IWM vs VTWO: Grades, Fees and Holdings Compared

iShares Russell 2000 ETF

IWMBNYSE Arca

Vanguard Russell 2000 ETF

VTWOANasdaq

Overlap

92.4%by weight

Both track Russell 2000 Index

Expense ratio

VTWO −0.13pt a year

IWM0.19%VTWO0.06%

Avg volume · 30D

IWM 15.1×the volume

IWM21.9MVTWO1.45M

10Y return · a year

VTWO +0.2pt

IWM+10.3%VTWO+10.5%

IWM vs VTWO Performance

Oct 29, 2021 – Oct 30, 2026

+30.3%IWM+31.3%VTWO

Expense ratio: IWM 0.19%; VTWO 0.06%, better
Fund size: IWM $75.5B; VTWO $17.3B
1Y total return: IWM +14.6%; VTWO +14.8%, better
Yield (12M): IWM 0.98%; VTWO 1.20%, better
Holdings: IWM 1974; VTWO 2000
Avg volume (30D): IWM 21.9M sh, better; VTWO 1.45M sh
NAV per share: IWM $279.44; VTWO $112.88
52W range

ETF.net Grade

Pillar letters and Scores for IWM, VTWO, with each pillar’s weight
Pillar	IWM	VTWO
Cost30% weight	C47	A75Higher
Mission25% weight	A100	A100
Risk15% weight	D34	D34
Tradability15% weight	A91Higher	C54
Holdings10% weight	A70	A70
Durability5% weight	A83	A83

Rank among US Small-Cap funds

How we build Categories ›

Same Category. IWM and VTWO 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 ›

VTWO ranks 4th 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 4AVTWOVanguard Russell 2000 ETFScore 71
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

VTWOAVanguard Russell 2000 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.

VTWO The Russell 2000 is the small-cap benchmark every headline quotes. VTWO is Vanguard's cheap seat on it: about 2,000 small US companies for 0.06% a year, a fraction of the fee on the best-known fund tracking the same index.

Stated mandate

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

VTWO The fund invests in stocks in the Russell 2000 Index and seeks to closely track that index's return, representing small-cap U.S. stock exposure.

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.

VTWO Same index, smaller toll. VTWO charges 0.06% while IWM, the other big Russell 2000 tracker, charges 0.19%. The small-cap category median is 0.25%.vanguard.com
Holds roughly 2,000 stocks, the whole small-cap benchmark rather than a trimmed slice. A multi-billion-dollar fund, actively traded, running since 2010 and paying quarterly.
Tracking has been about as tight as this corner of the market gets, one of the closest index-replication records among US small-cap funds.

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.

VTWO Small-cap stocks swing harder than large caps, and this fund stays fully invested in them through the rough stretches.vanguard.com
Cheaper exists on the shelf: VB and SCHA run 0.03%, though they follow different small-cap indexes with different membership rules.
The Russell 2000 rebuilds its membership on a published schedule (June, plus a December rebalance from 2026), which packs index-driven trading into those dates.lseg.com

Full IWM profile⁠

Full VTWO profile⁠

IWM vs VTWO Holdings

How IWM and VTWO differ

Overlap by weight

92.4%

Shared holdings make up 99.7% of IWM and 96.9% of VTWO.

Level by level

Holdings1,957 in both92.4%
Sector11 Sectors96.9%
Countryby domicile98.4%
Asset classEquity100%

Sector

Sector weights in IWM and VTWO, widest gap first
Sector	More in IWMMore in VTWO	IWM	VTWO
Financials	IWM +1.2 points	19.3%	18.1%
Energy	IWM +0.8 points	7.0%	6.2%
Materials	VTWO +0.7 points	4.1%	4.8%
Technology	VTWO +0.7 points	13.5%	14.2%
Consumer Staples	VTWO +0.6 points	2.0%	2.6%
Consumer Discretionary	IWM +0.6 points	9.1%	8.5%
Real Estate	VTWO +0.6 points	5.7%	6.3%
Industrials	VTWO +0.5 points	13.2%	13.7%
Health Care	IWM +0.3 points	21.1%	20.8%
Utilities	IWM +0.1 points	2.8%	2.7%
Communication	IWM +0.1 points	2.3%	2.2%

Country, concentration and asset class

Country by domicile

Country weights in IWM and VTWO, widest gap first
Country	More in IWMMore in VTWO	IWM	VTWO
United States	VTWO +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%
VTWO5.4%

