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Relative Intelligence · US Large-Cap Value

How iShares Russell 1000 Value ETF (IWD) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on IWD alone. It places IWD (iShares Russell 1000 Value 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 IWD stands in the market, and of the alternatives worth a closer look.

Period covered: IWD'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.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against IWD →Chart IWD vs. 20 alternatives →
On this page12 sections

Key findings

How much would $10,000 in IWD have grown?

This chart tracks a hypothetical $10,000 investment in IWD over the past 22 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of IWD over the same span and IWD's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 22 years rather than IWD's full 26 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2004 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 722 of the 1,487 stocks and funds worth at least $500 million that traded the whole period ended ahead of IWD; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000200420082012201620202024$10,000$20,000$50,000$100,0002004201020162022
  • TD$150,409+1,404% total · +13.1% a year
  • IWF$140,907+1,309% total · +12.8% a year
  • SPY (S&P 500)$102,174+922% total · +11.1% a year
  • IWB$101,223+912% total · +11.1% a year
  • VTV$76,410+664% total · +9.7% a year
  • IWS$75,109+651% total · +9.6% a year
  • IWD$67,229+572% total · +9.0% a year
  • SPYV$66,886+569% total · +9.0% a year
  • IWN$55,927+459% total · +8.1% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,146 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of IWD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000202120222023202420252026$5,000$10,000$15,000$20,000$25,000202120222023202420252026
  • VLUE$22,395+124% total · +17.5% a year
  • LVHI$21,792+118% total · +16.9% a year
  • PVAL$21,761+118% total · +16.8% a year
  • RWL$19,092+90.9% total · +13.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • IWF$18,822+88.2% total · +13.5% a year
  • IWB$18,315+83.1% total · +12.9% a year
  • VTV$17,967+79.7% total · +12.4% a year
  • HDV$17,707+77.1% total · +12.1% a year
  • IWD$17,414+74.1% total · +11.7% a year
Change the dates or add tickers to this chart in EasyCompare

IWD 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. These figures serve as the baseline for every comparison that follows.

The fund

Issuer
IShares
Began trading
May 2000
Expense ratio
0.18%per year
Assets
$84B
Category
Broad Market

Returns

Past 1 year
+27.7%total return
Past 3 years
+84.4%+22.6% a year
Past 5 years
+71.7%+11.4% a year
Past 10 years
+205%+11.8% a year
Best calendar year
+32.1%2013
Worst calendar year
−36.5%2008
Losing years
7 of 25full calendar years

Risk

Volatility
14.7%typical yearly swing, 5 years
Sharpe ratio
0.81return per unit of risk, 5 years
Worst decline ever
−60.1%Jun 2007 to Mar 2009
From its all-time high
At its highwithin 1%

IWD against the whole market

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

How does IWD rank among all ETFs?

This section ranks IWD on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how IWD stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureIWDRankStanding
1-year return+27.7%209 of 2,485top 8%
3-year return+84.4%480 of 1,949top 25%
5-year return+71.7%359 of 1,560top 23%
10-year return+205%273 of 958top 28%
Volatility, 5 years14.7%601 of 1,560top 39%
Sharpe ratio, 5 years0.81336 of 1,560top 22%
Worst decline, past 10 years−38.5%480 of 951top 50%

What has beaten IWD 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). IWD sits where the dashed lines cross. Anything in the green box above and to the left earned more than IWD with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to IWD; faint dots are 4 more of the 10 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

