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 22, 2026.
Data as of October 22, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about IWR
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- 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 1.0% over the past 3 months against 2.5% for the S&P 500. Not every peer went the same way. Over the past 3 months, VOE (Vanguard Morningstar Mid-Cap Value ETF) rose 3.8% and MDY (State Street SPDR S&P MIDCAP 400 ETF Trust) fell 3.6%. Consistency ↓
- Fund or market?IWR rose 1.0% over the past 3 months, 4.5 points ahead of the US mid-cap equity ETF IJH (iShares Core S&P Mid-Cap ETF), which fell 3.5%. The S&P 500 rose 2.5%. Its similar funds did not move as one over the past 3 months: VOE (Vanguard Morningstar Mid-Cap Value ETF) rose 3.8%, while MDY (State Street SPDR S&P MIDCAP 400 ETF Trust) fell 3.6%.
- Long termOver the past decade, IWR returned 11.5% a year against 15.3% a year for the S&P 500 (198% in total against 316%). That said, over the past decade, only XMMO (Invesco S&P MidCap Momentum ETF) and XMHQ (Invesco S&P MidCap Quality ETF) of its similar funds outpaced IWR. 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 84% 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), RSP (Invesco S&P 500 Equal Weight ETF) and VOE (Vanguard Morningstar Mid-Cap Value ETF) earned more than IWR with less volatility over the past 5 years. IVV returned 12.6% 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 ILCV (iShares Morningstar Value ETF, US large-cap value) earned more than IWR with less volatility over the past 5 years. MGV returned 12.8% 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: 12.5% a year at 17.2% 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 21 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.
Note: The chart covers the past 21 years rather than IWR's full 25 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in IWR at the end of September 2005 would have grown to $68,010 by September 2026, less than the $90,973 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 XMMO finished highest, at $100,308.
Choose a period
From the end of September 2005 to the end of September 2026. Hover over a fund in the key to pick out its line. 621 of the 1,565 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.
- XMMO$100,308+903% total · +11.6% a year
- SPY (S&P 500)$90,973+810% total · +11.1% a year
- VTI$89,813+798% total · +11.0% a year
- IWB$88,387+784% total · +10.9% a year
- RSP$75,124+651% total · +10.1% a year
- IWP$71,227+612% total · +9.8% a year
- IWR$68,010+580% total · +9.6% a year
- VO$67,724+577% total · +9.5% a year
- IJR$62,403+524% total · +9.1% a year
- IWS$59,510+495% total · +8.9% 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. 1,622 of the 3,630 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.
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- MGV$18,512+85.1% total · +13.1% a year
- XMMO$18,214+82.1% total · +12.7% 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
- FLQM$14,082+40.8% total · +7.1% 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 3.9% 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
- +16.0%total return
- Past 3 years
- +72.8%+20.0% a year
- Past 5 years
- +41.5%+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
- 0.47return per unit of risk, 5 years
- Worst decline ever
- −58.8%Jul 2007 to Mar 2009
- From its all-time high
- −3.9%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 1-year return ranks in the top 30% of the 2,488 ETFs with at least $100 million in assets with 1 year 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 | +16.0% | 742 of 2,488 | top 30% |
| 3-year return | +72.8% | 733 of 1,950 | top 38% |
| 5-year return | +41.5% | 823 of 1,563 | bottom 48% |
| 10-year return | +198% | 294 of 958 | top 31% |
| Volatility, 5 years | 18.2% | 968 of 1,563 | bottom 39% |
| Sharpe ratio, 5 years | 0.47 | 962 of 1,563 | 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 239 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 3,641 screened.
- Among those with at least half IWR's swings, LVHI has the best return for its risk: 16.9% 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 0.47 for IWR.
