IWR alternatives and similar ETFs

IWR alternatives at a glance#

Each fund below can stand in for IWR, closest first. “Same kind” funds hold the same kind of stocks through a different index. “Related” funds make a different bet that often moves the same way.

Fees come from each fund company, checked on the dates shown on each fund’s page.

How IWR and its alternatives did over the same dates#

Each row measures the alternative and IWR on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

Each IWR alternative, compared#

VO: Vanguard Morningstar Mid-Cap ETF#

VO also holds medium-sized US companies. It tracks the Morningstar US Mid Cap Index, while IWR tracks the Russell MidCap Index.

It charges 0.03% a year, about $3 on $10,000, against $18 for IWR. It held 271 stocks, against 822 for IWR.

From January 2004 to October 2026, VO returned about 10.2% a year and IWR returned about 10.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99).

Read the VO fund page for its returns by year and worst drop.

SCHM: Schwab U.S. Mid-Cap ETF#

SCHM also holds medium-sized US companies. It tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index, while IWR tracks the Russell MidCap Index.

It charges 0.03% a year, about $3 on $10,000, against $18 for IWR. It held 497 stocks, against 822 for IWR.

From January 2011 to October 2026, SCHM returned about 10.9% a year and IWR returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98).

Read the SCHM fund page for its returns by year and worst drop.

IJH: iShares Core S&P Mid-Cap ETF#

IJH also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while IWR tracks the Russell MidCap Index.

It charges 0.05% a year, about $5 on $10,000, against $18 for IWR. It held 408 stocks, against 822 for IWR.

From August 2001 to October 2026, IJH returned about 9.6% a year and IWR returned about 9.9% a year. Over about the last five years they moved almost exactly together (correlation 0.98).

Read the IJH fund page for its returns by year and worst drop.

MDY: State Street SPDR S&P MidCap 400 ETF Trust#

MDY also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while IWR tracks the Russell MidCap Index.

It charges 0.23% a year, about $23 on $10,000, against $18 for IWR. It held 400 stocks, against 822 for IWR.

From August 2001 to October 2026, MDY returned about 9.4% a year and IWR returned about 9.9% a year. Over about the last five years they moved almost exactly together (correlation 0.98).

Read the MDY fund page for its returns by year and worst drop.

VB: Vanguard Morningstar Small-Cap ETF#

VB is a looser match. It holds small US companies, while IWR holds medium-sized US companies.

It charges 0.03% a year, about $3 on $10,000, against $18 for IWR. It held 1,301 stocks, against 822 for IWR.

From January 2004 to October 2026, VB returned about 9.6% a year and IWR returned about 10.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98).

Read the VB fund page for its returns by year and worst drop.

SCHA: Schwab U.S. Small-Cap ETF#

SCHA is a looser match. It holds small US companies, while IWR holds medium-sized US companies.

It charges 0.03% a year, about $3 on $10,000, against $18 for IWR. It held 1,721 stocks, against 822 for IWR.

From November 2009 to October 2026, SCHA returned about 11.8% a year and IWR returned about 12.5% a year. Over about the last five years they moved almost exactly together (correlation 0.95).

Read the SCHA fund page for its returns by year and worst drop.

IWM: iShares Russell 2000 ETF#

IWM is a looser match. It holds small US companies, while IWR holds medium-sized US companies.

It charges 0.19% a year, about $19 on $10,000, against $18 for IWR. It held 1,983 stocks, against 822 for IWR.

From August 2001 to October 2026, IWM returned about 8.5% a year and IWR returned about 9.9% a year. Over about the last five years they moved together on most days (correlation 0.94).

Read the IWM fund page for its returns by year and worst drop.

IJR: iShares Core S&P Small-Cap ETF#

IJR is a looser match. It holds small US companies, while IWR holds medium-sized US companies.

It charges 0.06% a year, about $6 on $10,000, against $18 for IWR. It held 643 stocks, against 822 for IWR.

From August 2001 to October 2026, IJR returned about 9.5% a year and IWR returned about 9.9% a year. Over about the last five years they moved together on most days (correlation 0.93).

Read the IJR fund page for its returns by year and worst drop.

IWR versions from other fund companies#

Some people keep all their funds with one company. Here is the closest fund to IWR from each other company on this page:

• Vanguard: VO, Vanguard Morningstar Mid-Cap ETF (same kind of fund, 0.03% a year)
• Schwab: SCHM, Schwab U.S. Mid-Cap ETF (same kind of fund, 0.03% a year)
• SPDR (State Street): MDY, State Street SPDR S&P MidCap 400 ETF Trust (same kind of fund, 0.23% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company’s index mutual fund, are not listed here.

How to choose between IWR and its alternatives#

• What it tracks. A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix.
• The fee. The difference is often small. On $10,000, IWR costs about $18 a year. VO costs about $3.
• History. An older fund has been through more bad markets, so you can see how far it fell.
• What you already own. Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

Swapping IWR to harvest a tax loss#

Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting.

The IRS wash sale rule blocks the loss if you buy a “substantially identical” security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VO, SCHM or IJH, are less likely to.

Ask a tax professional before you rely on this. Read the IRS rules in Publication 550.

Test IWR and its alternatives in a backtest#

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add IWR and VO, and see how each would have done on the same dates, or how a mix of both would have done.

The details#

Alternatives are picked from facts, not from returns. First come funds that track the same index as IWR. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like IWR over about the last five years come first. Returns and worst drops use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IWR only on days both traded. Read what a backtest simulates for more on these measures.