Benchmark research · Russell 2000 Small Caps
ETFs and Stocks That Consistently Outperformed IWM (Russell 2000 Small Caps)
Any investment can look great over a single hand-picked timeframe. To find what truly kept ahead of IWM (iShares Russell 2000 ETF), we screened IWM against the entire market of over 10,000 stocks and ETFs across 8 different time windows from 1 month to 10 years, including reinvested dividends. A contender had to come out ahead in both the short term and the long term to make the list. Data as of October 22, 2026.
Compare the entire market against IWM live →Key findings
- How hard it was to top IWM: Across a screen of over 10,000 stocks and ETFs, 343 of 957 eligible ETFs (36%) and 482 of 1,502 eligible stocks (32%) outperformed IWM in at least 3 of 5 short-term periods and 2 of 3 long-term periods. The stronger all-weather record was less common: 134 ETFs and 197 stocks outperformed in every long-term period and all but one short-term period.
- Who came out ahead across the three groups:
- Popular alternatives: VOO and SPY outperformed in all 5 short-term and all 3 long-term periods, while QQQ did so in 4 of 5 and 3 of 3. VTI qualified with 3 of 5 short-term and 3 of 3 long-term periods. Among small-cap comparisons, IJR, SCHA, and IWN qualified with 5 of 5 short-term and 2 of 3 long-term periods, while IWF fell short with 1 of 5 short-term periods despite 3 of 3 long-term periods. No same-index funds were excluded.
- Top ETFs: Technology was the leading category among the top ETFs, with 5 entries. FXL, CIBR, SKYY, and HACK each outperformed in all 5 short-term and all 3 long-term periods. The leading group also included international and commodity funds.
- Top stocks: 482 stocks qualified, and the top stocks shown include companies from healthcare, technology, industrials, consumer staples, and energy. NTRA and MEDP from healthcare, FTNT from technology, and BWLP from industrials each outperformed in all 5 short-term and all 3 long-term periods.
- The risk trade-off: Over 5 years, the top ETFs had median volatility similar to IWM, and about half were less volatile. All 15 had higher Sharpe ratios than IWM. The top stocks were much bumpier, with median volatility roughly double or more than IWM, but all 10 had higher Sharpe ratios.
How popular alternatives compare
Well-known funds and stocks investors often compare against IWM, sorted by long-term periods outperformed, then short-term.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | ||
| IWM iShares Russell 2000 ETF (benchmark) | — | −3.7% | −5.6% | +0.6% | +12.0% | +14.8% | +73.3% | +29.4% | +157% | 22.4% | 0.34 |
| VOO Made the listVanguard S&P 500 ETF | 5/5 short3/3 longAll-weather | −1.2% | +2.5% | +8.0% | +12.7% | +15.7% | +88.8% | +80.8% | +319% | 16.9%0.8× IWM | 0.79 |
| SPY Made the listState Street SPDR S&P 500 ETF | 5/5 short3/3 longAll-weather | −1.2% | +2.5% | +8.0% | +12.7% | +15.6% | +88.4% | +80.3% | +316% | 17.2%0.8× IWM | 0.78 |