Securities held

IWM1,970
VTWO1,998

Asset class

IWM: Equity
VTWO: Equity

Holdings

Only in IWM13
In both1,957
Only in VTWO41

Only in IWM

13 securities, 0.2% of IWM by weight

Energy Fuels0.07%
Novagold Resources Inc0.06%
Vista Gold Corp0.01%
Caledonia Mining PLC0.01%
Ur Energy Inc0.01%
Inhibrx Inc Cvr<0.01%
Akero Therapeutics Cvr<0.01%
Chinook Therapeutics Inc<0.01%
Chinook Therapeutics Inc Cvr<0.01%
Arcellx Inc Cvr<0.01%
Verdera Energy Corp. Contra Restri<0.01%
Coherus Oncology Inc0.00%
TRINSEO PLC Prvt0.00%

Only in VTWO

41 securities, 3.1% of VTWO by weight

SLBBH11422.36%
Arcosa Inc0.24%
Atkore Inc0.11%
Energy Fuels Inc/Canada0.09%
Novagold Resources Inc0.07%
ACV Auctions Inc0.06%
BioLife Solutions Inc0.05%
Clear Channel Outdoor Holdings Inc0.03%
Beazer Homes USA Inc0.03%
Weave Communications Inc0.02%
Ur-Energy Inc0.01%
Caledonia Mining Corp PLC0.01%
Vista Gold Corp0.01%
Simulations Plus Inc0.01%
Nathan's Famous Inc<0.01%
Forbright Inc<0.01%
Accelevation Holdings Corp<0.01%
Attovia Therapeutics Inc<0.01%
Orion180 Insurance Group Inc<0.01%
Lyntris Inc<0.01%
Electra Therapeutics Inc<0.01%
Blossomhill Therapeutics Inc<0.01%
Braveheart Bio Inc<0.01%
LanzaTech Global Inc<0.01%
Latigo Biotherapeutics Inc<0.01%
Vogenx Inc<0.01%
PEDEVCO Corp<0.01%
American Savings Bank NA<0.01%
Inhibrx Inc - Cvr (May 2024)<0.01%
ADARx Pharmaceuticals Inc<0.01%
WeShop Holdings Ltd<0.01%
Tobira Therapeutics Inc - Cvr 2018<0.01%
Pfizer Inc - Cvr (Nov 25)0.00%
Aduro Biotech Cvr0.00%
GD Culture Group Ltd0.00%
Gtx Inc Cvr0.00%
Neighborhood Intell Inc0.00%
Gen Digital Inc - Cvr (April 2025)0.00%
Flexion Therapeutics Inc Cvr0.00%
Coherus Biosciences Inc-Cvr (Sept 2026)0.00%
Trinseo PLC0.00%

Weight gaps

The 100 widest of 1,957 Holdings in both funds.