- Among IWR's popular alternatives, IVV, IWB and VOE are in the region. IVV earned 12.6% 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 91 more of the 244 in the green region (the strongest, one per fund family). 3,641 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, RSP and VOE earned more than IWR with less volatility over the past 5 years. IVV returned 12.6% 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 ILCV (US large-cap value) earned more than IWR with less volatility over the past 5 years. MGV returned 12.8% 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% | 0.47 | −40.6% | +198% | 1.00 | 0.18% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.91 | 0.09% | ||
| Popular alternativesbest 6 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 | +12.6% | 17.0% | 0.79 | −33.9% | +319% | 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 | +8.4% | 16.1% | 0.58 | −39.0% | +214% | 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 | +11.4% | 17.5% | 0.71 | −35.0% | +298% | 0.93 | 0.03% | |
VOEVanguard Morningstar Mid-Cap Value ETF · Mid-Cap Value | Higher return, lower volatilityHigher return in most periods | +9.7% | 15.8% | 0.67 | −43.2% | +185% | 0.95 | 0.05% | |
XMHQInvesco S&P MidCap Quality ETF · US Mid-Cap Equity | Higher return in most periods | +9.6% | 20.5% | 0.55 | −36.9% | +241% | 0.93 | 0.30% | |
 VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Same exposure, lower expense ratio | +6.8% | 17.6% | 0.46 | −39.4% | +199% | 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 (Mid-Cap Growth, Mid-Cap Value, US Small-Cap Equity, US Large-Cap Equity), plus IWR's specific themes. 102 of 198 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 | +12.8% | 13.4% | 0.96 | −35.4% | +247% | 0.90 | 0.05% | |
ILCViShares Morningstar Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.7% | 14.1% | 0.92 | −35.5% | +222% | 0.92 | 0.04% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.9% | 16.9% | 0.86 | −19.5% | — | 0.95 | 0.15% | |
 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 | +10.0% | 14.8% | 0.72 | −36.7% | +251% | 0.91 | 0.16% | |
SFYSoFi Select 500 ETF · US Large-Cap Growth | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.7% | 19.4% | 0.76 | −33.3% | — | 0.86 | 0.19% | |
KJANInnovator U.S. Small Cap Power Buffer ETF - January · US Small-Cap Equity | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +7.5% | 13.0% | 0.62 | −28.9% | — | 0.93 | 0.79% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 439 of 3,460 passed at least one test. | |||||||||
 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 | +10.2% | 14.4% | 0.75 | −33.4% | +256% | 0.82 | 0.06% | |
 DGROiShares Core Dividend Growth ETF · Dividend Growth | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.1% | 13.7% | 0.84 | −35.1% | +270% | 0.93 | 0.08% | |
 XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +8.4% | 15.3% | 0.60 | −28.4% | +208% | 0.62 | 0.08% | |
 BRK-ABerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.57 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.31 | — | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.67 | 0.40% | |
QUSState Street SPDR MSCI USA StrategicFactors ETF · US Multifactor Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.1% | 14.2% | 0.81 | −33.8% | +276% | 0.93 | 0.15% | |
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +6.2% | 3.3% | 1.84 | −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 12.5% a year for the S&P 500. At that pace, $10,000 became about $14,100. 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 17.2%. 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 0.47, against 0.78 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 244 stocks and funds worth at least $500 million that earned more than IWR with less volatility
Out of 3,641 tested over 5 years. The strongest 100 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 · Dividend Growth | Whole market | +10.4% | 14.1% | 0.77 | −31.7% | +258% | 0.93 | 0.04% |
| 2 | SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +10.2% | 14.4% | 0.75 | −33.4% | +256% | 0.82 | 0.06% |
| 3 | XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +208% | 0.62 | 0.08% |
| 4 | BRK-ABerkshire Hathaway Inc. · Insurance | Whole market | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.57 | — |
| 5 | MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Same or nearby category | +12.8% | 13.4% | 0.96 | −35.4% | +247% | 0.90 | 0.05% |
