Relative Intelligence · US Mid-Cap Equity
How iShares Russell Mid-Cap ETF (IWR) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on IWR alone. It places IWR (iShares Russell Mid-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 IWR stands in the market, and of the alternatives worth a closer look.
Period covered: IWR's full trading record, from July 2001 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.
On this page12 sections
Key findings
- What you're buyingIWR's 0.18% fee costs about $300 more than VO's 0.03% on $10,000 over 20 years, for a fund that tracks the same thing. A correlation of 1.00 with VO (Vanguard Morningstar Mid-Cap ETF) over 5 years: effectively the same bet as the larger fund. Better options ↓
- Right nowIWR has trailed the market, rising 5.3% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. That said, it sits 4.2% below its record high, and the S&P 500 is similarly close to its own. At a glance ↓
- Fund or market?IWR rose 1.1% over the past 3 months, 3.2 points ahead of the US mid-cap equity ETF IJH (iShares Core S&P Mid-Cap ETF), which fell 2.2%. The S&P 500 rose 3.9%.
- Long termOver the past decade, IWR returned 11.5% a year against 15.5% a year for the S&P 500 (198% in total against 321%). Growth of $10,000 ↓
- In a crashAcross six sell-offs, IWR has typically fallen 1.2 times as far as the S&P 500. Crash tests ↓
- DiversificationAgainst the S&P 500, IWR has a correlation of 0.91 over 5 years, more closely than 83% of ETFs with at least $100 million in assets. Next to an index fund it is more of the same, not a cushion. When the S&P 500 had a down month, IWR usually fell with it (20 of 22 months). By year ↓
- Better options
- Popular alternatives
- IVV (iShares Core S&P 500 ETF) and RSP (Invesco S&P 500 Equal Weight ETF) earned more than IWR with less volatility over the past 5 years. IVV returned 12.8% a year at 17.0% volatility, against 7.2% a year at 18.2%.
- Nearby categories and themes
- MGV (Vanguard Morningstar Mega Cap Value ETF, US large-cap value) and AVLV (Avantis U.S. Large Cap Value ETF, US large-cap value) earned more than IWR with less volatility over the past 5 years. MGV returned 12.6% a year at 13.4% volatility, against 7.2% a year at 18.2%.
- Versus the S&P 500
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 7.2% at 18.2% for IWR.
How much would $10,000 in IWR have grown?
This chart tracks a hypothetical $10,000 investment in IWR over the past 25 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of IWR over the same span and IWR'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.
- $10,000 invested in IWR at the end of September 2001 would have grown to $123,367 by September 2026, more than the $114,557 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of IWR, and AAPL finished highest, at $14,356,990.
Choose a period
From the end of September 2001 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. 542 of the 1,326 stocks and funds worth at least $500 million that traded the whole period ended ahead of IWR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- AAPL$14M+143,470% total · +33.7% a year
- NVDA$11M+109,423% total · +32.3% a year
- MSFT$328,610+3,186% total · +15.0% a year
- QQQ$303,059+2,931% total · +14.6% a year
- EPD$154,166+1,442% total · +11.6% a year
- IWR$123,367+1,134% total · +10.6% a year
- VTI$122,064+1,121% total · +10.5% a year
- IWB$115,335+1,053% total · +10.3% a year
- SPY (S&P 500)$114,557+1,046% total · +10.2% a year
- IWS$113,514+1,035% total · +10.2% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,621 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of IWR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- AVLV$19,653+96.5% total · +14.5% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- MGV$18,512+85.1% total · +13.1% a year
- IWB$18,315+83.1% total · +12.9% a year
- VTI$18,064+80.6% total · +12.6% a year
- XMHQ$16,081+60.8% total · +10.0% a year
- VOE$15,656+56.6% total · +9.4% a year
- IWS$15,421+54.2% total · +9.0% a year
- RSP$15,090+50.9% total · +8.6% a year
- IWR$14,616+46.2% total · +7.9% a year
IWR 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.
- IWR's deepest decline since it began trading in 2001 was 58.8%, from July 2007 to March 2009. It took 23 months from the low to climb back to its old high.
- Over 24 full calendar years, IWR's best was 2009, when it returned 40.7%, and its worst was 2008, when it lost 41.4%. It lost money in six of those years.
- IWR is 4.2% below its all-time high.
The fund
- Issuer
- IShares
- Began trading
- July 2001
- Expense ratio
- 0.18%per year
- Assets
- $56B
- Category
- Broad Market
Returns
- Past 1 year
- +15.1%total return
- Past 3 years
- +71.2%+19.6% a year
- Past 5 years
- +41.7%+7.2% a year
- Past 10 years
- +198%+11.5% a year
- Best calendar year
- +40.7%2009
- Worst calendar year
- −41.4%2008
- Losing years
- 6 of 24full calendar years
Risk
- Volatility
- 18.2%typical yearly swing, 5 years
- Sharpe ratio
- 0.48return per unit of risk, 5 years
- Worst decline ever
- −58.8%Jul 2007 to Mar 2009
- From its all-time high
- −4.3%below the peak
IWR against the whole market
Where IWR ranks among every stock and fund, and what across the market has done better.
How does IWR rank among all ETFs?
This section ranks IWR 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 IWR stacks up against its peers, these rankings show where it stands in the market as a whole.
- IWR lands in the broad middle of the market on every measure here. IWR's 10-year return ranks in the top 31% of the 958 ETFs with at least $100 million in assets with 10 years of history.
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.
| Measure | IWR | Rank | Standing |
|---|---|---|---|
| 1-year return | +15.1% | 810 of 2,485 | top 33% |
| 3-year return | +71.2% | 758 of 1,949 | top 39% |
| 5-year return | +41.7% | 826 of 1,560 | bottom 48% |
| 10-year return | +198% | 301 of 958 | top 31% |
| Volatility, 5 years | 18.2% | 966 of 1,560 | bottom 39% |
| Sharpe ratio, 5 years | 0.48 | 960 of 1,560 | bottom 39% |
| Worst decline, past 10 years | −40.6% | 558 of 951 | bottom 42% |
What has beaten IWR 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). IWR sits where the dashed lines cross. Anything in the green box above and to the left earned more than IWR 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.
- Five stocks and 246 ETFs worth at least $500 million sit in the green region: each earned more than IWR over the past 5 years with smaller price swings. That is 7% of the 3,633 screened.
- Among those with at least half IWR's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 39% less than IWR's 18.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.48 for IWR.
