Inflation-Adjusted Russell 2000 ETF (IWM)

The iShares Russell 2000 ETF (IWM) tracks the Russell 2000 Index, providing investors with broad exposure to small-capitalization US stocks.

Nominal returns can be a misleading measure of performance, as they do not account for the impact of inflation on purchasing power. To provide a more accurate analysis, this page adjusts the historical price of IWM using the US Consumer Price Index to reveal its real performance over time.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use March 2026 as the baseline (latest available CPI).

The current value of the iShares Russell 2000 ETF is 279.28 (as of the close of May 1, 2026), which is the all-time high.

Since May 26, 2000, the inflation-adjusted total return for the ETF has been 341.74%, which is equivalent to an annual growth rate of 5.9%.

In nominal values, the total return since this date has been 750.55%, or an annualized rate of 8.61%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. The inflation-adjusted column shows what each past level would represent in roughly today's dollars based on the latest CPI reading, following the same present-value method that underlies the US Inflation Calculator. The newest row will show matching nominal and adjusted values until another CPI update becomes available.

Date	Inflation-Adjusted	Nominal value
May 2026	279.28	279.28
Apr 2026	277.97	277.97
Mar 2026	248	248
Feb 2026	263.68	260.95
Jan 2026	263.14	259.19
Dec 2025	250.39	245.72
Nov 2025	252.13	247.48
Oct 2025	244.97	244.97
Sep 2025	244.74	240.73
Aug 2025	237.8	233.31
Jul 2025	222.48	217.66
Jun 2025	219.16	214.08
May 2025	208.41	202.89
Apr 2025	198.45	192.79
Mar 2025	203.8	197.37
Feb 2025	219.29	211.89
Jan 2025	232.4	223.57
Dec 2024	228.22	218.12
Nov 2024	249.17	238.06
Oct 2024	224.21	214.33
Sep 2024	227.69	217.41
Aug 2024	226.45	215.88
Jul 2024	230.53	219.59
Jun 2024	209.18	199.02
May 2024	211.63	201.28
Apr 2024	201.81	191.63
Mar 2024	217.49	205.71
Feb 2024	211.52	198.78
Jan 2024	201.5	188.2
Dec 2023	210.82	195.84
Nov 2023	187.83	174.66
Oct 2023	171.66	159.94
Sep 2023	184.34	171.82
Aug 2023	196.29	182.51
Jul 2023	207.7	192.28
Jun 2023	196.12	181.21
May 2023	182.07	167.68
Apr 2023	184.03	169.06
Mar 2023	188.34	172.15
Feb 2023	198.59	180.92
Jan 2023	203.2	184.1
Dec 2022	186.51	167.64
Nov 2022	198.9	179.32
Oct 2022	194.41	175.46
Sep 2022	175.6	157.84
Aug 2022	194.8	174.72
Jul 2022	198.71	178.29
Jun 2022	179.71	161.26
May 2022	198.81	175.98
Apr 2022	200.61	175.64
Mar 2022	223.89	194.94
Feb 2022	224.29	192.71
Jan 2022	224.02	190.73
Dec 2021	249.72	210.84
Nov 2021	244.92	206.16
Oct 2021	257.27	215.49
Sep 2021	248.83	206.7
Aug 2021	256.91	212.84
Jul 2021	251.89	208.25
Jun 2021	262.63	216.09
May 2021	260.2	212.12
Apr 2021	261.58	211.55
Mar 2021	259.1	207.83
Feb 2021	257.35	204.97
Jan 2021	243.64	193
Dec 2020	233.37	184.08
Nov 2020	215	169.44
Oct 2020	181.72	143.29
Sep 2020	177.87	140.2
Aug 2020	184.13	144.93
Jul 2020	175.12	137.41
Jun 2020	171.01	133.51
May 2020	166.25	129.08
Apr 2020	155.97	121.1
Mar 2020	136.08	106.37
Feb 2020	172.93	135.47
Jan 2020	190.23	148.61
Dec 2019	197.08	153.37
Nov 2019	191.57	149.22
Oct 2019	183.98	143.39
Sep 2019	179.53	139.59
Aug 2019	176.09	136.81
Jul 2019	185.21	143.91
Jun 2019	184.26	142.93
May 2019	172.27	133.6
Apr 2019	187.35	144.99
Mar 2019	182.15	140.22
Feb 2019	187.1	143.22
Jan 2019	178.64	136.17
Dec 2018	160.78	122.32
Nov 2018	182.06	138.96
Oct 2018	178.37	136.6
Sep 2018	200.74	153.46
Aug 2018	205.76	157.12
Jul 2018	197.37	150.62
Jun 2018	194.18	148.18
May 2018	193.3	147.28
Apr 2018	182.84	138.73
Mar 2018	181.78	137.38
Feb 2018	180	135.73
Jan 2018	188.04	141.15
Dec 2017	184.35	137.63
Nov 2017	184.98	138.18
Oct 2017	179.7	134.24
Sep 2017	178.29	133.26
Aug 2017	168.61	125.36
Jul 2017	171.27	126.96
Jun 2017	169.7	125.89
May 2017	164.31	121.78
Apr 2017	167.76	124.23
Mar 2017	166.35	122.82
Feb 2017	166.44	122.78
Jan 2017	163.8	120.46
Dec 2016	164.29	120.12
Nov 2016	159.74	116.76
Oct 2016	143.61	105.12
Sep 2016	150.71	110.19
Aug 2016	149.47	109.02
Jul 2016	146.99	107.11
Jun 2016	138.61	101.17
