At a glance
IWS charges 0.23% a year, above the 0.16% average of the 8 funds most like it (the 8th cheapest of 9). It has $15.65B in assets, the 3rd largest of that group; it paid 1.28% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +25.6% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +20.7% a year. At its worst it fell 43.8% in the 2020 crash (S&P 500: 33.7%) and 21.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 17 months after the lows. Its ten largest positions make up 5.9% of the fund, out of 720 in all.
The short version
The iShares Russell Mid-Cap Value ETF (IWS) is a BlackRock index fund that tracks the Russell Midcap Value Index. It holds about 720 mid-sized companies, mostly in the US, that look cheap relative to their book value and growth. Its 10 largest holdings made up under 6% of assets as of June 30, 2026. Its 0.23% expense ratio is above the 0.16% average for similar funds and the 0.06% charged by the iShares Morningstar Mid-Cap Value ETF (IMCV).
Price history
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IWS +25.6% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IWS official prospectus, to Dec 31, 2025 | — | +10.83% | — | +9.61% | +9.56% | — |
| Russell 3000 Index index, same period | — | +17.15% | — | +13.15% | +14.29% | — |
| IWS price data to Nov 2, 2026 | +22.6% | +25.6% | +20.7% | +9.0% | +10.9% | +9.0% |
- Over the year to Nov 2, 2026, IWS returned +25.6%, 1st of 9 among similar funds.
- Its 5-year annualized return was +9.0% and its 10-year +10.9%.
- In the 2020 COVID crash it fell 43.8% and regained its old high 8.1 months after the low.
- Its worst full calendar year was 2008 (-38.0%); its best was 2009 (+33.2%).
- The deepest fall in its price history was 62.8% (Jun 4, 2007 to Mar 9, 2009), recovered by Sep 7, 2012.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +22.6% | — |
| 2025 | +10.8% | +10.83% |
| 2024 | +12.9% | +12.84% |
| 2023 | +12.5% | +12.53% |
| 2022 | -12.3% | -12.21% |
| 2021 | +28.1% | +28.04% |
| 2020 | +4.8% | +4.76% |
| 2019 | +26.7% | +26.78% |
| 2018 | -12.4% | -12.36% |
| 2017 | +13.2% | +13.10% |
| 2016 | +19.8% | +19.69% |
| 2015 | -5.0% | — |
| 2014 | +14.4% | — |
| 2013 | +33.2% | — |
| 2012 | +18.3% | — |
| 2011 | -1.5% | — |
| 2010 | +24.5% | — |
| 2009 | +33.2% | — |
| 2008 | -38.0% | — |
| 2007 | -3.1% | — |
| 2006 | +18.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.9% over that stretch · deepest drop along the way 60.9%, back to its old high 24.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.6% over that stretch · deepest drop along the way 43.8%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.8% over that stretch · deepest drop along the way 21.2%, back to its old high 17 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5400 | |
| 2025 | $2.1600 | +11.3% |
| 2024 | $1.9400 | -5.4% |
| 2023 | $2.0500 | +1.0% |
| 2022 | $2.0300 | +19.4% |
| 2021 | $1.7000 | -6.6% |
| 2020 | $1.8200 | -2.2% |
| 2019 | $1.8600 | -3.6% |
| 2018 | $1.9300 | +10.3% |
| 2017 | $1.7500 | +3.6% |
| 2016 | $1.6900 | +15.0% |
| 2015 | $1.4700 | +8.1% |
| 2014 | $1.3600 | +21.4% |
| 2013 | $1.1200 | +5.7% |
| 2012 | $1.0600 | +14.0% |
| 2011 | $0.9300 | +5.7% |
| 2010 | $0.8800 | +14.3% |
| 2009 | $0.7700 | -11.8% |
| 2008 | $0.8733 | +143.4% |
| 2007 | $0.3588 | +20.3% |
| 2006 | $0.2983 |
What's inside
As of Jun 30, 2026, the fund held 720 securities; the ten largest made up 5.93% of assets.
| Holding | Weight | |
|---|---|---|
| WARNER BROS. DISCOVERY INC | 0.63% | |
| PHILLIPS 66 | 0.62% | |
| DIGITAL REALTY TRUST INC | 0.62% | |
| KINDER MORGAN INC | 0.61% | |
| ALLSTATE CORP (THE) | 0.60% | |
| HEWLETT PACKARD ENTERPRISE COMPANY | 0.59% | |
| FLEX LTD | 0.58% | |
| REALTY INCOME CORP | 0.57% | |
| DELTA AIR LINES INC | 0.56% | |
| CORTEVA INC | 0.56% | |
| AMETEK INC | 0.54% | |
| COHERENT CORP | 0.54% | |
| BAKER HUGHES COMPANY | 0.54% | |
| ONEOK INC | 0.54% | |
| UNITED RENTALS INC | 0.53% |
By country
United States 92.92%Bermuda 1.62%Ireland 1.46%Singapore 0.58%United Kingdom 0.56%By asset type
Stocks 99.86%By sector
Sectors of the companies held, for the 44.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $343.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.56%, +2.30%, +3.00%.
How it works
IWS tracks the Russell Midcap Value Index, which is built by FTSE Russell, part of the London Stock Exchange Group. The index starts with the Russell Midcap Index. From it, the index picks companies with lower price-to-book ratios (a share price that is low compared with the company's net worth on its books), slower past sales growth and lower forecast growth. As of March 31, 2026, these value stocks made up about 84% of the Russell Midcap Index's total market value, and industrials were a large share.
