IWN vs IWO: returns, risk and drawdowns compared
iShares Russell 2000 Value ETF against iShares Russell 2000 Growth ETF, over the same 20 years (November 2006 to October 2026) with dividends reinvested.
Data updated October 2026
From November 2006 to October 2026, IWN returned 7.1% a year and IWO 8.5% a year on average, so IWO came out ahead by 1.4% a year. IWO was the more volatile of the two (20.8% against 20.6% a year), and the deepest falls from a month-end high were 55.1% for IWN and 52.0% for IWO.
The correlation of monthly returns was 0.92: they moved almost in lockstep. Over 205 rolling 3-year periods, IWN did better in 27% and IWO in 73%.
Side by side
| IWN | IWO | |
|---|---|---|
| Annual return (CAGR) | +7.1% | +8.5% |
| Total return | +295% | +416% |
| Annual volatility | 20.6% | 20.8% |
| Maximum drawdown (month-end) | −55.1% | −52.0% |
| Worst month | −25.1% | −21.7% |
| Best month | +19.1% | +17.7% |
| Positive months | 62% | 60% |
| Best year | 2013: +34.4% | 2013: +43.3% |
| Worst year | 2008: −28.7% | 2008: −38.5% |
| 1-year return | +19.7% | +6.2% |
| 5 years, a year | +6.6% | +3.2% |
| 10 years, a year | +9.3% | +9.8% |
| Trading currency | USD | USD |
First nine rows: the same 240 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: IWN vs IWO
Returns by calendar year
| Year | IWN | IWO |
|---|---|---|
| 2025 | +12.4% | +12.9% |
| 2024 | +7.6% | +15.0% |
| 2023 | +14.6% | +18.5% |
| 2022 | −14.8% | −26.3% |
| 2021 | +28.0% | +2.5% |
| 2020 | +4.7% | +34.7% |
| 2019 | +22.0% | +28.5% |
| 2018 | −13.0% | −9.4% |
| 2017 | +7.7% | +22.3% |
| 2016 | +32.0% | +11.7% |
| 2015 | −7.7% | −1.4% |
| 2014 | +4.1% | +5.9% |
| 2013 | +34.4% | +43.3% |
| 2012 | +18.1% | +14.8% |
| 2011 | −5.8% | −3.0% |
| 2010 | +24.7% | +29.4% |
| 2009 | +20.5% | +34.6% |
| 2008 | −28.7% | −38.5% |
| 2007 | −10.3% | +6.9% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, IWN or IWO?
From November 2006 to October 2026, IWN returned +7.1% a year and IWO +8.5% a year, with dividends reinvested. Over rolling 3-year periods IWN did better in 27% of cases. Past returns do not predict future returns.
Which is riskier, IWN or IWO?
Over the same months annual volatility was 20.6% for IWN and 20.8% for IWO; the deepest fall from a month-end high was 55.1% and 52.0%, and the worst single month −25.1% and −21.7%.
How correlated are IWN and IWO?
The correlation of their monthly returns was 0.92: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.