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 May 2026 as the baseline (latest available CPI).

The current value of the iShares Russell 2000 ETF is 292.08 (as of the close of Jun 16, 2026), 0.87% lower than the all-time high of 294.64 (Jun 15, 2026).

Since May 26, 2000, the inflation-adjusted total return for the ETF has been 356.3%, which is equivalent to an annual growth rate of 6%.

In nominal values, the total return since this date has been 791.64%, or an annualized rate of 8.76%.

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
Jun 2026	292.08	292.08
May 2026	289.74	289.74
Apr 2026	279.06	277.31
Mar 2026	251.09	247.41
Feb 2026	266.97	260.33
Jan 2026	266.42	258.58
Dec 2025	253.52	245.14
Nov 2025	255.28	246.9
Oct 2025	244.39	244.39
Sep 2025	247.79	240.16
Aug 2025	240.77	232.76
Jul 2025	225.26	217.14
Jun 2025	221.9	213.58
May 2025	211.01	202.41
Apr 2025	200.92	192.33
Mar 2025	206.34	196.9
Feb 2025	222.02	211.39
Jan 2025	235.3	223.04
Dec 2024	231.06	217.61
Nov 2024	252.27	237.5
Oct 2024	227	213.82
Sep 2024	230.53	216.9
Aug 2024	229.27	215.37
Jul 2024	233.4	219.07
Jun 2024	211.78	198.55
May 2024	214.27	200.8
Apr 2024	204.33	191.17
Mar 2024	220.2	205.23
Feb 2024	214.16	198.31
Jan 2024	204.01	187.75
Dec 2023	213.45	195.37
Nov 2023	190.18	174.25
Oct 2023	173.8	159.56
Sep 2023	186.64	171.41
Aug 2023	198.74	182.07
Jul 2023	210.29	191.82
Jun 2023	198.57	180.78
May 2023	184.34	167.29
Apr 2023	186.32	168.66
Mar 2023	190.68	171.74
Feb 2023	201.07	180.5
Jan 2023	205.73	183.66
Dec 2022	188.84	167.24
Nov 2022	201.38	178.9
Oct 2022	196.84	175.04
Sep 2022	177.79	157.46
Aug 2022	197.23	174.31
Jul 2022	201.19	177.87
Jun 2022	181.95	160.87
May 2022	201.29	175.56
Apr 2022	203.11	175.22
Mar 2022	226.68	194.47
Feb 2022	227.08	192.25
Jan 2022	226.81	190.28
Dec 2021	252.83	210.34
Nov 2021	247.98	205.67
Oct 2021	260.48	214.98
Sep 2021	251.93	206.22
Aug 2021	260.11	212.33
Jul 2021	255.03	207.76
Jun 2021	265.9	215.58
May 2021	263.45	211.62
Apr 2021	264.84	211.05
Mar 2021	262.33	207.34
Feb 2021	260.55	204.49
Jan 2021	246.68	192.55
Dec 2020	236.28	183.65
Nov 2020	217.68	169.03
Oct 2020	183.98	142.95
Sep 2020	180.09	139.87
Aug 2020	186.42	144.59
Jul 2020	177.3	137.08
Jun 2020	173.14	133.19
May 2020	168.32	128.78
Apr 2020	157.91	120.81
Mar 2020	137.78	106.12
Feb 2020	175.09	135.15
Jan 2020	192.6	148.26
Dec 2019	199.54	153.01
Nov 2019	193.96	148.86
Oct 2019	186.28	143.05
Sep 2019	181.77	139.26
Aug 2019	178.28	136.49
Jul 2019	187.52	143.57
Jun 2019	186.56	142.59
May 2019	174.42	133.28
Apr 2019	189.68	144.64
Mar 2019	184.42	139.89
Feb 2019	189.43	142.88
Jan 2019	180.86	135.85
Dec 2018	162.78	122.03