Holding weights in IWM and VTWO, widest gap first
Holding	More in IWMMore in VTWO	IWM	VTWO
Minimed IncMMED	IWM +0.16 points	0.18%	0.02%
GlaukosGKOS	IWM +0.15 points	0.46%	0.31%
Cipher Digital IncCIFR	VTWO +0.10 points	0.08%	0.18%
Hut CorpHUT	VTWO +0.08 points	0.21%	0.29%
Riot PlatformsRIOT	VTWO +0.09 points	0.15%	0.24%
Twist BioscienceTWST	VTWO +0.08 points	0.34%	0.42%
Iovance Biotherapeutics IncIOVA	VTWO +0.08 points	0.11%	0.19%
10X Genomics Class ATXG	VTWO +0.07 points	0.28%	0.35%
D Wave QuantumQBTS	VTWO +0.07 points	0.13%	0.20%
Braze Class ABRZE	IWM +0.07 points	0.15%	0.08%
Brightspring Health Services IncBTSG	IWM +0.07 points	0.38%	0.31%
Acm Research Class AACMR	VTWO +0.06 points	0.09%	0.15%
MaxlinearMXL	VTWO +0.06 points	0.20%	0.26%
Sm EnergySM	IWM +0.06 points	0.33%	0.27%
TransoceanRIG	IWM +0.06 points	0.23%	0.17%
Tenable Holdings IncTENB	IWM +0.06 points	0.19%	0.13%
Mara HoldingsMARA	VTWO +0.05 points	0.09%	0.14%
Valaris LtdVAL	IWM +0.05 points	0.20%	0.15%
Bread Financial HoldingsBFH	VTWO +0.06 points	0.07%	0.13%
Option Care Health IncOPCH	IWM +0.05 points	0.17%	0.12%
Box Inc Class ABOX	IWM +0.05 points	0.20%	0.15%
QualysQLYS	IWM +0.05 points	0.27%	0.22%
Herc HoldingsHRI	IWM +0.05 points	0.19%	0.14%
Abercrombie and Fitch Class AANF	IWM +0.05 points	0.25%	0.20%
Rigetti ComputingRGTI	VTWO +0.04 points	0.13%	0.17%
Aehr Test SystemsAEHR	VTWO +0.04 points	0.06%	0.10%
HealthequityHQY	IWM +0.05 points	0.29%	0.24%
Ultra Clean Holdings IncUCTT	VTWO +0.04 points	0.08%	0.12%
AxtAXTI	VTWO +0.04 points	0.12%	0.16%
Ssr MiningSSRM	VTWO +0.04 points	0.19%	0.23%
Plexus CorpPLXS	VTWO +0.04 points	0.19%	0.23%
VaxcytePCVX	IWM +0.04 points	0.29%	0.25%
CleansparkCLSK	VTWO +0.04 points	0.07%	0.11%
Rxo IncRXO	IWM +0.04 points	0.15%	0.11%
CaredxCDNA	IWM +0.04 points	0.15%	0.11%
Servicetitan Class ATTAN	IWM +0.04 points	0.17%	0.13%
First BancorpFBP	IWM +0.04 points	0.14%	0.10%
Stonex Group IncSNEX	VTWO +0.04 points	0.19%	0.23%
Frontdoor IncFTDR	IWM +0.04 points	0.21%	0.17%
Mirion Technologies Class AMIR	IWM +0.04 points	0.15%	0.11%
Murphy OilMUR	IWM +0.04 points	0.21%	0.17%
LiquidiaLQDA	IWM +0.04 points	0.11%	0.07%
Ryman Hospitality Properties ReitRHP	IWM +0.03 points	0.30%	0.27%
Kymera TherapeuticsKYMR	IWM +0.04 points	0.27%	0.23%
Black Hills CorpBKH	IWM +0.04 points	0.22%	0.18%
Southwest Gas HoldingsSWX	IWM +0.03 points	0.23%	0.20%
Viasat IncVSAT	IWM +0.03 points	0.33%	0.30%
Cnx ResourcesCNX	IWM +0.03 points	0.18%	0.15%
Noble Corporation PLCNE	IWM +0.03 points	0.21%	0.18%
Selective Insurance GroupSIGI	IWM +0.03 points	0.20%	0.17%
Harley DavidsonHOG	VTWO +0.03 points	0.05%	0.08%
Firstcash Holdings IncFCFS	VTWO +0.03 points	0.25%	0.28%
Patterson Uti Energy IncPTEN	IWM +0.04 points	0.17%	0.13%
Brinker International IncEAT	IWM +0.03 points	0.31%	0.28%
Crescent Energy Class ACRGY	IWM +0.04 points	0.16%	0.12%
Workiva Class AWK	IWM +0.04 points	0.15%	0.11%
Ceco EnvironmentalCECO	VTWO +0.03 points	0.09%	0.12%
AlkermesALKS	IWM +0.04 points	0.26%	0.22%
Tg TherapeuticsTGTX	IWM +0.03 points	0.30%	0.27%
Life Time Group HoldingsLTH	IWM +0.03 points	0.24%	0.21%
Aci WorldwideACIW	IWM +0.03 points	0.20%	0.17%
Valley NationalVLY	IWM +0.03 points	0.23%	0.20%
Urban OutfittersURBN	IWM +0.03 points	0.18%	0.15%
Kulicke and Soffa Industries IncKLIC	VTWO +0.03 points	0.13%	0.16%
Glacier Bancorp IncGBCI	IWM +0.03 points	0.22%	0.19%
Usa Rare Earth Class AUSAR	VTWO +0.03 points	0.07%	0.10%
Casella Waste Systems Class ACWST	IWM +0.03 points	0.20%	0.17%
Rush Street Interactive Class ARSI	VTWO +0.03 points	0.05%	0.08%
Axcelis TechnologiesACLS	VTWO +0.03 points	0.11%	0.14%
MaterionMTRN	VTWO +0.03 points	0.16%	0.19%
Kiniksa Pharmaceuticals InternatioKNSA	IWM +0.03 points	0.14%	0.11%
Magnolia Oil Gas Corp Class AMGY	IWM +0.03 points	0.21%	0.18%
Hinge Health Class AHNGE	IWM +0.03 points	0.17%	0.14%
Keel Infrastructure CorpKEEL	VTWO +0.03 points	0.04%	0.07%
Onespaworld Holdings LtdOSW	IWM +0.03 points	0.10%	0.07%
Disc MedicineIRON	IWM +0.03 points	0.09%	0.06%
Q2 Holdings IncQTWO	IWM +0.02 points	0.14%	0.12%
Essent GroupESNT	IWM +0.03 points	0.20%	0.17%
Legence Class ALGN	VTWO +0.02 points	0.08%	0.10%
Badger MeterBMI	IWM +0.03 points	0.15%	0.12%
Northwestern Energy GroupNWE	IWM +0.03 points	0.17%	0.14%
Dxc TechnologyDXC	IWM +0.03 points	0.09%	0.06%
Garrett MotionGTX	VTWO +0.03 points	0.13%	0.16%
Heartflow IncHTFL	IWM +0.02 points	0.15%	0.13%
Concentra Group Holdings Parent InCON	IWM +0.03 points	0.16%	0.13%
Macerich ReitMAC	IWM +0.03 points	0.24%	0.21%
Spire IncSR	IWM +0.02 points	0.17%	0.15%
Commvault SystemsCVLT	IWM +0.02 points	0.23%	0.21%
Outfront MediaOUT	IWM +0.02 points	0.17%	0.15%
Surgery PartnersSGRY	IWM +0.02 points	0.06%	0.04%
Oruka TherapeuticsORKA	IWM +0.02 points	0.16%	0.14%
Academy Sports and OutdoorsASO	IWM +0.03 points	0.13%	0.10%
Haemonetics CorpHAE	IWM +0.03 points	0.19%	0.16%
Uranium EnergyUEC	VTWO +0.02 points	0.13%	0.15%
ExponentEXPO	IWM +0.02 points	0.13%	0.11%
Ichor HoldingsICHR	VTWO +0.02 points	0.05%	0.07%
Core Scientific IncCORZ	VTWO +0.03 points	0.14%	0.17%
SynapticsSYNA	IWM +0.02 points	0.15%	0.13%
Figs Class AFIGS	IWM +0.03 points	0.07%	0.04%
Victoria’s SecretVSXY	IWM +0.03 points	0.24%	0.21%

