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 December 2025 as the baseline (latest available CPI).

The current value of the iShares Russell 2000 ETF is 263.3 (as of the close of Jan 28, 2026), 2.41% lower than the all-time high of 269.79 (Jan 22, 2026).

Since May 26, 2000, the inflation-adjusted total return for the ETF has been 323.63%, which is equivalent to an annual growth rate of 5.78%.

In nominal values, the total return since this date has been 700.46%, or an annualized rate of 8.44%.

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
Jan 2026	263.3	263.3
Dec 2025	246.16	246.16
Nov 2025	247.87	247.92
Oct 2025	245.41	245.41
Sep 2025	240.6	241.15
Aug 2025	233.78	233.73
Jul 2025	218.72	218.04
Jun 2025	215.46	214.46
May 2025	204.89	203.25
Apr 2025	195.09	193.13
Mar 2025	200.35	197.72
Feb 2025	215.58	212.27
Jan 2025	228.47	223.97
Dec 2024	224.36	218.51
Nov 2024	244.95	238.48
Oct 2024	220.42	214.71
Sep 2024	223.84	217.8
Aug 2024	222.62	216.26
Jul 2024	226.63	219.98
Jun 2024	205.64	199.37
May 2024	208.05	201.64
Apr 2024	198.4	191.97
Mar 2024	213.81	206.08
Feb 2024	207.94	199.13
Jan 2024	198.09	188.53
Dec 2023	207.25	196.18
Nov 2023	184.66	174.97
Oct 2023	168.76	160.22
Sep 2023	181.22	172.12
Aug 2023	192.97	182.83
Jul 2023	204.19	192.62
Jun 2023	192.8	181.53
May 2023	178.99	167.98
Apr 2023	180.92	169.36
Mar 2023	185.15	172.46
Feb 2023	195.23	181.25
Jan 2023	199.76	184.42
Dec 2022	183.36	167.94
Nov 2022	195.54	179.64
Oct 2022	191.13	175.77
Sep 2022	172.63	158.12
Aug 2022	191.51	175.03
Jul 2022	195.35	178.61
Jun 2022	176.67	161.54
May 2022	195.45	176.29
Apr 2022	197.22	175.95
Mar 2022	220.11	195.28
Feb 2022	220.5	193.05
Jan 2022	220.23	191.07
Dec 2021	245.49	211.21
Nov 2021	240.78	206.52
Oct 2021	252.92	215.88
Sep 2021	244.62	207.07
Aug 2021	252.56	213.22
Jul 2021	247.63	208.62
Jun 2021	258.19	216.47
May 2021	255.81	212.5
Apr 2021	257.16	211.93
Mar 2021	254.72	208.2
Feb 2021	252.99	205.34
Jan 2021	239.52	193.35
Dec 2020	229.42	184.41
Nov 2020	211.37	169.74
Oct 2020	178.64	143.55
Sep 2020	174.87	140.45
Aug 2020	181.02	145.19
Jul 2020	172.16	137.65
Jun 2020	168.12	133.75
May 2020	163.44	129.31
Apr 2020	153.33	121.32
Mar 2020	133.78	106.56
Feb 2020	170.01	135.71
Jan 2020	187.01	148.88
Dec 2019	193.75	153.64
Nov 2019	188.33	149.48
Oct 2019	180.87	143.64
Sep 2019	176.49	139.84
Aug 2019	173.11	137.05
Jul 2019	182.08	144.16
Jun 2019	181.15	143.19
May 2019	169.36	133.84
Apr 2019	184.18	145.24
Mar 2019	179.07	140.47
Feb 2019	183.93	143.48
Jan 2019	175.62	136.41
Dec 2018	158.06	122.54
Nov 2018	178.98	139.21
Oct 2018	175.35	136.84
Sep 2018	197.35	153.74