Nov 2018	184.33	138.63
Oct 2018	180.59	136.28
Sep 2018	203.25	153.1
Aug 2018	208.33	156.74
Jul 2018	199.83	150.27
Jun 2018	196.6	147.83
May 2018	195.71	146.93
Apr 2018	185.12	138.4
Mar 2018	184.05	137.05
Feb 2018	182.24	135.4
Jan 2018	190.39	140.82
Dec 2017	186.65	137.31
Nov 2017	187.29	137.86
Oct 2017	181.94	133.92
Sep 2017	180.51	132.95
Aug 2017	170.71	125.07
Jul 2017	173.4	126.66
Jun 2017	171.82	125.59
May 2017	166.36	121.49
Apr 2017	169.85	123.93
Mar 2017	168.42	122.52
Feb 2017	168.51	122.49
Jan 2017	165.84	120.17
Dec 2016	166.34	119.84
Nov 2016	161.73	116.48
Oct 2016	145.4	104.88
Sep 2016	152.59	109.93
Aug 2016	151.33	108.76
Jul 2016	148.82	106.86
Jun 2016	140.34	100.93
May 2016	140.82	100.95
Apr 2016	138.29	98.74
Mar 2016	136.67	97.11
Feb 2016	127.07	89.91
Jan 2016	127.46	90.11
Dec 2015	139.65	98.56
Nov 2015	146.55	103.79
Oct 2015	141.62	100.51
Sep 2015	134.02	95.16
Aug 2015	140.76	100.1
Jul 2015	150.03	106.84
Jun 2015	151.72	108.04
May 2015	151.07	107.2
Apr 2015	148.52	104.85
Mar 2015	152.74	107.61
Feb 2015	150.98	105.74
Jan 2015	143.12	99.81
Dec 2014	147.27	103.19
Nov 2014	142.32	100.29
Oct 2014	141.4	100.18
Sep 2014	132.32	93.98
Aug 2014	140.76	99.91
Jul 2014	134.05	95.3
Jun 2014	142.64	101.45
May 2014	135.75	96.37
Apr 2014	135.16	95.61
Mar 2014	140.88	99.34
Feb 2014	142.86	100.09
Jan 2014	136.85	95.52
Dec 2013	141.28	98.25
Nov 2013	138.47	96.3
Oct 2013	132.93	92.64
Sep 2013	129.45	90.45
Aug 2013	121.71	84.94
Jul 2013	125.83	87.71
Jun 2013	117.28	81.72
May 2013	118.54	82.39
Apr 2013	114.25	79.28
Mar 2013	114.54	79.56
Feb 2013	109.72	76.01
Jan 2013	109.52	75.26
Dec 2012	103.4	70.84
Nov 2012	99.52	68.37
Oct 2012	98.51	68
Sep 2012	100.65	69.5
Aug 2012	97.91	67.31
Jul 2012	95.1	65.01
Jun 2012	96.41	66.02
May 2012	91.64	62.84
Apr 2012	97.98	67.27
Mar 2012	99.89	68.37
Feb 2012	98.21	66.72
Jan 2012	96.17	65.05
Dec 2011	90.15	60.71
Nov 2011	89.47	60.4
Oct 2011	89.73	60.63
Sep 2011	77.8	52.67
Aug 2011	87.7	59.28
Jul 2011	96.52	65.07
Jun 2011	100.02	67.37
May 2011	102.37	69.03
Apr 2011	104.73	70.29
Mar 2011	102.7	68.48
Feb 2011	101.15	66.8
Jan 2011	96.31	63.29
Dec 2010	97.13	63.52
Nov 2010	90.06	58.8
Oct 2010	87.06	56.82
Sep 2010	83.7	54.56
Aug 2010	74.48	48.52
Jul 2010	80.58	52.42
Jun 2010	75.52	49.12
May 2010	81.77	53.24
Apr 2010	88.51	57.58
Mar 2010	83.9	54.48
Feb 2010	77.84	50.34
Jan 2010	74.52	48.18
Dec 2009	77.67	50.05
Nov 2009	71.84	46.38
Oct 2009	69.72	44.97
Sep 2009	74.63	48.09
Aug 2009	70.74	45.56
Jul 2009	68.88	44.26
Jun 2009	62.99	40.54
May 2009	62.4	39.82
Apr 2009	60.52	38.51
Mar 2009	52.58	33.38
Feb 2009	48.92	30.97
Jan 2009	55.86	35.19
Dec 2008	62.1	38.96
