IWO vs ZPRX: returns, risk and drawdowns compared
iShares Russell 2000 Growth 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, IWO returned 8.1% a year and ZPRX 7.1% a year on average, so IWO came out ahead by 1.1% a year. IWO was the more volatile of the two (20.9% against 18.0% a year), and the deepest falls from a month-end high were 33.5% for IWO and 34.8% for ZPRX.
The correlation of monthly returns was 0.69: they moved together only in part. Over 105 rolling 3-year periods, IWO did better in 56% and ZPRX in 44%.
IWO 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
| IWO | ZPRX | |
|---|---|---|
| Annual return (CAGR) | +8.1% | +7.1% |
| Total return | +149% | +122% |
| Annual volatility | 20.9% | 18.0% |
| Maximum drawdown (month-end) | −33.5% | −34.8% |
| Worst month | −19.6% | −26.0% |
| Best month | +17.7% | +21.8% |
| Positive months | 60% | 60% |
| Best year | 2020: +34.7% | 2019: +29.0% |
| Worst year | 2022: −26.3% | 2018: −19.2% |
| 1-year return | +6.2% | +18.0% |
| 5 years, a year | +3.2% | +8.3% |
| 10 years, a year | +9.8% | +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: IWO vs ZPRX
Returns by calendar year
| Year | IWO | ZPRX |
|---|---|---|
| 2025 | +12.9% | +26.8% |
| 2024 | +15.0% | +4.3% |
| 2023 | +18.5% | +15.3% |
| 2022 | −26.3% | −13.5% |
| 2021 | +2.5% | +27.6% |
| 2020 | +34.7% | −3.5% |
| 2019 | +28.5% | +29.0% |
| 2018 | −9.4% | −19.2% |
| 2017 | +22.3% | +12.9% |
| 2016 | +11.7% | +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, IWO or ZPRX?
From March 2015 to October 2026, IWO returned +8.1% 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 IWO did better in 56% of cases. Past returns do not predict future returns.
Which is riskier, IWO or ZPRX?
Over the same months annual volatility was 20.9% for IWO and 18.0% for ZPRX; the deepest fall from a month-end high was 33.5% and 34.8%, and the worst single month −19.6% and −26.0%.
How correlated are IWO and ZPRX?
The correlation of their monthly returns was 0.69: they moved together only in part. 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.