| 6 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | Whole market | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.67 | 0.40% |
| 7 | RECSColumbia Research Enhanced Core ETF · Active Core Equity | Same or nearby category | +13.3% | 16.4% | 0.85 | −34.3% | +237% | 0.91 | 0.15% |
| 8 | EQWLInvesco S&P 100 Equal Weight ETF · US Large-Cap Equity | Same or nearby category | +11.7% | 15.0% | 0.82 | −34.3% | +294% | 0.94 | 0.30% |
| 9 | QUSState Street SPDR MSCI USA StrategicFactors ETF · US Multifactor Equity | Whole market | +11.1% | 14.2% | 0.81 | −33.8% | +276% | 0.93 | 0.15% |
| 10 | ILCViShares Morningstar Value ETF · US Large-Cap Value | Same or nearby category | +12.7% | 14.1% | 0.92 | −35.5% | +222% | 0.92 | 0.04% |
| 11 |  KOThe Coca-Cola Company · Nonalcoholic Beverages | Whole market | +15.2% | 16.8% | 0.93 | −37.0% | +205% | 0.35 | — |
| 12 |  DFACDimensional - US Core Equity 2 ETF · US Total Market | Whole market | +11.3% | 17.0% | 0.72 | −23.1% | — | 0.97 | 0.21% |
| 13 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.6% | 17.2% | 0.94 | −31.4% | +357% | 0.80 | 0.40% |
| 14 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.5% | 15.7% | 0.89 | −32.9% | — | 0.92 | 0.12% |
| 15 |  SCHXSchwab U.S. Large-Cap ETF · US Large-Cap Equity | Same or nearby category | +11.9% | 17.2% | 0.74 | −34.3% | +313% | 0.92 | 0.03% |
| 16 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +13.9% | 16.9% | 0.86 | −19.5% | — | 0.95 | 0.15% |
| 17 |  VYMVanguard High Dividend Yield ETF · High Dividend Yield | Whole market | +11.6% | 13.8% | 0.87 | −35.2% | +209% | 0.89 | 0.04% |
| 18 | IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals | Whole market | +12.9% | 16.8% | 0.81 | −29.6% | +157% | 0.54 | 0.37% |
| 19 | FDLOFidelity Low Volatility Factor ETF · US Low-Volatility Equity | Whole market | +9.7% | 13.0% | 0.78 | −34.4% | +249% | 0.86 | 0.15% |
| 20 | SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Same or nearby category | +12.9% | 12.7% | 1.02 | −18.4% | — | 0.87 | 0.31% |
| 21 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Pharmaceuticals | Whole market | +12.3% | 16.9% | 0.77 | −32.1% | +155% | 0.58 | 0.60% |
| 22 | DGTState Street SPDR Global Dow ETF · Global Equity | Whole market | +13.9% | 15.1% | 0.95 | −34.4% | +260% | 0.87 | 0.50% |
| 23 | DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Whole market | +11.7% | 14.0% | 0.87 | −32.0% | +271% | 0.91 | 0.28% |
| 24 | DJDInvesco Dow Jones Industrial Average Dividend ETF · High Dividend Yield | Whole market | +12.5% | 13.3% | 0.95 | −34.7% | +233% | 0.83 | 0.07% |
| 25 | PJPInvesco Pharmaceuticals ETF · Pharmaceuticals | Whole market | +11.3% | 16.6% | 0.73 | −34.0% | +139% | 0.57 | 0.58% |
| 26 | LGHHCM Defender 500 Index ETF · Tactical Asset Allocation | Whole market | +9.2% | 16.7% | 0.61 | −29.6% | — | 0.81 | 1.00% |
| 27 | PWVInvesco Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +13.7% | 14.2% | 0.98 | −37.6% | +226% | 0.87 | 0.55% |
| 28 | EQLALPS Equal Sector Weight ETF · US Large-Cap Equity | Same or nearby category | +13.4% | 14.5% | 0.94 | −34.2% | +385% | 0.95 | 0.19% |
| 29 | PTNQPacer Trendpilot 100 ETF · Tactical Asset Allocation | Whole market | +9.4% | 14.2% | 0.70 | −28.1% | +292% | 0.55 | 0.65% |
| 30 | HDViShares Core High Dividend ETF · High Dividend Yield | Whole market | +13.3% | 13.0% | 1.03 | −37.0% | +177% | 0.71 | 0.08% |
| 31 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.1% | 16.2% | 0.68 | −34.2% | +220% | 0.93 | 0.06% |
| 32 | PJULInnovator U.S. Equity Power Buffer ETF · US Equity Buffer | Whole market | +10.4% | 8.6% | 1.20 | −18.2% | — | 0.87 | 0.79% |
| 33 |  VEUVanguard FTSE All-World ex-US ETF · International Equity | Whole market | +8.4% | 16.4% | 0.57 | −35.0% | +140% | 0.81 | 0.04% |
| 34 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield | Whole market | +14.6% | 14.5% | 1.02 | −41.4% | +207% | 0.72 | 0.43% |
| 35 | FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer | Whole market | +11.0% | 10.5% | 1.04 | −13.6% | — | 0.84 | 0.85% |
| 36 | POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer | Whole market | +9.9% | 8.0% | 1.22 | −18.8% | — | 0.85 | 0.79% |
| 37 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Whole market | +11.5% | 16.7% | 0.74 | −42.8% | — | 0.89 | 0.19% |
| 38 |  SCHFSchwab International Equity ETF · Developed International Equity | Whole market | +9.4% | 16.8% | 0.62 | −34.9% | +154% | 0.84 | 0.03% |
