# IWN ETF: fees, returns, drawdowns and holdings

> What IWN holds, its 0.24% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

iShares Russell 2000 Value ETF (IWN) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of small US companies that look cheaper compared with things like their earnings or book value. It charges 0.24% a year. From July 2000 to October 2026 it returned about 9.2% a year, and its worst drop was −61.6%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.24% a year (about $24 on $10,000).
- Started trading on July 24, 2000.
- Last close: $208.75 on October 16, 2026.
- Return over the last year: 20.0%.
- Worst drop since 2000: −61.6%.
- 4 Tactfolio classic strategies hold it.

## How has IWN done since 2000?

From July 2000 to October 2026, IWN returned about 9.2% a year. The S&P 500 returned about 8.5% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $100,474 at the end, with every dividend reinvested.

| Period | IWN | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −3.3% | 1.5% |
| 3 months | −6.5% | 1.9% |
| 6 months | 4.0% | 9.3% |
| Year to date | 16.4% | 12.8% |
| 1 year | 20.0% | 16.8% |
| 3 years, per year | 18.2% | 22.0% |
| 5 years, per year | 6.7% | 12.8% |
| 10 years, per year | 9.4% | 15.4% |
| Since 2000, per year | 9.2% | 8.5% |

Periods longer than a year show the return per year (CAGR). 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.

