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 September 2025 as the baseline (latest available CPI).

The current value of the iShares Russell 2000 ETF is 251.82 (as of the close of Dec 4, 2025), which is the all-time high.

While the nominal high reached 251.82, the inflation-adjusted peak value was 271.28 on March 15, 2021.

Since May 26, 2000, the inflation-adjusted total return for the ETF has been 302.88%, which is equivalent to an annual growth rate of 5.61%.

In nominal values, the total return since this date has been 663.01%, or an annualized rate of 8.29%.

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
Dec 2025	251.82	251.82
Nov 2025	248.75	248.75
Oct 2025	246.23	246.23
Sep 2025	241.96	241.96
Aug 2025	235.1	234.51
Jul 2025	219.96	218.77
Jun 2025	216.67	215.18
May 2025	206.04	203.93
Apr 2025	196.2	193.78
Mar 2025	201.48	198.38
Feb 2025	216.8	212.98
Jan 2025	229.76	224.72
Dec 2024	225.63	219.24
Nov 2024	246.34	239.28
Oct 2024	221.66	215.43
Sep 2024	225.11	218.52
Aug 2024	223.88	216.98
Jul 2024	227.91	220.71
Jun 2024	206.8	200.04
May 2024	209.22	202.31
Apr 2024	199.52	192.61
Mar 2024	215.02	206.77
Feb 2024	209.12	199.8
Jan 2024	199.21	189.16
Dec 2023	208.42	196.84
Nov 2023	185.7	175.55
Oct 2023	169.71	160.76
Sep 2023	182.25	172.7
Aug 2023	194.06	183.44
Jul 2023	205.35	193.27
Jun 2023	193.89	182.14
May 2023	180	168.54
Apr 2023	181.94	169.93
Mar 2023	186.2	173.03
Feb 2023	196.34	181.85
Jan 2023	200.89	185.04
Dec 2022	184.39	168.5
Nov 2022	196.64	180.24
Oct 2022	192.21	176.36
Sep 2022	173.61	158.65
Aug 2022	192.59	175.61
Jul 2022	196.46	179.2
Jun 2022	177.67	162.08
May 2022	196.55	176.88
Apr 2022	198.33	176.54
Mar 2022	221.35	195.93
Feb 2022	221.74	193.69
Jan 2022	221.48	191.71
Dec 2021	246.88	211.92
Nov 2021	242.14	207.21
Oct 2021	254.35	216.6
Sep 2021	246.01	207.76
Aug 2021	253.99	213.93
Jul 2021	249.03	209.32
Jun 2021	259.65	217.19
May 2021	257.25	213.21
Apr 2021	258.61	212.63
Mar 2021	256.16	208.9
Feb 2021	254.42	206.03
Jan 2021	240.88	193.99
Dec 2020	230.72	185.03
Nov 2020	212.56	170.3
Oct 2020	179.65	144.03
Sep 2020	175.85	140.92
Aug 2020	182.04	145.67
Jul 2020	173.13	138.11
Jun 2020	169.07	134.19
May 2020	164.36	129.75
Apr 2020	154.2	121.72
Mar 2020	134.54	106.92
Feb 2020	170.97	136.16
Jan 2020	188.07	149.37
Dec 2019	194.85	154.16
Nov 2019	189.39	149.98
Oct 2019	181.9	144.12
Sep 2019	177.49	140.31
Aug 2019	174.09	137.51
Jul 2019	183.11	144.64
Jun 2019	182.17	143.66
May 2019	170.31	134.29
Apr 2019	185.22	145.73
Mar 2019	180.09	140.94
Feb 2019	184.97	143.96
Jan 2019	176.61	136.87
Dec 2018	158.95	122.95
Nov 2018	179.99	139.67
Oct 2018	176.35	137.3
Sep 2018	198.46	154.25
Aug 2018	203.43	157.92
Jul 2018	195.13	151.4
Jun 2018	191.98	148.94
