Inflation-Adjusted Russell 1000 Growth ETF (IWF)

The iShares Russell 1000 Growth ETF (IWF) tracks the Russell 1000 Growth Index, providing investors with targeted exposure to large-cap US companies that exhibit strong growth characteristics and earnings potential.

Growth stock performance often appears remarkable in nominal terms, but these gains can be misleading without considering inflation's impact on real purchasing power. This page adjusts IWF's historical prices for inflation using the US Consumer Price Index, revealing the ETF's true performance in constant dollar terms.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use June 2025 as the baseline (latest available CPI).

The current value of the iShares Russell 1000 Growth ETF is 429.88 (as of the close of Jul 15, 2025), which is the all-time high.

Since May 26, 2000, the inflation-adjusted total return for the ETF has been 279.66%, which is equivalent to an annual growth rate of 5.45%.

In nominal values, the total return since this date has been 614.07%, or an annualized rate of 8.13%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date	Inflation-Adjusted	Nominal value
Jul 2025	429.88	429.88
Jun 2025	424.58	424.58
May 2025	400.79	399.43
Apr 2025	368.81	366.79
Mar 2025	364.21	361.09
Feb 2025	398.48	394.18
Jan 2025	415.17	408.87
Dec 2024	409.99	401.15
Nov 2024	406.46	397.55
Oct 2024	381.34	373.18
Sep 2024	383.22	374.6
Aug 2024	373.14	364.16
Jul 2024	366.02	356.91
Jun 2024	372.91	363.21
May 2024	349.88	340.67
Apr 2024	330.55	321.31
Mar 2024	346.44	335.46
Feb 2024	342.12	329.14
Jan 2024	322.84	308.69
Dec 2023	316.88	301.34
Nov 2023	303.55	288.95
Oct 2023	272.99	260.39
Sep 2023	276.93	264.25
Aug 2023	294.23	280.06
Jul 2023	298.38	282.77
Jun 2023	289.01	273.38
May 2023	271.86	256.33
Apr 2023	260.34	244.85
Mar 2023	259.01	242.37
Feb 2023	243.37	226.98
Jan 2023	247.67	229.71
Dec 2022	230.46	212.05
Nov 2022	248.83	229.66
Oct 2022	237.86	219.75
Sep 2022	225.75	207.73
Aug 2022	250.63	230.13
Jul 2022	262.83	241.41
Jun 2022	234.42	215.35
May 2022	258.39	234.14
Apr 2022	267.34	239.62
Mar 2022	306.2	272.92
Feb 2022	298.46	262.52
Jan 2022	314.27	273.92
Dec 2021	347.05	299.97
Nov 2021	341.16	293.98
Oct 2021	340.69	292.13
Sep 2021	315.9	268.64
Aug 2021	335.71	284.72
Jul 2021	324.56	274.7
Jun 2021	315.46	265.71
May 2021	300.04	250.4
Apr 2021	306.7	253.92
Mar 2021	289.34	237.6
Feb 2021	286.33	233.47
Jan 2021	287.98	233.54
Dec 2020	291.5	235.39
Nov 2020	279.35	225.36
Oct 2020	253.03	204.26
Sep 2020	261.96	211.38
Aug 2020	275.11	221.68
Jul 2020	250.5	201.22
Jun 2020	233.6	186.69
May 2020	225.1	178.92
Apr 2020	211.01	167.72
Mar 2020	182.75	146.24
Feb 2020	202.72	162.57
Jan 2020	217.71	174.12
Dec 2019	213.72	170.26
Nov 2019	207.53	165.49
Oct 2019	198.6	158.45
Sep 2019	193.59	154.1
Aug 2019	193.59	153.97
Jul 2019	195.26	155.31
Jun 2019	190.76	151.48
May 2019	179.21	142.28
Apr 2019	191.57	151.77
Mar 2019	184.39	145.32
Feb 2019	180.35	141.33
Jan 2019	174.83	136.43
Dec 2018	160.91	125.33
Nov 2018	175.09	136.81
Oct 2018	172.99	135.62
Sep 2018	190.25	148.89
Aug 2018	189.37	148.03
Jul 2018	179.72	140.41
Jun 2018	174.7	136.48
May 2018	173.31	135.18
Apr 2018	166.72	129.5
Mar 2018	166.95	129.16
Feb 2018	172	132.77
Jan 2018	177.4	136.32
Dec 2017	166.77	127.46
Nov 2017	165.14	126.28
Oct 2017	160.41	122.67
Sep 2017	154.27	118.04
Aug 2017	153.21	116.61
Jul 2017	150.93	114.53
Jun 2017	146.98	111.62
May 2017	147.51	111.92
Apr 2017	143.91	109.09
Mar 2017	141.2	106.72
Feb 2017	139.62	105.45
Jan 2017	134.57	101.31
Dec 2016	131.05	98.09
Nov 2016	129.41	96.83
Oct 2016	126.44	94.76
Sep 2016	129.62	97.02
Aug 2016	129.55	96.73
Jul 2016	130.34	97.23
Jun 2016	124.22	92.82
May 2016	125.18	93.23
Apr 2016	123.27	91.43
Mar 2016	125	92.28
Feb 2016	117.62	86.46
Jan 2016	117.72	86.46
Dec 2015	125.01	91.67
Nov 2015	126.51	93.09
Oct 2015	125.86	92.8
Sep 2015	115.73	85.37
