IVW vs. SPYG

Last updated Jun 23, 2026

IVW (iShares S&P 500 Growth ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - IVW is a Large Cap Growth Equities fund tracking the S&P 500 Growth Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, IVW returned 18.21%/yr vs 18.34%/yr for SPYG. Their correlation of 0.92 suggests significant overlap in exposure. IVW charges 0.18%/yr vs 0.04%/yr for SPYG.

Performance

IVW vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Growth ETF (IVW) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IVW having a 11.26% return and SPYG slightly higher at 11.38%. Both investments have delivered pretty close results over the past 10 years, with IVW having a 18.21% annualized return and SPYG not far ahead at 18.34%.

IVW

• 1D: -0.78%
• 1M: 0.29%
• YTD: 11.26%
• 6M: 10.89%
• 1Y: 31.38%
• 3Y*: 26.35%
• 5Y*: 14.62%
• 10Y*: 18.21%

SPYG

• 1D: -0.71%
• 1M: 0.34%
• YTD: 11.38%
• 6M: 11.00%
• 1Y: 31.61%
• 3Y*: 26.51%
• 5Y*: 14.78%
• 10Y*: 18.34%

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

IVW vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVW iShares S&P 500 Growth ETF	11.26%	21.95%	35.82%	29.83%	-29.50%	31.80%	33.19%	30.77%	-0.21%	27.21%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	11.38%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between IVW and SPYG is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Oct 2, 2000	0.92

The correlation between IVW and SPYG has been stable across timeframes, ranging from 0.92 to 1.00 - a consistent structural relationship.

IVW vs. SPYG - Sectors Allocation Comparison

Sectors	IVW	SPYG
Technology	53.0%	52.1%
Communication Services	15.8%	15.9%
Financial Services	8.6%	9.0%
Consumer Cyclical	8.4%	8.5%
Healthcare	5.7%	5.9%
Industrials	5.3%	5.4%
Utilities	1.2%	1.2%
Consumer Defensive	1.0%	1.0%
Real Estate	0.5%	0.6%
Basic Materials	0.3%	0.3%
Energy	0.1%	0.1%

Return for Risk

IVW vs. SPYG — Risk / Return Rank

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

IVW

IVW Risk / Return Rank: 53
IVW Sharpe Ratio Rank: 58
IVW Sortino Ratio Rank: 54
IVW Omega Ratio Rank: 54
IVW Calmar Ratio Rank: 47
IVW Martin Ratio Rank: 54

SPYG

SPYG Risk / Return Rank: 54
SPYG Sharpe Ratio Rank: 57
SPYG Sortino Ratio Rank: 54
SPYG Omega Ratio Rank: 54
SPYG Calmar Ratio Rank: 48
SPYG Martin Ratio Rank: 54

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. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Growth ETF (IVW) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

	IVW	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.86	+0.01
Sortino ratio: Return per unit of downside risk	2.51	2.53	-0.02
Omega ratio: Gain probability vs. loss probability	1.32	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	2.29	2.31	-0.01
Martin ratio: Return relative to average drawdown	9.14	9.21	-0.07

IVW vs. SPYG - Sharpe Ratio Comparison

The current IVW Sharpe Ratio is 1.87, which is comparable to the SPYG Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of IVW and SPYG, 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

IVW vs. SPYG - Drawdown Comparison

The maximum IVW drawdown since its inception was -57.33%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for IVW and SPYG.

Drawdown Indicators

	IVW	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-57.33%	-67.63%	+10.30%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-13.76%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-22.15%	-22.14%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-32.72%	-32.67%	-0.05%
Max Drawdown (10Y) Largest decline over 10 years	-32.72%	-32.67%	-0.05%
Current Drawdown Current decline from peak	-3.23%	-3.19%	-0.04%
Average Drawdown Average peak-to-trough decline	-17.59%	-24.28%	+6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.44%	0.00%

Volatility

IVW vs. SPYG - Volatility Comparison

iShares S&P 500 Growth ETF (IVW) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) have volatilities of 6.84% and 6.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVW	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.84%	6.83%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	13.72%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	16.92%	17.11%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.32%	21.34%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	20.74%	-0.03%

IVW vs. SPYG - Expense Ratio Comparison

IVW has a 0.18% expense ratio, which is higher than SPYG's 0.04% expense ratio. However, 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. SPYG - Dividend Comparison

IVW's dividend yield for the trailing twelve months is around 0.36%, less than SPYG's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVW iShares S&P 500 Growth ETF	0.36%	0.40%	0.43%	1.03%	0.92%	0.46%	0.82%	1.63%	1.28%	1.30%	1.51%	1.51%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.60%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both IVW and SPYG in my portfolio?

With a correlation of 0.99, IVW and SPYG 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 SPYG?

IVW has higher volatility (6.84%) compared to SPYG (6.83%). In terms of maximum drawdown, IVW dropped -57.33% vs SPYG's -67.63%.

Which ETF is better, IVW or SPYG?

On 10-year performance, SPYG leads with 18.34% vs 18.21% for IVW. On fees, SPYG is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVW or SPYG?

Over the 10-year period, SPYG has performed better with a 18.34% return vs 18.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVW or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.18% for IVW.

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

SPYG has the higher dividend yield at 0.60%, compared with 0.36% for IVW.

What is the main difference between IVW and SPYG?

IVW is categorized as Large Cap Growth Equities, while SPYG is S&P 500. Both ETFs track S&P 500 Growth Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.18% for IVW and 0.04% for SPYG.

Which has better risk-adjusted returns?

IVW currently has the higher Sharpe Ratio (1.87 vs 1.86), 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.