| QQQ Made the listInvesco QQQ Trust, Series 1 | 4/5 short3/3 longAll-weather | −5.8% | 0.0% | +7.8% | +15.3% | +16.9% | +101% | +94.0% | +531% | 23.0%1.0× IWM | 0.69 |
| VTI Made the listVanguard Morningstar Total Stock Market ETF | 3/5 short3/3 long | −1.4% | +1.9% | +7.3% | +12.4% | +15.3% | +87.3% | +71.5% | +298% | 17.5%0.8× IWM | 0.71 |
| IWF Fell shortiShares Russell 1000 Growth ETF | 1/5 short3/3 long | −5.2% | −0.6% | +0.5% | +2.1% | +2.9% | +83.6% | +70.3% | +402% | 21.8%1.0× IWM | 0.60 |
| IJR Made the listiShares Core S&P Small-Cap ETF | 5/5 short2/3 long | −0.8% | −4.5% | +2.9% | +15.2% | +18.1% | +63.5% | +32.2% | +165% | 21.1%0.9× IWM | 0.37 |
| SCHA Made the listSchwab U.S. Small-Cap ETF | 5/5 short2/3 long | −2.9% | −4.9% | +1.9% | +14.3% | +18.5% | +75.2% | +33.9% | +164% | 22.0%1.0× IWM | 0.38 |
| IWN Made the listiShares Russell 2000 Value ETF | 5/5 short2/3 long | −1.6% | −3.6% | +4.2% | +17.9% | +22.0% | +76.6% | +40.3% | +148% | 21.1%0.9× IWM | 0.43 |
| VB Made the listVanguard Morningstar Small-Cap ETF | 3/5 short2/3 long | −1.0% | −2.3% | +2.1% | +11.4% | +15.1% | +68.6% | +35.2% | +179% | 20.6%0.9× IWM | 0.40 |
| MDY Fell shortState Street SPDR S&P MIDCAP 400 ETF Trust | 2/5 short2/3 long | −1.0% | −3.6% | +0.6% | +9.4% | +13.5% | +58.8% | +38.5% | +170% | 19.6%0.9× IWM | 0.43 |
| AVUV Fell shortAvantis U.S. Small Cap Value ETF | 5/5 short1/3 long | +0.4% | −2.7% | +4.0% | +19.5% | +26.0% | +72.9% | +66.2% | — | 22.1%1.0× IWM | 0.57 |
| VBK Fell shortVanguard Morningstar Small-Cap Growth ETF | 1/5 short1/3 long | −4.4% | −4.7% | −2.2% | +7.4% | +10.3% | +65.8% | +15.4% | +173% | 23.8%1.1× IWM | 0.24 |
ETFs that consistently outperformed IWM
Top 15 by long-term periods outperformed, then short-term, then by 10Y return. Green cells outperformed IWM in that period. Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Expense | Assets | |||
| — | IWM iShares Russell 2000 ETF (benchmark) | — | −3.7% | −5.6% | +0.6% | +12.0% | +14.8% | +73.3% | +29.4% | +157% | 22.4% | 0.34 | ||
| 1 | FXL TechnologyFirst Trust Technology AlphaDEX Fund | 5/5 short3/3 longAll-weather | −2.1% | +8.6% | +17.8% | +28.7% | +29.3% | +104% | +66.4% | +514% | 26.2%1.2× IWM | 0.52 | 0.60% | $2.7B |
| 2 | CIBR TechnologyFirst Trust Nasdaq Cybersecurity ETF | 5/5 short3/3 longAll-weather | +0.2% | +15.1% | +49.3% | +45.8% | +35.2% | +134% | +96.7% | +461% | 26.2%1.2× IWM | 0.65 | 0.58% | $17B |
| 3 | DXJ InternationalWisdomTree Japan Hedged Equity Fund | 5/5 short3/3 longAll-weather | −2.3% | +0.4% | +10.4% | +23.0% | +34.3% | +125% | +225% | +415% | 19.1%0.9× IWM | 1.34 | 0.48% | $8.1B |
| 4 | UGA CommoditiesUnited States Gasoline Fund, LP | 5/5 short3/3 longAll-weather | −0.6% | +16.0% | +32.8% | +132% | +125% | +117% | +227% | +401% | 35.1%1.6× IWM | 0.85 | 1.08% | $167M |
| 5 | SKYY TechnologyFirst Trust Cloud Computing ETF | 5/5 short3/3 longAll-weather | −1.8% | +23.4% | +34.6% | +28.6% | +22.2% | +124% | +44.2% | +392% | 31.4%1.4× IWM | 0.39 | 0.60% | $3.3B |
