IWM vs VB: Grades, Fees and Holdings Compared

iShares Russell 2000 ETF

IWMBNYSE Arca

Vanguard Morningstar Small-Cap ETF

VBANYSE Arca

Overlap

24.8%by weight

Expense ratio

VB −0.16pt a year

IWM0.19%VB0.03%

Avg volume · 30D

IWM 43.9×the volume

IWM21.9MVB499K

10Y return · a year

VB +0.8pt

IWM+10.3%VB+11.1%

IWM vs VB Performance

Oct 29, 2021 – Oct 30, 2026

+30.3%IWM+36.2%VB

Expense ratio: IWM 0.19%; VB 0.03%, better
Fund size: IWM $75.5B; VB $176B
1Y total return: IWM +14.6%; VB +15.3%, better
Yield (12M): IWM 0.98%; VB 1.26%, better
Holdings: IWM 1974; VB 1305
Avg volume (30D): IWM 21.9M sh, better; VB 499K sh
NAV per share: IWM $279.44; VB $290.35
52W range

ETF.net Grade

Pillar letters and Scores for IWM, VB, with each pillar’s weight
Pillar	IWM	VB
Cost30% weight	C47	A91Higher
Mission25% weight	A100Higher	A86
Risk15% weight	D34	B63Higher
Tradability15% weight	A91Higher	B57
Holdings10% weight	A70Higher	B59
Durability5% weight	A83	A91Higher

Rank among US Small-Cap funds

How we build Categories ›

Same Category. IWM and VB are both graded against the same 16 US Small-Cap funds, so their Grades compare head to head.

US Small-Cap⁠

Category · 16 funds

See all 16 ›

VB ranks 2nd and IWM 6th of 16 funds in the US Small-Cap Category.

Rank 1ASCHASchwab U.S. Small-Cap ETFScore 81
Rank 2AVBVanguard Morningstar Small-Cap ETFScore 77
Rank 3ABKSEBNY Mellon US Small Cap Core Equity ETFScore 72
Rank 5ASMMDiShares Russell 2500 ETFScore 69
Rank 6BIWMiShares Russell 2000 ETFScore 68
Rank 7BDFASDimensional US Small Cap ETFScore 66

Our read on each fund

ETF.net Research

IWMBiShares Russell 2000 ETF

VBAVanguard Morningstar Small-Cap ETF

In short

IWM The Russell 2000's default trading vehicle. Live since 2000, it packs the small-cap end of the US market into one heavily traded ticker with a deep options market around it. Cheaper funds track the same index; this is the liquid one.

VB Vanguard's small-cap workhorse: roughly 1,400 smaller US companies for three basis points. The CRSP index behind it shifts stocks between size bands in two half steps instead of one jump, which holds turnover down. Trading since 2004.

Stated mandate

IWM The Fund seeks to track the Russell 2000 Index, which represents small-capitalization U.S. equities.

VB The fund seeks to track the CRSP US Small Cap Index, which measures the investment performance of small U.S. companies. It uses an indexing approach and generally replicates the index by holding its securities in approximately their index weights.

Why people hold it

IWM Roughly 2,000 small US companies in one ticker, weighted by size, no stock picking. iShares has run it since 2000.
The job is to mirror the Russell 2000, and it has tracked that index with very little drift.
Among the most heavily traded funds in US small caps, with a listed options market on top: Cboe options on IWM settle into actual fund shares.cboe.com
0.19% a year, below the median fee in its small-cap index peer group.

VB Three basis points a year, against a small-cap category median near 0.25%. Cost is the one edge in indexing you actually keep.
About 1,400 stocks held at roughly their index weights, so no single small-cap story carries the fund.vanguard.com
Its CRSP benchmark migrates a stock between size segments in two 50% packets instead of one move, a design built to cut turnover.crsp.com
Running since 2004, actively traded, and one of the strongest implementations in its 20-fund small-cap peer group.

Worth knowing

IWM VTWO tracks the same Russell 2000 index for 0.06%. The extra you pay here buys trading depth, not different exposure.
Small caps swing harder than the large-cap market, and this fund holds the full index through those swings rather than sidestepping them.
Income shows up quarterly, and small-cap payouts are a side note, not the point of the fund.