Aug 2018	202.28	157.4
Jul 2018	194.03	150.89
Jun 2018	190.9	148.44
May 2018	190.03	147.54
Apr 2018	179.75	138.97
Mar 2018	178.71	137.62
Feb 2018	176.96	135.97
Jan 2018	184.87	141.4
Dec 2017	181.24	137.88
Nov 2017	181.86	138.43
Oct 2017	176.66	134.47
Sep 2017	175.28	133.5
Aug 2017	165.76	125.58
Jul 2017	168.37	127.18
Jun 2017	166.83	126.11
May 2017	161.54	122
Apr 2017	164.92	124.45
Mar 2017	163.53	123.03
Feb 2017	163.62	123
Jan 2017	161.03	120.67
Dec 2016	161.51	120.33
Nov 2016	157.04	116.96
Oct 2016	141.18	105.31
Sep 2016	148.16	110.39
Aug 2016	146.94	109.21
Jul 2016	144.5	107.3
Jun 2016	136.27	101.35
May 2016	136.74	101.37
Apr 2016	134.28	99.15
Mar 2016	132.7	97.51
Feb 2016	123.39	90.28
Jan 2016	123.76	90.48
Dec 2015	135.6	98.97
Nov 2015	142.3	104.22
Oct 2015	137.51	100.93
Sep 2015	130.13	95.55
Aug 2015	136.68	100.52
Jul 2015	145.68	107.29
Jun 2015	147.32	108.49
May 2015	146.69	107.64
Apr 2015	144.21	105.29
Mar 2015	148.31	108.06
Feb 2015	146.59	106.18
Jan 2015	138.97	100.22
Dec 2014	143	103.62
Nov 2014	138.19	100.71
Oct 2014	137.29	100.59
Sep 2014	128.48	94.37
Aug 2014	136.68	100.32
Jul 2014	130.16	95.7
Jun 2014	138.5	101.87
May 2014	131.81	96.77
Apr 2014	131.24	96.01
Mar 2014	136.8	99.75
Feb 2014	138.72	100.5
Jan 2014	132.88	95.92
Dec 2013	137.18	98.65
Nov 2013	134.45	96.7
Oct 2013	129.07	93.02
Sep 2013	125.7	90.82
Aug 2013	118.17	85.29
Jul 2013	122.18	88.08
Jun 2013	113.88	82.06
May 2013	115.1	82.74
Apr 2013	110.94	79.61
Mar 2013	111.21	79.89
Feb 2013	106.54	76.33
Jan 2013	106.34	75.57
Dec 2012	100.4	71.13
Nov 2012	96.64	68.65
Oct 2012	95.65	68.28
Sep 2012	97.73	69.79
Aug 2012	95.07	67.59
Jul 2012	92.34	65.28
Jun 2012	93.61	66.29
May 2012	88.98	63.1
Apr 2012	95.13	67.55
Mar 2012	96.99	68.66
Feb 2012	95.36	66.99
Jan 2012	93.38	65.32
Dec 2011	87.53	60.96
Nov 2011	86.87	60.65
Oct 2011	87.13	60.88
Sep 2011	75.54	52.89
Aug 2011	85.15	59.53
Jul 2011	93.72	65.34
Jun 2011	97.11	67.65
May 2011	99.4	69.31
Apr 2011	101.69	70.58
Mar 2011	99.72	68.76
Feb 2011	98.21	67.07
Jan 2011	93.51	63.55
Dec 2010	94.31	63.79
Nov 2010	87.45	59.05
Oct 2010	84.54	57.06
Sep 2010	81.27	54.78
Aug 2010	72.32	48.72
Jul 2010	78.24	52.64
Jun 2010	73.32	49.32
May 2010	79.4	53.46
Apr 2010	85.94	57.82
Mar 2010	81.46	54.71
Feb 2010	75.58	50.55
Jan 2010	72.36	48.38
Dec 2009	75.42	50.26
Nov 2009	69.76	46.57
Oct 2009	67.69	45.16
Sep 2009	72.46	48.29
Aug 2009	68.69	45.75
Jul 2009	66.88	44.45
Jun 2009	61.17	40.71
May 2009	60.59	39.99
Apr 2009	58.77	38.67
Mar 2009	51.06	33.52
Feb 2009	47.5	31.1
Jan 2009	54.23	35.34
Dec 2008	60.3	39.12
Nov 2008	56.94	37.33
Oct 2008	63.42	42.38
