BUSA vs. IWX

Last updated Aug 5, 2026

BUSA (Brandes U.S. Value ETF) and IWX (iShares Russell Top 200 Value ETF) are both Large Cap Value Equities funds. BUSA is actively managed, while IWX is passively managed. Over the past year, BUSA returned 27.71% vs 35.84% for IWX. Their correlation of 0.88 means they have usually moved in the same direction. BUSA charges 0.60%/yr vs 0.20%/yr for IWX.

Performance

BUSA vs. IWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brandes U.S. Value ETF (BUSA) and iShares Russell Top 200 Value ETF (IWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUSA achieves a 14.50% return, which is significantly lower than IWX's 22.94% return.

BUSA

• 1D: 1.11%
• 1M: 3.31%
• 6M: 8.87%
• YTD: 14.50%
• 1Y: 27.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.32%

IWX

• 1D: 0.74%
• 1M: 4.32%
• 6M: 16.37%
• YTD: 22.94%
• 1Y: 35.84%
• 3Y*: 20.21%
• 5Y*: 12.98%
• 10Y*: 12.13%
• ALL TIME*: 11.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BUSA Brandes U.S. Value ETF	$863.10K	$770.72K	$800.74K
IWX iShares Russell Top 200 Value ETF	$51.40M	$47.39M	$34.94M

BUSA vs. IWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BUSA Brandes U.S. Value ETF	14.50%	17.56%	15.76%	10.92%
IWX iShares Russell Top 200 Value ETF	22.94%	18.23%	14.89%	10.12%

Correlation

The correlation between BUSA and IWX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023	0.88

The correlation between BUSA and IWX has been stable across timeframes, ranging from 0.78 to 0.88 - a consistent structural relationship.

BUSA vs. IWX - Sectors Allocation Comparison

Sectors	BUSA	IWX
Healthcare	26.1%	13.6%
Financial Services	21.4%	20.0%
Industrials	12.6%	8.3%
Technology	9.7%	22.6%
Energy	6.5%	5.1%
Consumer Cyclical	5.6%	11.6%
Communication Services	5.5%	3.5%
Consumer Defensive	5.3%	8.2%
Basic Materials	4.0%	2.8%
Utilities	3.4%	2.6%
Real Estate	-	1.8%

Return for Risk

BUSA vs. IWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BUSA

BUSA Risk / Return Rank: 87
BUSA Sharpe Ratio Rank: 88
BUSA Sortino Ratio Rank: 89
BUSA Omega Ratio Rank: 86
BUSA Calmar Ratio Rank: 86
BUSA Martin Ratio Rank: 83

IWX

IWX Risk / Return Rank: 96
IWX Sharpe Ratio Rank: 97
IWX Sortino Ratio Rank: 96
IWX Omega Ratio Rank: 95
IWX Calmar Ratio Rank: 95
IWX Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BUSA vs. IWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brandes U.S. Value ETF (BUSA) and iShares Russell Top 200 Value ETF (IWX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BUSA	IWX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	3.37	-1.04
Sortino ratio: Return per unit of downside risk	3.33	4.66	-1.33
Omega ratio: Gain probability vs. loss probability	1.42	1.61	-0.19
Calmar ratio: Return relative to maximum drawdown	3.66	5.46	-1.80
Martin ratio: Return relative to average drawdown	12.83	24.03	-11.20

BUSA vs. IWX - Sharpe Ratio Comparison

The current BUSA Sharpe Ratio is 2.34, which is lower than the IWX Sharpe Ratio of 3.37. The chart below compares the historical Sharpe Ratios of BUSA and IWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BUSA vs. IWX - Drawdown Comparison

The maximum BUSA drawdown since its inception was -14.19%, smaller than the maximum IWX drawdown of -35.76%. Use the drawdown chart below to compare losses from any high point for BUSA and IWX.

Drawdown Indicators

	BUSA	IWX	Difference
Max Drawdown Largest peak-to-trough decline	-14.19%	-35.76%	+21.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-6.59%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.37%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.76%	—
Current Drawdown Current decline from peak	-0.27%	0.00%	-0.27%
Average Drawdown Average peak-to-trough decline	-2.07%	-3.79%	+1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	1.50%	+0.67%

Volatility

BUSA vs. IWX - Volatility Comparison

Brandes U.S. Value ETF (BUSA) has a higher volatility of 3.77% compared to iShares Russell Top 200 Value ETF (IWX) at 3.00%. This indicates that BUSA's price experiences larger fluctuations and is considered to be riskier than IWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUSA	IWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	3.00%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	8.70%	8.49%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.96%	10.71%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	13.89%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.57%	16.49%	-2.92%

BUSA vs. IWX - Expense Ratio Comparison

BUSA has a 0.60% expense ratio, which is higher than IWX's 0.20% expense ratio.

Dividends

BUSA vs. IWX - Dividend Comparison

BUSA's dividend yield for the trailing twelve months is around 1.39%, more than IWX's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUSA Brandes U.S. Value ETF	1.39%	1.53%	1.37%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IWX iShares Russell Top 200 Value ETF	1.37%	1.59%	1.97%	2.13%	2.07%	1.79%	2.12%	2.60%	2.66%	2.12%	2.22%	2.77%

Frequently Asked Questions

Can I hold both BUSA and IWX in my portfolio?

BUSA and IWX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUSA or IWX?

BUSA has higher volatility (3.77%) compared to IWX (3.00%). In terms of maximum drawdown, BUSA dropped -14.19% vs IWX's -35.76%.

Which ETF is better, BUSA or IWX?

On 1-year performance, IWX leads with 35.84% vs 27.71% for BUSA. On fees, IWX is cheaper at 0.20% per year. On volatility, IWX has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUSA or IWX?

Over the 1-year period, IWX has performed better with a 35.84% return vs 27.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUSA or IWX?

IWX is cheaper with a 0.20% expense ratio, compared with 0.60% for BUSA.

Which ETF pays a higher dividend yield, BUSA or IWX?

BUSA has the higher dividend yield at 1.39%, compared with 1.37% for IWX.

What is the main difference between BUSA and IWX?

They also come from different issuers: Brandes and iShares. Their fees differ too: 0.60% for BUSA and 0.20% for IWX.

Which has better risk-adjusted returns?

IWX currently has the higher Sharpe Ratio (3.37 vs 2.34), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.