| 39 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Whole market | +9.8% | 17.0% | 0.64 | −39.9% | +144% | 0.56 | 0.39% |
| 40 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +15.9% | 15.1% | 1.06 | −41.3% | — | 0.93 | 0.56% |
| 41 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +8.2% | 13.3% | 0.66 | −23.8% | +104% | 0.32 | — |
| 42 | DFIVDimensional - International Value ETF · International Large-Cap Value | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.74 | 0.27% |
| 43 | FTSFortis Inc. · Electric Utilities | Whole market | +9.5% | 16.5% | 0.63 | −34.3% | +162% | 0.49 | — |
| 44 | WTVWisdomTree U.S. Value Fund · US Value Equity | Whole market | +13.6% | 17.0% | 0.84 | −42.2% | +306% | 0.95 | 0.12% |
| 45 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +11.7% | 16.7% | 0.75 | −31.6% | +295% | 0.89 | 0.20% |
| 46 | VOEVanguard Morningstar Mid-Cap Value ETF · Mid-Cap Value | Popular alternative | +9.7% | 15.8% | 0.67 | −43.2% | +185% | 0.95 | 0.05% |
| 47 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International Dividend Equity | Whole market | +12.9% | 14.2% | 0.93 | −36.4% | +135% | 0.67 | 0.09% |
| 48 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.8% | 10.5% | 0.95 | −13.7% | — | 0.90 | 0.10% |
| 49 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +12.9% | 13.8% | 0.95 | −32.5% | +204% | 0.83 | 0.35% |
| 50 | DIVOAmplify CWP Enhanced Dividend Income ETF · Covered Call Income | Whole market | +10.9% | 11.9% | 0.94 | −30.0% | — | 0.87 | 0.56% |
| 51 | RODMHartford Multifactor Developed Markets (ex-US) ETF · Developed International Equity | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +142% | 0.79 | 0.29% |
| 52 | SDOGALPS Sector Dividend Dogs ETF · US Dividend Equity | Whole market | +10.9% | 15.3% | 0.76 | −43.6% | +164% | 0.83 | 0.36% |
| 53 | FVALFidelity Value Factor ETF · US Large-Cap Value | Same or nearby category | +12.6% | 16.4% | 0.81 | −37.3% | +290% | 0.91 | 0.15% |
| 54 | DBMFiMGP DBi Managed Futures Strategy ETF · Managed Futures | Whole market | +9.5% | 12.4% | 0.80 | −20.4% | — | -0.23 | 0.85% |
| 55 | FTAFirst Trust Large Cap Value AlphaDEX Fund · US Large-Cap Value | Same or nearby category | +10.8% | 16.2% | 0.72 | −45.0% | +195% | 0.90 | 0.58% |
| 56 | JVALJPMorgan U.S. Value Factor ETF · US Large-Cap Value | Same or nearby category | +12.1% | 17.2% | 0.76 | −40.4% | — | 0.95 | 0.12% |
| 57 | FYLDCambria Foreign Shareholder Yield ETF · International Dividend Equity | Whole market | +13.1% | 16.0% | 0.86 | −44.6% | +203% | 0.68 | 0.59% |
| 58 | FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity | Whole market | +10.1% | 10.5% | 0.97 | −20.6% | +155% | 0.82 | 0.95% |
| 59 | OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity | Whole market | +8.9% | 16.4% | 0.60 | −33.2% | — | 0.91 | 0.29% |
| 60 | IXGiShares Global Financials ETF · Financial Sector Equity | Whole market | +12.3% | 17.2% | 0.77 | −43.5% | +221% | 0.85 | 0.38% |
| 61 | PTLCPacer Trendpilot US Large Cap ETF · Tactical Equity | Whole market | +9.3% | 11.9% | 0.81 | −26.6% | +185% | 0.66 | 0.60% |
| 62 | BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF · Broad Commodities | Whole market | +10.1% | 16.7% | 0.66 | −32.7% | — | 0.17 | 0.26% |
| 63 | AOAiShares Core 80/20 Aggressive Allocation ETF · Balanced Allocation | Whole market | +8.4% | 13.1% | 0.69 | −28.4% | +163% | 0.92 | 0.19% |
| 64 | FTHIFirst Trust BuyWrite Income ETF · Covered Call Income | Whole market | +10.0% | 13.3% | 0.79 | −32.6% | +124% | 0.88 | 0.75% |
| 65 | ACIOAptus Collared Income Opportunity ETF · Hedged Equity | Whole market | +9.1% | 11.2% | 0.84 | −14.2% | — | 0.87 | 0.79% |
| 66 | HFXINYLI FTSE International Equity Currency Neutral ETF · International Large-Cap Equity | Whole market | +11.2% | 15.3% | 0.78 | −32.4% | +178% | 0.83 | 0.19% |
| 67 | FJUNFT Vest U.S. Equity Buffer ETF - June · S&P 500 Buffer | Whole market | +10.4% | 10.6% | 0.99 | −13.3% | — | 0.90 | 0.85% |
| 68 | DDWMWisdomTree Dynamic International Equity Fund · International Dividend Equity | Whole market | +12.2% | 13.4% | 0.93 | −35.0% | +148% | 0.77 | 0.40% |
| 69 | RLYState Street Multi-Asset Real Return ETF · Inflation Protection | Whole market | +10.0% | 13.3% | 0.79 | −34.2% | +128% | 0.67 | 0.50% |
| 70 | DSTLDistillate U.S. Fundamental Stability & Value ETF · US Large-Cap Value | Same or nearby category | +11.7% | 16.2% | 0.77 | −33.1% | — | 0.89 | 0.39% |