8.0%10.0%12.0%14.0%16.0%18.0%20.0%22.0%10.0%11.0%12.0%13.0%14.0%15.0%16.0%17.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than IWDMGV: +12.6% a year, volatility 13.4%GCOW: +14.1% a year, volatility 13.6%AUSF: +13.2% a year, volatility 13.6%QDEF: +12.7% a year, volatility 13.7%IWD: +11.4% a year, volatility 14.7%SPY (S&P 500): +12.7% a year, volatility 17.1%VLUE: +15.9% a year, volatility 18.4%VTV: +12.1% a year, volatility 13.7%VYM: +11.3% a year, volatility 13.8%HDV: +12.9% a year, volatility 13.0%PVAL: +16.1% a year, volatility 15.1%LVHI: +17.0% a year, volatility 11.1%IWX: +12.7% a year, volatility 13.8%DBEF: +13.1% a year, volatility 13.8%SIXA: +12.8% a year, volatility 12.7%PJUL: +10.5% a year, volatility 8.6%TD: +15.8% a year, volatility 20.0%KO: +14.7% a year, volatility 16.8%EMLP: +14.9% a year, volatility 14.5%IWDSPY (S&P 500)VLUEVTVVYMHDVPVALLVHIIWXDBEFSIXAPJULTDKOEMLP7.5%10.0%12.5%15.0%17.5%20.0%22.5%10.0%12.0%14.0%16.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than IWDMGV: +12.6% a year, volatility 13.4%GCOW: +14.1% a year, volatility 13.6%AUSF: +13.2% a year, volatility 13.6%QDEF: +12.7% a year, volatility 13.7%IWD: +11.4% a year, volatility 14.7%SPY (S&P 500): +12.7% a year, volatility 17.1%VLUE: +15.9% a year, volatility 18.4%VTV: +12.1% a year, volatility 13.7%VYM: +11.3% a year, volatility 13.8%HDV: +12.9% a year, volatility 13.0%PVAL: +16.1% a year, volatility 15.1%LVHI: +17.0% a year, volatility 11.1%IWX: +12.7% a year, volatility 13.8%DBEF: +13.1% a year, volatility 13.8%SIXA: +12.8% a year, volatility 12.7%PJUL: +10.5% a year, volatility 8.6%TD: +15.8% a year, volatility 20.0%KO: +14.7% a year, volatility 16.8%EMLP: +14.9% a year, volatility 14.5%IWDSPY (S&P 500)VLUEVTVVYMHDVPVALLVHISIXAPJULTDKOEMLP
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than IWD?

Investments that beat IWD over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat IWD 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. It checks IWD's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than IWD follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than IWD's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× IWD's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than IWD's.

Screen the whole market against IWD for any period in BetterThanSPYOpen these 14 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with IWD?lower diversifies moreExpenseper year
IWDiShares Russell 1000 Value ETF · this page
+11.4%14.7%0.81−38.5%+205%1.000.18%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.880.09%
Popular alternativesbest 3 shownThe investments people most often weigh against IWD. 7 of 18 passed at least one test.
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Higher return in most periods+15.9%18.4%0.90−39.5%+286%0.860.15%
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Same exposure, lower expense ratio+12.1%13.7%0.90−36.8%+235%0.980.03%
VYMVanguard High Dividend Yield ETF · US Dividend Equity
Smaller losses in recent crashes+11.3%13.8%0.85−35.2%+208%0.970.04%
Same and neighboring categories, and shared themesbest 2 shownEverything else in US Large-Cap Value and US Large-Cap Equity and the categories next to it (US Dividend Equity, US Total Market, US Large-Cap Growth, US Quality Equity), plus IWD's specific themes. 5 of 65 passed at least one test.
HDViShares Core High Dividend ETF · US Dividend Equity
Higher return, lower volatility+12.9%13.0%1.00−37.0%+172%0.840.08%
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Higher return, similar volatility+16.1%15.1%1.07−41.3%—0.970.56%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 61 of 3,550 passed at least one test.
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+17.0%11.1%1.48−32.4%+194%0.770.40%
IWXiShares Russell Top 200 Value ETF · Broad Market
Higher return, lower volatilityHigher return in most periods+12.7%13.8%0.94−35.8%+221%0.990.20%
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Higher return, lower volatilityHigher Sharpe, smaller worst decline+13.1%13.8%0.96−32.5%+206%0.850.35%
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Higher return, lower volatilityHigher Sharpe, smaller worst decline+12.8%12.7%1.01−18.4%—0.940.31%
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+10.5%8.6%1.20−18.2%—0.840.79%
TDThe Toronto-Dominion Bank · Banks
Higher return in most periods+15.8%20.0%0.84−42.0%+310%0.67—
KOThe Coca-Cola Company · Food & Beverages
Smaller losses in recent crashes+14.7%16.8%0.91−37.0%+204%0.51—
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Higher return, similar volatility+14.9%14.5%1.04−43.6%+150%0.800.95%
What these numbers mean for IWD
Annual return
IWD returned 11.4% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $17,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
IWD's volatility over the past 5 years was 14.7%, 86% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IWD's return lands within 14.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
IWD's Sharpe ratio over the past 5 years was 0.81, against 0.79 for the S&P 500, so IWD earned more 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. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
IWD's worst fall from a peak to a low over the past 10 years was 38.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.5% fall takes a 62.6% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, IWD's monthly returns had a correlation of 0.88 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against IWD instead: the lower it is, the more that option would diversify a IWD holding. Guide: Correlation and diversification →
Show all 10 stocks and funds worth at least $500 million that earned more than IWD with less volatility

