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 April 2026 as the baseline (latest available CPI).

The current value of the iShares Russell 2000 ETF is 279.87 (as of the close of May 20, 2026), 2.42% lower than the all-time high of 286.8 (May 6, 2026).

Since May 26, 2000, the inflation-adjusted total return for the ETF has been 338.94%, which is equivalent to an annual growth rate of 5.86%.

In nominal values, the total return since this date has been 752.35%, or an annualized rate of 8.6%.

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	279.87	279.87
Apr 2026	277.97	277.97
Mar 2026	250.11	248
Feb 2026	265.93	260.95
Jan 2026	265.38	259.19
Dec 2025	252.52	245.72
Nov 2025	254.28	247.48
Oct 2025	244.97	244.97
Sep 2025	246.82	240.73
Aug 2025	239.82	233.31
Jul 2025	224.37	217.66
Jun 2025	221.03	214.08
May 2025	210.18	202.89
Apr 2025	200.14	192.79
Mar 2025	205.53	197.37
Feb 2025	221.15	211.89
Jan 2025	234.37	223.57
Dec 2024	230.16	218.12
Nov 2024	251.28	238.06
Oct 2024	226.11	214.33
Sep 2024	229.63	217.41
Aug 2024	228.38	215.88
Jul 2024	232.49	219.59
Jun 2024	210.95	199.02
May 2024	213.43	201.28
Apr 2024	203.53	191.63
Mar 2024	219.34	205.71
Feb 2024	213.32	198.78
Jan 2024	203.21	188.2
Dec 2023	212.61	195.84
Nov 2023	189.43	174.66
Oct 2023	173.12	159.94
Sep 2023	185.9	171.82
Aug 2023	197.96	182.51
Jul 2023	209.47	192.28
Jun 2023	197.79	181.21
May 2023	183.61	167.68
Apr 2023	185.59	169.06
Mar 2023	189.94	172.15
Feb 2023	200.28	180.92
Jan 2023	204.93	184.1
Dec 2022	188.1	167.64
Nov 2022	200.59	179.32
Oct 2022	196.07	175.46
Sep 2022	177.09	157.84
Aug 2022	196.46	174.72
Jul 2022	200.4	178.29
Jun 2022	181.23	161.26
May 2022	200.5	175.98
Apr 2022	202.32	175.64
Mar 2022	225.8	194.94
Feb 2022	226.19	192.71
Jan 2022	225.93	190.73
Dec 2021	251.84	210.84
Nov 2021	247	206.16
Oct 2021	259.46	215.49
Sep 2021	250.95	206.7
Aug 2021	259.09	212.84
Jul 2021	254.03	208.25
Jun 2021	264.86	216.09
May 2021	262.42	212.12
Apr 2021	263.81	211.55
Mar 2021	261.3	207.83
Feb 2021	259.53	204.97
Jan 2021	245.71	193
Dec 2020	235.35	184.08
Nov 2020	216.83	169.44
Oct 2020	183.26	143.29
Sep 2020	179.39	140.2
Aug 2020	185.69	144.93
Jul 2020	176.61	137.41
Jun 2020	172.47	133.51
May 2020	167.66	129.08
Apr 2020	157.3	121.1
Mar 2020	137.24	106.37
Feb 2020	174.4	135.47
Jan 2020	191.85	148.61
Dec 2019	198.76	153.37
Nov 2019	193.2	149.22
Oct 2019	185.55	143.39
Sep 2019	181.06	139.59
Aug 2019	177.58	136.81
Jul 2019	186.78	143.91
Jun 2019	185.83	142.93
May 2019	173.73	133.6
Apr 2019	188.94	144.99
Mar 2019	183.7	140.22
Feb 2019	188.69	143.22
Jan 2019	180.16	136.17
Dec 2018	162.14	122.32
Nov 2018	183.61	138.96
Oct 2018	179.89	136.6
