# How iShares Russell Mid-Cap ETF (IWR) compares with the whole market and its popular alternatives

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on 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.

## Key findings

- **What you're buying:** IWR'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.
- **Right now:** IWR 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.
- **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 term:** Over the past decade, IWR returned 11.5% a year against 15.5% a year for the S&P 500 (198% in total against 321%).
- **In a crash:** Across six sell-offs, IWR has typically fallen 1.2 times as far as the S&P 500.
- **Diversification:** Against 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).
- **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.

- $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.

## 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.

- 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.

- Type: ETF, Broad Market (Asset Management - Global)
- Trading since: July 20, 2001
- Assets: $56B
- Expense ratio: 0.18%
- Volatility (5 years): 18.2%; Sharpe ratio: 0.48
- Worst decline ever: −58.8%, from July 19, 2007 to March 9, 2009; back at its high by February 7, 2011

| Period | IWR total return |
| --- | --- |
| 1 month | +0.5% |
| 3 months | +1.1% |
| 6 months | +5.3% |
| year to date | +13.6% |
| 1 year | +15.1% |
| 3 years | +71.2% |
| 5 years | +41.7% |
| 10 years | +198% |

## 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.

- 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.

| Measure | IWR | Rank |
| --- | --- | --- |
| 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 (top 53%) |
| 10-year return | +198% | 301 of 958 (top 32%) |
| Volatility, 5 years | 18.2% | 966 of 1,560 (top 62%) |
| Sharpe ratio, 5 years | 0.48 | 960 of 1,560 (top 62%) |
| Worst decline, past 10 years | −40.6% | 558 of 951 (top 59%) |

### 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).

- 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%.

### Is there a better investment than IWR?

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.

- 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%.