VB Small companies move harder in both directions than large-cap benchmarks, and this is full, unhedged exposure to that.
Benchmarks disagree on where small cap starts. VB follows CRSP, while IWM and VTWO track the Russell 2000, so holdings and results can drift apart.
US companies only, and distributions land quarterly rather than monthly.

Full IWM profile⁠

Full VB profile⁠

IWM vs VB Holdings

How IWM and VB differ

Overlap by weight

24.8%

Shared holdings make up 69.7% of IWM and 24.8% of VB.

Level by level

Holdings673 in both24.8%
Sector11 Sectors83.7%
Countryby domicile98.4%
Asset classEquity100%

Sector

Sector weights in IWM and VB, widest gap first
Sector	More in IWMMore in VB	IWM	VB
Financials	IWM +6.9 points	19.3%	12.4%
Health Care	IWM +6.8 points	21.1%	14.3%
Technology	VB +5.0 points	13.5%	18.5%
Industrials	VB +4.3 points	13.2%	17.5%
Energy	IWM +2.7 points	7.0%	4.3%
Consumer Discretionary	VB +2.3 points	9.1%	11.4%
Real Estate	VB +1.9 points	5.7%	7.6%
Consumer Staples	VB +1.4 points	2.0%	3.4%
Communication	VB +0.7 points	2.3%	3.0%
Utilities	VB +0.4 points	2.8%	3.2%
Materials	VB +0.3 points	4.1%	4.4%

Country, concentration and asset class

Country by domicile

Country weights in IWM and VB, widest gap first
Country	More in IWMMore in VB	IWM	VB
United States	VB +1.6 points	98.4%	100.0%
Brazil	IWM +0.6 points	0.6%	0.0%
Other countries (11)	IWM +1.0 points	1.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IWM3.5%
VB5.9%

Securities held

IWM1,970
VB1,299

Asset class

IWM: Equity
VB: Equity

Holdings

Only in IWM1,297
In both673
Only in VB626

Only in IWM

1,297 securities, 30.1% of IWM by weight

Grail Inc0.20%
Ssr Mining0.19%
Minimed Inc0.18%
Brookfield Infrastructure Corp Cla0.16%
Crispr Therapeutics AG0.16%
Definium Therapeutics Inc0.15%
Golar Lng0.15%
Caredx0.15%
Livanova PLC0.15%
Enova International0.14%
Perimeter Solutions0.14%
Scorpio Tankers0.14%
Marex Group Ltd0.14%
Solaris Energy Infrastructure Inc0.13%
Kodiak Sciences0.13%
Chefs Warehouse Inc0.13%
Kulicke and Soffa Industries Inc0.13%
Garrett Motion0.13%
Par Pacific Holdings0.13%
Dht Holdings0.12%
Xenon Pharmaceuticals0.12%
Tutor Perini0.12%
Arcutis Biotherapeutics0.12%
Nicolet Bankshares Inc0.12%
Calumet0.12%
Nmi Holdings0.11%
Relay Therapeutics0.11%
Seadrill0.11%
Seacoast Banking of Florida0.11%
Chesapeake Utilities0.11%
Dave Class A0.11%
Tango Therapeutics0.11%
Tarsus Pharmaceuticals0.11%
Veradermics0.10%
Onespaworld Holdings Ltd0.10%
Agilysys Inc0.10%
Amylyx Pharmaceuticals0.10%
Hawkins Inc0.10%
Constellium SE Class A0.10%
Ideaya Biosciences0.10%
Bel Fuse Class B0.10%
The Vita Coco Company0.10%
Edgewise Therapeutics0.09%
Digi International0.09%
Dynex Capital Reit0.09%
Acadian Asset Management0.09%
Gulfport Energy0.09%
Fb Financial0.09%
Celcuity0.09%
Ceco Environmental0.09%