| 71 | RAAXVanEck Real Assets ETF · Real Assets | Whole market | +11.5% | 15.7% | 0.78 | −33.9% | — | 0.71 | 0.55% |
| 72 | DBAInvesco DB Agriculture Fund · Agricultural Commodities | Whole market | +10.8% | 13.8% | 0.81 | −35.3% | +58.9% | 0.23 | 0.90% |
| 73 | PPHVanEck Pharmaceutical ETF · Pharmaceuticals | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +158% | 0.54 | 0.36% |
| 74 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Nasdaq Options Income | Whole market | +11.4% | 14.8% | 0.81 | −19.5% | +118% | 0.81 | 0.75% |
| 75 | FLSPFranklin Systematic Style Premia ETF · Liquid Alternatives | Whole market | +8.6% | 13.4% | 0.69 | −22.9% | — | 0.02 | 0.65% |
| 76 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Hedged Equity | Whole market | +10.3% | 10.3% | 1.01 | −11.7% | — | 0.61 | 0.31% |
| 77 | DBEUXtrackers MSCI Europe Hedged Equity ETF · European Equity | Whole market | +11.0% | 14.4% | 0.80 | −34.5% | +177% | 0.81 | 0.46% |
| 78 | XLSRState Street US Sector Rotation ETF · Tactical Equity | Whole market | +9.1% | 17.2% | 0.59 | −32.9% | — | 0.89 | 0.70% |
| 79 | QEFAState Street SPDR MSCI EAFE StrategicFactors ETF · International Multifactor Equity | Whole market | +8.5% | 14.8% | 0.63 | −30.8% | +143% | 0.78 | 0.30% |
| 80 | IMFLInvesco International Developed Dynamic Multifactor ETF · International Multifactor Equity | Whole market | +8.5% | 16.2% | 0.59 | −33.3% | — | 0.77 | 0.34% |
| 81 | QSPTFT Vest Nasdaq-100 Buffer ETF - September · Nasdaq-100 Buffer | Whole market | +11.9% | 14.9% | 0.83 | −22.6% | — | 0.77 | 0.90% |
| 82 | FXUFirst Trust Utilities AlphaDEX Fund · Utilities Equity | Whole market | +11.6% | 16.7% | 0.75 | −34.8% | +143% | 0.68 | 0.61% |
| 83 | WTPIWisdomTree Equity Premium Income Fund · Equity Income | Whole market | +8.9% | 12.2% | 0.77 | −28.4% | +119% | 0.85 | 0.44% |
| 84 | FDEMFidelity Emerging Markets Multifactor ETF · Emerging Markets Equity | Whole market | +8.8% | 17.0% | 0.59 | −33.7% | — | 0.62 | 0.25% |
| 85 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.3% | 17.1% | 0.98 | −58.1% | +178% | 0.55 | — |
| 86 | FNDFSchwab Fundamental International Large Company Index ETF · International Large-Cap Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +193% | 0.77 | 0.25% |
| 87 | VYMIVanguard International High Dividend Yield ETF · International Dividend Equity | Whole market | +13.2% | 14.8% | 0.92 | −40.0% | +174% | 0.74 | 0.07% |
| 88 | FDVVFidelity High Dividend ETF · High Dividend Yield | Whole market | +13.4% | 14.6% | 0.94 | −40.2% | +255% | 0.90 | 0.15% |
| 89 | IGFiShares Global Infrastructure ETF · Infrastructure Equity | Whole market | +9.3% | 13.9% | 0.71 | −42.1% | +115% | 0.78 | 0.37% |
| 90 | IDViShares International Select Dividend ETF · International Dividend Equity | Whole market | +12.7% | 15.5% | 0.85 | −42.5% | +159% | 0.66 | 0.50% |
| 91 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +15.2% | 14.5% | 1.06 | −43.6% | +155% | 0.76 | 0.95% |
| 92 | GCOWPacer Global Cash Cows Dividend ETF · Global Equity | Whole market | +14.4% | 13.6% | 1.06 | −37.6% | +170% | 0.62 | 0.60% |
| 93 | SPYDState Street SPDR Portfolio S&P 500 High Dividend ETF · High Dividend Yield | Whole market | +8.3% | 16.0% | 0.58 | −46.4% | +131% | 0.83 | 0.07% |
| 94 | EWUiShares MSCI United Kingdom ETF · International Equity | Whole market | +11.5% | 16.4% | 0.75 | −43.3% | +131% | 0.71 | 0.50% |
| 95 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Whole market | +9.6% | 15.5% | 0.67 | −37.8% | +128% | 0.61 | 0.63% |
| 96 | INTFiShares International Equity Factor ETF · International Large-Cap Equity | Whole market | +10.5% | 16.2% | 0.70 | −40.4% | +143% | 0.82 | 0.16% |
| 97 | MLPAGlobal X - MLP ETF · Energy Equity | Whole market | +15.4% | 17.2% | 0.92 | −74.3% | +79.2% | 0.56 | 0.77% |
| 98 | DHSWisdomTree U.S. High Dividend Fund · High Dividend Yield | Whole market | +12.4% | 13.9% | 0.91 | −37.4% | +159% | 0.78 | 0.38% |
| 99 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · Global Equity | Whole market | +11.7% | 14.8% | 0.82 | −44.8% | +155% | 0.71 | 0.55% |
| 100 | ICOWPacer Developed Markets International Cash Cows 100 ETF · International Large-Cap Value | Whole market | +10.8% | 16.8% | 0.70 | −43.5% | — | 0.70 | 0.65% |
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.
- Six of the 21 popular alternatives, led by IWB, VOE and IWS, 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 12.5%, with higher volatility (18.2% against 17.2%).
