Verified factor-similar pair

IWN vs VBR

These two ETFs pass the same FF6 US similarity lane: US-listed equity ETFs, same USD model basis, at least one material non-market factor, and 100% overlap in statistically significant material factor exposure.

SMB HML

Similarity score

Verified similar

Score blends exposure-level distance, factor-vector shape, market-beta closeness, and a small backtested relative-Sharpe term.

IWN

iShares Russell 2000 Value ETF

SMB HML

Adj. R2

0.978

Rel. Sharpe

0.982

Mkt beta

0.96

AUM

US$12.9B

MER

0.24%

Valuation

123

VBR

Vanguard Small Cap Value ETF

SMB HML

Adj. R2

0.975

Rel. Sharpe

1.029

Mkt beta

1.01

AUM

US$33.7B

MER

0.05%

Valuation

106

Factor Exposure Match

Blue bars compare raw factor beta magnitude. Green bars compare absolute t-stat strength. Dim bars indicate the t-stat is below 1.96.

SMB

IWN

+0.83

|t|

+41.2

VBR

+0.60

|t|

+24.6

diff +0.23

HML

IWN

+0.38

|t|

+18.2

VBR

+0.32

|t|

+13.6

diff +0.05

RMW

IWN

+0.10

|t|

+4.2

VBR

+0.12

|t|

+4.0

diff -0.03

CMA

IWN

+0.07

|t|

+2.3

VBR

+0.03

|t|

+0.8

diff +0.04

UMD

IWN

+0.02

|t|

+1.7

VBR

-0.03

|t|

-2.3

diff +0.05

Why This Pair Matches

Exposure level

Exposure shape

100

Mkt beta diff

0.04

Rel. Sharpe diff

0.047

This comparison focuses on measured factor exposure, not a qualitative review of each fund's portfolio-construction process. Backtested relative Sharpe is included as a secondary signal, while we continue refining a comparison metric that separates factor payoff from alpha. See methodology.

IWN fund page VBR fund page US ETF Leaders US Universe

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