IWF vs. IWY

Last updated Jun 20, 2026

IWF (iShares Russell 1000 Growth ETF) and IWY (iShares Russell Top 200 Growth ETF) are both Large Cap Growth Equities funds from iShares - IWF tracks the Russell 1000 Growth Index while IWY tracks the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, IWF returned 18.31%/yr vs 19.41%/yr for IWY. With a 0.98 correlation, they move nearly in lockstep. IWF charges 0.18%/yr vs 0.20%/yr for IWY.

Performance

IWF vs. IWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 1000 Growth ETF (IWF) and iShares Russell Top 200 Growth ETF (IWY). 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 IWF having a 4.29% return and IWY slightly higher at 4.44%. Over the past 10 years, IWF has underperformed IWY with an annualized return of 18.31%, while IWY has yielded a comparatively higher 19.41% annualized return.

IWF

• 1D: 1.31%
• 1M: -1.09%
• YTD: 4.29%
• 6M: 4.25%
• 1Y: 21.82%
• 3Y*: 22.46%
• 5Y*: 14.10%
• 10Y*: 18.31%

IWY

• 1D: 1.35%
• 1M: -1.35%
• YTD: 4.44%
• 6M: 4.49%
• 1Y: 23.09%
• 3Y*: 23.12%
• 5Y*: 15.36%
• 10Y*: 19.41%

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

IWF vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWF iShares Russell 1000 Growth ETF	4.29%	18.33%	33.12%	42.59%	-29.31%	27.43%	38.25%	35.86%	-1.67%	29.95%
IWY iShares Russell Top 200 Growth ETF	4.44%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%

Correlation

The correlation between IWF and IWY 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	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009	0.98

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

IWF vs. IWY - Sectors Allocation Comparison

Sectors	IWF	IWY
Technology	53.9%	56.8%
Consumer Cyclical	12.7%	10.4%
Communication Services	12.4%	12.7%
Healthcare	6.9%	6.9%
Industrials	5.4%	3.2%
Financial Services	5.0%	5.3%
Consumer Defensive	2.4%	2.8%
Real Estate	0.4%	0.4%
Energy	0.3%	0.0%
Basic Materials	0.3%	0.3%
Utilities	0.3%	0.9%

Return for Risk

IWF vs. IWY — Risk / Return Rank

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

IWF

IWF Risk / Return Rank: 35
IWF Sharpe Ratio Rank: 40
IWF Sortino Ratio Rank: 38
IWF Omega Ratio Rank: 38
IWF Calmar Ratio Rank: 28
IWF Martin Ratio Rank: 32

IWY

IWY Risk / Return Rank: 37
IWY Sharpe Ratio Rank: 42
IWY Sortino Ratio Rank: 40
IWY Omega Ratio Rank: 40
IWY Calmar Ratio Rank: 29
IWY Martin Ratio Rank: 32

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.

IWF vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 1000 Growth ETF (IWF) 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.

	IWF	IWY	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.43	-0.08
Sortino ratio: Return per unit of downside risk	1.88	1.98	-0.09
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.35	1.39	-0.05
Martin ratio: Return relative to average drawdown	4.41	4.46	-0.05

IWF vs. IWY - Sharpe Ratio Comparison

The current IWF Sharpe Ratio is 1.36, which is comparable to the IWY Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of IWF 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

IWF vs. IWY - Drawdown Comparison

The maximum IWF drawdown since its inception was -64.25%, which is greater than IWY's maximum drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for IWF and IWY.

Drawdown Indicators

	IWF	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-64.25%	-32.68%	-31.57%
Max Drawdown (1Y) Largest decline over 1 year	-16.27%	-16.63%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-23.36%	-23.22%	-0.14%
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	-4.25%	-4.35%	+0.10%
Average Drawdown Average peak-to-trough decline	-22.05%	-4.75%	-17.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.96%	5.19%	-0.23%

Volatility

IWF vs. IWY - Volatility Comparison

iShares Russell 1000 Growth ETF (IWF) and iShares Russell Top 200 Growth ETF (IWY) have volatilities of 5.94% and 5.92%, 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

	IWF	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	5.92%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	12.65%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	16.17%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.50%	21.58%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	21.03%	0.00%

IWF vs. IWY - Expense Ratio Comparison

IWF 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

IWF vs. IWY - Dividend Comparison

IWF's dividend yield for the trailing twelve months is around 0.35%, which matches IWY's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWF iShares Russell 1000 Growth ETF	0.35%	0.36%	0.46%	0.67%	0.91%	0.49%	0.66%	0.99%	1.27%	1.10%	1.43%	1.37%
IWY iShares Russell Top 200 Growth ETF	0.35%	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 IWF and IWY in my portfolio?

With a correlation of 1.00, IWF 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, IWF or IWY?

IWF has higher volatility (5.94%) compared to IWY (5.92%). In terms of maximum drawdown, IWF dropped -64.25% vs IWY's -32.68%.

Which ETF is better, IWF or IWY?

On 10-year performance, IWY leads with 19.41% vs 18.31% for IWF. On fees, IWF is cheaper at 0.18% 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, IWF or IWY?

Over the 10-year period, IWY has performed better with a 19.41% return vs 18.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWF or IWY?

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

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

IWF and IWY have nearly identical dividend yields, around 0.35%.

What is the main difference between IWF and IWY?

IWF tracks Russell 1000 Growth Index, while IWY tracks Russell Top 200 Growth Index. Their fees differ too: 0.18% for IWF and 0.20% for IWY.

Which has better risk-adjusted returns?

IWY currently has the higher Sharpe Ratio (1.43 vs 1.36), 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.