# How iShares Core S&P Small-Cap ETF (IJR) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/ijr
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on IJR alone. It places IJR (iShares Core S&P Small-Cap ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where IJR stands in the market, and of the alternatives worth a closer look.

Period covered: IJR's full trading record, from May 2000 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **What you're buying:** IJR and VB (Vanguard Morningstar Small-Cap ETF) have tracked each other (0.97). The larger fund is VB.
- **Right now:** Over the past 3 months, IJR fell 4.8%, behind 92% of the ETFs with at least $100 million in assets. Even so, after a 28.0% loss from November 2024 to April 2025, IJR has bounced 27.6% off the low.
- **Fund or market?:** IJR fell 4.8% over the past 3 months, less than the 1.03 beta versus the S&P 500 would have implied (4.0%).
- **Long term:** IJR turned $10,000 into $26,400 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** IJR has tended to fall harder than the S&P 500 in crashes, about 1.2 times the index's decline.
- **Diversification:** Against the S&P 500, IJR has a correlation of 0.79 over 5 years, more closely than 62% of ETFs with at least $100 million in assets. Next to an index fund it is some diversification, but not a hedge.
- **Better options**
  - **Popular alternatives:** VTI (Vanguard Morningstar Total Stock Market ETF), SPY (State Street SPDR S&P 500 ETF) and VO (Vanguard Morningstar Mid-Cap ETF) earned more than IJR with less volatility over the past 5 years. VTI returned 11.5% a year at 17.5% volatility, against 5.6% a year at 21.1%.
  - **Same exposure, lower fee:** SCHA (Schwab U.S. Small-Cap ETF) tracks the same thing for 0.03% a year against IJR's 0.06%, and has kept pace over the past decade: about $30 less in fees on $10,000 over 10 years.
  - **Nearby categories and themes:** VTV (Vanguard Morningstar Value ETF, US large-cap value) and RSP (Invesco S&P 500 Equal Weight ETF, US large-cap equity) earned more than IJR with less volatility over the past 5 years. VTV returned 12.1% a year at 13.7% volatility, against 5.6% a year at 21.1%.

## How much would $10,000 in IJR have grown?

This chart tracks a hypothetical $10,000 investment in IJR over the past 22 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of IJR over the same span and IJR's popular alternatives, among those that traded for the entire period.

- $10,000 invested in IJR at the end of September 2004 would have grown to $75,619 by September 2026, less than the $102,174 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of IJR, and VTI finished highest, at $103,071.

## IJR at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout.

- IJR's deepest decline since it began trading in 2000 was 58.1%, from July 2007 to March 2009. It took 23 months from the low to climb back to its old high.
- Over 25 full calendar years, IJR's best was 2013, when it returned 41.4%, and its worst was 2008, when it lost 31.5%. It lost money in six of those years.
- IJR is 8.2% below its all-time high.

- Type: ETF, Broad Market (Asset Management)
- Trading since: May 26, 2000
- Assets: $102B
- Expense ratio: 0.06%
- Volatility (5 years): 21.1%; Sharpe ratio: 0.37
- Worst decline ever: −58.1%, from July 19, 2007 to March 9, 2009; back at its high by February 7, 2011

| Period | IJR total return |
| --- | --- |
| 1 month | −1.1% |
| 3 months | −4.8% |
| 6 months | +1.8% |
| year to date | +14.4% |
| 1 year | +16.7% |
| 3 years | +60.8% |
| 5 years | +31.5% |
| 10 years | +164% |

## IJR against the whole market

Where IJR ranks among every stock and fund, and what across the market has done better.

### How does IJR rank among all ETFs?

This section ranks IJR on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history.

