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IWB vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWB vs. SPY

Last updated Jun 23, 2026

IWB (iShares Russell 1000 ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IWB is a Large Cap Blend Equities fund tracking the Russell 1000 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IWB returned 15.40%/yr vs 15.70%/yr for SPY. With a 0.98 correlation, they move nearly in lockstep. IWB charges 0.15%/yr vs 0.09%/yr for SPY.

Performance

IWB vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 1000 ETF (IWB) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with IWB having a 9.46% return and SPY slightly higher at 9.74%. Both investments have delivered pretty close results over the past 10 years, with IWB having a 15.40% annualized return and SPY not far ahead at 15.70%.

IWB

1D
-0.36%
1M
0.29%
YTD
9.46%
6M
8.85%
1Y
25.98%
3Y*
21.03%
5Y*
12.64%
10Y*
15.40%

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWB vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWB
iShares Russell 1000 ETF		9.46%17.18%24.32%26.39%-19.19%26.32%20.77%31.06%-4.90%21.52%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between IWB and SPY is 1.00 - 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

1.00

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 May 19, 2000

0.98

The correlation between IWB and SPY has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

IWB vs. SPY - Sectors Allocation Comparison

Sectors
IWB
SPY

Technology

37.3%
39.0%

Financial Services

11.3%
11.1%

Communication Services

10.4%
10.6%

Consumer Cyclical

10.0%
9.9%

Industrials

8.7%
7.8%

Healthcare

8.5%
8.3%

Consumer Defensive

4.4%
4.5%

Energy

3.2%
3.1%

Real Estate

2.1%
1.8%

Utilities

2.1%
2.1%

Basic Materials

1.9%
1.7%

Technology

IWB
37.3%
SPY
39.0%

Financial Services

IWB
11.3%
SPY
11.1%

Communication Services

IWB
10.4%
SPY
10.6%

Consumer Cyclical

IWB
10.0%
SPY
9.9%

Industrials

IWB
8.7%
SPY
7.8%

Healthcare

IWB
8.5%
SPY
8.3%

Consumer Defensive

IWB
4.4%
SPY
4.5%

Energy

IWB
3.2%
SPY
3.1%

Real Estate

IWB
2.1%
SPY
1.8%

Utilities

IWB
2.1%
SPY
2.1%

Basic Materials

IWB
1.9%
SPY
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Russell 1000 ETF

State Street SPDR S&P 500 ETF

Often compared with IWB:
IWB vs. IWMIWB vs. VONEIWB vs. IWDIWB vs. VOOIWB vs. IWVIWB vs. VTIIWB vs. EQAL
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

IWB vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWB
IWB Risk / Return Rank: 6666
Overall Rank
IWB Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
IWB Sortino Ratio Rank: 6363
Sortino Ratio Rank
IWB Omega Ratio Rank: 6565
Omega Ratio Rank
IWB Calmar Ratio Rank: 6161
Calmar Ratio Rank
IWB Martin Ratio Rank: 7272
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
Martin Ratio Rank
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.

IWB vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 1000 ETF (IWB) and State Street SPDR S&P 500 ETF (SPY). 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.

IWBSPYDifference
Sharpe ratioReturn per unit of total volatility
2.09
2.16

-0.07

Sortino ratioReturn per unit of downside risk
2.83
2.91

-0.08

Omega ratioGain probability vs. loss probability

1.38

1.39

-0.01

Calmar ratioReturn relative to maximum drawdown

2.94

3.01

-0.07

Martin ratioReturn relative to average drawdown

13.13

13.54

-0.41

IWB vs. SPY - Sharpe Ratio Comparison

The current IWB Sharpe Ratio is 2.09, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of IWB and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IWB vs. SPY - Drawdown Comparison

The maximum IWB drawdown since its inception was -55.38%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IWB and SPY.

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Drawdown Indicators

IWBSPYDifference

Max Drawdown

Largest peak-to-trough decline

-55.38%

-55.19%

-0.19%

Max Drawdown (1Y)

Largest decline over 1 year

-8.86%

-8.88%

+0.02%

Max Drawdown (3Y)

Largest decline over 3 years

-19.09%

-18.76%

-0.33%

Max Drawdown (5Y)

Largest decline over 5 years

-25.20%

-24.50%

-0.70%

Max Drawdown (10Y)

Largest decline over 10 years

-34.60%

-33.72%

-0.88%

Current Drawdown

Current decline from peak

-1.68%

-1.75%

+0.07%

Average Drawdown

Average peak-to-trough decline

-10.84%

-9.04%

-1.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

1.97%

+0.01%

Volatility

IWB vs. SPY - Volatility Comparison

iShares Russell 1000 ETF (IWB) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.65% and 4.64%, 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.

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Volatility by Period

IWBSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.65%

4.64%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

9.80%

9.75%

+0.05%

Volatility (1Y)

Calculated over the trailing 1-year period

12.52%

12.43%

+0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.19%

17.14%

+0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.19%

17.99%

+0.20%

IWB vs. SPY - Expense Ratio Comparison

IWB has a 0.15% expense ratio, which is higher than SPY's 0.09% 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

IWB vs. SPY - Dividend Comparison

IWB's dividend yield for the trailing twelve months is around 0.93%, less than SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
IWB
iShares Russell 1000 ETF		0.93%1.00%1.14%1.31%1.56%1.09%1.37%1.71%2.06%1.64%1.89%1.95%
SPY
State Street SPDR S&P 500 ETF		1.01%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

With a correlation of 1.00, IWB and SPY 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.

IWB has higher volatility (4.65%) compared to SPY (4.64%). In terms of maximum drawdown, IWB dropped -55.38% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.70% vs 15.40% for IWB. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.70% return vs 15.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for IWB.

SPY has the higher dividend yield at 1.01%, compared with 0.93% for IWB.

IWB is categorized as Large Cap Blend Equities, while SPY is S&P 500. IWB tracks Russell 1000 Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for IWB and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.16 vs 2.09), 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.

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