- Among IWR's popular alternatives, IVV, IWB and VOE are in the region. IVV earned 12.8% a year against 7.2% a year for IWR, at 17.0% volatility, 7% less than IWR's 18.2%.
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 IWR; faint dots are 86 more of the 251 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than IWR?
Investments that beat IWR over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among IWR's popular alternatives, IVV and RSP earned more than IWR with less volatility over the past 5 years. IVV returned 12.8% a year at 17.0% volatility, against 7.2% a year at 18.2%.
- VO tracks the same thing for 0.03% a year against IWR's 0.18%, and has kept pace over the past decade: about $150 less in fees on $10,000 over 10 years.
- Looking beyond its popular alternatives, MGV (US large-cap value) and AVLV (US large-cap value) earned more than IWR with less volatility over the past 5 years. MGV returned 12.6% a year at 13.4% volatility, against 7.2% a year at 18.2%.
How this works
The table below lists investments that beat IWR 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 IWR'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 IWR 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 IWR'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× IWR's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than IWR's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with IWR?lower diversifies more | Expenseper year | |||
| IWRiShares Russell Mid-Cap ETF · this page | +7.2% | 18.2% | 0.48 | −40.6% | +198% | 1.00 | 0.18% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.91 | 0.09% | ||
| Popular alternativesbest 5 shownThe investments people most often weigh against IWR. 8 of 24 passed at least one test. | |||||||||
 IVViShares Core S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 17.0% | 0.80 | −33.9% | +324% | 0.91 | 0.03% | |
 RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +8.2% | 16.1% | 0.57 | −39.0% | +211% | 0.98 | 0.20% | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.93 | 0.03% | |
XMHQInvesco S&P MidCap Quality ETF · US Mid-Cap Equity | Higher return in most periods | +9.7% | 20.5% | 0.56 | −36.9% | +240% | 0.93 | 0.30% | |
 VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Same exposure, lower expense ratio | +6.8% | 17.6% | 0.47 | −39.4% | +198% | 1.00 | 0.03% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in US Mid-Cap Equity and the categories next to it (US Small-Cap Equity, US Large-Cap Equity, US Large-Cap Growth, US Total Market), plus IWR's specific themes. 56 of 77 passed at least one test. | |||||||||
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.90 | 0.05% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.95 | 0.15% | |
 SPYVState Street SPDR Portfolio S&P 500 Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +11.4% | 14.2% | 0.83 | −36.9% | +216% | 0.94 | 0.04% | |
 DIAState Street SPDR Dow Jones Industrial Average ETF Trust · US Large-Cap Equity | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +9.9% | 14.8% | 0.72 | −36.7% | +250% | 0.91 | 0.16% | |
 QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Higher Sharpe, smaller worst declineHigher return in most periods | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.75 | 0.18% | |
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Higher return, similar volatilityHigher return in most periods | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.82 | 0.15% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 474 of 3,532 passed at least one test. | |||||||||
 VYMVanguard High Dividend Yield ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.3% | 13.8% | 0.85 | −35.2% | +208% | 0.89 | 0.04% | |
 SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.82 | 0.06% | |
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.8% | 14.0% | 0.87 | −32.0% | +276% | 0.91 | 0.28% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.57 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.31 | — | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.67 | 0.40% | |
ILCViShares Morningstar Value ETF · Broad Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.7% | 14.1% | 0.92 | −35.5% | +220% | 0.92 | 0.04% | |
BALTInnovator Defined Wealth Shield ETF · Crypto | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.73 | 0.69% | |
What these numbers mean for IWR
- Annual return
- IWR returned 7.2% 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 $14,200. 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
- IWR's volatility over the past 5 years was 18.2%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IWR's return lands within 18.2% 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
- IWR's Sharpe ratio over the past 5 years was 0.48, against 0.79 for the S&P 500, so IWR 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. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- IWR's worst fall from a peak to a low over the past 10 years was 40.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 40.6% fall takes a 68.4% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, IWR's monthly returns had a correlation of 0.91 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 IWR instead: the lower it is, the more that option would diversify a IWR holding. Guide: Correlation and diversification →
Show all 251 stocks and funds worth at least $500 million that earned more than IWR with less volatility
Out of 3,633 tested over 5 years. The strongest 93 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with IWR | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.93 | 0.04% |
| 2 | SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.82 | 0.06% |
| 3 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.57 | — |
| 4 | MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Same or nearby category | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.90 | 0.05% |
| 5 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.67 | 0.40% |
| 6 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.94 | 0.30% |
| 7 | RECSColumbia Research Enhanced Core ETF · US Large-Cap Equity | Same or nearby category | +13.4% | 16.4% | 0.85 | −34.3% | +237% | 0.91 | 0.15% |
| 8 | ILCViShares Morningstar Value ETF · Broad Market | Whole market | +12.7% | 14.1% | 0.92 | −35.5% | +220% | 0.92 | 0.04% |
| 9 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.55 | 0.65% |
| 10 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.35 | — |
| 11 |  QUALiShares MSCI USA Quality Factor ETF · US Quality Equity | Whole market | +11.4% | 17.3% | 0.71 | −34.1% | +293% | 0.91 | 0.15% |
| 12 | ACWIiShares MSCI ACWI ETF · Global Equity | Whole market | +10.6% | 16.2% | 0.70 | −33.5% | +227% | 0.92 | 0.32% |
| 13 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.74 | 0.27% |
| 14 | DFAIDimensional - International Core Equity Market ETF · Developed International Equity | Whole market | +9.7% | 16.0% | 0.66 | −27.4% | — | 0.83 | 0.18% |
| 15 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.92 | 0.12% |
| 16 | HEFAiShares Currency Hedged MSCI EAFE ETF · Developed International Equity | Whole market | +13.3% | 13.8% | 0.97 | −32.4% | +210% | 0.83 | 0.70% |
| 17 |  DFACDimensional - US Core Equity 2 ETF · US Total Market | Same or nearby category | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.97 | 0.21% |
| 18 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.84 | 0.12% |
| 19 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.95 | 0.15% |
| 20 | AVIVAvantis International Large Cap Value ETF · International | Whole market | +12.6% | 16.7% | 0.80 | −27.7% | — | 0.78 | 0.25% |