Out of 3,633 tested over 5 years. The strongest 9 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with IWDExpense
1
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.770.40%
2
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.990.20%
3
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.850.35%
4
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Same or nearby category+12.6%13.4%0.95−35.4%+244%0.960.05%
5
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Whole market+12.8%12.7%1.01−18.4%—0.940.31%
6
HDViShares Core High Dividend ETF · US Dividend Equity
Same or nearby category+12.9%13.0%1.00−37.0%+172%0.840.08%
7
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.750.60%
8
AUSFGlobal X - Adaptive U.S. Factor ETF · International
Whole market+13.2%13.6%0.99−44.2%—0.900.27%
9
QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income
Whole market+12.7%13.7%0.94−35.7%+228%0.940.40%

IWD against its popular alternatives

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

How do IWD'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. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at IWD, which divides the map into what did better or worse on each measure.

Green points earned more than IWD with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

12.0%14.0%16.0%18.0%20.0%22.0%6.0%8.0%10.0%12.0%14.0%16.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityIWD: 11.4% a year, volatility 14.7%SPY (S&P 500): 12.7% a year, volatility 17.1%RWL: 13.7% a year, volatility 14.4%VTV: 12.0% a year, volatility 13.7%VONV: 11.5% a year, volatility 14.7%RPV: 10.9% a year, volatility 17.3%IWS: 8.7% a year, volatility 17.2%IWN: 6.8% a year, volatility 21.1%VLUE: 15.9% a year, volatility 18.4%IWF: 11.7% a year, volatility 21.8%IWB: 11.9% a year, volatility 17.2%AVLV: 14.0% a year, volatility 16.9%FVAL: 12.4% a year, volatility 16.4%SPYV: 11.4% a year, volatility 14.2%DFAU: 12.1% a year, volatility 17.1%VYM: 11.3% a year, volatility 13.8%SCHV: 10.2% a year, volatility 14.4%IWDSPY (S&P 500)RWLVTVVONVRPVIWSIWNVLUEIWFIWBAVLVFVALSPYVSCHV12.0%14.0%16.0%18.0%20.0%22.0%6.0%8.0%10.0%12.0%14.0%16.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityIWD: 11.4% a year, volatility 14.7%SPY (S&P 500): 12.7% a year, volatility 17.1%RWL: 13.7% a year, volatility 14.4%VTV: 12.0% a year, volatility 13.7%VONV: 11.5% a year, volatility 14.7%RPV: 10.9% a year, volatility 17.3%IWS: 8.7% a year, volatility 17.2%IWN: 6.8% a year, volatility 21.1%VLUE: 15.9% a year, volatility 18.4%IWF: 11.7% a year, volatility 21.8%IWB: 11.9% a year, volatility 17.2%AVLV: 14.0% a year, volatility 16.9%FVAL: 12.4% a year, volatility 16.4%SPYV: 11.4% a year, volatility 14.2%DFAU: 12.1% a year, volatility 17.1%VYM: 11.3% a year, volatility 13.8%SCHV: 10.2% a year, volatility 14.4%IWDSPY (S&P 500)RWLVTVVONVRPVIWSIWNVLUEIWFIWBAVLVFVALSCHV
All figures
InvestmentAnnual returnVolatility
VLUE iShares MSCI USA Value Factor ETF+15.9%18.4%
AVLV Avantis U.S. Large Cap Value ETF+14.0%16.9%
RWL Invesco S&P 500 Revenue ETF+13.7%14.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
FVAL Fidelity Value Factor ETF+12.4%16.4%
DFAU Dimensional - US Core Equity Market ETF+12.1%17.1%
VTV Vanguard Morningstar Value ETF+12.0%13.7%
IWB iShares Russell 1000 ETF+11.9%17.2%
IWF iShares Russell 1000 Growth ETF+11.7%21.8%
VONV Vanguard Russell 1000 Value ETF+11.5%14.7%
IWD This pageiShares Russell 1000 Value ETF+11.4%14.7%
SPYV State Street SPDR Portfolio S&P 500 Value ETF+11.4%14.2%
VYM Vanguard High Dividend Yield ETF+11.3%13.8%
RPV Invesco S&P 500 Pure Value ETF+10.9%17.3%
SCHV Schwab U.S. Large-Cap Value ETF+10.2%14.4%
IWS iShares Russell Mid-Cap Value ETF+8.7%17.2%
IWN iShares Russell 2000 Value ETF+6.8%21.1%
Open these 17 in EasyCompare