Only in VB

626 securities, 75.2% of VB by weight

SLCMT11421.31%
Natera Inc0.72%
Twilio Inc0.57%
Revolution Medicines Inc0.53%
Illumina Inc0.52%
Everpure Inc0.52%
Okta Inc0.44%
Moderna Inc0.44%
EMCOR Group Inc0.42%
Credo Technology Group Holding Ltd0.42%
Jabil Inc0.38%
Williams-Sonoma Inc0.34%
TechnipFMC PLC0.34%
Atmos Energy Corp0.33%
nVent Electric PLC0.33%
ATI Inc0.33%
F5 Inc0.32%
Entegris Inc0.30%
United Therapeutics Corp0.29%
Smurfit Westrock PLC0.29%
Tapestry Inc0.29%
Guardant Health Inc0.29%
Casey's General Stores Inc0.28%
Incyte Corp0.26%
MACOM Technology Solutions Holdings Inc0.26%
Tenet Healthcare Corp0.26%
Viatris Inc0.26%
Flex Ltd0.26%
SoFi Technologies Inc0.26%
Omnicom Group Inc0.26%
Roku Inc0.25%
NRG Energy Inc0.25%
Curtiss-Wright Corp0.25%
Royal Gold Inc0.25%
US Foods Holding Corp0.25%
Reliance Inc0.25%
Liberty Media Corp0.25%
XPO Inc0.25%
Expand Energy Corp0.25%
Woodward Inc0.25%
NiSource Inc0.24%
Affirm Holdings Inc0.23%
Roivant Sciences Ltd0.23%
TD SYNNEX Corp0.23%
Carpenter Technology Corp0.23%
Nutanix Inc0.23%
ITT Inc0.23%
MKS Inc0.23%
Lattice Semiconductor Corp0.23%
Best Buy Co Inc0.22%

Weight gaps

The 100 widest of 673 Holdings in both funds.