| 21 | QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · Dividend & Income | Whole market | +11.8% | 15.0% | 0.82 | −22.6% | — | 0.90 | 0.60% |
| 22 |  IWDiShares Russell 1000 Value ETF · US Large-Cap Value | Same or nearby category | +11.4% | 14.7% | 0.81 | −38.5% | +205% | 0.95 | 0.18% |
| 23 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +249% | 0.86 | 0.15% |
| 24 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.62 | 0.08% |
| 25 | BKIEBNY Mellon International Equity ETF · International | Whole market | +11.5% | 16.4% | 0.75 | −28.2% | — | 0.82 | 0.04% |
| 26 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare | Whole market | +11.9% | 16.9% | 0.75 | −32.1% | +153% | 0.58 | 0.60% |
| 27 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.95 | 0.19% |
| 28 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.87 | 0.50% |
| 29 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Same or nearby category | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.94 | 0.39% |
| 30 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.87 | 0.31% |
| 31 | DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income | Whole market | +11.8% | 13.3% | 0.91 | −34.7% | +227% | 0.83 | 0.07% |
| 32 | PJPInvesco Pharmaceuticals ETF · Healthcare | Whole market | +11.2% | 16.6% | 0.72 | −34.0% | +135% | 0.57 | 0.58% |
| 33 | LGHHCM Defender 500 Index ETF · Broad Market | Whole market | +9.4% | 16.7% | 0.63 | −29.6% | — | 0.81 | 1.00% |
| 34 | QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income | Whole market | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.91 | 0.40% |
| 35 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.77 | 0.25% |
| 36 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.95 | 0.19% |
| 37 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.87 | 0.79% |
| 38 |  VEUVanguard FTSE All-World ex-US ETF · International Equity | Whole market | +8.5% | 16.4% | 0.58 | −35.0% | +143% | 0.81 | 0.04% |
| 39 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.84 | 0.85% |
| 40 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.72 | 0.43% |
| 41 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Whole market | +11.4% | 16.7% | 0.73 | −42.8% | — | 0.89 | 0.19% |
| 42 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Whole market | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.56 | 0.39% |
| 43 | FTSFortis Inc. · Electric Utilities | Whole market | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.49 | — |
| 44 | EWUiShares MSCI United Kingdom ETF · International | Whole market | +11.4% | 16.4% | 0.74 | −43.3% | +130% | 0.71 | 0.50% |
| 45 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.89 | 0.20% |
| 46 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.95 | 0.12% |
| 47 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.67 | 0.09% |
| 48 | VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity | Popular alternative | +9.4% | 15.8% | 0.65 | −43.2% | +182% | 0.95 | 0.05% |
| 49 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.90 | 0.10% |
| 50 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.91 | 0.05% |
| 51 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.87 | 0.56% |
| 52 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.79 | 0.29% |
| 53 | SDOGALPS Sector Dividend Dogs ETF · Dividend & Income | Whole market | +10.3% | 15.2% | 0.72 | −43.6% | +158% | 0.83 | 0.36% |
| 54 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.69 | 0.60% |
| 55 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.23 | 0.85% |
| 56 | JVALJPMorgan U.S. Value Factor ETF · Broad Market | Whole market | +12.0% | 17.2% | 0.75 | −40.4% | — | 0.95 | 0.12% |
| 57 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.88 | 0.15% |
| 58 | FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income | Whole market | +13.1% | 16.0% | 0.85 | −44.6% | +203% | 0.68 | 0.59% |
| 59 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.64 | 0.50% |
| 60 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.82 | 0.95% |
| 61 | OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity | Whole market | +9.0% | 16.4% | 0.61 | −33.2% | — | 0.91 | 0.29% |
| 62 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.66 | 0.60% |
| 63 | VUSEVident U.S. Equity Strategy ETF · Broad Market | Whole market | +11.3% | 17.2% | 0.71 | −43.9% | +213% | 0.92 | 0.50% |
| 64 | BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF · Alternatives | Whole market | +10.1% | 16.7% | 0.66 | −32.7% | — | 0.17 | 0.26% |
| 65 | AOAiShares Core 80/20 Aggressive Allocation ETF · Multi-Asset | Whole market | +8.6% | 13.1% | 0.69 | −28.4% | +165% | 0.92 | 0.19% |
| 66 | FTHIFirst Trust BuyWrite Income ETF · Dividend & Income | Whole market | +10.3% | 13.3% | 0.81 | −32.7% | +126% | 0.88 | 0.75% |
| 67 | IPKWInvesco International BuyBack Achievers ETF · International | Whole market | +11.0% | 17.0% | 0.71 | −47.3% | +197% | 0.72 | 0.55% |
| 68 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.83 | 0.19% |
| 69 | DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market | Whole market | +11.3% | 16.1% | 0.75 | −33.1% | — | 0.89 | 0.39% |
| 70 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.77 | 0.40% |
| 71 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.67 | 0.50% |
| 72 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | — | 0.71 | 0.55% |
| 73 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.23 | 0.90% |
| 74 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | — | 0.94 | 0.50% |
| 75 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.54 | 0.36% |
| 76 | FLSPFranklin Systematic Style Premia ETF · Alternatives | Whole market | +8.4% | 13.4% | 0.68 | −22.9% | — | 0.02 | 0.65% |
| 77 | FXUFirst Trust Utilities AlphaDEX Fund · Utilities | Whole market | +11.2% | 16.6% | 0.72 | −34.8% | +138% | 0.68 | 0.61% |
| 78 | WTPIWisdomTree Equity Premium Income Fund · Alternatives | Whole market | +9.1% | 12.2% | 0.78 | −28.4% | +121% | 0.85 | 0.44% |
| 79 | SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market | Whole market | +10.5% | 15.4% | 0.73 | −23.8% | — | 0.86 | 0.77% |
| 80 | FDEMFidelity Emerging Markets Multifactor ETF · International | Whole market | +9.2% | 17.0% | 0.61 | −33.7% | — | 0.62 | 0.25% |
| 81 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.55 | — |
| 82 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.71 | 0.08% |
| 83 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.90 | 0.15% |
| 84 | IDViShares International Select Dividend ETF · International Equity | Whole market | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.66 | 0.50% |
| 85 | IGFiShares Global Infrastructure ETF · Infrastructure Equity | Whole market | +9.0% | 13.9% | 0.69 | −42.1% | +113% | 0.78 | 0.37% |
| 86 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.76 | 0.95% |
| 87 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.62 | 0.60% |
| 88 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Whole market | +9.6% | 15.5% | 0.67 | −37.8% | +133% | 0.61 | 0.63% |
| 89 | MLPAGlobal X - MLP ETF · Energy | Whole market | +15.2% | 17.2% | 0.91 | −74.3% | +80.0% | 0.56 | 0.77% |
| 90 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +11.6% | 14.8% | 0.82 | −44.8% | +155% | 0.71 | 0.55% |
| 91 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.85 | 0.27% |
| 92 | EXIiShares Global Industrials ETF · Industrials | Whole market | +10.6% | 17.3% | 0.67 | −39.6% | +203% | 0.93 | 0.38% |
| 93 | IQDFNorthern Trust International Quality Dividend ETF · International | Whole market | +10.9% | 15.8% | 0.74 | −39.8% | +141% | 0.75 | 0.49% |
IWR against its popular alternatives
The investments people most often weigh against IWR, compared period by period and year by year.