Has IWD consistently beaten its popular alternatives?

This section compares IWD with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than IWD helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than IWD over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
IWD iShares Russell 1000 Value ETF (this page)—+1.7%+4.7%+14.2%+22.7%+27.7%+84.4%+71.7%+205%14.7%0.81−38.5%0.18%$84B—
VLUE QualifiediShares MSCI USA Value Factor ETF3/5 short3/3 long−4.0%+3.0%+23.6%+40.8%+55.1%+136%+109%+286%18.4%0.90−39.5%0.15%$9.0B71%
IWF Broad MarketiShares Russell 1000 Growth ETF0/5 short3/3 long−3.0%+2.6%+3.3%+4.1%+4.0%+87.7%+74.1%+416%21.8%0.62−32.7%0.18%$125B52%
IWB Broad MarketiShares Russell 1000 ETF0/5 short3/3 long−0.6%+3.7%+8.6%+12.9%+15.1%+87.7%+75.1%+309%17.2%0.74−34.6%0.15%$49B77%
RWL Broad MarketInvesco S&P 500 Revenue ETF1/5 short2/3 long+2.4%+4.5%+11.7%+18.4%+22.9%+84.0%+90.2%+287%14.4%0.97−36.1%0.39%$10B84%
AVLV Broad MarketAvantis U.S. Large Cap Value ETF1/5 short2/3 long+0.9%+2.5%+10.0%+22.5%+30.9%+89.4%+92.2%—16.9%0.86−19.5%0.15%$22B76%
FVAL Broad MarketFidelity Value Factor ETF0/5 short2/3 long+0.3%+4.8%+11.3%+15.4%+21.0%+85.9%+79.4%+291%16.4%0.80−37.3%0.15%$1.4B75%
VTV Broad MarketVanguard Morningstar Value ETF0/5 short2/3 long+1.6%+4.0%+11.0%+18.2%+22.5%+77.9%+76.6%+235%13.7%0.90−36.8%0.03%$252B86%
SPYV Broad MarketState Street SPDR Portfolio S&P 500 Value ETF0/5 short1/3 long+1.7%+3.8%+8.2%+13.0%+15.9%+67.0%+71.4%+216%14.2%0.83−36.9%0.04%$38B95%
VOOV Broad MarketVanguard S&P 500 Value ETF0/5 short1/3 long+1.6%+3.7%+8.2%+12.8%+15.8%+66.8%+71.0%+214%14.2%0.83−37.3%0.07%$6.8B95%
IUSV Broad MarketiShares Core S&P U.S. Value ETF0/5 short1/3 long+1.6%+3.4%+7.8%+12.7%+15.6%+66.5%+69.7%+213%14.3%0.81−37.5%0.04%$28B96%
IVE Broad MarketiShares S&P 500 Value ETF0/5 short1/3 long+1.6%+3.7%+8.1%+12.8%+15.7%+66.3%+70.3%+212%14.2%0.82−37.0%0.18%$50B95%
DFAU Broad MarketDimensional - US Core Equity Market ETF0/5 short1/3 long−0.5%+3.3%+8.4%+13.5%+16.2%+86.3%+76.9%—17.1%0.76−23.6%0.12%$13B78%
DFLV Broad MarketDimensional - US Large Cap Value ETF1/5 short0/3 long+1.1%+4.8%+12.0%+21.5%+28.6%+82.7%————−16.8%0.21%$7.2B78%
VONV Broad MarketVanguard Russell 1000 Value ETF0/5 short0/3 long+1.6%+4.7%+14.1%+22.8%+27.8%+85.1%+72.7%+208%14.7%0.82−38.2%0.06%$23B98%
VYM Dividend & IncomeVanguard High Dividend Yield ETF0/5 short0/3 long+1.1%+1.7%+5.1%+13.3%+16.9%+72.8%+71.1%+208%13.8%0.85−35.2%0.04%$96B89%
SCHV Broad MarketSchwab U.S. Large-Cap Value ETF0/5 short0/3 long+0.9%+2.5%+8.0%+16.4%+20.0%+75.4%+62.3%+195%14.4%0.75−37.1%0.04%$15B93%
RPV Broad MarketInvesco S&P 500 Pure Value ETF0/5 short0/3 long+1.6%+2.7%+10.7%+17.3%+24.6%+85.6%+67.9%+190%17.3%0.69−50.7%0.35%$1.7B78%
IWS Broad MarketiShares Russell Mid-Cap Value ETF0/5 short0/3 long+1.7%+1.9%+7.7%+18.6%+21.9%+75.3%+51.6%+167%17.2%0.57−43.8%0.23%$15B83%
IWN Broad MarketiShares Russell 2000 Value ETF0/5 short0/3 long−2.3%−4.1%+2.4%+16.6%+19.1%+73.2%+38.6%+147%21.1%0.42−46.1%0.24%$14B78%
DFUV Broad MarketDimensional - US Marketwide Value ETF0/5 short0/3 long+0.4%+3.9%+11.5%+21.2%+27.9%+80.3%————−17.6%0.21%$15B82%
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How did IWD do year by year?