- IJR is among the more volatile ETFs: its price swings rank in the bottom 23% of the 1,560 ETFs with at least $100 million in assets, where the top is the calmest.

| Measure | IJR | Rank |
| --- | --- | --- |
| 1-year return | +16.7% | 650 of 2,485 (top 27%) |
| 3-year return | +60.8% | 973 of 1,949 (top 50%) |
| 5-year return | +31.5% | 984 of 1,560 (top 64%) |
| 10-year return | +164% | 411 of 958 (top 43%) |
| Volatility, 5 years | 21.1% | 1,197 of 1,560 (top 77%) |
| Sharpe ratio, 5 years | 0.37 | 1,140 of 1,560 (top 74%) |
| Worst decline, past 10 years | −44.4% | 688 of 951 (top 73%) |

### What has beaten IJR on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer).

- 34 stocks and 417 ETFs worth at least $500 million sit in the green region: each earned more than IJR over the past 5 years with smaller price swings. That is 12% of the 3,633 screened.
- Among those with at least half IJR's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 48% less than IJR's 21.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.37 for IJR. DXJ earned the most, 26.6% a year, while still swinging less than IJR (19.1% against 21.1%).
- Among IJR's popular alternatives, SPY, VTI and VO are in the region. SPY earned 12.7% a year against 5.6% a year for IJR, at 17.1% volatility, 19% less than IJR's 21.1%.

### Is there a better investment than IJR?

The table below lists investments that beat IJR over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio.

- Among IJR's popular alternatives, VTI, SPY and VO earned more than IJR with less volatility over the past 5 years. VTI returned 11.5% a year at 17.5% volatility, against 5.6% a year at 21.1%.
- SCHA tracks the same thing for 0.03% a year against IJR's 0.06%, and has kept pace over the past decade: about $30 less in fees on $10,000 over 10 years.
- Looking beyond its popular alternatives, VTV (US large-cap value) and RSP (US large-cap equity) earned more than IJR with less volatility over the past 5 years. VTV returned 12.1% a year at 13.7% volatility, against 5.6% a year at 21.1%.

The 15 strongest of 451 investments that beat IJR over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with IJR | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IJR: iShares Core S&P Small-Cap ETF (this page) |  | +5.6% | 21.1% | 0.37 | −44.4% | +164% |  |  |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VIG](https://easycompare.io/research/vig): Vanguard Dividend Appreciation ETF | US Dividend Equity | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.84 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SCHD](https://easycompare.io/research/schd): Schwab U.S. Dividend Equity ETF | US Dividend Equity | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.79 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [WM](https://easycompare.io/research/wm): Waste Management, Inc. | Environmental Services | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [XLV](https://easycompare.io/research/xlv): State Street Health Care Select Sector SPDR ETF | Health Care Equity | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.56 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| HDV: iShares Core High Dividend ETF | US Dividend Equity | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.67 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| USMV: iShares MSCI USA Min Vol Factor ETF | US Low-Volatility Equity | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.70 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.87 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| IOO: iShares Global 100 ETF | Global Equity | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.67 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RSP](https://easycompare.io/research/rsp): Invesco S&P 500 Equal Weight ETF | US Large-Cap Equity | +8.2% | 16.1% | 0.57 | −39.0% | +211% | 0.91 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| IWX: iShares Russell Top 200 Value ETF | Broad Market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.84 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| PTLC: Pacer Trendpilot US Large Cap ETF | Broad Market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.58 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## IJR against its popular alternatives

The investments people most often weigh against IJR, compared period by period and year by year.

### How do IJR's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Eight of the 20 popular alternatives, led by VTI, SMLF and DFAT, were both more rewarding and calmer than IJR over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, IJR returned 5.6% a year, less than the S&P 500's 12.7%, with higher volatility (21.1% against 17.1%).

