSIX vs. IWL - Sectors Allocation Comparison

Sectors
VTSIX
IWL

Financial Services

16.7%
11.3%

Industrials

15.6%
6.1%

Technology

15.4%
40.9%

Consumer Cyclical

13.4%
9.6%

Healthcare

10.9%
8.5%

Real Estate

7.8%
1.0%

Energy

6.0%
2.5%

Basic Materials

5.3%
1.4%

Communication Services

3.5%
12.2%

Consumer Defensive

3.5%
4.7%

Utilities

1.9%
1.7%

Financial Services

VTSIX
16.7%
IWL
11.3%

Industrials

VTSIX
15.6%
IWL
6.1%

Technology

VTSIX
15.4%
IWL
40.9%

Consumer Cyclical

VTSIX
13.4%
IWL
9.6%

Healthcare

VTSIX
10.9%
IWL
8.5%

Real Estate

VTSIX
7.8%
IWL
1.0%

Energy

VTSIX
6.0%
IWL
2.5%

Basic Materials

VTSIX
5.3%
IWL
1.4%

Communication Services

VTSIX
3.5%
IWL
12.2%

Consumer Defensive

VTSIX
3.5%
IWL
4.7%

Utilities

VTSIX
1.9%
IWL
1.7%

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Vanguard Tax-Managed Small-Cap Fund Institutional Shares

iShares Russell Top 200 ETF

Often compared with VTSIX:
VTSIX vs. VITSXVTSIX vs. FSMDVTSIX vs. VGTVTSIX vs. VTIVTSIX vs. VUGVTSIX vs. VINIXVTSIX vs. BRK-B
Often compared with IWL:
IWL vs. IWYIWL vs. VOOIWL vs. SPYIWL vs. IVVIWL vs. QQQMIWL vs. QQQIWL vs. QUAL

Return for Risk

VTSIX vs. IWL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTSIX
VTSIX Risk / Return Rank: 5959
Overall Rank
VTSIX Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
VTSIX Sortino Ratio Rank: 4747
Sortino Ratio Rank
VTSIX Omega Ratio Rank: 4242
Omega Ratio Rank
VTSIX Calmar Ratio Rank: 8686
Calmar Ratio Rank
VTSIX Martin Ratio Rank: 7171
Martin Ratio Rank
IWL
IWL Risk / Return Rank: 6767
Overall Rank
IWL Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
IWL Sortino Ratio Rank: 6868
Sortino Ratio Rank
IWL Omega Ratio Rank: 6969
Omega Ratio Rank
IWL Calmar Ratio Rank: 5858
Calmar Ratio Rank
IWL Martin Ratio Rank: 6969
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.

VTSIX vs. IWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX) 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.

VTSIXIWLDifference
Sharpe ratioReturn per unit of total volatility
2.01
2.35

-0.34

Sortino ratioReturn per unit of downside risk
2.90
3.20

-0.30

Omega ratioGain probability vs. loss probability

1.35

1.42

-0.08

Calmar ratioReturn relative to maximum drawdown

4.11

2.91

+1.19

Martin ratioReturn relative to average drawdown

13.63

12.92

+0.71

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

VTSIX vs. IWL - Sharpe Ratio Comparison

The current VTSIX Sharpe Ratio is 2.01, which is comparable to the IWL Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of VTSIX and IWL, 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

VTSIXIWLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.01

2.35

-0.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.28

0.85

-0.57

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

0.91

-0.44

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.88

-0.43

Drawdowns

VTSIX vs. IWL - Drawdown Comparison

The maximum VTSIX drawdown since its inception was -57.81%, which is greater than IWL's maximum drawdown of -32.71%. Use the drawdown chart below to compare losses from any high point for VTSIX and IWL.

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Drawdown Indicators

VTSIXIWLDifference

Max Drawdown

Largest peak-to-trough decline

-57.81%

-32.71%

-25.10%

Max Drawdown (1Y)

Largest decline over 1 year

-8.59%

-9.83%

+1.24%

Max Drawdown (3Y)

Largest decline over 3 years

-27.92%

-19.15%

-8.77%

Max Drawdown (5Y)

Largest decline over 5 years

-27.92%

-25.65%

-2.27%

Max Drawdown (10Y)

Largest decline over 10 years

-43.86%

-32.71%

-11.15%

Current Drawdown

Current decline from peak

-0.00%

-0.83%

+0.83%

Average Drawdown

Average peak-to-trough decline

-8.93%

-3.88%

-5.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

2.21%

+0.37%

Volatility

VTSIX vs. IWL - Volatility Comparison

Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX) has a higher volatility of 4.51% compared to iShares Russell Top 200 ETF (IWL) at 2.98%. This indicates that VTSIX's price experiences larger fluctuations and is considered to be riskier than IWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTSIXIWLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.51%

2.98%

+1.53%

Volatility (6M)

Calculated over the trailing 6-month period

11.69%

9.15%

+2.54%

Volatility (1Y)

Calculated over the trailing 1-year period

17.54%

12.19%

+5.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.46%

17.17%

+4.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.11%

18.08%

+5.03%

VTSIX vs. IWL - Expense Ratio Comparison

VTSIX has a 0.06% 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

VTSIX vs. IWL - Dividend Comparison

VTSIX's dividend yield for the trailing twelve months is around 1.17%, more than IWL's 0.82% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VTSIX
Vanguard Tax-Managed Small-Cap Fund Institutional Shares		1.17%1.31%1.47%1.52%1.54%1.19%1.11%1.17%1.29%1.13%1.03%1.30%

Frequently Asked Questions

VTSIX and IWL have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VTSIX has higher volatility (4.51%) compared to IWL (2.98%). In terms of maximum drawdown, VTSIX dropped -57.81% vs IWL's -32.71%.

IWL currently has the higher Sharpe Ratio (2.35 vs 2.01), 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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