This table shows each investment's total return in every full calendar year since 2001, along with where IWD ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with IWD and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of IWD; gray means the two finished within a fraction of a point. The rank row places IWD among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of IWD2025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320022001
IWD This pageiShares Russell 1000 Value ETF—+15.7%+14.2%+11.3%−7.7%+24.9%+2.7%+26.1%−8.4%+13.4%+17.3%−4.0%+13.2%+32.1%+17.4%+0.1%+15.5%+19.1%−36.5%−0.7%+22.5%+6.7%+16.1%+30.1%−15.6%−6.2%
Rank among alternativesTop quarter in 1 of 2512 of 1810 of 1814 of 189 of 1614 of 157 of 149 of 148 of 1412 of 145 of 139 of 136 of 139 of 125 of 128 of 127 of 118 of 105 of 96 of 92 of 73 of 73 of 64 of 63 of 63 of 5
SPY S&P 500State Street SPDR S&P 500 ETF12 of 25+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%
VLUE iShares MSCI USA Value Factor ETF5 of 12+32.7%+7.2%+14.2%−14.2%+28.9%−0.2%+27.2%−11.1%+21.9%+15.3%−4.1%+12.8%—————————————
IWF iShares Russell 1000 Growth ETF14 of 25+18.3%+33.1%+42.6%−29.3%+27.4%+38.3%+35.9%−1.7%+29.9%+7.0%+5.5%+12.7%+33.2%+15.2%+2.3%+16.6%+36.5%−38.1%+11.5%+8.8%+4.7%+6.1%+30.3%−28.1%−20.9%
IWB iShares Russell 1000 ETF13 of 25+17.2%+24.3%+26.4%−19.2%+26.3%+20.8%+31.1%−4.9%+21.5%+12.0%+0.3%+13.1%+32.8%+16.5%+1.2%+16.1%+28.3%−37.4%+5.3%+15.4%+6.3%+11.0%+29.6%−22.3%−12.1%
RWL Invesco S&P 500 Revenue ETF13 of 17+18.6%+16.4%+17.4%−6.0%+30.3%+9.1%+27.8%−7.7%+19.8%+12.2%−1.4%+13.4%+38.0%+17.9%+0.3%+17.0%+29.8%————————
AVLV Avantis U.S. Large Cap Value ETF3 of 4+15.1%+17.5%+17.4%−5.5%—————————————————————
FVAL Fidelity Value Factor ETF8 of 9+19.6%+18.0%+23.1%−14.4%+30.4%+9.1%+30.3%−7.8%+22.5%————————————————
VTV Vanguard Morningstar Value ETF11 of 21+15.3%+16.0%+9.3%−2.1%+26.5%+2.3%+25.7%−5.5%+17.1%+17.1%−1.0%+13.2%+33.1%+15.2%+1.1%+14.5%+19.9%−35.9%−0.1%+22.4%+7.2%————
SPYV State Street SPDR Portfolio S&P 500 Value ETF7 of 25+13.2%+12.3%+22.2%−5.3%+24.9%+1.4%+31.6%−9.0%+15.4%+17.2%−3.2%+12.2%+31.8%+17.3%−0.8%+15.4%+17.3%−36.3%+1.5%+21.8%+5.3%+13.3%+25.3%−18.0%−5.6%
DFAU Dimensional - US Core Equity Market ETF4 of 5+16.8%+23.2%+24.8%−17.0%+26.8%————————————————————
DFLV Dimensional - US Large Cap Value ETF1 of 3+15.9%+12.9%+12.3%——————————————————————
VONV Vanguard Russell 1000 Value ETF0 of 15+15.8%+14.3%+11.4%−7.6%+25.3%+2.7%+26.5%−8.5%+13.6%+17.1%−3.8%+13.2%+32.6%+16.7%+0.4%——————————
VYM Vanguard High Dividend Yield ETF9 of 19+15.4%+17.6%+6.6%−0.4%+26.2%+1.1%+24.1%−5.9%+16.4%+17.0%+0.3%+13.6%+30.1%+12.7%+10.5%+14.2%+17.1%−31.9%+1.4%——————
SCHV Schwab U.S. Large-Cap Value ETF5 of 16+16.0%+14.1%+8.9%−7.6%+25.5%+2.6%+25.9%−7.3%+15.7%+18.2%−1.0%+10.9%+31.1%+14.9%+3.5%+14.8%—————————
RPV Invesco S&P 500 Pure Value ETF9 of 19+17.7%+12.4%+8.0%−1.3%+34.2%−8.7%+24.8%−12.3%+17.3%+19.3%−8.5%+12.2%+47.5%+24.9%−1.2%+22.4%+53.3%−47.8%−4.3%——————
IWS iShares Russell Mid-Cap Value ETF13 of 24+10.8%+12.9%+12.5%−12.3%+28.1%+4.8%+26.7%−12.4%+13.2%+19.8%−5.0%+14.4%+33.2%+18.3%−1.5%+24.5%+33.1%−38.0%−1.6%+20.1%+12.5%+23.0%+38.4%−10.5%—
IWN iShares Russell 2000 Value ETF14 of 25+12.4%+7.6%+14.6%−14.8%+28.0%+4.7%+22.0%−13.0%+7.7%+32.0%−7.7%+4.1%+34.3%+18.1%−5.8%+24.7%+20.5%−28.8%−10.3%+23.5%+4.4%+22.1%+45.7%−11.4%+12.9%
DFUV Dimensional - US Marketwide Value ETF1 of 3+15.8%+11.8%+13.2%——————————————————————
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Risk and diversification