The 15 strongest of 251 investments that beat IWR over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with IWR | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IWR: iShares Russell Mid-Cap ETF (this page) |  | +7.2% | 18.2% | 0.48 | −40.6% | +198% |  |  |
| [VIG](https://easycompare.io/research/vig): Vanguard Dividend Appreciation ETF | US Dividend Equity | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.93 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SCHD](https://easycompare.io/research/schd): Schwab U.S. Dividend Equity ETF | US Dividend Equity | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.82 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| MGV: Vanguard Morningstar Mega Cap Value ETF | US Large-Cap Value | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.90 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.67 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| EQWL: Invesco S&P 100 Equal Weight ETF | Broad Market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.94 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| RECS: Columbia Research Enhanced Core ETF | US Large-Cap Equity | +13.4% | 16.4% | 0.85 | −34.3% | +237% | 0.91 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| ILCV: iShares Morningstar Value ETF | Broad Market | +12.7% | 14.1% | 0.92 | −35.5% | +220% | 0.92 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| PTNQ: Pacer Trendpilot 100 ETF | Technology | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.55 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.35 | Higher return, lower volatility; Higher return in most periods; Smaller losses in recent crashes |
| [QUAL](https://easycompare.io/research/qual): iShares MSCI USA Quality Factor ETF | US Quality Equity | +11.4% | 17.3% | 0.71 | −34.1% | +293% | 0.91 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| ACWI: iShares MSCI ACWI ETF | Global Equity | +10.6% | 16.2% | 0.70 | −33.5% | +227% | 0.92 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFIV: Dimensional - International Value ETF | International Equity | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.74 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFAI: Dimensional - International Core Equity Market ETF | Developed International Equity | +9.7% | 16.0% | 0.66 | −27.4% | — | 0.83 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| JQUA: JPMorgan U.S. Quality Factor ETF | US Quality Equity | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.92 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of IWR | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| IWR: iShares Russell Mid-Cap ETF (this page) | +15.1% | +71.2% | +41.7% | +198% |  |  | 0.48 |
| [IVV](https://easycompare.io/research/ivv): iShares Core S&P 500 ETF | +15.8% | +89.7% | +82.3% | +324% | 3/5 short-term, 3/3 long-term | consistent | 0.80 |
| VOE: Vanguard Morningstar Mid-Cap Value ETF | +21.7% | +75.4% | +56.6% | +182% | 5/5 short-term, 2/3 long-term | consistent | 0.65 |
| IWS: iShares Russell Mid-Cap Value ETF | +21.9% | +75.3% | +51.6% | +167% | 5/5 short-term, 2/3 long-term | consistent | 0.57 |
| XMHQ: Invesco S&P MidCap Quality ETF | +11.9% | +59.9% | +58.9% | +240% | 3/5 short-term, 2/3 long-term | consistent | 0.56 |
| [RSP](https://easycompare.io/research/rsp): Invesco S&P 500 Equal Weight ETF | +15.5% | +65.4% | +48.6% | +211% | 3/5 short-term, 2/3 long-term | consistent | 0.57 |
| [IWB](https://easycompare.io/research/iwb): iShares Russell 1000 ETF | +15.1% | +87.7% | +75.1% | +309% | 2/5 short-term, 3/3 long-term |  | 0.74 |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | +15.2% | +87.9% | +72.6% | +302% | 2/5 short-term, 3/3 long-term |  | 0.71 |
| XMMO: Invesco S&P MidCap Momentum ETF | +4.6% | +88.0% | +64.6% | +390% | 0/5 short-term, 3/3 long-term |  | 0.56 |
| BBMC: JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | +18.3% | +77.5% | +41.4% | — | 2/5 short-term, 1/3 long-term |  | 0.44 |
| DON: WisdomTree U.S. MidCap Dividend Fund | +11.6% | +51.5% | +43.7% | +139% | 1/5 short-term, 1/3 long-term |  | 0.51 |
| IWP: iShares Russell Mid-Cap Growth ETF | −4.5% | +55.0% | +17.4% | +204% | 0/5 short-term, 1/3 long-term |  | 0.26 |
| EZM: WisdomTree U.S. MidCap Fund | +13.9% | +58.5% | +43.7% | +169% | 0/5 short-term, 1/3 long-term |  | 0.46 |
| FLQM: Franklin U.S. Mid Cap Multifactor Index ETF | +10.4% | +53.0% | +42.6% | — | 3/5 short-term, 0/3 long-term |  | 0.52 |
| SCHM: Schwab U.S. Mid-Cap ETF | +17.6% | +67.4% | +38.6% | +182% | 2/5 short-term, 0/3 long-term |  | 0.43 |
| [IJR](https://easycompare.io/research/ijr): iShares Core S&P Small-Cap ETF | +16.7% | +60.8% | +31.5% | +164% | 2/5 short-term, 0/3 long-term |  | 0.37 |
| [VO](https://easycompare.io/research/vo): Vanguard Morningstar Mid-Cap ETF | +12.4% | +68.9% | +39.1% | +198% | 1/5 short-term, 0/3 long-term |  | 0.47 |
| VOT: Vanguard Morningstar Mid-Cap Growth ETF | +0.1% | +58.0% | +19.6% | +201% | 0/5 short-term, 0/3 long-term |  | 0.27 |
| JHMM: John Hancock Investments - Multifactor Mid Cap ETF | +14.0% | +66.2% | +41.2% | +199% | 0/5 short-term, 0/3 long-term |  | 0.47 |
| FNX: First Trust Mid Cap Core AlphaDEX Fund | +11.2% | +63.4% | +42.6% | +199% | 0/5 short-term, 0/3 long-term |  | 0.45 |
| SPMD: State Street SPDR Portfolio S&P 400 Mid Cap ETF | +13.5% | +59.5% | +41.6% | +181% | 0/5 short-term, 0/3 long-term |  | 0.46 |
| [IJH](https://easycompare.io/research/ijh): iShares Core S&P Mid-Cap ETF | +13.5% | +59.4% | +41.4% | +178% | 0/5 short-term, 0/3 long-term |  | 0.45 |
| IVOO: Vanguard S&P Mid-Cap 400 ETF | +13.6% | +59.4% | +41.3% | +177% | 0/5 short-term, 0/3 long-term |  | 0.45 |
| MDY: State Street SPDR S&P MIDCAP 400 ETF Trust | +13.1% | +58.0% | +39.8% | +172% | 0/5 short-term, 0/3 long-term |  | 0.44 |
| XMLV: Invesco S&P MidCap Low Volatility ETF | +5.8% | +46.1% | +33.1% | +112% | 0/5 short-term, 0/3 long-term |  | 0.47 |

### 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.

- 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.

