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 June 2025 as the baseline (latest available CPI).

The current value of the iShares Russell 2000 ETF is 218.82 (as of the close of Jul 15, 2025), 9.26% lower than the all-time high of 241.14 (Nov 25, 2024).

While the nominal high reached 241.14, the inflation-adjusted peak value was 272.18 on March 15, 2021.

Since May 26, 2000, the inflation-adjusted total return for the ETF has been 248.93%, which is equivalent to an annual growth rate of 5.1%.

In nominal values, the total return since this date has been 556.27%, or an annualized rate of 7.77%.

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	218.82	218.82
Jun 2025	215.79	215.79
May 2025	205.77	205.07
Apr 2025	195.93	194.86
Mar 2025	201.21	199.49
Feb 2025	216.51	214.17
Jan 2025	229.45	225.97
Dec 2024	225.33	220.47
Nov 2024	246.01	240.62
Oct 2024	221.37	216.63
Sep 2024	224.81	219.75
Aug 2024	223.58	218.2
Jul 2024	227.61	221.95
Jun 2024	206.52	201.16
May 2024	208.94	203.44
Apr 2024	199.25	193.69
Mar 2024	214.73	207.92
Feb 2024	208.84	200.92
Jan 2024	198.94	190.22
Dec 2023	208.14	197.94
Nov 2023	185.45	176.54
Oct 2023	169.48	161.66
Sep 2023	182	173.67
Aug 2023	194.71	185.33
Jul 2023	206.03	195.25
Jun 2023	194.54	184.01
May 2023	180.6	170.28
Apr 2023	182.54	171.68
Mar 2023	186.82	174.81
Feb 2023	196.99	183.72
Jan 2023	201.56	186.95
Dec 2022	185.01	170.23
Nov 2022	197.3	182.1
Oct 2022	192.85	178.17
Sep 2022	174.19	160.28
Aug 2022	193.23	177.42
Jul 2022	197.11	181.05
Jun 2022	178.26	163.75
May 2022	197.21	178.7
Apr 2022	198.99	178.36
Mar 2022	222.09	197.95
Feb 2022	222.48	195.69
Jan 2022	222.21	193.68
Dec 2021	247.7	214.1
Nov 2021	242.95	209.35
Oct 2021	255.2	218.83
Sep 2021	246.82	209.9
Aug 2021	254.84	216.13
Jul 2021	249.86	211.47
Jun 2021	260.51	219.43
May 2021	258.11	215.4
Apr 2021	259.47	214.82
Mar 2021	257.01	211.05
Feb 2021	255.27	208.15
Jan 2021	241.68	195.99
Dec 2020	231.49	186.93
Nov 2020	213.27	172.06
Oct 2020	180.25	145.51
Sep 2020	176.44	142.37
Aug 2020	182.64	147.17
Jul 2020	173.71	139.53
Jun 2020	169.63	135.57
May 2020	164.91	131.08
Apr 2020	154.71	122.97
Mar 2020	134.99	108.02
Feb 2020	171.53	137.56
Jan 2020	188.7	150.91
Dec 2019	195.49	155.74
Nov 2019	190.02	151.52
Oct 2019	182.5	145.6
Sep 2019	178.08	141.75
Aug 2019	174.67	138.93
Jul 2019	183.72	146.13
Jun 2019	182.78	145.14
May 2019	170.88	135.67
Apr 2019	185.84	147.23
Mar 2019	180.68	142.39
Feb 2019	185.59	145.44
Jan 2019	177.2	138.28
Dec 2018	159.48	124.21
Nov 2018	180.59	141.11
Oct 2018	176.93	138.71
Sep 2018	199.12	155.84
Aug 2018	204.1	159.55
Jul 2018	195.78	152.95
Jun 2018	192.62	150.47
May 2018	191.74	149.55
Apr 2018	181.36	140.87
Mar 2018	180.31	139.5
Feb 2018	178.55	137.83