| 6 | TDIV TechnologyFirst Trust NASDAQ Technology Dividend Index Fund | 5/5 short3/3 longAll-weather | −1.5% | +4.2% | +6.8% | +17.8% | +16.4% | +118% | +115% | +384% | 21.3%1.0× IWM | 0.83 | 0.50% | $4.4B |
| 7 | HACK TechnologyAmplify Cybersecurity ETF | 5/5 short3/3 longAll-weather | +0.6% | +15.7% | +51.5% | +54.8% | +42.0% | +142% | +87.4% | +381% | 25.8%1.2× IWM | 0.62 | 0.60% | $3.3B |
| 8 | BNO CommoditiesUnited States Brent Oil Fund LP | 5/5 short3/3 longAll-weather | +19.0% | +34.0% | +36.4% | +144% | +139% | +118% | +205% | +359% | 37.1%1.7× IWM | 0.79 | 1.15% | $768M |
| 9 | IOO InternationaliShares Global 100 ETF | 5/5 short3/3 longAll-weather | −1.9% | +2.9% | +8.2% | +13.3% | +19.6% | +103% | +107% | +357% | 17.2%0.8× IWM | 0.94 | 0.40% | $9.2B |
| 10 | MGC Broad MarketVanguard Morningstar Mega Cap ETF | 5/5 short3/3 longAll-weather | −1.9% | +2.8% | +8.4% | +12.6% | +15.7% | +93.4% | +86.0% | +347% | 17.4%0.8× IWM | 0.80 | 0.05% | $11B |
| 11 | CRAK EnergyVanEck Oil Refiners ETF | 5/5 short3/3 longAll-weather | +0.5% | +15.8% | +36.4% | +69.7% | +74.3% | +118% | +143% | +325% | 20.9%0.9× IWM | 0.96 | 0.61% | $810M |
| 12 | RDVY Dividend & IncomeFirst Trust Rising Dividend Achievers ETF | 5/5 short3/3 longAll-weather | +0.3% | −0.3% | +6.9% | +14.3% | +20.2% | +89.1% | +71.0% | +321% | 18.8%0.8× IWM | 0.67 | 0.47% | $25B |
| 13 | SPYM Broad MarketState Street SPDR Portfolio S&P 500 ETF | 5/5 short3/3 longAll-weather | −1.2% | +2.5% | +8.0% | +12.8% | +15.7% | +88.8% | +80.9% | +320% | 16.9%0.8× IWM | 0.79 | 0.02% | $184B |
| 14 | VOO Broad MarketVanguard S&P 500 ETF | 5/5 short3/3 longAll-weather | −1.2% | +2.5% | +8.0% | +12.7% | +15.7% | +88.8% | +80.8% | +319% | 16.9%0.8× IWM | 0.79 | 0.03% | $1.7T |
| 15 | IVV Broad MarketiShares Core S&P 500 ETF | 5/5 short3/3 longAll-weather | −1.2% | +2.5% | +8.0% | +12.8% | +15.7% | +88.8% | +80.8% | +319% | 17.0%0.8× IWM | 0.79 | 0.03% | $880B |
Stocks that consistently outperformed IWM
Top 10 by long-term periods outperformed, then short-term, then by 10Y return. Individual stocks swing far more than funds; check the volatility column.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Company | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Market cap | |||
| — | IWM iShares Russell 2000 ETF (benchmark) | — | −3.7% | −5.6% | +0.6% | +12.0% | +14.8% | +73.3% | +29.4% | +157% | 22.4% | 0.34 | |
| 1 | NTRA Medical - Diagnostics & ResearchNatera, Inc. | 5/5 short3/3 longAll-weather | +2.7% | +51.9% | +93.2% | +75.4% | +113% | +901% | +249% | +3,934% | 57.6%2.6× IWM | 0.73 | $58B |
| 2 | FTNT Software - InfrastructureFortinet, Inc. | 5/5 short3/3 longAll-weather | −0.7% | +11.6% | +98.6% | +122% | +104% | +208% | +158% | +2,668% | 44.8%2.0× IWM | 0.65 | $127B |
| 3 | BWLP Marine ShippingBW LPG Limited | 5/5 short3/3 longAll-weather | +1.2% | +20.7% | +46.1% | +116% | +129% | +232% | +966% | +2,648% | 50.9%2.3× IWM | 1.19 | $3.8B |
| 4 | MEDP Medical - Diagnostics & ResearchMedpace Holdings, Inc. | 5/5 short3/3 longAll-weather | +3.8% | +23.8% | +28.6% | +14.5% | +19.6% | +187% | +250% | +2,003% | 52.1%2.3× IWM | 0.73 | $18B |
