Russell 2000: returns, drawdowns and futures positioning
Around 2,000 smaller US companies, the bottom part of the Russell 3000 by size. It is the most followed measure of US small caps.
Data updated October 2026
Measured through IWM, total return in US dollarsData from October 2006
$10,000 in the Russell 2000 (IWM) from October 2006
$46,852
+369% in total, +8.0% a year on average, with dividends reinvested, in US dollars.
- Calendar years with a gain
13 of 19
Best 2013, +38.7%. Worst 2008, −34.2%.
- Deepest fall
−59.0%
Jul 2007 to Mar 2009. Back to the previous high 3.6 years after the peak.
- Annual volatility
24.5%
How much returns swing around their average. Worst single month: −21.5%.
- At the last close
10.8% below its high
October 19, 2026.
Returns to October 2026
1 year
3 years
a year
5 years
a year
10 years
a year
Since 2006
a year
Total return to the last close, dividends reinvested. Periods longer than a year are annualised. SPY is SPDR S&P 500 ETF Trust, shown for reference.
What holding the Russell 2000 was like
Every stretch of 1, 3, 5 and 10 years since October 2006, starting at each month-end. The bar runs from the worst stretch to the best; the mark is the middle one. Held for 10 years, the Russell 2000 never lost money: the worst stretch still returned +5.6% a year.
Held 1 year
229 periods
68% of periods ended with a gain
Held 3 years
205 periods, a year
88% of periods ended with a gain
Held 5 years
181 periods, a year
99% of periods ended with a gain
Held 10 years
121 periods, a year
100% of periods ended with a gain
Falls and recoveries
How far the Russell 2000 was below its previous high, week by week.
| Fall | From the high of | To the low of | Falling for | Back to the high |
|---|---|---|---|---|
| −59.0% | Jul 2007 | Mar 2009 | 20 months | Feb 2011, 3.6 years later |
| −40.3% | Jun 2018 | Mar 2020 | 21 months | Dec 2020, 2.5 years later |
| −31.4% | Nov 2021 | Sep 2022 | 11 months | Oct 2025, 3.9 years later |
| −25.1% | Apr 2011 | Sep 2011 | 6 months | Sep 2012, 17 months later |
| −24.9% | Jun 2015 | Feb 2016 | 8 months | Nov 2016, 17 months later |
Year by year
The Russell 2000 ended 13 of 19 full calendar years higher. The average gain in an up year was +19.4%, the average loss in a down year −12.7%.
YTD: from 1 January to the last close. 2006 starts at the first price, October 2006.
Example: $500 a month for 10 years
Put in from Nov 2016
$60,000
Worth at the last close
$97,363 +62%
Lowest point: Mar 2020, when the $20,500 put in so far was worth $16,157 (−21%).
Try your own amount and datesInvested at each month-start, dividends reinvested, before trading costs and taxes.
Who holds E-mini Russell 2000 futures
Net positions by type of trader in the CFTC Traders in Financial Futures report of October 20, 2026 (positions as of Tuesday, published on Friday). The dot shows where each net position sits between its most short and most long of the past year.
Leveraged funds
Hedge funds and CTAs
Net short 53,035
contracts, 11.4% of open interest · +38,612 on the week
Asset managers
Pension funds, insurers, mutual funds
Net long 30,960
contracts, 6.6% of open interest · +1,432 on the week
Dealers
Banks and market makers
Net long 23,003
contracts, 4.9% of open interest · −34,500 on the week
Net position as a share of open interest, weekly, last three years. Above zero: net long.
Russell 2000 COT report: the full history and weekly changes
ETFs that track the Russell 2000
| Fund | 1 year | 5 years, a year | 10 years, a year | Currency |
|---|---|---|---|---|
| IWMiShares Russell 2000 ETF | +12.6% | +5.0% | +9.7% | USD |
| IWNiShares Russell 2000 Value ETF | +19.7% | +6.6% | +9.3% | USD |
| IWOiShares Russell 2000 Growth ETF | +6.2% | +3.2% | +9.8% | USD |
Total returns with dividends reinvested, each in its trading currency, to the last close. Funds in different currencies are not directly comparable.
Questions
What has the Russell 2000 returned a year?
Measured through IWM (iShares Russell 2000 ETF), with dividends reinvested: +8.0% a year from October 2006 to October 2026. Over the last 10 years +9.7% a year, over the last 12 months +12.6%. Past returns do not predict future returns.
What was the biggest fall in the Russell 2000 since 2006?
−59.0% from July 2007 to March 2009, measured on IWM with dividends reinvested; it was back at the previous high about 43 months after the peak. Falls before 2006 are outside this history.
Has the Russell 2000 ever lost money over 10 years?
Of the 121 10-year periods since October 2006, none ended with a loss; the worst returned +5.6% a year and the best +16.5% a year.
Are hedge funds long or short Russell 2000 futures?
Leveraged funds (hedge funds and CTAs) held a net short position of 53,035 contracts in E-mini Russell 2000 futures (11.4% of open interest), around the middle of its one-year range. CFTC report of October 20, 2026.
Which ETFs track the Russell 2000?
Among the funds MEDGE follows: IWM (iShares Russell 2000 ETF), IWN (iShares Russell 2000 Value ETF), IWO (iShares Russell 2000 Growth ETF).
Related
Source: MarketStack end-of-day prices of IWM, total return with dividends reinvested; CFTC Traders in Financial Futures (futures only). 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.