May 2018	191.11	148.03
Apr 2018	180.76	139.44
Mar 2018	179.72	138.08
Feb 2018	177.96	136.42
Jan 2018	185.91	141.87
Dec 2017	182.26	138.34
Nov 2017	182.88	138.89
Oct 2017	177.66	134.92
Sep 2017	176.27	133.95
Aug 2017	166.69	126
Jul 2017	169.32	127.61
Jun 2017	167.78	126.53
May 2017	162.45	122.4
Apr 2017	165.85	124.86
Mar 2017	164.46	123.44
Feb 2017	164.55	123.41
Jan 2017	161.94	121.08
Dec 2016	162.43	120.74
Nov 2016	157.93	117.35
Oct 2016	141.98	105.66
Sep 2016	149	110.76
Aug 2016	147.77	109.58
Jul 2016	145.32	107.66
Jun 2016	137.04	101.69
May 2016	137.51	101.71
Apr 2016	135.04	99.48
Mar 2016	133.45	97.84
Feb 2016	124.08	90.58
Jan 2016	124.46	90.79
Dec 2015	136.37	99.3
Nov 2015	143.1	104.57
Oct 2015	138.29	101.26
Sep 2015	130.87	95.87
Aug 2015	137.45	100.85
Jul 2015	146.5	107.65
Jun 2015	148.15	108.85
May 2015	147.51	108
Apr 2015	145.02	105.64
Mar 2015	149.14	108.42
Feb 2015	147.42	106.54
Jan 2015	139.75	100.56
Dec 2014	143.81	103.97
Nov 2014	138.97	101.04
Oct 2014	138.07	100.93
Sep 2014	129.2	94.69
Aug 2014	137.45	100.66
Jul 2014	130.9	96.02
Jun 2014	139.28	102.21
May 2014	132.55	97.09
Apr 2014	131.98	96.33
Mar 2014	137.57	100.08
Feb 2014	139.5	100.84
Jan 2014	133.63	96.24
Dec 2013	137.95	98.98
Nov 2013	135.21	97.03
Oct 2013	129.8	93.33
Sep 2013	126.41	91.13
Aug 2013	118.84	85.57
Jul 2013	122.87	88.37
Jun 2013	114.52	82.33
May 2013	115.75	83.01
Apr 2013	111.57	79.87
Mar 2013	111.84	80.15
Feb 2013	107.14	76.58
Jan 2013	106.95	75.82
Dec 2012	100.96	71.37
Nov 2012	97.18	68.88
Oct 2012	96.19	68.51
Sep 2012	98.29	70.03
Aug 2012	95.61	67.82
Jul 2012	92.86	65.5
Jun 2012	94.14	66.51
May 2012	89.48	63.31
Apr 2012	95.67	67.77
Mar 2012	97.54	68.89
Feb 2012	95.9	67.22
Jan 2012	93.91	65.53
Dec 2011	88.03	61.16
Nov 2011	87.37	60.85
Oct 2011	87.62	61.08
Sep 2011	75.97	53.07
Aug 2011	85.64	59.73
Jul 2011	94.25	65.56
Jun 2011	97.66	67.87
May 2011	99.96	69.54
Apr 2011	102.27	70.81
Mar 2011	100.28	68.99
Feb 2011	98.77	67.3
Jan 2011	94.04	63.76
Dec 2010	94.84	64
Nov 2010	87.94	59.24
Oct 2010	85.02	57.25
Sep 2010	81.73	54.97
Aug 2010	72.73	48.88
Jul 2010	78.69	52.82
Jun 2010	73.74	49.48
May 2010	79.85	53.64
Apr 2010	86.43	58.01
Mar 2010	81.92	54.89
Feb 2010	76.01	50.72
Jan 2010	72.77	48.55
Dec 2009	75.85	50.43
Nov 2009	70.15	46.73
Oct 2009	68.08	45.31
Sep 2009	72.87	48.46
Aug 2009	69.08	45.9
Jul 2009	67.26	44.59
Jun 2009	61.51	40.85
May 2009	60.93	40.12
Apr 2009	59.1	38.8
Mar 2009	51.35	33.63
Feb 2009	47.77	31.21
Jan 2009	54.54	35.46
Dec 2008	60.64	39.25
Nov 2008	57.26	37.45
Oct 2008	63.77	42.52
Sep 2008	79.87	53.8
Aug 2008	86.46	58.32
Jul 2008	83.14	56.3
Jun 2008	80.62	54.31
May 2008	88.06	58.73
Apr 2008	84.91	56.16
Mar 2008	81.7	53.71
Feb 2008	82.96	54.07