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 | +12.5% | 17.2% |
| IWB iShares Russell 1000 ETF | +11.7% | 17.2% |
| VOE Vanguard Morningstar Mid-Cap Value ETF | +9.7% | 15.8% |
| XMHQ Invesco S&P MidCap Quality ETF | +9.6% | 20.5% |
| XMMO Invesco S&P MidCap Momentum ETF | +9.3% | 22.1% |
| IWS iShares Russell Mid-Cap Value ETF | +8.8% | 17.2% |
| RSP Invesco S&P 500 Equal Weight ETF | +8.4% | 16.1% |
| DON WisdomTree U.S. MidCap Dividend Fund | +7.8% | 17.4% |
| FLQM Franklin U.S. Mid Cap Multifactor Index ETF | +7.6% | 16.5% |
| EZM WisdomTree U.S. MidCap Fund | +7.6% | 20.2% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | +7.4% | 20.3% |
| IWR This pageiShares Russell Mid-Cap ETF | +7.2% | 18.2% |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | +7.1% | 18.3% |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | +7.0% | 20.5% |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | +7.0% | 19.6% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | +7.0% | 19.6% |
| VO Vanguard Morningstar Mid-Cap ETF | +6.8% | 17.6% |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | +6.7% | 19.6% |
| SCHM Schwab U.S. Mid-Cap ETF | +6.7% | 19.7% |
| XMLV Invesco S&P MidCap Low Volatility ETF | +6.0% | 14.4% |
| IJR iShares Core S&P Small-Cap ETF | +5.8% | 21.1% |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | +3.3% | 21.7% |
| IWP iShares Russell Mid-Cap Growth ETF | +2.7% | 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.
- Four of the 24 popular alternatives, led by RSP, 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) | — | +0.8% | +1.0% | +6.5% | +13.9% | +16.0% | +72.8% | +41.5% | +198% | 18.2% | 0.47 | −40.6% | 0.18% | $56B | — |
| RSP QualifiedInvesco S&P 500 Equal Weight ETF | 5/5 short2/3 long | +2.5% | +3.0% | +8.6% | +14.5% | +16.8% | +68.3% | +49.6% | +214% | 16.1% | 0.58 | −39.0% | 0.20% | $98B | 94% |
| VOE QualifiedVanguard Morningstar Mid-Cap Value ETF | 5/5 short2/3 long | +4.5% | +3.8% | +10.1% | +18.7% | +22.9% | +78.6% | +58.6% | +185% | 15.8% | 0.67 | −43.2% | 0.05% | $37B | 78% |
| IWS QualifiediShares Russell Mid-Cap Value ETF | 5/5 short2/3 long | +2.7% | +2.7% | +9.5% | +19.8% | +23.6% | +78.5% | +52.8% | +170% | 17.2% | 0.58 | −43.8% | 0.23% | $15B | 91% |
| XMHQ QualifiedInvesco S&P MidCap Quality ETF | 3/5 short2/3 long | +1.9% | +3.8% | +7.5% | +12.3% | +13.1% | +61.4% | +57.8% | +241% | 20.5% | 0.55 | −36.9% | 0.30% | $5.4B | 80% |
| IVV Broad MarketiShares Core S&P 500 ETF | 2/5 short3/3 long | −1.2% | +2.5% | +8.0% | +12.8% | +15.7% | +88.8% | +80.8% | +319% | 17.0% | 0.79 | −33.9% | 0.03% | $880B | 72% |
| IWB Broad MarketiShares Russell 1000 ETF | 2/5 short3/3 long | −1.2% | +2.3% | +7.6% | +12.2% | +15.0% | +87.1% | +73.6% | +305% | 17.2% | 0.73 | −34.6% | 0.15% | $49B | 73% |
| VTI Broad MarketVanguard Morningstar Total Stock Market ETF | 2/5 short3/3 long | −1.4% | +1.9% | +7.3% | +12.4% | +15.3% | +87.3% | +71.5% | +298% | 17.5% | 0.71 | −35.0% | 0.03% | $2.3T | 73% |
| XMMO Broad MarketInvesco S&P MidCap Momentum ETF | 0/5 short3/3 long | −8.7% | −16.3% | −14.1% | −3.2% | +2.2% | +81.5% | +55.8% | +368% | 22.1% | 0.51 | −36.7% | 0.34% | $6.9B | 77% |