Holding weights in IWM and VB, widest gap first
Holding	More in IWMMore in VB	IWM	VB
GlaukosGKOS	IWM +0.34 points	0.46%	0.12%
Brightspring Health Services IncBTSG	IWM +0.26 points	0.38%	0.12%
Sm EnergySM	IWM +0.23 points	0.33%	0.10%
Umb FinancialUMBF	IWM +0.22 points	0.33%	0.11%
Viasat IncVSAT	IWM +0.21 points	0.33%	0.12%
JfrogFROG	IWM +0.21 points	0.35%	0.14%
Brinker International IncEAT	IWM +0.21 points	0.31%	0.10%
Ryman Hospitality Properties ReitRHP	IWM +0.20 points	0.30%	0.10%
Tg TherapeuticsTGTX	IWM +0.20 points	0.30%	0.10%
HealthequityHQY	IWM +0.20 points	0.29%	0.09%
Moog Inc Class AMOG.A	IWM +0.20 points	0.34%	0.14%
Old National BancorpONB	IWM +0.19 points	0.30%	0.11%
QualysQLYS	IWM +0.19 points	0.27%	0.08%
Jackson Financial Class AJXN	IWM +0.19 points	0.30%	0.11%
Protagonist TherapeuticsPTGX	IWM +0.18 points	0.30%	0.12%
Caretrust ReitCTRE	IWM +0.18 points	0.29%	0.11%
VaxcytePCVX	IWM +0.18 points	0.29%	0.11%
Krystal BiotechKRYS	IWM +0.18 points	0.29%	0.11%
Twist BioscienceTWST	IWM +0.18 points	0.34%	0.16%
Kymera TherapeuticsKYMR	IWM +0.18 points	0.27%	0.09%
Abercrombie and Fitch Class AANF	IWM +0.17 points	0.25%	0.08%
CytokineticsCYTK	IWM +0.17 points	0.29%	0.12%
AlkermesALKS	IWM +0.17 points	0.26%	0.09%
Interdigital IncIDCC	IWM +0.16 points	0.27%	0.11%
TransoceanRIG	IWM +0.16 points	0.23%	0.07%
Southwest Gas HoldingsSWX	IWM +0.16 points	0.23%	0.07%
Pbf Energy Class APBF	IWM +0.16 points	0.26%	0.10%
Macerich ReitMAC	IWM +0.16 points	0.24%	0.08%
Valley NationalVLY	IWM +0.15 points	0.23%	0.08%
Life Time Group HoldingsLTH	IWM +0.16 points	0.24%	0.08%
Commercial MetalsCMC	IWM +0.15 points	0.24%	0.09%
Commvault SystemsCVLT	IWM +0.15 points	0.23%	0.08%
Silicon LaboratoriesSLAB	IWM +0.16 points	0.25%	0.09%
Spyre Therapeutics IncSYRE	IWM +0.16 points	0.25%	0.09%
Zeta Global Holdings Class AZETA	IWM +0.15 points	0.24%	0.09%
Oscar Health Class AOSCR	IWM +0.15 points	0.25%	0.10%
Matson IncMATX	IWM +0.15 points	0.23%	0.08%
Victoria’s SecretVSXY	IWM +0.15 points	0.24%	0.09%
Glacier Bancorp IncGBCI	IWM +0.15 points	0.22%	0.07%
Black Hills CorpBKH	IWM +0.15 points	0.22%	0.07%
Frontdoor IncFTDR	IWM +0.15 points	0.21%	0.06%
Terreno Realty ReitTRNO	IWM +0.15 points	0.24%	0.09%
Box Inc Class ABOX	IWM +0.14 points	0.20%	0.06%
Firstcash Holdings IncFCFS	IWM +0.15 points	0.25%	0.10%
Valaris LtdVAL	IWM +0.14 points	0.20%	0.06%
Federal Signal CorpFSS	IWM +0.14 points	0.23%	0.09%
TerexTEX	IWM +0.15 points	0.22%	0.07%
Noble Corporation PLCNE	IWM +0.14 points	0.21%	0.07%
Ligand PharmaceuticalsLGND	IWM +0.15 points	0.22%	0.07%
Magnolia Oil Gas Corp Class AMGY	IWM +0.14 points	0.21%	0.07%
Murphy OilMUR	IWM +0.15 points	0.21%	0.06%
GatxGATX	IWM +0.14 points	0.22%	0.08%
Fluor CorpFLR	IWM +0.14 points	0.22%	0.08%
United BanksharesUBSI	IWM +0.14 points	0.22%	0.08%
Selective Insurance GroupSIGI	IWM +0.14 points	0.20%	0.06%
10X Genomics Class ATXG	IWM +0.14 points	0.28%	0.14%
Praxis Precision MedicinesPRAX	IWM +0.14 points	0.24%	0.10%
Lantheus HoldingsLNTH	IWM +0.14 points	0.22%	0.08%
Tenable Holdings IncTENB	IWM +0.14 points	0.19%	0.05%
Herc HoldingsHRI	IWM +0.14 points	0.19%	0.05%
Cavco IndustriesCVCO	IWM +0.13 points	0.16%	0.03%
Compass Inc Class ACOMP	IWM +0.13 points	0.22%	0.09%
Essent GroupESNT	IWM +0.14 points	0.20%	0.06%
Casella Waste Systems Class ACWST	IWM +0.14 points	0.20%	0.06%
Txnm Energy IncTXNM	IWM +0.14 points	0.22%	0.08%
Aci WorldwideACIW	IWM +0.14 points	0.20%	0.06%
Zurn Elkay Water Solutions CorpZWS	IWM +0.14 points	0.23%	0.09%
Oruka TherapeuticsORKA	IWM +0.13 points	0.16%	0.03%
Scholar Rock HoldingSRRK	IWM +0.14 points	0.17%	0.03%
Essential Properties Realty TrustEPRT	IWM +0.13 points	0.20%	0.07%
Option Care Health IncOPCH	IWM +0.13 points	0.17%	0.04%
Cnx ResourcesCNX	IWM +0.12 points	0.18%	0.06%
Hancock WhitneyHWC	IWM +0.13 points	0.20%	0.07%
Cno Financial GroupCNO	IWM +0.12 points	0.18%	0.06%
Atlantic Union BanksharesAUB	IWM +0.12 points	0.19%	0.07%
Jbt MarelJBTM	IWM +0.12 points	0.19%	0.07%
Haemonetics CorpHAE	IWM +0.13 points	0.19%	0.06%
Esco TechnologiesESE	IWM +0.12 points	0.21%	0.09%
International SeawaysINSW	IWM +0.13 points	0.16%	0.03%
Servicetitan Class ATTAN	IWM +0.12 points	0.17%	0.05%
Varonis SystemsVRNS	IWM +0.12 points	0.19%	0.07%
ArchrockAROC	IWM +0.13 points	0.19%	0.06%
Ormat Tech IncORA	IWM +0.12 points	0.19%	0.07%
Home Bancshares IncHOMB	IWM +0.12 points	0.19%	0.07%
Granite ConstructionGVA	IWM +0.12 points	0.18%	0.06%
Hims Hers Health Class AHIMS	IWM +0.12 points	0.20%	0.08%
Braze Class ABRZE	IWM +0.12 points	0.15%	0.03%
Myr Group IncMYRG	IWM +0.12 points	0.15%	0.03%
BalchemBCPC	IWM +0.12 points	0.19%	0.07%
Cheesecake Factory IncCAKE	IWM +0.12 points	0.18%	0.06%
Insight Enterprises IncNSIT	IWM +0.12 points	0.18%	0.06%
New Jersey Resources CorpNJR	IWM +0.12 points	0.18%	0.06%
Urban OutfittersURBN	IWM +0.12 points	0.18%	0.06%
Ameris BancorpABCB	IWM +0.12 points	0.18%	0.06%
Spire IncSR	IWM +0.11 points	0.17%	0.06%
Travere TherapeuticsTVTX	IWM +0.11 points	0.15%	0.04%
Installed Building ProductsIBP	IWM +0.12 points	0.17%	0.05%
EnersysENS	IWM +0.12 points	0.20%	0.08%
Adaptive BiotechnologiesADPT	IWM +0.11 points	0.14%	0.03%
EnproNPO	IWM +0.12 points	0.20%	0.08%