Jan 2008	85.72	55.71
Dec 2007	92.17	59.6
Nov 2007	92.7	59.99
Oct 2007	100.15	64.43
Sep 2007	97.59	62.64
Aug 2007	96.03	61.48
Jul 2007	93.86	60.19
Jun 2007	100.9	64.72
May 2007	102.57	65.67
Apr 2007	98.87	62.92
Mar 2007	97.92	61.91
Feb 2007	97.86	61.31
Jan 2007	99.03	61.72
Dec 2006	97.68	60.69
Nov 2006	97.46	60.46
Oct 2006	95.02	59.04
Sep 2006	89.27	55.76
Aug 2006	88.26	55.41
Jul 2006	85.86	53.79
Jun 2006	88.65	55.38
May 2006	88.86	55.4
Apr 2006	94.68	58.74
Mar 2006	95.2	58.56
Feb 2006	91.25	55.82
Jan 2006	91.14	55.64
Dec 2005	84.69	51.31
Nov 2005	84.94	51.68
Oct 2005	79.68	48.87
Sep 2005	83.1	50.86
Aug 2005	84.04	50.82
Jul 2005	86.2	51.86
Jun 2005	81.25	48.66
May 2005	78.11	46.75
Apr 2005	73.29	43.91
Mar 2005	78.21	46.54
Feb 2005	81.12	47.9
Jan 2005	80.27	47.13
Dec 2004	83.84	49.12
Nov 2004	81.59	47.98
Oct 2004	74.75	43.94
Sep 2004	73.63	43.05
Aug 2004	70.05	40.87
Jul 2004	71.16	41.5
Jun 2004	76.21	44.51
May 2004	73.35	42.71
Apr 2004	72.23	41.81
Mar 2004	76.69	44.25
Feb 2004	76.45	43.83
Jan 2004	76.14	43.42
Dec 2003	73.34	41.61
Nov 2003	72.12	40.96
Oct 2003	69.33	39.49
Sep 2003	63.7	36.32
Aug 2003	65.18	37.05
Jul 2003	62.44	35.35
Jun 2003	58.69	33.2
May 2003	58.09	32.82
Apr 2003	52.31	29.6
Mar 2003	47.33	26.84
Feb 2003	47.51	26.78
Jan 2003	49.36	27.61
Dec 2002	50.63	28.2
Nov 2002	53.59	29.91
Oct 2002	49.4	27.58
Sep 2002	47.53	26.49
Aug 2002	51.76	28.8
Jul 2002	52.26	28.98
Jun 2002	60.38	33.44
May 2002	64.14	35.51
Apr 2002	67.33	37.27
Mar 2002	66.91	36.83
Feb 2002	62.57	34.25
Jan 2002	64.84	35.36
Dec 2001	65.09	35.41
Nov 2001	61.46	33.57
Oct 2001	57	31.19
Sep 2001	53.34	29.28
Aug 2001	62.73	34.28
Jul 2001	64.3	35.14
Jun 2001	67.89	37.21
May 2001	65.96	36.08
Apr 2001	64.85	35.32
Mar 2001	60.14	32.63
Feb 2001	63.21	34.21
Jan 2001	68.01	36.67
Dec 2000	64.95	34.79
Nov 2000	60.25	32.3
Oct 2000	66.97	35.87
Sep 2000	70.22	37.55
Aug 2000	72.97	38.82
Jul 2000	68.22	36.3
Jun 2000	70.33	37.33
May 2000	65.05	34.35

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 September 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	7.49%	10.72%
Last 3 years	11.7%	15.11%
Last 5 years	6.59%	11.42%
Last 10 years	6.34%	9.7%
Last 20 years	5.49%	8.11%

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 77.7% nominal gain, but the real return (the actual increase in buying power) was 41.53%.

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 - Sep 2025	$177.7	77.7%	41.53%
Last 10 years Feb 2015 - Sep 2025	$227.11	127.11%	64.13%

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 Dec 4, 2025	251.82
Highest Dec 4, 2025	251.82
Highest, Inflation-Adjusted Mar 15, 2021	271.28
Annualized return Since May 26, 2000	8.29%
Annualized return, Inflation-Adjusted Since May 26, 2000	5.61%