The index is rebalanced every quarter, after the close on the third Friday of March, June, September and December. Its rules cap any single company at 22.5% of the index and limit companies above 4.5% to 45% combined. Actual holdings are far smaller: the largest, Warner Bros. Discovery, was about 0.63% of the fund as of June 30, 2026.
BlackRock Fund Advisors uses representative sampling. This means it may hold a sample of stocks that matches the index's size, industry mix, yield and risk rather than every name. The fund must keep at least 80% of net assets in index stocks. It may use futures and may lend out up to one-third of its assets. It makes no defensive moves when markets fall.
What it really costs
- IWS charges 0.23% a year, versus an average of 0.16% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $24 in the first year and $293 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IWS | $24 | $74 | $130 | $293 |
In a retirement portfolio
It adds cheaper mid-sized companies that carry little weight in large-company funds, but it is still an all-stock fund that has suffered deep losses.
IWS can add mid-sized value companies such as Phillips 66, Kinder Morgan and Allstate, which carry little weight in large-company funds. Its past downturns have been deep. It fell about 61% in the 2008 financial crisis and took about 25 months to recover. Its deepest drop, about 63% from June 2007 to March 2009, took 42 months to recover. It lost about 44% in the 2020 COVID crash and recovered in about 8 months. In 2022 it fell 21% and took 17 months to recover. Its worst calendar year was 2008, at -38%.
Selling shares to cover spending in a year like that would lock in losses. The yield was 1.29% as of October 29, 2026, paid quarterly, which covers little spending. In the SEC's standard $10,000 example, costs total $24 after one year and $293 after 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a low-turnover tilt toward cheaper mid-sized companies, spread across about 720 stocks, with no holding above 1% as of June 30, 2026.
- Investors whose core fund is dominated by large companies and who want more exposure to names like Phillips 66, Kinder Morgan and Allstate.
- Investors who value a long record and size: the fund launched in July 2001 and held about $15.6 billion as of June 30, 2026.
Look elsewhere if
- Cost-focused investors: the 0.23% expense ratio ranks 8th of 9 similar funds, against 0.06% for IMCV and 0.04% for Vanguard Mid-Cap (VO).
- Anyone seeking meaningful income: the yield was 1.29% as of October 29, 2026, paid quarterly.
- Investors who can't tolerate deep drops: it fell about 63% from 2007 to 2009 and trailed the Russell 3000 over 10 years through 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IWS this fund | — | 0.23% | $15.65B | +25.6% | +20.7% |
| IWR iShares Russell Midcap ETF | 70% | 0.19% | $56.98B | +16.6% | +19.3% |
| CVMC Calvert US Mid-Cap Core Responsible Index E… | 67% | 0.15% | $102.8M | +18.6% | +21.1% |
| AVMC Avantis U.S. Mid Cap Equity ETF | 64% | 0.18% | $495.9M | +13.5% | — |
| JHMM John Hancock Multifactor Mid Cap ETF | 62% | 0.42% | $5.81B | +13.2% | +19.7% |
| VO Vanguard Mid-Cap ETF | 53% | 0.04% | $224.06B | +15.5% | +20.7% |
| IMCB iShares Morningstar Mid-Cap ETF | 51% | 0.04% | $1.66B | +18.7% | +22.2% |
| IMCV iShares Morningstar Mid-Cap Value ETF | 49% | 0.06% | $1.14B | +23.6% | +22.2% |
Questions investors ask
Is IWS good for retirement?
IWS may suit a supporting role rather than serving as a whole portfolio. It holds about 720 mid-sized value stocks, which can broaden a portfolio built on large companies. But it is all stocks and has fallen hard: about 61% in the 2008 financial crisis and about 44% in the 2020 COVID crash. Its yield was 1.29% as of October 29, 2026, so it is not built for income. Its 0.23% expense ratio is also above the 0.16% average for similar funds. Past results don't predict future returns.
What's the difference between IWS and IMCV?
Both are iShares funds that hold mid-sized US value stocks, but they follow different index providers and differ sharply on cost. IWS tracks the Russell Midcap Value Index and charges 0.23% a year. The iShares Morningstar Mid-Cap Value ETF (IMCV) follows a Morningstar index and charges 0.06%. Their holdings overlap by about 49%. In mid-2026 fund filings, IWS was far larger, at about $15.6 billion in net assets versus about $1.1 billion. One-year price returns were close: 25.6% for IWS through October 29, 2026, and 23.6% for IMCV through October 27.
Does IWS pay monthly dividends?
No. IWS pays dividends quarterly. Over the 12 months through October 29, 2026, it paid about $2.20 per share, a trailing yield of 1.29%. That income comes from the dividends of the companies it owns, such as Kinder Morgan, ONEOK and Realty Income, so payments can rise or fall from one quarter to the next. A modest yield like this covers little regular spending on its own, so income-focused investors may want to compare it with funds built for income.
What are the top holdings in IWS?
As of June 30, 2026, the largest holdings were Warner Bros. Discovery, Phillips 66, Digital Realty Trust, Kinder Morgan and Allstate, each at roughly 0.6% of assets. The fund held 720 stocks, and its 10 largest positions made up only about 5.9% of the total, so no single company drives results. Financials and industrials were the largest sectors among the holdings classified. US companies made up about 93% of assets, with smaller amounts based in Bermuda, Ireland and elsewhere.
How has IWS performed compared with the stock market?
IWS has trailed the broad US market over longer periods. In the 10 years through December 31, 2025, it returned 9.56% a year on average, versus 14.29% for the Russell 3000 Index. Over five years it returned 9.61% a year, versus 13.15%. Over the 12 months through October 29, 2026, its price return was 25.6%. Value stocks can trail growth stocks for long stretches, and past results don't predict future returns.