Sep 2018	202.45	153.46
Aug 2018	207.51	157.12
Jul 2018	199.05	150.62
Jun 2018	195.83	148.18
May 2018	194.95	147.28
Apr 2018	184.39	138.73
Mar 2018	183.33	137.38
Feb 2018	181.53	135.73
Jan 2018	189.64	141.15
Dec 2017	185.92	137.63
Nov 2017	186.56	138.18
Oct 2017	181.23	134.24
Sep 2017	179.81	133.26
Aug 2017	170.04	125.36
Jul 2017	172.72	126.96
Jun 2017	171.15	125.89
May 2017	165.71	121.78
Apr 2017	169.19	124.23
Mar 2017	167.76	122.82
Feb 2017	167.85	122.78
Jan 2017	165.19	120.46
Dec 2016	165.69	120.12
Nov 2016	161.1	116.76
Oct 2016	144.83	105.12
Sep 2016	151.99	110.19
Aug 2016	150.74	109.02
Jul 2016	148.24	107.11
Jun 2016	139.79	101.17
May 2016	140.27	101.19
Apr 2016	137.75	98.97
Mar 2016	136.13	97.34
Feb 2016	126.57	90.12
Jan 2016	126.96	90.32
Dec 2015	139.1	98.8
Nov 2015	145.97	104.03
Oct 2015	141.07	100.75
Sep 2015	133.5	95.39
Aug 2015	140.21	100.34
Jul 2015	149.45	107.1
Jun 2015	151.13	108.3
May 2015	150.48	107.45
Apr 2015	147.94	105.1
Mar 2015	152.14	107.87
Feb 2015	150.38	105.99
Jan 2015	142.56	100.05
Dec 2014	146.7	103.44
Nov 2014	141.77	100.53
Oct 2014	140.84	100.42
Sep 2014	131.8	94.21
Aug 2014	140.21	100.14
Jul 2014	133.53	95.53
Jun 2014	142.08	101.69
May 2014	135.22	96.59
Apr 2014	134.63	95.84
Mar 2014	140.33	99.57
Feb 2014	142.3	100.32
Jan 2014	136.31	95.75
Dec 2013	140.72	98.48
Nov 2013	137.93	96.53
Oct 2013	132.41	92.86
Sep 2013	128.95	90.66
Aug 2013	121.23	85.14
Jul 2013	125.34	87.92
Jun 2013	116.82	81.91
May 2013	118.07	82.59
Apr 2013	113.81	79.47
Mar 2013	114.09	79.74
Feb 2013	109.29	76.19
Jan 2013	109.09	75.44
Dec 2012	102.99	71.01
Nov 2012	99.13	68.53
Oct 2012	98.12	68.16
Sep 2012	100.26	69.67
Aug 2012	97.53	67.47
Jul 2012	94.72	65.17
Jun 2012	96.03	66.17
May 2012	91.28	62.99
Apr 2012	97.59	67.43
Mar 2012	99.5	68.54
Feb 2012	97.82	66.87
Jan 2012	95.79	65.2
Dec 2011	89.8	60.85
Nov 2011	89.12	60.54
Oct 2011	89.38	60.77
Sep 2011	77.5	52.8
Aug 2011	87.35	59.43
Jul 2011	96.14	65.22
Jun 2011	99.62	67.53
May 2011	101.97	69.19
Apr 2011	104.32	70.45
Mar 2011	102.29	68.64
Feb 2011	100.75	66.95
Jan 2011	95.93	63.44
Dec 2010	96.75	63.67
Nov 2010	89.71	58.94
Oct 2010	86.72	56.96
Sep 2010	83.37	54.69
Aug 2010	74.19	48.63
Jul 2010	80.27	52.55
Jun 2010	75.22	49.23
May 2010	81.45	53.36
Apr 2010	88.16	57.71
Mar 2010	83.57	54.61
Feb 2010	77.53	50.46
Jan 2010	74.23	48.3
Dec 2009	77.37	50.17
Nov 2009	71.56	46.49
Oct 2009	69.44	45.08
Sep 2009	74.34	48.21
Aug 2009	70.46	45.67
Jul 2009	68.61	44.37
Jun 2009	62.75	40.64
May 2009	62.16	39.92
Apr 2009	60.29	38.6
Mar 2009	52.38	33.46
Feb 2009	48.73	31.05
Jan 2009	55.64	35.27
Dec 2008	61.86	39.05
Nov 2008	58.41	37.26
Oct 2008	65.05	42.31