How do IWR'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 IWR, which divides the map into what did better or worse on each measure.
- Seven of the 21 popular alternatives, led by IWB, VTI and VOE, were both more rewarding and calmer than IWR over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, IWR returned 7.2% a year, less than the S&P 500's 12.7%, with higher volatility (18.2% against 17.1%).
Green points earned more than IWR with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| IWB iShares Russell 1000 ETF | +11.9% | 17.2% |
| VTI Vanguard Morningstar Total Stock Market ETF | +11.5% | 17.5% |
| XMMO Invesco S&P MidCap Momentum ETF | +10.5% | 22.0% |
| XMHQ Invesco S&P MidCap Quality ETF | +9.7% | 20.5% |
| VOE Vanguard Morningstar Mid-Cap Value ETF | +9.4% | 15.8% |
| IWS iShares Russell Mid-Cap Value ETF | +8.7% | 17.2% |
| RSP Invesco S&P 500 Equal Weight ETF | +8.2% | 16.1% |
| DON WisdomTree U.S. MidCap Dividend Fund | +7.5% | 17.4% |
| EZM WisdomTree U.S. MidCap Fund | +7.5% | 20.2% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | +7.4% | 20.3% |
| FLQM Franklin U.S. Mid Cap Multifactor Index ETF | +7.3% | 16.4% |
| IWR This pageiShares Russell Mid-Cap ETF | +7.2% | 18.2% |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | +7.2% | 19.6% |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | +7.2% | 20.5% |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | +7.1% | 18.3% |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | +6.9% | 19.6% |
| VO Vanguard Morningstar Mid-Cap ETF | +6.8% | 17.6% |
| SCHM Schwab U.S. Mid-Cap ETF | +6.8% | 19.7% |
| XMLV Invesco S&P MidCap Low Volatility ETF | +5.9% | 14.4% |
| IJR iShares Core S&P Small-Cap ETF | +5.6% | 21.1% |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | +3.6% | 21.7% |
| IWP iShares Russell Mid-Cap Growth ETF | +3.3% | 22.6% |
Has IWR consistently beaten its popular alternatives?
This section compares IWR 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 IWR helps separate lasting outperformance from a single strong stretch.
- Five of the 24 popular alternatives, led by IVV, VOE and IWS, outperformed IWR in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- IVV, IWB and VTI earned more for the risk they took than IWR (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- XMMO outperformed IWR over all three long-term periods but in none of the five short-term ones, so IWR has had the better of it lately.
A green cell means the alternative earned more than IWR 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| IWR iShares Russell Mid-Cap ETF (this page) | — | +0.5% | +1.1% | +5.3% | +13.6% | +15.1% | +71.2% | +41.7% | +198% | 18.2% | 0.48 | −40.6% | 0.18% | $56B | — |
| IVV QualifiediShares Core S&P 500 ETF | 3/5 short3/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 17.0% | 0.80 | −33.9% | 0.03% | $880B | 72% |
| VOE QualifiedVanguard Morningstar Mid-Cap Value ETF | 5/5 short2/3 long | +2.9% | +3.2% | +8.2% | +17.3% | +21.7% | +75.4% | +56.6% | +182% | 15.8% | 0.65 | −43.2% | 0.05% | $37B | 78% |
| IWS QualifiediShares Russell Mid-Cap Value ETF | 5/5 short2/3 long | +1.7% | +1.9% | +7.7% | +18.6% | +21.9% | +75.3% | +51.6% | +167% | 17.2% | 0.57 | −43.8% | 0.23% | $15B | 91% |
| XMHQ QualifiedInvesco S&P MidCap Quality ETF | 3/5 short2/3 long | +1.7% | +3.8% | +6.8% | +12.2% | +11.9% | +59.9% | +58.9% | +240% | 20.5% | 0.56 | −36.9% | 0.30% | $5.4B | 80% |
| RSP QualifiedInvesco S&P 500 Equal Weight ETF | 3/5 short2/3 long | +1.5% | +2.0% | +6.7% | +13.3% | +15.5% | +65.4% | +48.6% | +211% | 16.1% | 0.57 | −39.0% | 0.20% | $98B | 94% |
| IWB Broad MarketiShares Russell 1000 ETF | 2/5 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% | $49B | 73% |
| VTI Broad MarketVanguard Morningstar Total Stock Market ETF | 2/5 short3/3 long | −0.8% | +3.2% | +8.3% | +13.1% | +15.2% | +87.9% | +72.6% | +302% | 17.5% | 0.71 | −35.0% | 0.03% | $2.3T | 73% |
| XMMO Broad MarketInvesco S&P MidCap Momentum ETF | 0/5 short3/3 long | −4.9% | −9.9% | −11.3% | +0.6% | +4.6% | +88.0% | +64.6% | +390% | 22.0% | 0.56 | −36.7% | 0.34% | $6.9B | 77% |
| BBMC Broad MarketJPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 2/5 short1/3 long | −0.3% | −0.5% | +3.3% | +14.2% | +18.3% | +77.5% | +41.4% | — | 20.5% | 0.44 | −30.1% | 0.07% | $2.1B | 90% |
| DON Dividend & IncomeWisdomTree U.S. MidCap Dividend Fund | 1/5 short1/3 long | +1.4% | −0.7% | +2.6% | +9.7% | +11.6% | +51.5% | +43.7% | +139% | 17.4% | 0.51 | −46.8% | 0.38% | $3.8B | 76% |
| IWP Broad MarketiShares Russell Mid-Cap Growth ETF | 0/5 short1/3 long | −2.7% | −1.3% | −1.8% | −1.6% | −4.5% | +55.0% | +17.4% | +204% | 22.6% | 0.26 | −38.6% | 0.23% | $19B | 76% |
| EZM Broad MarketWisdomTree U.S. MidCap Fund | 0/5 short1/3 long | +0.1% | −1.6% | +1.8% | +10.1% | +13.9% | +58.5% | +43.7% | +169% | 20.2% | 0.46 | −47.3% | 0.38% | $896M | 88% |