How IWD 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 IWD's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents IWD's five deepest drawdowns since it began trading in 2000, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means IWD fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringIWD fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−60.1%−54.1%Jun 2007Mar 200921 monthsFeb 20133.9 years
Covid crash−38.5%−33.5%Feb 2020Mar 20201 monthDec 20209 months
Dot-com bust−34.1%−39.4%May 2001Oct 200217 monthsDec 200314 months
2022 bear market−19.0%−23.3%Jan 2022Sep 20228 monthsDec 202315 months
Late-2018 sell-off−18.3%−16.7%Jan 2018Dec 201811 monthsApr 20194 months

How did IWD do in stock market crashes?

This section measures how far IWD, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: IWD began trading on May 26, 2000, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than IWD.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
IWD This pageiShares Russell 1000 Value ETF—−4.6%−19.0%−38.4%−18.0%−6.4%−14.3%−19.5%−1.6%−59.9%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF5 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VLUE iShares MSCI USA Value Factor ETF1 of 6−5.2%−27.1%−38.8%−22.1%−5.4%−18.4%————
IWF iShares Russell 1000 Growth ETF5 of 9−3.4%−31.2%−31.5%−21.9%−6.4%−13.4%−18.2%−2.0%−51.2%—
IWB iShares Russell 1000 ETF4 of 9−3.8%−25.0%−34.6%−19.7%−6.4%−14.0%−18.8%−1.7%−55.4%—
RWL Invesco S&P 500 Revenue ETF5 of 8−3.8%−17.5%−35.8%−19.5%−5.9%−13.3%−19.5%−1.6%——
AVLV Avantis U.S. Large Cap Value ETF0 of 2−5.9%−19.3%————————
FVAL Fidelity Value Factor ETF1 of 5−4.3%−23.4%−37.0%−19.7%−6.4%—————
VTV Vanguard Morningstar Value ETF7 of 9−4.0%−17.0%−36.4%−17.3%−6.5%−11.6%−18.8%−1.1%−59.2%—
SPYV State Street SPDR Portfolio S&P 500 Value ETF4 of 9−4.3%−17.9%−36.6%−18.5%−6.4%−12.6%−19.4%−1.7%−58.4%—
DFAU Dimensional - US Core Equity Market ETF0 of 2−4.2%−23.6%————————
DFLV Dimensional - US Large Cap Value ETF0 of 1−5.6%—————————
VONV Vanguard Russell 1000 Value ETF0 of 7−4.6%−18.9%−38.1%−18.1%−6.4%−14.2%−19.0%———
VYM Vanguard High Dividend Yield ETF7 of 9−3.9%−15.8%−34.6%−16.1%−6.3%−10.9%−14.3%−1.1%−57.0%—
SCHV Schwab U.S. Large-Cap Value ETF3 of 8−4.2%−19.8%−36.6%−17.7%−6.5%−11.1%−17.0%−1.4%——
RPV Invesco S&P 500 Pure Value ETF1 of 9−9.2%−19.8%−49.2%−22.5%−5.7%−19.5%−21.9%−2.4%−74.0%—
IWS iShares Russell Mid-Cap Value ETF1 of 9−6.7%−21.2%−43.8%−20.8%−5.8%−16.9%−22.3%−2.2%−60.7%—