| FLQM Broad MarketFranklin U.S. Mid Cap Multifactor Index ETF | 3/5 short1/3 long | +5.5% | +6.1% | +9.7% | +11.3% | +12.8% | +57.2% | +43.9% | — | 16.5% | 0.53 | −37.2% | 0.30% | $1.4B | 82% |
| DON Dividend & IncomeWisdomTree U.S. MidCap Dividend Fund | 1/5 short1/3 long | +2.8% | −0.3% | +4.7% | +11.0% | +12.9% | +54.7% | +45.5% | +140% | 17.4% | 0.52 | −46.8% | 0.38% | $3.8B | 76% |
| BBMC Broad MarketJPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 1/5 short1/3 long | −0.7% | −1.4% | +3.9% | +14.1% | +19.3% | +78.8% | +40.4% | — | 20.5% | 0.43 | −30.1% | 0.07% | $2.1B | 90% |
| FNX Broad MarketFirst Trust Mid Cap Core AlphaDEX Fund | 0/5 short1/3 long | +0.5% | −2.7% | +2.0% | +10.0% | +13.4% | +66.4% | +42.8% | +200% | 20.3% | 0.45 | −44.0% | 0.62% | $1.3B | 87% |
| EZM Broad MarketWisdomTree U.S. MidCap Fund | 0/5 short1/3 long | +0.6% | −1.9% | +3.3% | +10.8% | +14.8% | +61.0% | +44.0% | +170% | 20.2% | 0.46 | −47.3% | 0.38% | $896M | 88% |
| SCHM Broad MarketSchwab U.S. Mid-Cap ETF | 2/5 short0/3 long | −0.6% | −1.2% | +3.5% | +15.0% | +19.1% | +69.6% | +38.5% | +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 | −0.8% | −4.5% | +2.9% | +15.2% | +18.1% | +63.5% | +32.2% | +165% | 21.1% | 0.37 | −44.4% | 0.06% | $102B | 89% |
| VO Broad MarketVanguard Morningstar Mid-Cap ETF | 1/5 short0/3 long | +1.3% | +1.3% | +6.8% | +12.3% | +13.2% | +70.7% | +39.0% | +199% | 17.6% | 0.46 | −39.4% | 0.03% | $217B | 94% |
| XMLV Broad MarketInvesco S&P MidCap Low Volatility ETF | 1/5 short0/3 long | +1.6% | −3.1% | +2.6% | +8.0% | +7.3% | +49.9% | +34.2% | +115% | 14.4% | 0.48 | −39.9% | 0.25% | $699M | 43% |
| JHMM Broad MarketJohn Hancock Investments - Multifactor Mid Cap ETF | 0/5 short0/3 long | +0.2% | −0.9% | +2.4% | +10.8% | +14.9% | +67.9% | +40.7% | +199% | 18.3% | 0.47 | −40.7% | 0.41% | $5.9B | 94% |
| VOT Broad MarketVanguard Morningstar Mid-Cap Growth ETF | 0/5 short0/3 long | −3.0% | −2.0% | +2.3% | +3.3% | +0.5% | +57.8% | +17.6% | +198% | 21.7% | 0.26 | −37.2% | 0.05% | $33B | 74% |
| IWP Broad MarketiShares Russell Mid-Cap Growth ETF | 0/5 short0/3 long | −4.8% | −4.0% | −2.4% | −3.4% | −5.6% | +52.7% | +14.3% | +197% | 22.6% | 0.23 | −38.6% | 0.23% | $19B | 76% |
| SPMD Broad MarketState Street SPDR Portfolio S&P 400 Mid Cap ETF | 0/5 short0/3 long | −1.0% | −3.5% | +0.8% | +9.7% | +13.9% | +60.3% | +40.3% | +181% | 19.6% | 0.45 | −41.9% | 0.03% | $18B | 88% |
| IJH Broad MarketiShares Core S&P Mid-Cap ETF | 0/5 short0/3 long | −0.9% | −3.5% | +0.8% | +9.7% | +13.9% | +60.3% | +40.3% | +176% | 19.6% | 0.44 | −42.2% | 0.05% | $121B | 89% |
| IVOO Broad MarketVanguard S&P Mid-Cap 400 ETF | 0/5 short0/3 long | −0.9% | −3.6% | +0.7% | +9.6% | +13.9% | +60.1% | +40.0% | +175% | 19.6% | 0.44 | −42.3% | 0.07% | $5.7B | 91% |
| MDY Broad MarketState Street SPDR S&P MIDCAP 400 ETF Trust | 0/5 short0/3 long | −1.0% | −3.6% | +0.6% | +9.4% | +13.5% | +58.8% | +38.5% | +170% | 19.6% | 0.43 | −42.2% | 0.23% | $26B | 88% |
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.
- Ranked against its popular alternatives each year, IWR finished in the top quarter in three of 24 years and in the bottom quarter in no. In 2025, it ranked 10 of 22.
- Among its popular alternatives, RSP came out ahead of IWR most often, in 12 of the 22 years both traded.
