IVW vs. IWY

Last updated Jun 3, 2026

IVW (iShares S&P 500 Growth ETF) and IWY (iShares Russell Top 200 Growth ETF) are both Large Cap Growth Equities funds from iShares - IVW tracks the S&P 500/Citigroup Growth Index while IWY tracks the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, IVW returned 18.18%/yr vs 19.74%/yr for IWY. With a 0.97 correlation, they move nearly in lockstep. IVW charges 0.18%/yr vs 0.20%/yr for IWY.

Performance

IVW vs. IWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Growth ETF (IVW) 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, IVW achieves a 14.80% return, which is significantly higher than IWY's 8.73% return. Over the past 10 years, IVW has underperformed IWY with an annualized return of 18.18%, while IWY has yielded a comparatively higher 19.74% annualized return.

IVW

• 1D: -0.15%
• 1M: 8.27%
• YTD: 14.80%
• 6M: 14.82%
• 1Y: 36.00%
• 3Y*: 28.41%
• 5Y*: 16.48%
• 10Y*: 18.18%

IWY

• 1D: -0.42%
• 1M: 7.07%
• YTD: 8.73%
• 6M: 7.99%
• 1Y: 29.25%
• 3Y*: 26.07%
• 5Y*: 17.12%
• 10Y*: 19.74%

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

IVW vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVW iShares S&P 500 Growth ETF	14.80%	21.95%	35.82%	29.83%	-29.50%	31.80%	33.19%	30.77%	-0.21%	27.21%
IWY iShares Russell Top 200 Growth ETF	8.73%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%

Correlation

The correlation between IVW and IWY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 29, 2009	0.97

The correlation between IVW and IWY has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

IVW vs. IWY - Sectors Allocation Comparison

Sectors	IVW	IWY
Technology	49.3%	54.9%
Communication Services	18.0%	13.9%
Consumer Cyclical	9.4%	11.4%
Financial Services	8.9%	5.6%
Industrials	6.2%	4.0%
Healthcare	5.8%	6.6%
Consumer Defensive	1.0%	3.0%
Real Estate	0.6%	0.3%
Utilities	0.4%	1.1%
Basic Materials	0.4%	0.3%
Energy	0.1%	0.0%

Return for Risk

IVW vs. IWY — Risk / Return Rank

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

IVW

IVW Risk / Return Rank: 63
IVW Sharpe Ratio Rank: 69
IVW Sortino Ratio Rank: 66
IVW Omega Ratio Rank: 64
IVW Calmar Ratio Rank: 53
IVW Martin Ratio Rank: 62

IWY

IWY Risk / Return Rank: 47
IWY Sharpe Ratio Rank: 55
IWY Sortino Ratio Rank: 53
IWY Omega Ratio Rank: 53
IWY Calmar Ratio Rank: 36
IWY Martin Ratio Rank: 37

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.

IVW vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Growth ETF (IVW) 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.

	IVW	IWY	Difference
Sharpe ratio Return per unit of total volatility	2.29	1.90	+0.39
Sortino ratio Return per unit of downside risk	3.05	2.57	+0.48
Omega ratio Gain probability vs. loss probability	1.39	1.33	+0.06
Calmar ratio Return relative to maximum drawdown	2.70	1.82	+0.88
Martin ratio Return relative to average drawdown	11.16	5.94	+5.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVW vs. IWY - Sharpe Ratio Comparison

The current IVW Sharpe Ratio is 2.29, which is comparable to the IWY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of IVW 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.

Sharpe Ratios by Period

	IVW	IWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	1.90	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.80	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.94	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.93	-0.47

Drawdowns

IVW vs. IWY - Drawdown Comparison

The maximum IVW drawdown since its inception was -57.33%, which is greater than IWY's maximum drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for IVW and IWY.

Drawdown Indicators

	IVW	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-57.33%	-32.68%	-24.65%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-16.63%	+2.88%
Max Drawdown (3Y) Largest decline over 3 years	-22.15%	-23.22%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	-32.72%	-32.68%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-32.72%	-32.68%	-0.04%
Current Drawdown Current decline from peak	-0.15%	-0.42%	+0.27%
Average Drawdown Average peak-to-trough decline	-17.62%	-4.75%	-12.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	5.09%	-1.77%

Volatility

IVW vs. IWY - Volatility Comparison

iShares S&P 500 Growth ETF (IVW) has a higher volatility of 4.11% compared to iShares Russell Top 200 Growth ETF (IWY) at 3.30%. This indicates that IVW's price experiences larger fluctuations and is considered to be riskier than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVW	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	3.30%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	12.34%	11.57%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.84%	15.48%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	21.47%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.62%	20.97%	-0.35%

IVW vs. IWY - Expense Ratio Comparison

IVW has a 0.18% expense ratio, which is lower than IWY's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVW vs. IWY - Dividend Comparison

IVW's dividend yield for the trailing twelve months is around 0.35%, more than IWY's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVW iShares S&P 500 Growth ETF	0.35%	0.40%	0.43%	1.03%	0.92%	0.46%	0.82%	1.63%	1.28%	1.30%	1.51%	1.51%
IWY iShares Russell Top 200 Growth ETF	0.32%	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 IVW and IWY in my portfolio?

With a correlation of 0.97, IVW and IWY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IVW or IWY?

IVW has higher volatility (4.11%) compared to IWY (3.30%). In terms of maximum drawdown, IVW dropped -57.33% vs IWY's -32.68%.

Which ETF is better, IVW or IWY?

On 10-year performance, IWY leads with 19.74% vs 18.18% for IVW. On fees, IVW is cheaper at 0.18% per year. On volatility, IWY has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVW or IWY?

Over the 10-year period, IWY has performed better with a 19.74% return vs 18.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVW or IWY?

IVW is cheaper with a 0.18% expense ratio, compared with 0.20% for IWY.

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

IVW has the higher dividend yield at 0.35%, compared with 0.32% for IWY.

What is the main difference between IVW and IWY?

IVW tracks S&P 500/Citigroup Growth Index, while IWY tracks Russell Top 200 Growth Index. Their fees differ too: 0.18% for IVW and 0.20% for IWY.

Which has better risk-adjusted returns?

IVW currently has the higher Sharpe Ratio (2.29 vs 1.90), 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.