Aug 2015	118.65	87.66
Jul 2015	126.18	93.36
Jun 2015	122.03	90.28
May 2015	124.64	91.89
Apr 2015	123.64	90.69
Mar 2015	123.22	90.2
Feb 2015	125.43	91.27
Jan 2015	118.19	85.63
Dec 2014	119.38	86.9
Nov 2014	120.03	87.88
Oct 2014	115.58	85.08
Sep 2014	112.43	82.97
Aug 2014	114.17	84.19
Jul 2014	109.06	80.56
Jun 2014	110.69	81.79
May 2014	108.82	80.26
Apr 2014	105.98	77.89
Mar 2014	106.26	77.84
Feb 2014	108.06	78.65
Jan 2014	103.16	74.81
Dec 2013	106.65	77.05
Nov 2013	103.69	74.92
Oct 2013	100.72	72.92
Sep 2013	96.21	69.84
Aug 2013	92.23	66.87
Jul 2013	93.99	68.07
Jun 2013	89.09	64.49
May 2013	91.21	65.87
Apr 2013	89.63	64.62
Mar 2013	87.68	63.28
Feb 2013	84.72	60.98
Jan 2013	84.5	60.32
Dec 2012	81.31	57.88
Nov 2012	81.07	57.86
Oct 2012	79.3	56.87
Sep 2012	81.66	58.58
Aug 2012	80.87	57.76
Jul 2012	78.76	55.94
Jun 2012	77.77	55.33
May 2012	75.58	53.85
Apr 2012	80.67	57.54
Mar 2012	81.01	57.61
Feb 2012	79.04	55.78
Jan 2012	75.81	53.27
Dec 2011	71.81	50.24
Nov 2011	71.84	50.38
Oct 2011	71.85	50.44
Sep 2011	64.71	45.52
Aug 2011	69.89	49.09
Jul 2011	74.05	51.87
Jun 2011	74.82	52.36
May 2011	75.84	53.13
Apr 2011	77.04	53.72
Mar 2011	75.07	52.01
Feb 2011	75.8	52.01
Jan 2011	73.65	50.28
Dec 2010	72.25	49.09
Nov 2010	68.64	46.56
Oct 2010	67.9	46.04
Sep 2010	64.8	43.88
Aug 2010	58.65	39.69
Jul 2010	61.61	41.64
Jun 2010	57.5	38.86
May 2010	60.77	41.1
Apr 2010	65.87	44.52
Mar 2010	65.28	44.05
Feb 2010	61.98	41.65
Jan 2010	59.91	40.24
Dec 2009	62.94	42.14
Nov 2009	60.97	40.89
Oct 2009	57.44	38.49
Sep 2009	58.23	38.99
Aug 2009	56.01	37.48
Jul 2009	55.07	36.76
Jun 2009	51.26	34.28
May 2009	51.23	33.96
Apr 2009	48.83	32.28
Mar 2009	44.44	29.31
Feb 2009	41.13	27.05
Jan 2009	44.68	29.25
Dec 2008	47.3	30.83
Nov 2008	45.98	30.28
Oct 2008	49.26	33.07
Sep 2008	59.27	40.2
Aug 2008	66.47	45.15
Jul 2008	65.36	44.57
Jun 2008	67.05	45.48
May 2008	72.76	48.87
Apr 2008	71.04	47.31
Mar 2008	67.71	44.82
Feb 2008	68.87	45.2
Jan 2008	70.24	45.96
Dec 2007	76.64	49.91
Nov 2007	77.11	50.24
Oct 2007	80.33	52.03
Sep 2007	78.24	50.57
Aug 2007	74.93	48.3
Jul 2007	73.89	47.72
Jun 2007	74.94	48.4
May 2007	76.35	49.22
Apr 2007	74.1	47.48
Mar 2007	71.3	45.39
Feb 2007	71.5	45.11
Jan 2007	73.2	45.94
Dec 2006	71.56	44.77
Nov 2006	71.53	44.68
Oct 2006	70.07	43.84
Sep 2006	67.26	42.31
Aug 2006	65.1	41.15
Jul 2006	63.41	40.01
Jun 2006	64.93	40.84
May 2006	65.15	40.9
Apr 2006	67.98	42.47
Mar 2006	68.75	42.58
Feb 2006	67.78	41.76
Jan 2006	67.75	41.65
Dec 2005	67.36	41.09
Nov 2005	67.46	41.33
Oct 2005	63.94	39.49
Sep 2005	64.97	40.04
Aug 2005	65.46	39.86
Jul 2005	66.77	40.45
Jun 2005	63.84	38.49
May 2005	64.17	38.68
Apr 2005	61.06	36.83
Mar 2005	62.61	37.52
Feb 2005	64.5	38.35
Jan 2005	64.11	37.9
Dec 2004	66.5	39.23
Nov 2004	63.87	37.82
Oct 2004	61.48	36.39
Sep 2004	60.97	35.89
Aug 2004	60.49	35.54
Jul 2004	61.18	35.92
Jun 2004	64.47	37.91
May 2004	64.07	37.56
Apr 2004	63.21	36.84
Mar 2004	64.14	37.26
Feb 2004	65.82	37.99
Jan 2004	65.79	37.77
Dec 2003	64.68	36.96
Nov 2003	62.18	35.56
Oct 2003	61.43	35.24
Sep 2003	58.25	33.45
Aug 2003	58.97	33.75
Jul 2003	57.81	32.96
Jun 2003	56.47	32.16
May 2003	55.89	31.8
Apr 2003	53.03	30.22
Mar 2003	49.08	28.03
Feb 2003	48.61	27.59
Jan 2003	49.11	27.66
Dec 2002	50.58	28.37
Nov 2002	54.4	30.57
Oct 2002	51.45	28.92
Sep 2002	47.53	26.67
Aug 2002	52.74	29.55
Jul 2002	52.98	29.58
Jun 2002	55.97	31.22
May 2002	61.69	34.38
Apr 2002	63.34	35.31
Mar 2002	69.49	38.52
Feb 2002	67.66	37.29
Jan 2002	70.48	38.7
Dec 2001	72.02	39.45
Nov 2001	71.9	39.54
Oct 2001	65.69	36.19
Sep 2001	62.17	34.36
Aug 2001	69.28	38.12
Jul 2001	75.45	41.52
Jun 2001	78.08	43.09
May 2001	79.25	43.66
Apr 2001	80.65	44.23
Mar 2001	71.7	39.17
Feb 2001	80.72	44
Jan 2001	98.54	53.49
Dec 2000	92.4	49.85
Nov 2000	95.12	51.34
Oct 2000	111.72	60.27
Sep 2000	118.16	63.63
Aug 2000	130.91	70.13
Jul 2000	119.61	64.07
Jun 2000	124.77	66.69
May 2000	118.96	63.25