| FLQM Broad MarketFranklin U.S. Mid Cap Multifactor Index ETF | 3/5 short0/3 long | +3.5% | +3.2% | +6.6% | +9.2% | +10.4% | +53.0% | +42.6% | — | 16.4% | 0.52 | −37.2% | 0.30% | $1.4B | 82% |
| SCHM Broad MarketSchwab U.S. Mid-Cap ETF | 2/5 short0/3 long | −0.8% | −0.2% | +2.6% | +14.5% | +17.6% | +67.4% | +38.6% | +182% | 19.7% | 0.43 | −42.5% | 0.03% | $14B | 93% |
| IJR Broad MarketiShares Core S&P Small-Cap ETF | 2/5 short0/3 long | −1.1% | −4.8% | +1.8% | +14.4% | +16.7% | +60.8% | +31.5% | +164% | 21.1% | 0.37 | −44.4% | 0.06% | $102B | 89% |
| VO Broad MarketVanguard Morningstar Mid-Cap ETF | 1/5 short0/3 long | +0.8% | +1.6% | +5.7% | +11.8% | +12.4% | +68.9% | +39.1% | +198% | 17.6% | 0.47 | −39.4% | 0.03% | $217B | 94% |
| VOT Broad MarketVanguard Morningstar Mid-Cap Growth ETF | 0/5 short0/3 long | −2.0% | −0.5% | +2.2% | +4.0% | +0.1% | +58.0% | +19.6% | +201% | 21.7% | 0.27 | −37.2% | 0.05% | $33B | 74% |
| JHMM Broad MarketJohn Hancock Investments - Multifactor Mid Cap ETF | 0/5 short0/3 long | +0.1% | −0.2% | +1.4% | +10.5% | +14.0% | +66.2% | +41.2% | +199% | 18.3% | 0.47 | −40.7% | 0.41% | $5.9B | 94% |
| FNX Broad MarketFirst Trust Mid Cap Core AlphaDEX Fund | 0/5 short0/3 long | −0.1% | −2.4% | +0.5% | +9.2% | +11.2% | +63.4% | +42.6% | +199% | 20.3% | 0.45 | −44.0% | 0.62% | $1.3B | 87% |
| SPMD Broad MarketState Street SPDR Portfolio S&P 400 Mid Cap ETF | 0/5 short0/3 long | −0.2% | −2.1% | +0.3% | +10.2% | +13.5% | +59.5% | +41.6% | +181% | 19.6% | 0.46 | −41.9% | 0.03% | $18B | 88% |
| IJH Broad MarketiShares Core S&P Mid-Cap ETF | 0/5 short0/3 long | −0.2% | −2.2% | +0.2% | +10.1% | +13.5% | +59.4% | +41.4% | +178% | 19.6% | 0.45 | −42.2% | 0.05% | $121B | 89% |
| IVOO Broad MarketVanguard S&P Mid-Cap 400 ETF | 0/5 short0/3 long | −0.2% | −2.1% | +0.2% | +10.2% | +13.6% | +59.4% | +41.3% | +177% | 19.6% | 0.45 | −42.3% | 0.07% | $5.7B | 91% |
| MDY Broad MarketState Street SPDR S&P MIDCAP 400 ETF Trust | 0/5 short0/3 long | −0.2% | −2.2% | +0.1% | +9.9% | +13.1% | +58.0% | +39.8% | +172% | 19.6% | 0.44 | −42.2% | 0.23% | $26B | 88% |
| XMLV Broad MarketInvesco S&P MidCap Low Volatility ETF | 0/5 short0/3 long | 0.0% | −4.4% | −0.5% | +6.6% | +5.8% | +46.1% | +33.1% | +112% | 14.4% | 0.47 | −39.9% | 0.25% | $699M | 43% |
How did IWR do year by year?
This table shows each investment's total return in every full calendar year since 2002, along with where IWR ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with IWR and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- IWR finished ahead of the S&P 500 in ten of its 24 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, RSP came out ahead of IWR most often, in 12 of the 22 years both traded.
- Ranked against its popular alternatives each year, IWR finished in the top quarter in two of 24 years and in the bottom quarter in no. In 2025, it ranked 11 of 22.
Newest year first. Green marks a year in which the fund came out ahead of IWR; gray means the two finished within a fraction of a point. The rank row places IWR among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of IWR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IWR This pageiShares Russell Mid-Cap ETF | — | +10.4% | +15.2% | +17.0% | −17.5% | +22.4% | +17.0% | +30.2% | −9.1% | +18.2% | +13.7% | −2.6% | +13.1% | +34.5% | +17.1% | −1.8% | +25.3% | +40.7% | −41.4% | +5.1% | +15.1% | +12.6% | +19.7% | +39.6% | −16.6% |
| Rank among alternatives | Top quarter in 2 of 24 | 11 of 22 | 9 of 22 | 11 of 22 | 16 of 22 | 16 of 22 | 8 of 21 | 7 of 21 | 13 of 21 | 10 of 20 | 13 of 20 | 14 of 19 | 9 of 19 | 10 of 18 | 6 of 18 | 12 of 17 | 9 of 17 | 7 of 17 | 13 of 17 | 9 of 15 | 5 of 11 | 2 of 9 | 3 of 8 | 2 of 7 | 4 of 7 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 12 of 24 | +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% |
| VOE Vanguard Morningstar Mid-Cap Value ETF | 9 of 19 | +12.1% | +14.0% | +9.8% | −8.0% | +28.8% | +2.6% | +27.9% | −12.5% | +17.1% | +15.4% | −1.9% | +14.0% | +37.8% | +16.0% | −0.4% | +21.8% | +38.3% | −36.6% | −4.3% | — | — | — | — | — |
| IWS iShares Russell Mid-Cap Value ETF | 9 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% |
| XMHQ Invesco S&P MidCap Quality ETF | 6 of 19 | +4.7% | +16.8% | +29.5% | −12.4% | +21.0% | +26.6% | +27.2% | −9.1% | +15.7% | +16.1% | −6.5% | +13.1% | +33.5% | +13.2% | −1.4% | +21.2% | +29.5% | −40.2% | +5.6% | — | — | — | — | — |
| RSP Invesco S&P 500 Equal Weight ETF | 12 of 22 | +11.2% | +12.8% | +13.7% | −11.6% | +29.4% | +12.7% | +28.9% | −7.8% | +18.5% | +14.5% | −1.7% | +15.1% | +36.7% | +18.6% | +0.2% | +21.5% | +44.7% | −40.0% | +0.9% | +15.5% | +7.4% | +16.5% | — | — |
| IWB iShares Russell 1000 ETF | 10 of 24 | +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% |