| Year | IWR | SPY |
| --- | --- | --- |
| 2025 | +10.4% | +17.7% |
| 2024 | +15.2% | +24.9% |
| 2023 | +17.0% | +26.2% |
| 2022 | −17.5% | −18.2% |
| 2021 | +22.4% | +28.7% |
| 2020 | +17.0% | +18.3% |
| 2019 | +30.2% | +31.2% |
| 2018 | −9.1% | −4.6% |
| 2017 | +18.2% | +21.7% |
| 2016 | +13.7% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −58.8% | July 19, 2007 | March 9, 2009 | February 7, 2011 | −54.6% | 2008 financial crisis |
| −40.6% | February 20, 2020 | March 23, 2020 | October 12, 2020 | −33.4% | Covid crash |
| −32.2% | March 19, 2002 | October 9, 2002 | September 2, 2003 | −33.0% | dot-com bust |
| −29.9% | August 2, 2001 | August 20, 2001 | December 26, 2001 | −3.9% | dot-com bust |
| −27.7% | July 20, 2001 | July 23, 2001 | July 30, 2001 | −2.0% | dot-com bust |

### 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.

- 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.

| Crash | Dates | IWR fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −58.5% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.3% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −22.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −18.0% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.0% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −21.2% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −40.6% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −24.2% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −6.1% | −3.4% |

### 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.

- 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.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| IWR: iShares Russell Mid-Cap ETF (this page) | 93.0% | 111% | 1.06 |
| VOE: Vanguard Morningstar Mid-Cap Value ETF | 87.0% | 106% | 0.99 |
| IWS: iShares Russell Mid-Cap Value ETF | 90.0% | 113% | 1.05 |
| XMHQ: Invesco S&P MidCap Quality ETF | 94.0% | 105% | 1.01 |
| [RSP](https://easycompare.io/research/rsp): Invesco S&P 500 Equal Weight ETF | 92.0% | 107% | 1.01 |
| [IWB](https://easycompare.io/research/iwb): iShares Russell 1000 ETF | 100% | 101% | 1.01 |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | 100% | 103% | 1.02 |
| XMMO: Invesco S&P MidCap Momentum ETF | 103% | 93.0% | 1.05 |
| DON: WisdomTree U.S. MidCap Dividend Fund | 84.0% | 110% | 1.01 |
| IWP: iShares Russell Mid-Cap Growth ETF | 94.0% | 110% | 1.11 |
| EZM: WisdomTree U.S. MidCap Fund | 96.0% | 124% | 1.16 |
| SCHM: Schwab U.S. Mid-Cap ETF | 94.0% | 116% | 1.11 |
| [IJR](https://easycompare.io/research/ijr): iShares Core S&P Small-Cap ETF | 95.0% | 123% | 1.13 |
| [VO](https://easycompare.io/research/vo): Vanguard Morningstar Mid-Cap ETF | 91.0% | 109% | 1.05 |
| VOT: Vanguard Morningstar Mid-Cap Growth ETF | 95.0% | 113% | 1.12 |
| JHMM: John Hancock Investments - Multifactor Mid Cap ETF | 93.0% | 111% | 1.06 |
| FNX: First Trust Mid Cap Core AlphaDEX Fund | 101% | 126% | 1.18 |
| SPMD: State Street SPDR Portfolio S&P 400 Mid Cap ETF | 93.0% | 116% | 1.10 |
| MDY: State Street SPDR S&P MIDCAP 400 ETF Trust | 92.0% | 115% | 1.09 |
| XMLV: Invesco S&P MidCap Low Volatility ETF | 65.0% | 80.0% | 0.74 |

### 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).

- 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.

| Investment | Correlation with IWR | 5Y return | Volatility | Sharpe | Rose in IWR's 6 down years |
| --- | --- | --- | --- | --- | --- |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.19 | +126% | 18.9% | 0.96 | 2 of 6 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.40 | +177% | 25.5% | 0.93 | 2 of 6 |
| DBMF: iMGP DBi Managed Futures Strategy ETF | -0.23 | +59.7% | 12.4% | 0.82 | 1 of 6 |
| DBA: Invesco DB Agriculture Fund | 0.23 | +66.4% | 13.8% | 0.81 | 1 of 6 |
| GDX: VanEck Gold Miners ETF | 0.34 | +181% | 38.2% | 0.73 | 0 of 6 |
| USO: United States Oil Fund, LP | -0.02 | +176% | 37.7% | 0.73 | 1 of 6 |
| FLSP: Franklin Systematic Style Premia ETF | 0.02 | +49.8% | 13.4% | 0.68 | 1 of 6 |
| PDBC: Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 0.09 | +73.9% | 19.3% | 0.67 | 1 of 6 |

## 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.

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## Explore further

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