Ok, I see what you are saying. From my example above it should be:
20 options on IWM with a delta of .50 = 2000sh x 76.50 x .50 = $76,500
1 ER2 contract = $100 x 765.00 = 76,500
so 1 ER2 contract = 20 options on the IWM with a delta of .50 as an equivalent trade.
I guess what I am...