Growth has given back 17% against value since its peak
Growth relative to value (IWF/IWD) is 16.6% below its Oct 2025 peak, and over 12 months growth trailed value by 16.1 points. The ratio was last this far below a prior peak in Jan 2024; both funds' data run to 1 Oct 2026.
Growth relative to value (IWF / IWD)
Index, May 2000 = 100, weekly
Series end 1 Oct 2026; SPY in the same warehouse runs to 1 Oct 2026.
Rolling 12-month return gap
IWF minus IWD 12-month total return, percentage points, weekly
What it means · inference
- The market has paid for value over the last year
- The 12-month gap is wider than in 95% of windows
- Part of any style move is a sector move
For investors · general, not personal financial advice
- Growth-heavy holdings have faced a style headwind
- Style funds embed sector bets as well as style
What would change it
- The ratio back within 5% of its Oct 2025 peak
- The 12-month gap turning positive for growth
Method
- What is measured: Ratio of the Russell 1000 Growth ETF (IWF) to the Russell 1000 Value ETF (IWD), dividend-adjusted, indexed to 100 on 26 May 2000, weekly. Both ETFs end on 1 Oct 2026 in the warehouse, about 0 weeks before SPY (1 Oct 2026).
- Ratio of dividend-adjusted closes, indexed to 100 at the first common date; weekly (Friday) sampling for the chart.
- Relative drawdown = ratio / its running maximum − 1. "Deepest since" compares with drawdowns before the current peak.
- IWF and IWD prices end 1 Oct 2026 in the warehouse. ETF prices only; the reader-safe single-name universe does not enter this exhibit.
Sources
- MCH research warehouse, daily dividend-adjusted ETF closes (Alpha Vantage); through 1 Oct 2026.
Universe
| Names in the published feed | 886 |
| Excluded: held, suspended, withdrawn, deferred, deal-pending or pending review | 54 |
| Reader-safe universe | 832 |
| Used in this exhibit | 0 |
Names whose rating is held, suspended, withdrawn, deferred or under a pending deal are excluded from every exhibit, so no held output appears here.
General and impersonal investment research. Not personal financial advice. Forecasts, valuations and model outputs are estimates and may be wrong. See Investment Disclaimer.
MCH Analysis is a general investment-research publication of MCH Advisory (Pty) Ltd. It is not personal financial advice and does not take your circumstances into account. MCH is not a licensed financial services provider or a registered investment adviser. Past performance, whether actual or simulated, does not predict future results. Subscriber Agreement | Privacy and Cookie Notice | Research Governance Policies