iShares Russell Mid-Cap Growth ETF

IWP

時価総額 $188億

The iShares Russell Mid-Cap Growth ETF (IWP) was launched on July 17, 2001, and is a passively managed exchange traded fund designed to offer broad exposure to the Mid Cap Growth segment of the US equity market.

iShares Russell Mid-Cap Growth ETF is structurally constrained due to its mid-cap growth constraint, leading to persistent underperformance. IWP consistently lags both its own benchmark and broader growth ETFs like IWF, with a 2025 NAV return of 8.46% versus 8.66% for the benchmark. The fund's sector composition fails to capture the true drivers of market growth, resulting in a high P/E (37x) and P/B (12x) without commensurate returns.

iShares Russell Mid-Cap Growth ETF is a Hold, as its outperformance versus IVV into 2027 is unlikely. IT-heavy IWP has a few advantages over IVV on the GARP front, yet it is significantly behind on quality, which amplifies risks amid the inflation situation and uncertainty surrounding interest rates. Another issue is that IWP has substantially underperformed the market YTD, and its longer-term returns (i.e., -0.34% annualized active return over September 2001–August 2026) are far from convincing.

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Launched on July 17, 2001, the iShares Russell Mid-Cap Growth ETF (IWP) is a passively managed exchange traded fund designed to provide a broad exposure to the Mid Cap Growth segment of the US equity market.

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I assign a 'Hold' rating to iShares Russell Mid-Cap Growth ETF (IWP) due to persistent underperformance versus peers and the broad market. IWP offers attractive growth characteristics and sector diversification, but its historical and risk-adjusted returns lag QQQJ, VO, VOT, and IWR. Expense ratio for IWP is higher than comparable mid-cap ETFs, further diminishing its relative appeal for new allocations.

IWP (iShares Russell Mid-Cap Growth ETF) structurally underperforms due to its mid-cap growth constraint, missing out on high-performing large-cap growth stocks. The fund's sector allocation—heavy on industrials and consumer discretionary, light on tech—misaligns with where growth is being rewarded in the current cycle. IWP's risk-adjusted returns lag peers, with a Sharpe ratio of 0.71 versus IWF's 1.22, despite higher beta and volatility.