May 2016	139.09	101.19
Apr 2016	136.59	98.97
Mar 2016	134.98	97.34
Feb 2016	125.51	90.12
Jan 2016	125.89	90.32
Dec 2015	137.93	98.8
Nov 2015	144.74	104.03
Oct 2015	139.88	100.75
Sep 2015	132.37	95.39
Aug 2015	139.03	100.34
Jul 2015	148.19	107.1
Jun 2015	149.85	108.3
May 2015	149.21	107.45
Apr 2015	146.69	105.1
Mar 2015	150.86	107.87
Feb 2015	149.12	105.99
Jan 2015	141.36	100.05
Dec 2014	145.46	103.44
Nov 2014	140.57	100.53
Oct 2014	139.66	100.42
Sep 2014	130.69	94.21
Aug 2014	139.03	100.14
Jul 2014	132.4	95.53
Jun 2014	140.88	101.69
May 2014	134.08	96.59
Apr 2014	133.49	95.84
Mar 2014	139.15	99.57
Feb 2014	141.1	100.32
Jan 2014	135.17	95.75
Dec 2013	139.54	98.48
Nov 2013	136.76	96.53
Oct 2013	131.29	92.86
Sep 2013	127.86	90.66
Aug 2013	120.21	85.14
Jul 2013	124.28	87.92
Jun 2013	115.84	81.91
May 2013	117.08	82.59
Apr 2013	112.85	79.47
Mar 2013	113.13	79.74
Feb 2013	108.37	76.19
Jan 2013	108.17	75.44
Dec 2012	102.12	71.01
Nov 2012	98.3	68.53
Oct 2012	97.3	68.16
Sep 2012	99.41	69.67
Aug 2012	96.71	67.47
Jul 2012	93.92	65.17
Jun 2012	95.22	66.17
May 2012	90.51	62.99
Apr 2012	96.77	67.43
Mar 2012	98.66	68.54
Feb 2012	97	66.87
Jan 2012	94.99	65.2
Dec 2011	89.04	60.85
Nov 2011	88.37	60.54
Oct 2011	88.63	60.77
Sep 2011	76.84	52.8
Aug 2011	86.62	59.43
Jul 2011	95.33	65.22
Jun 2011	98.78	67.53
May 2011	101.11	69.19
Apr 2011	103.44	70.45
Mar 2011	101.43	68.64
Feb 2011	99.9	66.95
Jan 2011	95.12	63.44
Dec 2010	95.93	63.67
Nov 2010	88.95	58.94
Oct 2010	85.99	56.96
Sep 2010	82.67	54.69
Aug 2010	73.56	48.63
Jul 2010	79.59	52.55
Jun 2010	74.59	49.23
May 2010	80.77	53.36
Apr 2010	87.42	57.71
Mar 2010	82.86	54.61
Feb 2010	76.88	50.46
Jan 2010	73.6	48.3
Dec 2009	76.72	50.17
Nov 2009	70.96	46.49
Oct 2009	68.86	45.08
Sep 2009	73.71	48.21
Aug 2009	69.87	45.67
Jul 2009	68.03	44.37
Jun 2009	62.22	40.64
May 2009	61.63	39.92
Apr 2009	59.78	38.6
Mar 2009	51.94	33.46
Feb 2009	48.32	31.05
Jan 2009	55.17	35.27
Dec 2008	61.34	39.05
Nov 2008	57.92	37.26
Oct 2008	64.51	42.31
Sep 2008	80.78	53.52
Aug 2008	87.45	58.02
Jul 2008	84.09	56.02
Jun 2008	81.54	54.03
May 2008	89.07	58.43
Apr 2008	85.88	55.87
Mar 2008	82.64	53.44
Feb 2008	83.92	53.8
Jan 2008	86.7	55.42
Dec 2007	93.23	59.3
Nov 2007	93.77	59.68
Oct 2007	101.3	64.1
Sep 2007	98.71	62.32
Aug 2007	97.14	61.16
Jul 2007	94.94	59.89
Jun 2007	102.06	64.39
May 2007	103.75	65.33
Apr 2007	100.01	62.6
Mar 2007	99.05	61.6
Feb 2007	98.98	61
Jan 2007	100.17	61.4
Dec 2006	98.8	60.38
Nov 2006	98.58	60.16
Oct 2006	96.12	58.74
Sep 2006	90.29	55.48
Aug 2006	89.28	55.13
Jul 2006	86.85	53.52
Jun 2006	89.67	55.1
May 2006	89.88	55.12
Apr 2006	95.77	58.44
Mar 2006	96.29	58.26
Feb 2006	92.29	55.54
Jan 2006	92.19	55.36
Dec 2005	85.66	51.05
Nov 2005	85.92	51.41
Oct 2005	80.59	48.62
Sep 2005	84.06	50.61
Aug 2005	85.01	50.56
Jul 2005	87.19	51.59
Jun 2005	82.18	48.41
May 2005	79.01	46.51
Apr 2005	74.13	43.69
Mar 2005	79.11	46.31
Feb 2005	82.05	47.66
Jan 2005	81.19	46.89
Dec 2004	84.81	48.87
Nov 2004	82.52	47.73
Oct 2004	75.61	43.71
Sep 2004	74.48	42.83
Aug 2004	70.86	40.66
Jul 2004	71.98	41.29
Jun 2004	77.09	44.29
May 2004	74.19	42.49
Apr 2004	73.06	41.59
Mar 2004	77.57	44.02
Feb 2004	77.33	43.61
Jan 2004	77.02	43.19
Dec 2003	74.18	41.4
Nov 2003	72.94	40.76
Oct 2003	70.12	39.29
Sep 2003	64.44	36.14
Aug 2003	65.93	36.86
Jul 2003	63.16	35.17
Jun 2003	59.37	33.03
May 2003	58.75	32.65
Apr 2003	52.91	29.45
Mar 2003	47.87	26.7
Feb 2003	48.06	26.65
Jan 2003	49.93	27.47
Dec 2002	51.21	28.05
Nov 2002	54.2	29.76
Oct 2002	49.97	27.44
Sep 2002	48.07	26.35
Aug 2002	52.35	28.65
Jul 2002	52.86	28.83
Jun 2002	61.08	33.27
May 2002	64.88	35.33
Apr 2002	68.11	37.08
Mar 2002	67.68	36.65
Feb 2002	63.29	34.08
Jan 2002	65.59	35.18
Dec 2001	65.84	35.23
Nov 2001	62.17	33.4
Oct 2001	57.66	31.03
Sep 2001	53.96	29.13
Aug 2001	63.45	34.11
Jul 2001	65.03	34.96
Jun 2001	68.67	37.02
May 2001	66.71	35.9
Apr 2001	65.59	35.14
Mar 2001	60.83	32.46
Feb 2001	63.94	34.04
Jan 2001	68.79	36.48
Dec 2000	65.7	34.62
Nov 2000	60.94	32.13
Oct 2000	67.73	35.69
Sep 2000	71.02	37.36
Aug 2000	73.81	38.63
Jul 2000	69	36.11
Jun 2000	71.13	37.14
May 2000	65.79	34.17