Nov 2008	58.64	37.17
Oct 2008	65.31	42.21
Sep 2008	81.79	53.4
Aug 2008	88.54	57.88
Jul 2008	85.14	55.89
Jun 2008	82.56	53.91
May 2008	90.18	58.29
Apr 2008	86.96	55.74
Mar 2008	83.67	53.31
Feb 2008	84.96	53.67
Jan 2008	87.78	55.29
Dec 2007	94.39	59.16
Nov 2007	94.94	59.54
Oct 2007	102.57	63.95
Sep 2007	99.94	62.17
Aug 2007	98.35	61.02
Jul 2007	96.12	59.75
Jun 2007	103.33	64.24
May 2007	105.04	65.18
Apr 2007	101.25	62.45
Mar 2007	100.28	61.45
Feb 2007	100.22	60.85
Jan 2007	101.42	61.26
Dec 2006	100.03	60.24
Nov 2006	99.81	60.01
Oct 2006	97.31	58.6
Sep 2006	91.42	55.35
Aug 2006	90.39	55
Jul 2006	87.93	53.39
Jun 2006	90.78	54.96
May 2006	91	54.99
Apr 2006	96.96	58.3
Mar 2006	97.49	58.12
Feb 2006	93.45	55.41
Jan 2006	93.34	55.23
Dec 2005	86.73	50.93
Nov 2005	86.99	51.29
Oct 2005	81.6	48.5
Sep 2005	85.11	50.49
Aug 2005	86.06	50.44
Jul 2005	88.27	51.47
Jun 2005	83.21	48.29
May 2005	79.99	46.4
Apr 2005	75.06	43.58
Mar 2005	80.09	46.2
Feb 2005	83.08	47.55
Jan 2005	82.2	46.78
Dec 2004	85.86	48.76
Nov 2004	83.55	47.62
Oct 2004	76.55	43.61
Sep 2004	75.41	42.73
Aug 2004	71.74	40.57
Jul 2004	72.88	41.19
Jun 2004	78.05	44.18
May 2004	75.12	42.39
Apr 2004	73.97	41.49
Mar 2004	78.54	43.92
Feb 2004	78.3	43.5
Jan 2004	77.98	43.09
Dec 2003	75.1	41.3
Nov 2003	73.85	40.66
Oct 2003	71	39.19
Sep 2003	65.24	36.05
Aug 2003	66.75	36.77
Jul 2003	63.95	35.09
Jun 2003	60.11	32.95
May 2003	59.49	32.57
Apr 2003	53.57	29.38
Mar 2003	48.47	26.64
Feb 2003	48.66	26.58
Jan 2003	50.55	27.41
Dec 2002	51.85	27.99
Nov 2002	54.88	29.69
Oct 2002	50.6	27.37
Sep 2002	48.67	26.29
Aug 2002	53.01	28.58
Jul 2002	53.52	28.76
Jun 2002	61.84	33.19
May 2002	65.69	35.24
Apr 2002	68.96	37
Mar 2002	68.52	36.56
Feb 2002	64.08	34
Jan 2002	66.41	35.09
Dec 2001	66.66	35.15
Nov 2001	62.94	33.32
Oct 2001	58.38	30.95
Sep 2001	54.63	29.07
Aug 2001	64.24	34.03
Jul 2001	65.84	34.87
Jun 2001	69.53	36.93
May 2001	67.54	35.82
Apr 2001	66.41	35.06
Mar 2001	61.59	32.38
Feb 2001	64.73	33.96
Jan 2001	69.65	36.39
Dec 2000	66.51	34.54
Nov 2000	61.7	32.06
Oct 2000	68.58	35.61
Sep 2000	71.91	37.27
Aug 2000	74.73	38.53
Jul 2000	69.87	36.02
Jun 2000	72.02	37.05
May 2000	66.61	34.09

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 May 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	37.31%	43.15%
Last 3 years	16.27%	20.09%
Last 5 years	1.92%	6.49%
Last 10 years	7.48%	11.12%
Last 20 years	5.96%	8.66%

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 Jun 16, 2026	292.08
Highest Jun 15, 2026	294.64
Highest, Inflation-Adjusted Jun 15, 2026	294.64
Annualized return Since May 26, 2000	8.76%
Annualized return, Inflation-Adjusted Since May 26, 2000	6%