IWN iShares Russell 2000 Value ETF1 of 9−7.8%−22.7%−43.4%−24.0%−5.3%−17.9%−26.5%−2.8%−59.5%—
DFUV Dimensional - US Marketwide Value ETF0 of 1−5.4%—————————
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How closely does IWD 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. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares IWD with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than IWD's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
IWD This pageiShares Russell 1000 Value ETF87%99%0.880.93
IWF iShares Russell 1000 Growth ETF110%104%1.061.10
IWB iShares Russell 1000 ETF100%101%0.981.01
RWL Invesco S&P 500 Revenue ETF94%96%0.970.95
VLUE iShares MSCI USA Value Factor ETF103%109%0.951.09
VTV Vanguard Morningstar Value ETF86%91%0.950.86
FVAL Fidelity Value Factor ETF102%109%0.931.02
VYM Vanguard High Dividend Yield ETF81%88%0.930.82
SPYV State Street SPDR Portfolio S&P 500 Value ETF88%99%0.890.91
VONV Vanguard Russell 1000 Value ETF88%99%0.880.93
SCHV Schwab U.S. Large-Cap Value ETF84%95%0.880.91
RPV Invesco S&P 500 Pure Value ETF94%117%0.811.08
IWS iShares Russell Mid-Cap Value ETF90%113%0.791.05
IWN iShares Russell 2000 Value ETF95%126%0.751.14
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What diversifies IWD?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with IWD's. Because such investments tend not to fall at the same time, pairing IWD with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which IWD lost money. The last two columns show a portfolio that is 80% IWD and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220182015200820072002200180/20 mix volatility80/20 mix annual return
IWD iShares Russell 1000 Value ETF (this page)1.00+71.7%0.81−7.7%−8.4%−4.0%−36.5%−0.7%−15.6%−6.2%15.0%+11.7%
GLD CommoditiesSPDR Gold Shares0.24+126%0.96−0.8%−1.9%−10.7%+4.9%+30.4%——13.2%+13.4%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.20+59.7%0.82+21.6%——————11.7%+11.8%
DBA AlternativesInvesco DB Agriculture Fund0.28+66.4%0.81+2.5%−8.7%−17.2%−19.1%———12.8%+11.8%
GDX MaterialsVanEck Gold Miners ETF0.37+181%0.73−9.0%−8.8%−24.7%−26.1%+16.8%——16.4%+15.5%
USO CommoditiesUnited States Oil Fund, LP0.09+176%0.73+29.0%−19.6%−46.0%−56.3%+46.8%——14.7%+15.0%
FLSP AlternativesFranklin Systematic Style Premia ETF0.10+49.8%0.68+0.5%——————12.2%+11.3%
PDBC AlternativesInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF0.24+73.9%0.67+19.3%−12.8%−26.8%————13.3%+12.3%
EWZ InternationaliShares MSCI Brazil ETF0.49+100%0.64+12.1%−2.5%−41.8%−56.0%+74.8%−36.4%−18.9%15.2%+12.1%