| VTI Vanguard Morningstar Total Stock Market ETF | 11 of 24 | +17.1% | +23.8% | +26.0% | −19.5% | +25.7% | +21.1% | +30.7% | −5.2% | +21.2% | +12.8% | +0.4% | +12.5% | +33.4% | +16.4% | +1.0% | +17.4% | +28.9% | −37.0% | +5.3% | +15.7% | +6.3% | +12.8% | +30.7% | −20.5% |
| XMMO Invesco S&P MidCap Momentum ETF | 10 of 20 | +13.0% | +38.0% | +20.4% | −16.0% | +16.7% | +29.2% | +36.8% | +6.1% | +37.2% | +3.4% | −4.5% | +10.6% | +27.4% | +14.8% | −5.8% | +29.6% | +23.7% | −44.1% | +27.5% | +8.8% | — | — | — | — |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 2 of 5 | +12.2% | +15.2% | +18.4% | −19.8% | +17.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| DON WisdomTree U.S. MidCap Dividend Fund | 8 of 19 | +3.4% | +13.9% | +13.7% | −4.8% | +30.3% | −5.5% | +23.3% | −8.2% | +13.5% | +20.4% | −1.1% | +15.3% | +33.4% | +13.6% | +5.3% | +21.7% | +32.1% | −32.3% | −5.9% | — | — | — | — | — |
| IWP iShares Russell Mid-Cap Growth ETF | 11 of 24 | +8.5% | +21.9% | +25.7% | −26.9% | +12.6% | +35.2% | +35.0% | −4.9% | +25.0% | +7.2% | −0.4% | +11.7% | +35.5% | +15.6% | −1.9% | +26.1% | +46.5% | −44.6% | +11.2% | +10.5% | +11.8% | +14.9% | +43.0% | −28.0% |
| EZM WisdomTree U.S. MidCap Fund | 9 of 18 | +8.4% | +10.3% | +19.7% | −12.2% | +31.0% | +5.6% | +24.5% | −12.3% | +16.7% | +19.8% | −4.8% | +8.4% | +40.3% | +17.7% | +0.8% | +25.7% | +50.1% | −35.0% | — | — | — | — | — | — |
| FLQM Franklin U.S. Mid Cap Multifactor Index ETF | 3 of 8 | +5.2% | +14.3% | +17.4% | −12.9% | +28.8% | +15.5% | +28.6% | −4.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SCHM Schwab U.S. Mid-Cap ETF | 5 of 14 | +10.1% | +12.0% | +16.8% | −17.1% | +19.3% | +15.2% | +27.4% | −8.8% | +19.5% | +14.4% | −0.1% | +10.4% | +36.2% | +17.6% | — | — | — | — | — | — | — | — | — | — |
| IJR iShares Core S&P Small-Cap ETF | 11 of 24 | +5.9% | +8.6% | +16.1% | −16.2% | +26.6% | +11.3% | +22.8% | −8.5% | +13.2% | +26.6% | −2.1% | +5.8% | +41.4% | +16.3% | +0.8% | +26.7% | +25.9% | −31.5% | −0.5% | +15.1% | +7.5% | +22.4% | +38.5% | −14.3% |
| VO Vanguard Morningstar Mid-Cap ETF | 7 of 21 | +11.6% | +15.3% | +16.0% | −18.8% | +24.7% | +18.1% | +30.9% | −9.2% | +19.3% | +11.2% | −1.3% | +13.8% | +35.1% | +16.2% | −2.0% | +25.5% | +40.6% | −41.6% | +5.5% | +14.0% | +13.9% | — | — | — |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 10 of 19 | +10.7% | +16.4% | +23.1% | −28.9% | +20.5% | +34.5% | +33.8% | −5.6% | +21.8% | +6.9% | −1.1% | +13.5% | +32.4% | +16.0% | −3.9% | +29.1% | +43.9% | −47.3% | +17.2% | — | — | — | — | — |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | 3 of 10 | +10.8% | +14.6% | +14.5% | −15.3% | +24.5% | +16.2% | +30.0% | −9.6% | +20.0% | +13.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 9 of 18 | +9.9% | +12.2% | +20.4% | −13.6% | +25.0% | +16.1% | +27.0% | −11.2% | +17.6% | +18.7% | −8.1% | +5.5% | +37.9% | +14.1% | +0.9% | +26.7% | +46.9% | −36.5% | — | — | — | — | — | — |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | 8 of 20 | +7.4% | +13.9% | +16.4% | −13.1% | +24.7% | +13.5% | +25.2% | −10.4% | +15.2% | +18.3% | +1.7% | +8.2% | +38.9% | +17.0% | −1.2% | +24.7% | +45.1% | −38.4% | +4.6% | +9.5% | — | — | — | — |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | 8 of 24 | +7.2% | +13.6% | +16.1% | −13.3% | +24.5% | +13.5% | +25.8% | −11.3% | +15.9% | +20.5% | −2.5% | +9.4% | +33.1% | +17.8% | −2.1% | +26.3% | +37.6% | −36.4% | +7.2% | +10.0% | +12.5% | +15.9% | +35.3% | −14.5% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 6 of 12 | +5.6% | +17.1% | +1.8% | −6.5% | +23.0% | −8.4% | +23.8% | −0.2% | +13.7% | +21.6% | +5.4% | +18.4% | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How IWR 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 IWR's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents IWR's five deepest drawdowns since it began trading in 2001, 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.
- In four of IWR's five worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: IWR fell 29.9% in August 2001, while the S&P 500 slipped only 3.9%.
- The longest climb back to a previous high took 23 months, after IWR fell 58.8% from July 2007 to March 2009.
Green means IWR fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | IWR fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −58.8% | −54.6% | Jul 2007 | Mar 2009 | 20 months | Feb 2011 | 23 months |
| Covid crash | −40.6% | −33.4% | Feb 2020 | Mar 2020 | 1 month | Oct 2020 | 7 months |
| Dot-com bust | −32.2% | −33.0% | Mar 2002 | Oct 2002 | 7 months | Sep 2003 | 11 months |
| Dot-com bust | −29.9% | −3.9% | Aug 2001 | Aug 2001 | Under a month | Dec 2001 | 4 months |
| Dot-com bust | −27.7% | −2.0% | Jul 2001 | Jul 2001 | Under a month | Jul 2001 | Under a month |
How did IWR do in stock market crashes?