Jan 2018	186.53	143.33
Dec 2017	182.87	139.76
Nov 2017	183.49	140.32
Oct 2017	178.25	136.31
Sep 2017	176.85	135.33
Aug 2017	167.25	127.3
Jul 2017	169.89	128.92
Jun 2017	168.34	127.84
May 2017	162.99	123.66
Apr 2017	166.41	126.15
Mar 2017	165	124.71
Feb 2017	165.1	124.68
Jan 2017	162.48	122.32
Dec 2016	162.97	121.98
Nov 2016	158.45	118.56
Oct 2016	142.45	106.75
Sep 2016	149.5	111.89
Aug 2016	148.27	110.71
Jul 2016	145.8	108.77
Jun 2016	137.49	102.73
May 2016	137.97	102.75
Apr 2016	135.49	100.5
Mar 2016	133.89	98.85
Feb 2016	124.5	91.52
Jan 2016	124.88	91.72
Dec 2015	136.82	100.33
Nov 2015	143.58	105.64
Oct 2015	138.75	102.31
Sep 2015	131.31	96.86
Aug 2015	137.91	101.89
Jul 2015	146.99	108.75
Jun 2015	148.64	109.97
May 2015	148.01	109.12
Apr 2015	145.51	106.73
Mar 2015	149.64	109.54
Feb 2015	147.91	107.63
Jan 2015	140.22	101.59
Dec 2014	144.29	105.04
Nov 2014	139.44	102.08
Oct 2014	138.53	101.97
Sep 2014	129.63	95.66
Aug 2014	137.91	101.69
Jul 2014	131.33	97.01
Jun 2014	139.75	103.26
May 2014	132.99	98.09
Apr 2014	132.42	97.32
Mar 2014	138.03	101.11
Feb 2014	139.97	101.88
Jan 2014	134.08	97.23
Dec 2013	138.41	100
Nov 2013	135.66	98.02
Oct 2013	130.23	94.29
Sep 2013	126.83	92.07
Aug 2013	119.24	86.46
Jul 2013	123.28	89.28
Jun 2013	114.91	83.18
May 2013	116.13	83.87
Apr 2013	111.94	80.69
Mar 2013	112.21	80.98
Feb 2013	107.5	77.37
Jan 2013	107.3	76.6
Dec 2012	101.3	72.11
Nov 2012	97.51	69.59
Oct 2012	96.51	69.21
Sep 2012	98.61	70.75
Aug 2012	95.93	68.51
Jul 2012	93.17	66.17
Jun 2012	94.45	67.2
May 2012	89.78	63.97
Apr 2012	95.99	68.47
Mar 2012	97.86	69.6
Feb 2012	96.22	67.91
Jan 2012	94.22	66.21
Dec 2011	88.32	61.79
Nov 2011	87.66	61.48
Oct 2011	87.91	61.71
Sep 2011	76.22	53.61
Aug 2011	85.92	60.34
Jul 2011	94.57	66.23
Jun 2011	97.99	68.57
May 2011	100.29	70.26
Apr 2011	102.61	71.54
Mar 2011	100.61	69.7
Feb 2011	99.1	67.99
Jan 2011	94.36	64.42
Dec 2010	95.16	64.66
Nov 2010	88.23	59.85
Oct 2010	85.3	57.84
Sep 2010	82	55.53
Aug 2010	72.97	49.39
Jul 2010	78.95	53.36
Jun 2010	73.98	49.99
May 2010	80.12	54.19
Apr 2010	86.71	58.61
Mar 2010	82.2	55.46
Feb 2010	76.26	51.24
Jan 2010	73.01	49.05
Dec 2009	76.1	50.95
Nov 2009	70.39	47.21
Oct 2009	68.3	45.78
Sep 2009	73.12	48.95
Aug 2009	69.31	46.37
Jul 2009	67.48	45.05
Jun 2009	61.72	41.27
May 2009	61.14	40.53
Apr 2009	59.3	39.2
Mar 2009	51.52	33.97
Feb 2009	47.93	31.53
Jan 2009	54.72	35.82
Dec 2008	60.84	39.65
Nov 2008	57.46	37.84
Oct 2008	63.99	42.96
Sep 2008	80.13	54.35
Aug 2008	86.75	58.92
Jul 2008	83.42	56.88
Jun 2008	80.89	54.87
May 2008	88.35	59.34
Apr 2008	85.19	56.74
Mar 2008	81.98	54.27
Feb 2008	83.24	54.63
Jan 2008	86	56.28
Dec 2007	92.47	60.21
Nov 2007	93.01	60.61
Oct 2007	100.49	65.09
Sep 2007	97.91	63.29
Aug 2007	96.35	62.11