All 1,977 IWM holdings⁠All 1,357 VB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IWM vs VB Cost

Overpaying IWM vs VB

$3,314

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IWM 0.19%
$3,952
VB 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IWM 0.19%
VB 0.03%
Overpaying

Year by year

Year	IWM	VB	Overpaying
10	$347	$55	$292
20	$1,351	$216	$1,135
30	$3,952	$638	$3,314

Expense ratio

0.19%IWM
0.03%VB, cheaper

VB0.03%IWM0.19%

0.03%0.60%

Middle half of US Small-Cap funds
Median 0.20%

VB cheapest of 16 funds

IWM 8th cheapest of 16 funds

IWM vs VB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWM 0.98%; VB 1.26%, better
Payout (12M): IWM $2.73; VB $3.65
Last payment: IWM $0.75; VB $0.85
Ex-dividend: IWM Sep 15, 2026; VB Sep 28, 2026
Paid on: IWM Sep 18, 2026; VB Sep 30, 2026
Frequency: IWM Quarterly; VB Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWMQuarterly · 39 paymentsAll IWM payments⁠

VBQuarterly · 40 paymentsAll VB payments⁠

IWM vs VB Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IWM 19.0%VB 16.4%, better
Return per unit of riskSharpe ratio, 3 years: IWM 0.85VB 0.89, better
Worst fallMax drawdown, 5 years: IWM −31.9%VB −28.2%, better
Market sensitivityBeta, 5 years: IWM 1.14VB 1.07; Market = 1

IWM and VB in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026IWMVB
Head-to-Head
Hold VB over IWM for a small-cap stake
Oct 30, 2026IWMVB
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026IWMVB
Top Movers
Brazil small-cap fund falls 37% in the week Lula won again
Oct 30, 2026IWM
Top Movers
Alphabet fell 12.6%, but the average stock rose
Oct 29, 2026IWM
Closing Bell
Alphabet falls 12.6% - dragging SPY into negative territory for the day
Oct 29, 2026IWM

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IWM vs VB

In short

Stated mandate

Why people hold it