Sep 2008	79.42	53.62
Aug 2008	85.97	58.12
Jul 2008	82.67	56.12
Jun 2008	80.16	54.13
May 2008	87.56	58.54
Apr 2008	84.43	55.97
Mar 2008	81.24	53.53
Feb 2008	82.5	53.89
Jan 2008	85.24	55.52
Dec 2007	91.65	59.4
Nov 2007	92.18	59.79
Oct 2007	99.59	64.21
Sep 2007	97.04	62.43
Aug 2007	95.49	61.27
Jul 2007	93.33	59.99
Jun 2007	100.33	64.51
May 2007	101.99	65.45
Apr 2007	98.32	62.71
Mar 2007	97.37	61.71
Feb 2007	97.31	61.11
Jan 2007	98.47	61.51
Dec 2006	97.13	60.49
Nov 2006	96.92	60.26
Oct 2006	94.49	58.84
Sep 2006	88.76	55.58
Aug 2006	87.77	55.22
Jul 2006	85.38	53.62
Jun 2006	88.15	55.19
May 2006	88.36	55.22
Apr 2006	94.15	58.54
Mar 2006	94.66	58.37
Feb 2006	90.73	55.64
Jan 2006	90.63	55.46
Dec 2005	84.21	51.14
Nov 2005	84.47	51.5
Oct 2005	79.23	48.7
Sep 2005	82.64	50.7
Aug 2005	83.57	50.65
Jul 2005	85.71	51.68
Jun 2005	80.79	48.49
May 2005	77.67	46.59
Apr 2005	72.88	43.76
Mar 2005	77.77	46.39
Feb 2005	80.66	47.74
Jan 2005	79.82	46.97
Dec 2004	83.37	48.96
Nov 2004	81.13	47.82
Oct 2004	74.33	43.79
Sep 2004	73.22	42.91
Aug 2004	69.66	40.74
Jul 2004	70.76	41.36
Jun 2004	75.78	44.36
May 2004	72.94	42.56
Apr 2004	71.82	41.67
Mar 2004	76.26	44.1
Feb 2004	76.02	43.68
Jan 2004	75.71	43.27
Dec 2003	72.92	41.47
Nov 2003	71.71	40.83
Oct 2003	68.94	39.36
Sep 2003	63.35	36.2
Aug 2003	64.81	36.92
Jul 2003	62.09	35.24
Jun 2003	58.36	33.09
May 2003	57.76	32.71
Apr 2003	52.01	29.5
Mar 2003	47.06	26.75
Feb 2003	47.25	26.69
Jan 2003	49.08	27.52
Dec 2002	50.34	28.1
Nov 2002	53.29	29.81
Oct 2002	49.13	27.49
Sep 2002	47.26	26.4
Aug 2002	51.47	28.7
Jul 2002	51.97	28.88
Jun 2002	60.04	33.33
May 2002	63.78	35.39
Apr 2002	66.96	37.15
Mar 2002	66.53	36.71
Feb 2002	62.22	34.14
Jan 2002	64.48	35.24
Dec 2001	64.73	35.29
Nov 2001	61.12	33.46
Oct 2001	56.68	31.08
Sep 2001	53.04	29.19
Aug 2001	62.38	34.17
Jul 2001	63.93	35.02
Jun 2001	67.51	37.08
May 2001	65.59	35.96
Apr 2001	64.49	35.2
Mar 2001	59.8	32.52
Feb 2001	62.86	34.1
Jan 2001	67.63	36.54
Dec 2000	64.58	34.68
Nov 2000	59.91	32.19
Oct 2000	66.59	35.76
Sep 2000	69.82	37.43
Aug 2000	72.56	38.69
Jul 2000	67.84	36.17
Jun 2000	69.93	37.2
May 2000	64.68	34.23

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 December 31, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	9.72%	12.65%
Last 3 years	10.32%	13.59%
Last 5 years	1.42%	5.95%
Last 10 years	6.14%	9.54%
Last 20 years	5.51%	8.17%

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 Jan 28, 2026	263.3
Highest Jan 22, 2026	269.79
Highest, Inflation-Adjusted Jan 22, 2026	269.79
Annualized return Since May 26, 2000	8.44%
Annualized return, Inflation-Adjusted Since May 26, 2000	5.78%