### Has IJR consistently beaten its popular alternatives?

This section compares IJR with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Four of the 24 popular alternatives, led by SPY, VO and AVUV, outperformed IJR in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- SPY, VTI and SMLF earned more for the risk they took than IJR (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- VB outperformed IJR over all three long-term periods but in only one of the five short-term ones, so IJR has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of IJR | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| IJR: iShares Core S&P Small-Cap ETF (this page) | +16.7% | +60.8% | +31.5% | +164% |  |  | 0.37 |
| [SPY](https://easycompare.io/research/spy): State Street SPDR S&P 500 ETF | +15.8% | +89.3% | +81.7% | +321% | 3/5 short-term, 3/3 long-term | consistent | 0.79 |
| [VO](https://easycompare.io/research/vo): Vanguard Morningstar Mid-Cap ETF | +12.4% | +68.9% | +39.1% | +198% | 3/5 short-term, 3/3 long-term | consistent | 0.47 |
| AVUV: Avantis U.S. Small Cap Value ETF | +24.4% | +70.2% | +64.9% | — | 5/5 short-term, 2/3 long-term | consistent | 0.56 |
| DFAT: Dimensional - US Targeted Value ETF | +20.5% | +64.5% | +57.8% | — | 5/5 short-term, 2/3 long-term | consistent | 0.54 |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | +15.2% | +87.9% | +72.6% | +302% | 2/5 short-term, 3/3 long-term |  | 0.71 |
| SMLF: iShares U.S. Small-Cap Equity Factor ETF | +14.9% | +78.2% | +61.2% | +206% | 2/5 short-term, 3/3 long-term |  | 0.56 |
| [VB](https://easycompare.io/research/vb): Vanguard Morningstar Small-Cap ETF | +13.7% | +66.8% | +35.2% | +179% | 1/5 short-term, 3/3 long-term |  | 0.40 |
| XSMO: Invesco S&P SmallCap Momentum ETF | +9.7% | +78.6% | +51.0% | +245% | 0/5 short-term, 3/3 long-term |  | 0.48 |
| [IJH](https://easycompare.io/research/ijh): iShares Core S&P Mid-Cap ETF | +13.5% | +59.4% | +41.4% | +178% | 2/5 short-term, 2/3 long-term |  | 0.45 |
| FNDA: Schwab Fundamental U.S. Small Company Index ETF | +16.4% | +61.0% | +39.0% | +174% | 1/5 short-term, 2/3 long-term |  | 0.42 |
| SCHA: Schwab U.S. Small-Cap ETF | +16.5% | +73.1% | +33.9% | +165% | 1/5 short-term, 2/3 long-term |  | 0.38 |
| CALF: Pacer US Small Cap Cash Cows ETF | +35.3% | +48.8% | +41.6% | — | 5/5 short-term, 1/3 long-term |  | 0.42 |
| SLYV: State Street SPDR S&P 600 Small Cap Value ETF | +19.0% | +61.7% | +35.4% | +153% | 3/5 short-term, 1/3 long-term |  | 0.39 |
| IJS: iShares S&P Small-Cap 600 Value ETF | +18.9% | +61.6% | +34.7% | +150% | 2/5 short-term, 1/3 long-term |  | 0.39 |
| DFAS: Dimensional - US Small Cap ETF | +15.5% | +62.0% | +41.2% | — | 1/5 short-term, 1/3 long-term |  | 0.44 |
| VTWO: Vanguard Russell 2000 ETF | +12.5% | +72.1% | +30.1% | +161% | 0/5 short-term, 1/3 long-term |  | 0.35 |
| IWC: iShares Micro-Cap ETF | +13.8% | +97.3% | +28.0% | +161% | 0/5 short-term, 1/3 long-term |  | 0.33 |
| [IWM](https://easycompare.io/research/iwm): iShares Russell 2000 ETF | +12.3% | +71.3% | +29.0% | +158% | 0/5 short-term, 1/3 long-term |  | 0.34 |
| XSHQ: Invesco S&P SmallCap Quality ETF | +8.8% | +40.1% | +29.8% | — | 2/5 short-term, 0/3 long-term |  | 0.35 |
| SLYG: State Street SPDR S&P 600 Small Cap Growth ETF | +14.4% | +58.9% | +27.1% | +169% | 0/5 short-term, 0/3 long-term |  | 0.33 |
| IJT: iShares S&P Small-Cap 600 Growth ETF | +14.4% | +58.7% | +26.7% | +167% | 0/5 short-term, 0/3 long-term |  | 0.33 |
| VIOO: Vanguard S&P Small-Cap 600 ETF | +16.9% | +60.9% | +31.7% | +165% | 0/5 short-term, 0/3 long-term |  | 0.37 |
| SPSM: State Street SPDR Portfolio S&P 600 Small Cap ETF | +16.8% | +61.1% | +32.2% | +163% | 0/5 short-term, 0/3 long-term |  | 0.37 |
| OMFS: Invesco Russell 2000 Dynamic Multifactor ETF | +13.7% | +60.3% | +28.1% | — | 0/5 short-term, 0/3 long-term |  | 0.34 |

### How did IJR do year by year?

This table shows each investment's total return in every full calendar year since 2001, along with where IJR ranked among its popular alternatives each year.