| 5 | LLY Drug Manufacturers - GeneralEli Lilly and Company | 5/5 short3/3 longAll-weather | +11.7% | +12.5% | +42.3% | +21.5% | +61.9% | +131% | +461% | +1,870% | 32.8%1.5× IWM | 1.22 | $1.2T |
| 6 | COKE Beverages - Non-AlcoholicCoca-Cola Consolidated, Inc. | 5/5 short3/3 longAll-weather | +12.5% | +16.7% | +15.1% | +44.1% | +67.4% | +257% | +468% | +1,564% | 38.0%1.7× IWM | 1.11 | $14B |
| 7 | MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 5/5 short3/3 longAll-weather | +17.9% | +45.8% | +108% | +181% | +148% | +226% | +660% | +1,314% | 33.4%1.5× IWM | 1.39 | $129B |
| 8 | CVI Oil & Gas Refining & MarketingCVR Energy, Inc. | 5/5 short3/3 longAll-weather | +12.5% | +68.6% | +88.5% | +134% | +62.6% | +105% | +289% | +1,306% | 52.4%2.3× IWM | 0.79 | $5.9B |
| 9 | WSM Specialty RetailWilliams-Sonoma, Inc. | 5/5 short3/3 longAll-weather | +12.4% | +17.7% | +33.1% | +40.7% | +40.7% | +249% | +202% | +1,298% | 44.4%2.0× IWM | 0.72 | $31B |
| 10 | FRO Marine ShippingFrontline Plc | 5/5 short3/3 longAll-weather | +6.9% | +41.8% | +62.0% | +182% | +148% | +222% | +762% | +1,270% | 49.7%2.2× IWM | 1.12 | $11B |
What stands out
The results point to a broad lead across technology ETFs and individual companies in several sectors, rather than one narrow group of winners. Technology made up the largest category among the top ETFs, while the top stocks included healthcare, technology, industrials, consumer staples, and energy. The strongest listed ETFs and stocks kept ahead in both the short and long term, although some popular alternatives, including VTI, qualified without meeting the all-weather rule.
The risk figures show different kinds of trade-offs. The leading ETFs had median volatility similar to IWM, and all had higher Sharpe ratios, a measure of return relative to risk. The stocks showed a rougher ride: their median volatility was roughly double or more than IWM's, even though all 10 had higher Sharpe ratios. Higher risk-adjusted returns do not remove the larger price swings individual stocks can bring.
Methodology
- Short-term periods: 1M, 3M, 6M, YTD, 1Y. Long-term periods: 3Y, 5Y, 10Y. An investment outperformed a period when its total return, with dividends reinvested, was higher than IWM's. Returns within 0.5 points or 3% of IWM's (whichever is larger) count as a tie and are shown in gray.
- Consistent means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods, so a recent hot streak alone is not enough. All-weather means outperforming in every long-term period and all but one short-term period. Rankings use long-term periods outperformed, then short-term, then the 10Y return.
- Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
- Volatility is the annualized standard deviation of daily returns over 5 years. The Sharpe ratio is return above cash divided by volatility over the same period: higher means more return per unit of risk.
- Returns and risk figures are computed from daily adjusted prices and update with each market day. Past performance does not predict future results.