IWN vs ZPRX: returns, risk and drawdowns compared
iShares Russell 2000 Value ETF against SPDR MSCI Europe Small Cap Value Weighted UCITS ETF, over the same 11 years (March 2015 to October 2026) with dividends reinvested.
Data updated October 2026
From March 2015 to October 2026, IWN returned 8.3% a year and ZPRX 7.1% a year on average, so IWN came out ahead by 1.3% a year. IWN was the more volatile of the two (20.4% against 18.0% a year), and the deepest falls from a month-end high were 37.9% for IWN and 34.8% for ZPRX.
The correlation of monthly returns was 0.79: they usually moved together. Over 105 rolling 3-year periods, IWN did better in 68% and ZPRX in 32%.
IWN trades in USD and ZPRX in EUR: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| IWN | ZPRX | |
|---|---|---|
| Annual return (CAGR) | +8.3% | +7.1% |
| Total return | +155% | +122% |
| Annual volatility | 20.4% | 18.0% |
| Maximum drawdown (month-end) | −37.9% | −34.8% |
| Worst month | −25.1% | −26.0% |
| Best month | +19.1% | +21.8% |
| Positive months | 62% | 60% |
| Best year | 2016: +32.0% | 2019: +29.0% |
| Worst year | 2022: −14.8% | 2018: −19.2% |
| 1-year return | +19.7% | +18.0% |
| 5 years, a year | +6.6% | +8.3% |
| 10 years, a year | +9.3% | +8.6% |
| Trading currency | USD | EUR |
First nine rows: the same 140 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: IWN vs ZPRX
Returns by calendar year
| Year | IWN | ZPRX |
|---|---|---|
| 2025 | +12.4% | +26.8% |
| 2024 | +7.6% | +4.3% |
| 2023 | +14.6% | +15.3% |
| 2022 | −14.8% | −13.5% |
| 2021 | +28.0% | +27.6% |
| 2020 | +4.7% | −3.5% |
| 2019 | +22.0% | +29.0% |
| 2018 | −13.0% | −19.2% |
| 2017 | +7.7% | +12.9% |
| 2016 | +32.0% | +4.3% |
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 ZPRX?
From March 2015 to October 2026, IWN returned +8.3% a year and ZPRX +7.1% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods IWN did better in 68% of cases. Past returns do not predict future returns.
Which is riskier, IWN or ZPRX?
Over the same months annual volatility was 20.4% for IWN and 18.0% for ZPRX; the deepest fall from a month-end high was 37.9% and 34.8%, and the worst single month −25.1% and −26.0%.
How correlated are IWN and ZPRX?
The correlation of their monthly returns was 0.79: they usually moved together. Combining them has historically given some diversification.
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.