- IJR finished ahead of the S&P 500 in ten of its 25 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, AVUV came out ahead of IJR most often, in five of the six years both traded.
- Ranked against its popular alternatives each year, IJR finished in the top quarter in six of 25 years and in the bottom quarter in two. In 2025, it ranked 18 of 21.

| Year | IJR | SPY |
| --- | --- | --- |
| 2025 | +5.9% | +17.7% |
| 2024 | +8.6% | +24.9% |
| 2023 | +16.1% | +26.2% |
| 2022 | −16.2% | −18.2% |
| 2021 | +26.6% | +28.7% |
| 2020 | +11.3% | +18.3% |
| 2019 | +22.8% | +31.2% |
| 2018 | −8.5% | −4.6% |
| 2017 | +13.2% | +21.7% |
| 2016 | +26.6% | +12.0% |

## Risk and diversification

How IJR has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

### What were IJR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of IJR's worst declines, the S&P 500 held up better over the same dates.
- The longest climb back to a previous high took 23 months, after IJR fell 58.1% from July 2007 to March 2009.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −58.1% | July 19, 2007 | March 9, 2009 | February 7, 2011 | −54.6% | 2008 financial crisis |
| −44.4% | August 31, 2018 | March 23, 2020 | November 24, 2020 | −20.5% | late-2018 sell-off |
| −33.6% | April 16, 2002 | October 9, 2002 | October 14, 2003 | −30.4% | dot-com bust |
| −28.0% | November 25, 2024 | April 8, 2025 | December 11, 2025 | −16.4% |  |
| −26.6% | July 7, 2011 | October 3, 2011 | February 3, 2012 | −18.4% | 2011 euro debt crisis |

### How did IJR do in stock market crashes?

This section measures how far IJR, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- IJR fell further than the S&P 500 in seven of the nine crashes it has traded through. The clearest case was the Covid crash, when IJR fell 41.5% and the S&P 500 fell 33.7%.
- Among its popular alternatives, VTI held up best, falling less than IJR in seven of the nine crashes they both traded through.

| Crash | Dates | IJR fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −58.0% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.6% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −25.2% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −17.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −25.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −41.5% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −24.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −7.0% | −3.4% |

### How closely does IJR move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- 11 of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than IJR's 0.77, led by VTI, XSMO and VO.
- VTI took just 103% of the S&P 500's losses, against 123% for IJR, while still keeping 100% of its gains.
- Over the past 10 years, IJR captured 95% of the S&P 500's gains in rising months and 123% of its losses in falling months, with a beta of 1.13. Its share of the market's losses was larger than its share of the gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| IJR: iShares Core S&P Small-Cap ETF (this page) | 95.0% | 123% | 1.13 |
| [VO](https://easycompare.io/research/vo): Vanguard Morningstar Mid-Cap ETF | 91.0% | 109% | 1.05 |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | 100% | 103% | 1.02 |
| SMLF: iShares U.S. Small-Cap Equity Factor ETF | 98.0% | 118% | 1.11 |
| [VB](https://easycompare.io/research/vb): Vanguard Morningstar Small-Cap ETF | 96.0% | 120% | 1.13 |
| XSMO: Invesco S&P SmallCap Momentum ETF | 95.0% | 104% | 1.08 |
| [IJH](https://easycompare.io/research/ijh): iShares Core S&P Mid-Cap ETF | 93.0% | 115% | 1.10 |
| FNDA: Schwab Fundamental U.S. Small Company Index ETF | 97.0% | 123% | 1.16 |
| SCHA: Schwab U.S. Small-Cap ETF | 97.0% | 124% | 1.18 |
| SLYV: State Street SPDR S&P 600 Small Cap Value ETF | 96.0% | 128% | 1.16 |
| VTWO: Vanguard Russell 2000 ETF | 98.0% | 128% | 1.17 |
| IWC: iShares Micro-Cap ETF | 97.0% | 124% | 1.17 |
| [IWM](https://easycompare.io/research/iwm): iShares Russell 2000 ETF | 98.0% | 129% | 1.17 |
| SLYG: State Street SPDR S&P 600 Small Cap Growth ETF | 93.0% | 119% | 1.11 |
| VIOO: Vanguard S&P Small-Cap 600 ETF | 95.0% | 122% | 1.13 |