## IWN returns by month and year

IWN rose in 199 of its 316 months (63%). Its best month was November 2020, at 19.1%. Its worst was March 2020, at −25.1%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 7.0% | 1.9% | −3.8% | 9.6% | 2.9% | 3.8% | 0.0% | 0.3% | −5.2% | −0.3% |  |  | 16.4% |
| 2025 | 2.0% | −3.8% | −6.0% | −4.1% | 4.2% | 5.1% | 1.7% | 8.5% | 2.1% | 0.2% | 2.9% | 0.0% | 12.4% |
| 2024 | −4.6% | 3.3% | 4.2% | −6.2% | 4.6% | −1.9% | 12.4% | −2.0% | 0.0% | −1.5% | 9.7% | −8.5% | 7.6% |
| 2023 | 9.7% | −2.3% | −7.3% | −2.5% | −1.8% | 7.9% | 7.4% | −4.8% | −5.2% | −6.0% | 9.1% | 12.4% | 14.6% |
| 2022 | −5.9% | 1.5% | 2.0% | −7.8% | 1.9% | −9.9% | 9.6% | −3.1% | −10.3% | 12.7% | 2.8% | −6.6% | −14.8% |
| 2021 | 5.1% | 9.5% | 5.5% | 1.8% | 3.2% | −0.8% | −3.5% | 2.5% | −1.8% | 3.8% | −3.5% | 4.0% | 28.0% |
| 2020 | −5.2% | −9.6% | −25.1% | 12.5% | 3.1% | 2.9% | 2.1% | 5.4% | −4.7% | 3.7% | 19.1% | 8.0% | 4.7% |
| 2019 | 10.9% | 3.9% | −2.8% | 3.7% | −8.2% | 6.1% | 0.4% | −5.6% | 5.1% | 2.5% | 2.2% | 3.4% | 22.0% |
| 2018 | 1.2% | −5.0% | 1.1% | 1.8% | 5.8% | 0.4% | 1.8% | 2.4% | −2.5% | −8.9% | 1.6% | −12.1% | −13.0% |
| 2017 | −0.9% | 1.4% | −0.8% | 0.4% | −3.1% | 3.4% | 0.7% | −2.5% | 7.1% | 0.1% | 2.9% | −0.9% | 7.7% |
| 2016 | −6.6% | 0.6% | 8.3% | 2.1% | 1.8% | 0.4% | 5.4% | 2.4% | 0.7% | −3.1% | 13.2% | 4.2% | 32.0% |
| 2015 | −4.3% | 4.6% | 1.7% | −2.1% | 0.8% | 0.2% | −2.8% | −4.9% | −3.5% | 5.5% | 3.0% | −5.4% | −7.7% |
| 2014 | −3.9% | 4.6% | 1.2% | −2.5% | 0.6% | 4.4% | −6.2% | 4.3% | −6.6% | 7.0% | −0.4% | 2.6% | 4.1% |
| 2013 | 6.0% | 1.0% | 4.1% | 0.0% | 3.0% | −0.5% | 6.5% | −4.5% | 5.8% | 3.2% | 3.8% | 2.0% | 34.4% |
| 2012 | 6.7% | 1.5% | 3.1% | −1.5% | −6.1% | 5.0% | −1.3% | 3.5% | 3.3% | −1.5% | 0.5% | 4.2% | 18.1% |
| 2011 | −0.1% | 5.1% | 1.4% | 1.6% | −1.7% | −2.5% | −3.2% | −9.1% | −10.8% | 14.5% | −0.2% | 1.4% | −5.8% |
| 2010 | −2.8% | 4.5% | 8.5% | 6.8% | −8.2% | −8.8% | 7.1% | −7.5% | 10.7% | 3.9% | 2.6% | 8.3% | 24.7% |
| 2009 | −13.8% | −13.9% | 8.7% | 15.4% | 2.4% | −0.1% | 11.3% | 5.1% | 4.7% | −6.3% | 2.6% | 7.7% | 20.5% |
| 2008 | −3.9% | −3.2% | 0.1% | 4.0% | 3.1% | −9.3% | 4.6% | 5.2% | −3.2% | −21.0% | −11.3% | 5.3% | −28.7% |
| 2007 | 1.5% | −1.3% | 1.3% | 0.7% | 4.0% | −2.4% | −8.6% | 1.9% | 0.5% | 1.1% | −7.4% | −1.3% | −10.3% |
| 2006 | 7.8% | 0.4% | 5.1% | 0.3% | −4.0% | 0.8% | −1.2% | 2.9% | 0.7% | 5.2% | 2.6% | 1.1% | 23.5% |
| 2005 | −3.9% | 2.1% | −2.1% | −5.2% | 6.0% | 4.5% | 6.0% | −2.4% | −0.5% | −3.3% | 5.0% | −1.0% | 4.4% |
| 2004 | 3.4% | 2.2% | 1.2% | −5.5% | 1.7% | 5.0% | −4.8% | 1.2% | 3.8% | 1.5% | 9.3% | 1.9% | 22.1% |
| 2003 | −2.5% | −3.0% | 0.9% | 9.3% | 10.2% | 1.1% | 5.2% | 4.0% | −1.2% | 8.3% | 4.2% | 3.4% | 46.4% |
| 2002 | 1.8% | 0.4% | 7.2% | 4.0% | −3.2% | −3.0% | −14.3% | 0.1% | −7.9% | 2.0% | 7.7% | −4.5% | −11.4% |
| 2001 | 2.9% | −0.1% | −1.9% | 5.2% | 2.6% | 3.5% | −2.4% | 0.3% | −11.6% | 2.6% | 7.1% | 5.5% | 12.9% |
| 2000 (part) |  |  |  |  |  |  | 0.6% | 5.4% | −0.2% | −0.8% | −1.0% | 9.5% | 13.8% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is IWN compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.98.** When the S&P 500 moved 1% in a day, IWN tended to move about 0.98%.
- **Correlation 0.80.** IWN mostly moved with the S&P 500.
- **Up and down months.** In months the S&P 500 rose, IWN rose 97% as much on average. In months it fell, IWN fell 124% as much.

| Measure | IWN | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 6.8% | 12.8% |
| Volatility | 21.1% | 17.1% |
| Worst drop | −26.7% | −24.5% |
| Sharpe ratio | 0.42 | 0.79 |
| Sortino ratio | 0.61 | 1.15 |
| Calmar ratio | 0.25 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is IWN above its 200-day average?