Returns from Investing in the iShares Russell 2000 ETF

How much did an investment in the IWM 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 2000 ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Year	Inflation-Adjusted Return	Nominal Return
2024	8.25%	11.38%
2023	13.03%	16.82%
2022	-25.31%	-20.49%
2021	7%	14.53%
2020	18.41%	20.03%
2019	22.58%	25.38%
2018	-12.79%	-11.12%
2017	12.21%	14.58%
2016	19.11%	21.58%
2015	-5.18%	-4.48%
2014	4.24%	5.03%
2013	36.64%	38.69%
2012	14.69%	16.69%
2011	-7.18%	-4.43%
2010	25.04%	26.91%
2009	25.08%	28.48%
2008	-34.21%	-34.15%
2007	-5.64%	-1.79%
2006	15.34%	18.27%
2005	1.01%	4.46%
2004	14.33%	18.05%
2003	44.86%	47.58%
2002	-22.22%	-20.37%
2001	0.22%	1.77%

Ishares Russell 2000 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 2000 over various trailing periods ending March 31, 2026, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	21.69%	25.65%
Last 3 years	9.61%	12.94%
Last 5 years	-0.87%	3.6%
Last 10 years	6.27%	9.8%
Last 20 years	4.84%	7.51%

Real Returns of Investing in the iShares Russell 2000

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 September 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 2000 five years ago yielded an 17.44% nominal gain, but the real return (the actual increase in buying power) was -4.9%.

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 2021 - Sep 2025	$117.44	17.44%	-4.9%
Last 10 years Feb 2016 - Sep 2025	$267.11	167.11%	95%
Last 25 years Feb 2001 - Sep 2025	$707.21	607.21%	282.78%

About the iShares Russell 2000 ETF

The iShares Russell 2000 ETF (IWM) is an exchange-traded fund managed by BlackRock that aims to track the performance of the Russell 2000 Index. Launched in May 2000, IWM offers investors targeted exposure to small public US companies. The Russell 2000 Index is widely regarded as a key benchmark for small-cap US equities, representing approximately 2000 of the smallest securities in the US equity market based on a combination of market capitalization and current index membership.

Last Close May 1, 2026	279.28
Highest May 1, 2026	279.28
Highest, Inflation-Adjusted May 1, 2026	279.28
Annualized return Since May 26, 2000	8.61%
Annualized return, Inflation-Adjusted Since May 26, 2000	5.9%