All 1,977 IWM holdings⁠All 1,969 VTWO 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 VTWO Cost

Overpaying IWM vs VTWO

$2,682

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

IWM 0.19%
$3,952
VTWO 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

IWM 0.19%
VTWO 0.06%
Overpaying

Year by year

Year	IWM	VTWO	Overpaying
10	$347	$110	$237
20	$1,351	$432	$919
30	$3,952	$1,270	$2,682

Expense ratio

0.19%IWM
0.06%VTWO, cheaper

VTWO0.06%IWM0.19%

0.03%0.60%

Middle half of US Small-Cap funds
Median 0.20%

VTWO 4th cheapest of 16 funds

IWM 8th cheapest of 16 funds

IWM vs VTWO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWM 0.98%; VTWO 1.20%, better
Payout (12M): IWM $2.73; VTWO $1.36
Last payment: IWM $0.75; VTWO $0.39
Ex-dividend: IWM Sep 15, 2026; VTWO Sep 23, 2026
Paid on: IWM Sep 18, 2026; VTWO Sep 25, 2026
Frequency: IWM Quarterly; VTWO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWMQuarterly · 39 paymentsAll IWM payments⁠

VTWOQuarterly · 39 paymentsAll VTWO payments⁠

IWM vs VTWO Risk

Fall from peak · 5 years

IWM
VTWO

Risk facts

VolatilityStd dev, 3 years: IWM 19.0%VTWO 19.0%
Return per unit of riskSharpe ratio, 3 years: IWM 0.85VTWO 0.86, better
Worst fallMax drawdown, 5 years: IWM −31.9%VTWO −31.9%
Market sensitivityBeta, 5 years: IWM 1.14VTWO 1.14; Market = 1

IWM and VTWO 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, 2026IWMVTWO
Head-to-Head
Hold VB over IWM for a small-cap stake
Oct 30, 2026IWMVTWO
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026IWMVTWO
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 VTWO

In short

Stated mandate

Why people hold it