Stocks

InvestmentCorrelation5Y returnSharpe202220182015200820072002200180/20 mix volatility80/20 mix annual return
IWD iShares Russell 1000 Value ETF (this page)1.00+71.7%0.81−7.7%−8.4%−4.0%−36.5%−0.7%−15.6%−6.2%15.0%+11.7%
CAH Medical - DistributionCardinal Health, Inc.0.39+479%1.55+54.1%−24.5%+12.6%−39.6%−9.8%−8.3%−2.5%14.9%+17.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.38+3,143%1.47+1.3%−16.3%−6.0%−20.5%−25.7%−65.1%−25.6%19.7%+29.6%
MCK Medical - DistributionMcKesson Corporation0.32+413%1.44+51.8%−28.4%−4.5%−40.4%+29.7%−27.2%+4.9%14.4%+16.5%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.41+690%1.41+86.6%−8.2%+17.4%————15.8%+19.1%
ATI Manufacturing - Metal FabricationATI Inc.0.44+1,008%1.34+87.5%−9.8%−66.7%−70.0%−4.2%−60.8%+10.3%18.3%+22.1%
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Common questions

What was IWD's worst drawdown?

IWD's deepest decline since it began trading in 2000 was 60.1%, from June 2007 to March 2009. It took about four years from the low to climb back to its old high.

What were IWD's best and worst years?

Over 25 full calendar years, IWD's best year was 2013, when it returned 32.1%. Its worst was 2008, with a return of -36.5%.

Is there a better investment than IWD?

Among IWD's popular alternatives, VLUE was ahead of IWD in most short and long periods, though with much bigger swings (18.4% volatility against 14.7%). VTV tracks the same thing for 0.03% a year against IWD's 0.18%, and has kept pace over the past decade: about $150 less in fees on $10,000 over 10 years.

Is IWD more volatile than the S&P 500?

No. IWD's volatility over the past 5 years was 14.7%, 86% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IWD's return lands within 14.7% 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 IWD's Sharpe ratio?

IWD's Sharpe ratio over the past 5 years was 0.81, against 0.79 for the S&P 500, so IWD earned more 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 IWD with the S&P 500?

Over the past 5 years, IWD's monthly returns had a correlation of 0.88 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against IWD instead: the lower it is, the more that option would diversify a IWD holding.

What are the best alternatives to IWD?

Of the 20 popular alternatives we compared, one outperformed IWD in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VLUE.

Did IWD outperform the S&P 500?

IWD finished ahead of the S&P 500 (SPY) in nine of 25 full calendar years. In 2025, it returned +15.7%, against +17.7% for the index.

How did IWD do in stock market crashes?

IWD fell less than the S&P 500 (SPY) in two of the nine major crashes it has traded through, and further in five. The clearest case was the Covid crash, when IWD fell 38.4% and the S&P 500 fell 33.7%.

What diversifies IWD?

These had a low correlation with IWD over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.24), DBMF (correlation -0.20) and DBA (correlation 0.28); among large stocks, CAH (correlation 0.39), CLS (correlation 0.38) and MCK (correlation 0.32). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to IWD

Other stocks and ETFs