IWN closed 0.9% above its 200-day average on October 16, 2026. A rule that holds IWN only above that average would hold it today.

- Its 50-day average is 5.3% above its 200-day average.
- It closed 7.8% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for IWN](https://tactfolio.com/builder) and backtest it in a minute.

## What was IWN's worst drop?

A drawdown is how far a fund falls from its last high point. IWN's worst fall was −61.6%, from June 4, 2007 to March 9, 2009. It got back to that high on December 20, 2012. On October 16, 2026 it was 7.8% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −61.6% | Jun 4, 2007 | Mar 9, 2009 | Dec 20, 2012 | 21 months | 3.8 years |
| −46.1% | Aug 22, 2018 | Mar 23, 2020 | Dec 15, 2020 | 19 months | 9 months |
| −34.1% | May 2, 2002 | Oct 9, 2002 | Sep 4, 2003 | 5 months | 11 months |
| −26.7% | Nov 25, 2024 | Apr 8, 2025 | Sep 18, 2025 | 4 months | 5 months |
| −25.9% | Nov 8, 2021 | Oct 27, 2023 | Jul 16, 2024 | 2.0 years | 9 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does IWN hold?

This fund holds stocks of small US companies that look cheaper compared with things like their earnings or book value. Small company stocks often move up and down more than big company stocks. One share gives you a small piece of many companies.

It tracks the Russell 2000 Value Index. It had 1,410 holdings as of October 15, 2026, according to iShares (BlackRock).

| Fact | IWN |
| --- | --- |
| Full name | iShares Russell 2000 Value ETF |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.24% a year |
| Started trading | July 24, 2000 |
| Tracks | Russell 2000 Value Index |
| Type | US stocks, ETF |
| Holdings | 1,410 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) |

## What is the IWN expense ratio?

IWN charges 0.24% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.24% fee comes to about $24 a year. Of the 162 ETFs on Tactfolio, 30% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold IWN?

4 classic strategies hold IWN at least some of the time. Each is a set of written rules you can open, test and copy.

- [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013
- [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013
- [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013
- [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020

## How does IWN compare with similar ETFs?

Funds that can stand in for IWN:

- [VBR](https://tactfolio.com/etf/VBR.md): Vanguard Morningstar Small-Cap Value ETF, 0.05% a year
- [IJS](https://tactfolio.com/etf/IJS.md): iShares S&P Small-Cap 600 Value ETF, 0.18% a year
- [AVUV](https://tactfolio.com/etf/AVUV.md): Avantis U.S. Small Cap Value ETF, 0.25% a year
- [SCHA](https://tactfolio.com/etf/SCHA.md): Schwab U.S. Small-Cap ETF, 0.03% a year

See [all 8 IWN alternatives](https://tactfolio.com/alternatives/IWN.md), compared on the same dates as IWN.

## Test IWN in your own rules

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](https://tactfolio.com/builder), add IWN, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for IWN and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of IWN?

IWN charges 0.24% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $24 a year for every $10,000 you hold.

### When did IWN start trading?

IWN started trading on July 24, 2000. It is run by iShares (BlackRock).

### What does IWN track?

IWN tracks the Russell 2000 Value Index. This fund holds stocks of small US companies that look cheaper compared with things like their earnings or book value.

### How much has IWN returned per year?

From July 2000 to October 2026, IWN returned about 9.2% a year with dividends reinvested. Its worst drop was −61.6%. Past returns do not tell you what it will do next.

### Is IWN above its 200-day moving average?

On October 16, 2026, IWN closed 0.9% above its 200-day moving average. This page updates after each US market close.

### Which strategies use IWN?

4 of Tactfolio's classic strategies hold IWN, including GTAA 13: Faber’s 13-asset tactical allocation, GTAA Aggressive 3 (Faber GTAA AGG3), GTAA Aggressive 6 (Faber GTAA AGG6).

## Sources

- [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.