This section measures how far IWR, 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: IWR began trading on July 20, 2001, 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.
- IWR 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 IWR fell 40.6% and the S&P 500 fell 33.7%.
- Among its popular alternatives, FLQM held up best, falling less than IWR in all five crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than IWR.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IWR This pageiShares Russell Mid-Cap ETF | — | −6.1% | −24.2% | −40.6% | −21.2% | −6.0% | −18.0% | −22.8% | −2.3% | −58.5% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 7 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| VOE Vanguard Morningstar Mid-Cap Value ETF | 3 of 9 | −6.3% | −19.7% | −43.0% | −21.0% | −5.6% | −16.9% | −21.7% | −2.0% | −59.4% | — |
| IWS iShares Russell Mid-Cap Value ETF | 3 of 9 | −6.7% | −21.2% | −43.8% | −20.8% | −5.8% | −16.9% | −22.3% | −2.2% | −60.7% | — |
| XMHQ Invesco S&P MidCap Quality ETF | 5 of 9 | −6.1% | −23.4% | −36.9% | −21.8% | −6.3% | −18.7% | −21.3% | 0.0% | −57.3% | — |
| RSP Invesco S&P 500 Equal Weight ETF | 7 of 9 | −5.4% | −21.4% | −39.0% | −19.8% | −6.1% | −14.8% | −21.3% | −1.6% | −59.1% | — |
| IWB iShares Russell 1000 ETF | 7 of 9 | −3.8% | −25.0% | −34.6% | −19.7% | −6.4% | −14.0% | −18.8% | −1.7% | −55.4% | — |
| VTI Vanguard Morningstar Total Stock Market ETF | 6 of 9 | −4.0% | −25.2% | −35.0% | −20.0% | −6.3% | −14.1% | −19.5% | −1.9% | −55.5% | — |
| XMMO Invesco S&P MidCap Momentum ETF | 2 of 9 | −6.4% | −24.5% | −36.7% | −24.1% | −6.0% | −25.2% | −24.3% | −2.3% | −55.4% | — |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 0 of 2 | −7.1% | −26.4% | — | — | — | — | — | — | — | — |
| DON WisdomTree U.S. MidCap Dividend Fund | 5 of 9 | −7.6% | −15.8% | −46.6% | −18.9% | −5.1% | −12.0% | −20.2% | −3.0% | −60.2% | — |
| IWP iShares Russell Mid-Cap Growth ETF | 3 of 9 | −5.1% | −32.7% | −35.9% | −21.8% | −6.0% | −19.0% | −23.6% | −2.3% | −56.9% | — |
| EZM WisdomTree U.S. MidCap Fund | 2 of 9 | −9.2% | −22.4% | −46.8% | −22.6% | −5.8% | −18.6% | −24.3% | −2.4% | −57.7% | — |
| FLQM Franklin U.S. Mid Cap Multifactor Index ETF | 5 of 5 | −4.5% | −21.9% | −37.2% | −17.7% | 0.0% | — | — | — | — | — |
| SCHM Schwab U.S. Mid-Cap ETF | 0 of 7 | −7.0% | −24.5% | −42.5% | −22.4% | −6.0% | −19.0% | −24.8% | — | — | — |
| IJR iShares Core S&P Small-Cap ETF | 2 of 9 | −7.0% | −24.7% | −41.5% | −25.8% | −5.4% | −17.1% | −25.2% | −2.6% | −58.0% | — |
| VO Vanguard Morningstar Mid-Cap ETF | 1 of 9 | −5.8% | −25.0% | −39.4% | −21.2% | −5.8% | −18.8% | −23.4% | −2.4% | −58.3% | — |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 2 of 9 | −5.2% | −32.1% | −36.2% | −21.5% | −6.2% | −20.8% | −25.0% | −2.8% | −60.2% | — |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | 1 of 5 | −6.6% | −23.2% | −40.7% | −21.8% | −5.9% | — | — | — | — | — |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 2 of 9 | −7.7% | −22.4% | −44.0% | −24.8% | −5.9% | −20.2% | −24.7% | −2.0% | −56.1% | — |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | 2 of 9 | −7.0% | −22.7% | −41.9% | −23.7% | −5.8% | −17.6% | −24.5% | −2.7% | −57.1% | — |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | 2 of 9 | −6.9% | −22.7% | −42.2% | −22.9% | −6.0% | −17.6% | −24.6% | −2.5% | −55.1% | −32.0% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 5 of 6 | −5.6% | −16.4% | −39.7% | −12.7% | −5.3% | −9.6% | — | — | — | — |
How closely does IWR 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 IWR with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- XMMO took just 93% of the S&P 500's losses, against 111% for IWR, while still keeping 103% of its gains.
- Over the past 10 years, IWR captured 93% of the S&P 500's gains in rising months and 111% of its losses in falling months, with a beta of 1.06. Its share of the market's losses was larger than its share of the gains.
- Six of the 19 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than IWR's 0.84, led by XMMO, IWB and VTI.
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 IWR's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| IWR This pageiShares Russell Mid-Cap ETF | 93% | 111% | 0.84 | 1.06 |
| XMMO Invesco S&P MidCap Momentum ETF | 103% | 93% | 1.11 | 1.05 |
| IWB iShares Russell 1000 ETF | 100% | 101% | 0.98 | 1.01 |
| VTI Vanguard Morningstar Total Stock Market ETF | 100% | 103% | 0.97 | 1.02 |
| XMHQ Invesco S&P MidCap Quality ETF | 94% | 105% | 0.90 | 1.01 |
| RSP Invesco S&P 500 Equal Weight ETF | 92% | 107% | 0.86 | 1.01 |
| IWP iShares Russell Mid-Cap Growth ETF | 94% | 110% | 0.85 | 1.11 |
| VO Vanguard Morningstar Mid-Cap ETF | 91% | 109% | 0.84 | 1.05 |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 95% | 113% | 0.84 | 1.12 |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | 93% | 111% | 0.84 | 1.06 |
| VOE Vanguard Morningstar Mid-Cap Value ETF | 87% | 106% | 0.82 | 0.99 |
| SCHM Schwab U.S. Mid-Cap ETF | 94% | 116% | 0.81 | 1.11 |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | 93% | 116% | 0.81 | 1.10 |
| XMLV Invesco S&P MidCap Low Volatility ETF | 65% | 80% | 0.81 | 0.74 |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 101% | 126% | 0.80 | 1.18 |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | 92% | 115% | 0.80 | 1.09 |
| IWS iShares Russell Mid-Cap Value ETF | 90% | 113% | 0.79 | 1.05 |
| EZM WisdomTree U.S. MidCap Fund | 96% | 124% | 0.78 | 1.16 |
| IJR iShares Core S&P Small-Cap ETF | 95% | 123% | 0.77 | 1.13 |
| DON WisdomTree U.S. MidCap Dividend Fund | 84% | 110% | 0.76 | 1.01 |
What diversifies IWR?
