ISPY vs. IWY

Last updated Jun 28, 2026

ISPY (ProShares S&P 500 High Income ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. Both are passively managed. Over the past year, ISPY returned 16.35% vs 14.08% for IWY. Their correlation of 0.89 suggests significant overlap in exposure. ISPY charges 0.55%/yr vs 0.20%/yr for IWY.

Performance

ISPY vs. IWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and iShares Russell Top 200 Growth ETF (IWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISPY achieves a 5.30% return, which is significantly higher than IWY's 0.62% return.

ISPY

• 1D: -1.41%
• 1M: -4.20%
• YTD: 5.30%
• 6M: 3.91%
• 1Y: 16.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWY

• 1D: 0.80%
• 1M: -7.16%
• YTD: 0.62%
• 6M: -0.84%
• 1Y: 14.08%
• 3Y*: 21.88%
• 5Y*: 13.99%
• 10Y*: 19.21%

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

ISPY vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	5.30%	13.15%	21.31%	0.35%
IWY iShares Russell Top 200 Growth ETF	0.62%	18.19%	34.89%	-0.18%

Correlation

The correlation between ISPY and IWY is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.89

The correlation between ISPY and IWY has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

ISPY vs. IWY - Sectors Allocation Comparison

Sectors	ISPY	IWY
Technology	32.3%	56.3%
Financial Services	20.5%	5.5%
Communication Services	8.2%	12.3%
Consumer Cyclical	7.8%	10.5%
Healthcare	7.5%	7.1%
Industrials	7.0%	3.4%
Consumer Defensive	4.0%	2.9%
Energy	2.7%	0.0%
Utilities	2.3%	1.1%
Real Estate	1.6%	0.3%
Basic Materials	1.5%	0.3%

Return for Risk

ISPY vs. IWY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ISPY

ISPY Risk / Return Rank: 44
ISPY Sharpe Ratio Rank: 43
ISPY Sortino Ratio Rank: 39
ISPY Omega Ratio Rank: 41
ISPY Calmar Ratio Rank: 44
ISPY Martin Ratio Rank: 52

IWY

IWY Risk / Return Rank: 24
IWY Sharpe Ratio Rank: 26
IWY Sortino Ratio Rank: 25
IWY Omega Ratio Rank: 24
IWY Calmar Ratio Rank: 20
IWY Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ISPY vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) and iShares Russell Top 200 Growth ETF (IWY). 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.

	ISPY	IWY	Difference
Sharpe ratio: Return per unit of total volatility	1.39	0.91	+0.48
Sortino ratio: Return per unit of downside risk	1.86	1.32	+0.54
Omega ratio: Gain probability vs. loss probability	1.25	1.17	+0.08
Calmar ratio: Return relative to maximum drawdown	1.99	0.89	+1.10
Martin ratio: Return relative to average drawdown	8.01	2.80	+5.21

ISPY vs. IWY - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.39, which is higher than the IWY Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of ISPY and IWY, 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

ISPY vs. IWY - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum IWY drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for ISPY and IWY.

Drawdown Indicators

	ISPY	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-32.68%	+15.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-16.63%	+8.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.68%	—
Current Drawdown Current decline from peak	-4.61%	-7.85%	+3.24%
Average Drawdown Average peak-to-trough decline	-2.10%	-4.75%	+2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	5.29%	-3.20%

Volatility

ISPY vs. IWY - Volatility Comparison

The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 4.81%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 6.21%. This indicates that ISPY experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	6.21%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	12.61%	-3.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	16.29%	-4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.73%	21.60%	-7.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.73%	21.02%	-7.29%

ISPY vs. IWY - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is higher than IWY's 0.20% expense ratio.

Dividends

ISPY vs. IWY - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.59%, more than IWY's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISPY ProShares S&P 500 High Income ETF	4.59%	8.56%	9.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IWY iShares Russell Top 200 Growth ETF	0.36%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%

Frequently Asked Questions

Can I hold both ISPY and IWY in my portfolio?

ISPY and IWY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISPY or IWY?

IWY has higher volatility (6.21%) compared to ISPY (4.81%). In terms of maximum drawdown, ISPY dropped -16.88% vs IWY's -32.68%.

Which ETF is better, ISPY or IWY?

On 1-year performance, ISPY leads with 16.35% vs 14.08% for IWY. On fees, IWY is cheaper at 0.20% per year. On volatility, ISPY has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or IWY?

Over the 1-year period, ISPY has performed better with a 16.35% return vs 14.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or IWY?

IWY is cheaper with a 0.20% expense ratio, compared with 0.55% for ISPY.

Which ETF pays a higher dividend yield, ISPY or IWY?

ISPY has the higher dividend yield at 4.59%, compared with 0.36% for IWY.

What is the main difference between ISPY and IWY?

ISPY is categorized as Derivative Income, while IWY is Large Cap Growth Equities. ISPY tracks S&P 500 Daily Covered Call Index, while IWY tracks Russell Top 200 Growth Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.55% for ISPY and 0.20% for IWY.

Which has better risk-adjusted returns?

ISPY currently has the higher Sharpe Ratio (1.39 vs 0.91), 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.