IWN vs VAW: Holdings Overlap
IWNiShares Russell 2000 Value ETF
iShares · 1406 holdings · $14.7B · as of 2026-03-31
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
Holdings snapshots are 61 days apart (IWN: 2026-03-31, VAW: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are IWN and VAW?
iShares Russell 2000 Value ETF (IWN, by iShares) holds 1406 positions; Vanguard Materials Index Fund (VAW, by Vanguard) holds 110. They have 42 holdings in common, and by portfolio weight the two funds are 4.9% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 42IWN holds 1406 · VAW holds 110
- Weight in Shared Holdings
- IWN 5%·VAW 7%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in IWN
1364 of 1406 positions (94.7% of the fund) are not held by VAW. Showing the top 30 by weight.
Sector Breakdown
| Sector | IWN | VAW |
|---|---|---|
| Materials | 5.1% | 99.5% |
| Financials | 22.4% | 0.0% |
| Industrials | 11.9% | 0.0% |
| Health Care | 10.0% | 0.0% |
| Consumer Discretionary | 8.7% | 0.0% |
| Other Sectors | 34.5% | 0.3% |
| Unclassified | 7.1% | 0.0% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (7% of IWN, 0% of VAW).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| IWN | +2.4% | +25.3% | +42.6% | +16.8% | +9.0% | +10.2% | 1.41% |
| VAW | +3.2% | +14.7% | +20.8% | +10.3% | +7.0% | +10.1% | 1.34% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in IWN vs VAW →
Shared Holdings(42)
The top 10 shared positions account for 66% of the overlap, led by CDE, HL and CMC.
 CDECoeur Mining Inc COM NEW | 0.66% | 1.28% | 0.66% |
|---|---|---|---|
 HLHecla Mining Company COM | 0.62% | 0.76% | 0.62% |
 CMCCommercial Metals Company COM | 0.47% | 0.54% | 0.47% |
 HCCWarrior Met Coal Inc COM | 0.33% | 0.32% | 0.32% |
 PRMPerimeter Solutions Inc. COMMON STOCK | 0.23% | 0.29% | 0.23% |
 FULH B Fuller Company COM | 0.23% | 0.22% | 0.22% |
 AVNTAvient Corporation COM | 0.23% | 0.21% | 0.21% |
 MTRNMaterion Corp COM | 0.17% | 0.29% | 0.17% |
 MTXMinerals Technologies Inc. COM | 0.15% | 0.15% | 0.15% |
 CSTMConstellium SE, Class A | 0.15% | 0.27% | 0.15% |
 IOSPInnospec Inc COM | 0.12% | 0.13% | 0.12% |
 KWRQuaker Chemical Corp. | 0.12% | 0.13% | 0.12% |
 AMRAlpha Metallurgical Resources Inc COM | 0.11% | 0.14% | 0.11% |
 GEFGreif, Inc., Class A | 0.11% | 0.10% | 0.10% |
 USARUSA Rare Earth Inc. COM | 0.10% | 0.14% | 0.10% |
 ECVTEcovyst Inc COM | 0.10% | 0.10% | 0.10% |
 OIO-I Glass Inc COM | 0.08% | 0.09% | 0.08% |
 TRSTrimas Corporation COM NEW | 0.08% | 0.09% | 0.08% |
 SCLStepan Co COM | 0.07% | 0.07% | 0.07% |
 SLVMSylvamo Corp. COMMON STOCK | 0.07% | 0.08% | 0.07% |
 WSWorthington Steel Inc. COM SHS | 0.07% | 0.09% | 0.07% |
 RYZRyerson Holding Corporation COM | 0.07% | 0.09% | 0.07% |
 KALUKaiser Aluminium Corporation COM PAR $0.01 | 0.06% | 0.19% | 0.06% |
 TROXTronox Holdings PLC COM USD0.01 | 0.08% | 0.06% | 0.06% |
 KOPKoppers Holdings Inc COM | 0.05% | 0.05% | 0.05% |
Frequently Asked Questions
How much do IWN and VAW overlap?
IWN and VAW overlap by 4.9% of portfolio weight. They share 42 holdings (IWN holds 1406 positions and VAW holds 110), based on each fund's latest SEC-reported holdings.
Is it redundant to own both IWN and VAW?
The two portfolios are 4.9% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of IWN and VAW?
The largest positions held by both funds are CDE, HL, CMC, HCC and PRM. Together the top 10 shared positions account for 66% of the total overlap.
What does IWN own that VAW doesn't?
1364 positions (94.7% of IWN) are unique to IWN, led by ECHO, TTMI and SM. In the other direction, 68 positions (93.1% of VAW) are unique to VAW.