### What diversifies IJR?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in IJR into DBMF would have cut the portfolio's volatility by 22% over the past 5 years and raised its annual return (+6.2% for IJR alone, +7.5% for the mix).
- Among large ETFs, DXJ, GLD and XLE have moved largely independently of IJR over the past 5 years, with correlations of 0.39 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and MCK have moved largely independently of IJR over the past 5 years, with correlations of 0.41 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with IJR | 5Y return | Volatility | Sharpe | Rose in IJR's 6 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.39 | +225% | 19.1% | 1.34 | 2 of 6 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.09 | +126% | 18.9% | 0.96 | 2 of 6 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.39 | +177% | 25.5% | 0.93 | 2 of 6 |
| EDIV: State Street SPDR S&P Emerging Markets Dividend ETF | 0.45 | +69.9% | 13.8% | 0.84 | 0 of 6 |
| DBMF: iMGP DBi Managed Futures Strategy ETF | -0.21 | +59.7% | 12.4% | 0.82 | 1 of 6 |
| DBA: Invesco DB Agriculture Fund | 0.16 | +66.4% | 13.8% | 0.81 | 1 of 6 |
| PPH: VanEck Pharmaceutical ETF | 0.49 | +72.8% | 15.8% | 0.78 | 3 of 6 |
| GDX: VanEck Gold Miners ETF | 0.24 | +181% | 38.2% | 0.73 | 1 of 6 |

## Common questions

### What was IJR's worst drawdown?

IJR's deepest decline since it began trading in 2000 was 58.1%, from July 2007 to March 2009. It took 23 months from the low to climb back to its old high.

### What were IJR's best and worst years?

Over 25 full calendar years, IJR's best year was 2013, when it returned 41.4%. Its worst was 2008, with a return of -31.5%.

### Is there a better investment than IJR?

Among IJR's popular alternatives, VTI, SPY and VO earned more than IJR with less volatility over the past 5 years. VTI returned 11.5% a year at 17.5% volatility, against 5.6% a year at 21.1%. SCHA tracks the same thing for 0.03% a year against IJR's 0.06%, and has kept pace over the past decade: about $30 less in fees on $10,000 over 10 years.

### Is IJR more volatile than the S&P 500?

Yes. IJR's volatility over the past 5 years was 21.1%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IJR's return lands within 21.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is IJR's Sharpe ratio?

IJR's Sharpe ratio over the past 5 years was 0.37, against 0.79 for the S&P 500, so IJR earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is IJR with the S&P 500?

Over the past 5 years, IJR's monthly returns had a correlation of 0.79 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against IJR instead: the lower it is, the more that option would diversify a IJR holding.

### What are the best alternatives to IJR?

Of the 24 popular alternatives we compared, four outperformed IJR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SPY, VO and AVUV.

### Did IJR outperform the S&P 500?

IJR finished ahead of the S&P 500 (SPY) in ten of 25 full calendar years. In 2025, it returned +5.9%, against +17.7% for the index.

### How did IJR do in stock market crashes?

IJR fell less than the S&P 500 (SPY) in one of the nine major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when IJR fell 41.5% and the S&P 500 fell 33.7%.

### What diversifies IJR?

These had a low correlation with IJR over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.39), GLD (correlation 0.09) and XLE (correlation 0.39); among large stocks, CAH (correlation 0.31), CLS (correlation 0.41) and MCK (correlation 0.24). A correlation near zero means the two have moved largely independently.

## More research

- [State Street SPDR S&P 500 ETF (SPY) Performance, Alternatives and Market Rank](https://easycompare.io/research/spy)
- [Vanguard Morningstar Mid-Cap ETF (VO) Performance, Alternatives and Market Rank](https://easycompare.io/research/vo)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://easycompare.io/research/vti)
- [Vanguard Morningstar Small-Cap ETF (VB) Performance, Alternatives and Market Rank](https://easycompare.io/research/vb)
- [iShares Core S&P Mid-Cap ETF (IJH) Performance, Alternatives and Market Rank](https://easycompare.io/research/ijh)
- [iShares Russell 2000 ETF (IWM) Performance, Alternatives and Market Rank](https://easycompare.io/research/iwm)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
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- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amzn)

## Explore further

- Full page with charts: https://easycompare.io/research/ijr
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against IJR live: https://betterthanspy.com/?b=IJR&utm_source=easycompare&utm_medium=research