Returns from Investing in the iShares Russell 1000 Growth ETF

How much did an investment in the IWF ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the iShares Russell 1000 Growth ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the ETF nominally increased, as in 2011.

Year	Inflation-Adjusted Return	Nominal Return
2024	29.38%	33.12%
2023	37.5%	42.11%
2022	-33.59%	-29.31%
2021	19.06%	27.43%
2020	36.39%	38.25%
2019	32.82%	35.86%
2018	-3.52%	-1.67%
2017	27.26%	29.94%
2016	4.83%	7%
2015	4.72%	5.49%
2014	11.93%	12.78%
2013	31.17%	33.14%
2012	13.23%	15.21%
2011	-0.61%	2.33%
2010	14.79%	16.5%
2009	33.05%	36.67%
2008	-38.28%	-38.22%
2007	7.11%	11.48%
2006	6.23%	8.93%
2005	1.29%	4.75%
2004	2.81%	6.15%
2003	27.89%	30.29%
2002	-29.77%	-28.1%
2001	-22.06%	-20.85%

Ishares Russell 1000 Growth Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the iShares Russell 1000 Growth over various trailing periods ending June 30, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	13.86%	16.9%
Last 3 years	21.9%	25.39%
Last 5 years	12.69%	17.86%
Last 10 years	13.28%	16.74%
Last 20 years	9.94%	12.75%

Real Returns of Investing in the iShares Russell 1000 Growth

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in June 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the iShares Russell 1000 Growth five years ago yielded an 161.17% nominal gain, but the real return (the actual increase in buying power) was 109.44%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2020 - Jun 2025	$261.17	161.17%	109.44%
Last 10 years Feb 2015 - Jun 2025	$465.17	365.17%	238.5%

About the iShares Russell 1000 Growth ETF

The iShares Russell 1000 Growth ETF (IWF) is an exchange-traded fund managed by BlackRock that seeks to track the performance of the Russell 1000 Growth Index. Launched in May 2000, IWF focuses on large-cap US companies that are expected to grow at an above-average rate compared to their peers.

The fund emphasizes stocks with strong earnings growth potential and typically includes companies from sectors like technology, healthcare, and consumer discretionary. IWF offers investors a cost-effective way to gain concentrated exposure to growth-oriented large-cap US equities through a single diversified investment vehicle, making it an ideal choice for investors seeking to capitalize on the growth potential of America's largest companies.

Last Close Jul 15, 2025	429.88
Highest Jul 15, 2025	429.88
Highest, Inflation-Adjusted Jul 15, 2025	429.88
Annualized return Since May 26, 2000	8.13%
Annualized return, Inflation-Adjusted Since May 26, 2000	5.45%