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 3 of 24 | 10 of 22 | 8 of 22 | 10 of 22 | 17 of 22 | 16 of 22 | 7 of 21 | 6 of 21 | 12 of 21 | 9 of 20 | 14 of 20 | 14 of 19 | 9 of 19 | 10 of 18 | 7 of 18 | 11 of 17 | 9 of 16 | 7 of 16 | 12 of 16 | 8 of 14 | 4 of 10 | 2 of 8 | 3 of 7 | 2 of 6 | 4 of 6 |
| 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% |
| 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% | — | — |
| 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% | — | — | — | — | — |
| 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% |
| 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% | — | — | — | — |
| 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% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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% | — | — | — | — | — |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 2 of 5 | +12.2% | +15.2% | +18.4% | −19.8% | +17.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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% | — | — | — | — | — | — |
| 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% | — | — | — | — | — | — |
| 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% | — | — | — |
| 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% | — | — | — | — | — | — | — | — | — | — | — | — |
| 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% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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% | — | — | — | — | — |
| 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% |
| 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% | — | — | — | — |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 4 of 15 | +7.5% | +13.8% | +16.4% | −13.2% | +24.6% | +13.6% | +26.2% | −11.4% | +16.4% | +20.3% | −2.3% | +9.5% | +33.6% | +17.7% | −2.6% | — | — | — | — | — | — | — | — | — |
| 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% |
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% |
| 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% | — |
| 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% | — |
| 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% | — |
| 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% | — |
| FLQM Franklin U.S. Mid Cap Multifactor Index ETF | 5 of 5 | −4.5% | −21.9% | −37.2% | −17.7% | 0.0% | — | — | — | — | — |
| 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% | — |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 0 of 2 | −7.1% | −26.4% | — | — | — | — | — | — | — | — |
| 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% | — |
| 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% | — |
| 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% | — |
| XMLV Invesco S&P MidCap Low Volatility ETF | 5 of 6 | −5.6% | −16.4% | −39.7% | −12.7% | −5.3% | −9.6% | — | — | — | — |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | 1 of 5 | −6.6% | −23.2% | −40.7% | −21.8% | −5.9% | — | — | — | — | — |
| 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% | — |
| 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% | — |
| 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% | — |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 1 of 7 | −7.0% | −22.7% | −42.3% | −22.9% | −6.1% | −17.7% | −24.7% | — | — | — |
| 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% |
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.
- Five 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 XMHQ.
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 |
| 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 |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | 93% | 111% | 0.84 | 1.06 |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 95% | 113% | 0.84 | 1.12 |
| 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 |
| XMLV Invesco S&P MidCap Low Volatility ETF | 65% | 80% | 0.81 | 0.74 |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | 93% | 116% | 0.81 | 1.10 |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 93% | 116% | 0.81 | 1.10 |
| 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, XLE, GLD and DBA 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 | +41.5% | 0.47 | −17.5% | −9.1% | −2.6% | −1.8% | −41.4% | −16.6% | 17.4% | +7.9% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.40 | +178% | 0.94 | +64.4% | −18.2% | −21.5% | +2.8% | −39.0% | −14.8% | 16.7% | +11.3% |
| GLD CommoditiesSPDR Gold Shares | 0.19 | +120% | 0.93 | −0.8% | −1.9% | −10.7% | +9.6% | +4.9% | — | 14.9% | +10.3% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.23 | +66.7% | 0.81 | +2.5% | −8.7% | −17.2% | −10.7% | −19.1% | — | 14.6% | +8.7% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.23 | +57.5% | 0.80 | +21.6% | — | — | — | — | — | 13.5% | +8.8% |
| USO CommoditiesUnited States Oil Fund, LP | -0.02 | +180% | 0.74 | +29.0% | −19.6% | −46.0% | −2.3% | −56.3% | — | 15.7% | +12.0% |
| GDX MaterialsVanEck Gold Miners ETF | 0.34 | +165% | 0.70 | −9.0% | −8.8% | −24.7% | −16.1% | −26.1% | — | 17.9% | +12.4% |
| FLSP AlternativesFranklin Systematic Style Premia ETF | 0.02 | +51.1% | 0.69 | +0.5% | — | — | — | — | — | 14.0% | +8.3% |
| PDBC AlternativesInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 0.09 | +76.2% | 0.69 | +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 | +41.5% | 0.47 | −17.5% | −9.1% | −2.6% | −1.8% | −41.4% | −16.6% | 17.4% | +7.9% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.39 | +471% | 1.54 | +54.1% | −24.5% | +12.6% | +8.1% | −39.6% | −8.3% | 16.7% | +13.9% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.43 | +2,780% | 1.43 | +1.3% | −16.3% | −6.0% | −24.4% | −20.5% | −65.1% | 21.7% | +26.0% |
| MCK Medical - DistributionMcKesson Corporation | 0.27 | +397% | 1.41 | +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 | +660% | 1.39 | +86.6% | −8.2% | +17.4% | — | — | — | 17.2% | +15.9% |
| PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras | 0.18 | +721% | 1.32 | +55.4% | +27.7% | −41.1% | −32.1% | −55.6% | −32.0% | 16.9% | +15.8% |
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, RSP and VOE earned more than IWR with less volatility over the past 5 years. IVV returned 12.6% 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 17.2%. 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 0.47, against 0.78 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, four outperformed IWR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: RSP, 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, XLE (correlation 0.40), GLD (correlation 0.19) and DBA (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
- RSPInvesco S&P 500 Equal Weight ETF
- IVViShares Core S&P 500 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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