Sep 2008	81.47	53.52
Aug 2008	88.19	58.02
Jul 2008	84.81	56.02
Jun 2008	82.24	54.03
May 2008	89.83	58.43
Apr 2008	86.61	55.87
Mar 2008	83.34	53.44
Feb 2008	84.63	53.8
Jan 2008	87.44	55.42
Dec 2007	94.02	59.3
Nov 2007	94.57	59.68
Oct 2007	102.16	64.1
Sep 2007	99.55	62.32
Aug 2007	97.96	61.16
Jul 2007	95.75	59.89
Jun 2007	102.92	64.39
May 2007	104.63	65.33
Apr 2007	100.86	62.6
Mar 2007	99.89	61.6
Feb 2007	99.82	61
Jan 2007	101.02	61.4
Dec 2006	99.64	60.38
Nov 2006	99.42	60.16
Oct 2006	96.93	58.74
Sep 2006	91.06	55.48
Aug 2006	90.03	55.13
Jul 2006	87.58	53.52
Jun 2006	90.43	55.1
May 2006	90.64	55.12
Apr 2006	96.58	58.44
Mar 2006	97.11	58.26
Feb 2006	93.08	55.54
Jan 2006	92.97	55.36
Dec 2005	86.39	51.05
Nov 2005	86.65	51.41
Oct 2005	81.28	48.62
Sep 2005	84.77	50.61
Aug 2005	85.73	50.56
Jul 2005	87.93	51.59
Jun 2005	82.88	48.41
May 2005	79.68	46.51
Apr 2005	74.76	43.69
Mar 2005	79.78	46.31
Feb 2005	82.75	47.66
Jan 2005	81.88	46.89
Dec 2004	85.53	48.87
Nov 2004	83.23	47.73
Oct 2004	76.25	43.71
Sep 2004	75.11	42.83
Aug 2004	71.46	40.66
Jul 2004	72.59	41.29
Jun 2004	77.74	44.29
May 2004	74.82	42.49
Apr 2004	73.68	41.59
Mar 2004	78.23	44.02
Feb 2004	77.99	43.61
Jan 2004	77.67	43.19
Dec 2003	74.81	41.4
Nov 2003	73.56	40.76
Oct 2003	70.72	39.29
Sep 2003	64.98	36.14
Aug 2003	66.49	36.86
Jul 2003	63.7	35.17
Jun 2003	59.87	33.03
May 2003	59.25	32.65
Apr 2003	53.36	29.45
Mar 2003	48.28	26.7
Feb 2003	48.47	26.65
Jan 2003	50.35	27.47
Dec 2002	51.64	28.05
Nov 2002	54.67	29.76
Oct 2002	50.4	27.44
Sep 2002	48.48	26.35
Aug 2002	52.8	28.65
Jul 2002	53.31	28.83
Jun 2002	61.59	33.27
May 2002	65.43	35.33
Apr 2002	68.69	37.08
Mar 2002	68.25	36.65
Feb 2002	63.83	34.08
Jan 2002	66.15	35.18
Dec 2001	66.4	35.23
Nov 2001	62.69	33.4
Oct 2001	58.15	31.03
Sep 2001	54.42	29.13
Aug 2001	63.99	34.11
Jul 2001	65.59	34.96
Jun 2001	69.26	37.02
May 2001	67.28	35.9
Apr 2001	66.15	35.14
Mar 2001	61.35	32.46
Feb 2001	64.48	34.04
Jan 2001	69.38	36.48
Dec 2000	66.25	34.62
Nov 2000	61.46	32.13
Oct 2000	68.31	35.69
Sep 2000	71.63	37.36
Aug 2000	74.44	38.63
Jul 2000	69.59	36.11
Jun 2000	71.74	37.14
May 2000	66.35	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 April 30, 2026, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	38.89%	44.18%
Last 3 years	14.41%	18.03%
Last 5 years	1.05%	5.61%
Last 10 years	7.27%	10.88%
Last 20 years	5.43%	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 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 20, 2026	279.87
Highest May 6, 2026	286.8
Highest, Inflation-Adjusted May 6, 2026	286.8
Annualized return Since May 26, 2000	8.6%
Annualized return, Inflation-Adjusted Since May 26, 2000	5.86%