The environment where IWM will outperform is: Good economy, less regulation, lower interest rate, and healthy credit spread.
This is what people are expecting from Trump adiminstration. So, big picture wise, IWM should have a good 2025. I personally feel the interest rate is the only macro condition that could be a unknown factor here.
I think 猛牛 also see this might be why he is loading up IWM :)
The thing to keep in mind is that IWM is also very volatile so if you are in IWM, expect up and down and MM manipulation.