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 IWR's. Because such investments tend not to fall at the same time, pairing IWR with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in IWR into DBMF would have cut the portfolio's volatility by 22% over the past 5 years and raised its annual return (+7.9% for IWR alone, +8.8% for the mix).
- Among large ETFs, GLD, XLE and DBMF have moved largely independently of IWR over the past 5 years, with correlations of 0.40 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and MCK have moved largely independently of IWR over the past 5 years, with correlations of 0.43 or lower, and each still earned a positive 5-year return.
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 IWR lost money. The last two columns show a portfolio that is 80% IWR and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2011 | 2008 | 2002 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IWR iShares Russell Mid-Cap ETF (this page) | 1.00 | +41.7% | 0.48 | −17.5% | −9.1% | −2.6% | −1.8% | −41.4% | −16.6% | 17.4% | +7.9% |
| GLD CommoditiesSPDR Gold Shares | 0.19 | +126% | 0.96 | −0.8% | −1.9% | −10.7% | +9.6% | +4.9% | — | 14.9% | +10.3% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.40 | +177% | 0.93 | +64.4% | −18.2% | −21.5% | +2.8% | −39.0% | −14.8% | 16.7% | +11.3% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.23 | +59.7% | 0.82 | +21.6% | — | — | — | — | — | 13.5% | +8.8% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.23 | +66.4% | 0.81 | +2.5% | −8.7% | −17.2% | −10.7% | −19.1% | — | 14.6% | +8.7% |
| GDX MaterialsVanEck Gold Miners ETF | 0.34 | +181% | 0.73 | −9.0% | −8.8% | −24.7% | −16.1% | −26.1% | — | 17.9% | +12.4% |
| USO CommoditiesUnited States Oil Fund, LP | -0.02 | +176% | 0.73 | +29.0% | −19.6% | −46.0% | −2.3% | −56.3% | — | 15.7% | +12.0% |
| FLSP AlternativesFranklin Systematic Style Premia ETF | 0.02 | +49.8% | 0.68 | +0.5% | — | — | — | — | — | 14.0% | +8.3% |
| PDBC AlternativesInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 0.09 | +73.9% | 0.67 | +19.3% | −12.8% | −26.8% | — | — | — | 14.6% | +9.3% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2011 | 2008 | 2002 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IWR iShares Russell Mid-Cap ETF (this page) | 1.00 | +41.7% | 0.48 | −17.5% | −9.1% | −2.6% | −1.8% | −41.4% | −16.6% | 17.4% | +7.9% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.39 | +479% | 1.55 | +54.1% | −24.5% | +12.6% | +8.1% | −39.6% | −8.3% | 16.7% | +13.9% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.43 | +3,143% | 1.47 | +1.3% | −16.3% | −6.0% | −24.4% | −20.5% | −65.1% | 21.7% | +26.0% |
| MCK Medical - DistributionMcKesson Corporation | 0.27 | +413% | 1.44 | +51.8% | −28.4% | −4.5% | +11.8% | −40.4% | −27.2% | 16.0% | +13.4% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.34 | +690% | 1.41 | +86.6% | −8.2% | +17.4% | — | — | — | 17.2% | +15.9% |
| ATI Manufacturing - Metal FabricationATI Inc. | 0.48 | +1,008% | 1.34 | +87.5% | −9.8% | −66.7% | −12.2% | −70.0% | −60.8% | 20.3% | +18.7% |
Common questions
What was IWR's worst drawdown?
IWR's deepest decline since it began trading in 2001 was 58.8%, from July 2007 to March 2009. It took 23 months from the low to climb back to its old high.
What were IWR's best and worst years?
Over 24 full calendar years, IWR's best year was 2009, when it returned 40.7%. Its worst was 2008, with a return of -41.4%.
Is there a better investment than IWR?
Among IWR's popular alternatives, IVV and RSP earned more than IWR with less volatility over the past 5 years. IVV returned 12.8% a year at 17.0% volatility, against 7.2% a year at 18.2%. VO tracks the same thing for 0.03% a year against IWR's 0.18%, and has kept pace over the past decade: about $150 less in fees on $10,000 over 10 years.
Is IWR more volatile than the S&P 500?
Yes. IWR's volatility over the past 5 years was 18.2%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IWR's return lands within 18.2% 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 IWR's Sharpe ratio?
IWR's Sharpe ratio over the past 5 years was 0.48, against 0.79 for the S&P 500, so IWR 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 IWR with the S&P 500?
Over the past 5 years, IWR's monthly returns had a correlation of 0.91 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 IWR instead: the lower it is, the more that option would diversify a IWR holding.
What are the best alternatives to IWR?
Of the 24 popular alternatives we compared, five outperformed IWR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: IVV, VOE and IWS.
Did IWR outperform the S&P 500?
IWR finished ahead of the S&P 500 (SPY) in ten of 24 full calendar years. In 2025, it returned +10.4%, against +17.7% for the index.
How did IWR do in stock market crashes?
IWR fell less than the S&P 500 (SPY) in none of the nine major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when IWR fell 40.6% and the S&P 500 fell 33.7%.
What diversifies IWR?
These had a low correlation with IWR over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.19), XLE (correlation 0.40) and DBMF (correlation -0.23); among large stocks, CAH (correlation 0.39), CLS (correlation 0.43) and MCK (correlation 0.27). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than IWR's. Returns within 0.5 points or 3% of IWR's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to IWR
- IVViShares Core S&P 500 ETF
- RSPInvesco S&P 500 Equal Weight ETF
IWBiShares Russell 1000 ETF- VTIVanguard Morningstar Total Stock Market ETF
IJRiShares Core S&P Small-Cap ETF- VOVanguard Morningstar Mid-Cap ETF
IJHiShares Core S&P Mid-Cap ETF
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