Jul 2007	94.17	60.81
Jun 2007	101.23	65.39
May 2007	102.91	66.34
Apr 2007	99.2	63.56
Mar 2007	98.25	62.55
Feb 2007	98.18	61.94
Jan 2007	99.36	62.35
Dec 2006	98	61.31
Nov 2006	97.79	61.09
Oct 2006	95.34	59.65
Sep 2006	89.56	56.34
Aug 2006	88.56	55.98
Jul 2006	86.15	54.35
Jun 2006	88.94	55.95
May 2006	89.16	55.97
Apr 2006	95	59.34
Mar 2006	95.52	59.16
Feb 2006	91.55	56.4
Jan 2006	91.44	56.22
Dec 2005	84.97	51.84
Nov 2005	85.23	52.21
Oct 2005	79.94	49.37
Sep 2005	83.38	51.39
Aug 2005	84.32	51.34
Jul 2005	86.48	52.39
Jun 2005	81.52	49.16
May 2005	78.37	47.23
Apr 2005	73.53	44.36
Mar 2005	78.47	47.02
Feb 2005	81.39	48.4
Jan 2005	80.54	47.61
Dec 2004	84.12	49.63
Nov 2004	81.86	48.47
Oct 2004	75	44.39
Sep 2004	73.88	43.49
Aug 2004	70.29	41.29
Jul 2004	71.4	41.92
Jun 2004	76.47	44.97
May 2004	73.6	43.14
Apr 2004	72.47	42.24
Mar 2004	76.95	44.7
Feb 2004	76.71	44.28
Jan 2004	76.4	43.86
Dec 2003	73.58	42.04
Nov 2003	72.36	41.39
Oct 2003	69.56	39.89
Sep 2003	63.92	36.7
Aug 2003	65.4	37.43
Jul 2003	62.65	35.72
Jun 2003	58.89	33.54
May 2003	58.28	33.15
Apr 2003	52.48	29.9
Mar 2003	47.49	27.12
Feb 2003	47.67	27.06
Jan 2003	49.53	27.9
Dec 2002	50.8	28.49
Nov 2002	53.77	30.22
Oct 2002	49.57	27.86
Sep 2002	47.69	26.76
Aug 2002	51.93	29.09
Jul 2002	52.44	29.28
Jun 2002	60.58	33.79
May 2002	64.36	35.87
Apr 2002	67.56	37.66
Mar 2002	67.13	37.21
Feb 2002	62.78	34.61
Jan 2002	65.06	35.72
Dec 2001	65.31	35.78
Nov 2001	61.67	33.91
Oct 2001	57.19	31.51
Sep 2001	53.52	29.58
Aug 2001	62.94	34.64
Jul 2001	64.51	35.5
Jun 2001	68.12	37.59
May 2001	66.18	36.46
Apr 2001	65.07	35.68
Mar 2001	60.34	32.96
Feb 2001	63.42	34.57
Jan 2001	68.24	37.04
Dec 2000	65.17	35.15
Nov 2000	60.45	32.63
Oct 2000	67.19	36.24
Sep 2000	70.45	37.94
Aug 2000	73.22	39.22
Jul 2000	68.45	36.67
Jun 2000	70.56	37.71
May 2000	65.26	34.7

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	12.51%	16.28%
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 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	4.49%	7.28%
Last 3 years	6.58%	9.64%
Last 5 years	4.93%	9.74%
Last 10 years	3.8%	6.97%
Last 20 years	4.99%	7.68%

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 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 2000 five years ago yielded an 56.87% nominal gain, but the real return (the actual increase in buying power) was 25.8%.

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	$156.87	56.87%	25.8%
Last 10 years Feb 2015 - Jun 2025	$200.48	100.48%	45.89%

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 Jul 15, 2025	218.82
Highest Nov 25, 2024	241.14
Highest, Inflation-Adjusted Mar 15, 2021	272.18
Annualized return Since May 26, 2000	7.77%
Annualized return, Inflation-Adjusted Since May 26, 2000	5.1%