IWF vs. SPYG

Last updated Jun 25, 2026

IWF (iShares Russell 1000 Growth ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - IWF is a Large Cap Growth Equities fund tracking the Russell 1000 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, IWF returned 18.25%/yr vs 18.03%/yr for SPYG. Their correlation of 0.92 suggests significant overlap in exposure. IWF charges 0.18%/yr vs 0.04%/yr for SPYG.

Performance

IWF vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 1000 Growth ETF (IWF) 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

In the year-to-date period, IWF achieves a 1.31% return, which is significantly lower than SPYG's 8.49% return. Both investments have delivered pretty close results over the past 10 years, with IWF having a 18.25% annualized return and SPYG not far behind at 18.03%.

IWF

• 1D: -0.12%
• 1M: -4.18%
• YTD: 1.31%
• 6M: -0.20%
• 1Y: 16.05%
• 3Y*: 21.73%
• 5Y*: 12.88%
• 10Y*: 18.25%

SPYG

• 1D: -0.20%
• 1M: -2.26%
• YTD: 8.49%
• 6M: 6.97%
• 1Y: 24.78%
• 3Y*: 25.40%
• 5Y*: 14.06%
• 10Y*: 18.03%

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

IWF vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWF iShares Russell 1000 Growth ETF	1.31%	18.33%	33.12%	42.59%	-29.31%	27.43%	38.25%	35.86%	-1.67%	29.95%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	8.49%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between IWF and SPYG is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
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 Oct 2, 2000	0.92

The correlation between IWF and SPYG has been stable across timeframes, ranging from 0.92 to 0.99 - a consistent structural relationship.

IWF vs. SPYG - Sectors Allocation Comparison

Sectors	IWF	SPYG
Technology	53.9%	52.1%
Consumer Cyclical	12.7%	8.5%
Communication Services	12.4%	15.9%
Healthcare	6.9%	5.9%
Industrials	5.4%	5.4%
Financial Services	5.0%	9.0%
Consumer Defensive	2.4%	1.0%
Real Estate	0.4%	0.6%
Energy	0.3%	0.1%
Basic Materials	0.3%	0.3%
Utilities	0.3%	1.2%

Return for Risk

IWF vs. SPYG — Risk / Return Rank

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

IWF

IWF Risk / Return Rank: 27
IWF Sharpe Ratio Rank: 30
IWF Sortino Ratio Rank: 28
IWF Omega Ratio Rank: 28
IWF Calmar Ratio Rank: 23
IWF Martin Ratio Rank: 26

SPYG

SPYG Risk / Return Rank: 44
SPYG Sharpe Ratio Rank: 46
SPYG Sortino Ratio Rank: 44
SPYG Omega Ratio Rank: 43
SPYG Calmar Ratio Rank: 39
SPYG Martin Ratio Rank: 47

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. SPYG - Risk-Adjusted Trends Comparison

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

	IWF	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.45	-0.45
Sortino ratio: Return per unit of downside risk	1.43	2.02	-0.59
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	0.99	1.81	-0.82
Martin ratio: Return relative to average drawdown	3.21	7.15	-3.94

IWF vs. SPYG - Sharpe Ratio Comparison

The current IWF Sharpe Ratio is 1.00, which is lower than the SPYG Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of IWF 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

IWF vs. SPYG - Drawdown Comparison

The maximum IWF drawdown since its inception was -64.25%, roughly equal to the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for IWF and SPYG.

Drawdown Indicators

	IWF	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-64.25%	-67.63%	+3.38%
Max Drawdown (1Y) Largest decline over 1 year	-16.27%	-13.76%	-2.51%
Max Drawdown (3Y) Largest decline over 3 years	-23.36%	-22.14%	-1.22%
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	-6.99%	-5.71%	-1.28%
Average Drawdown Average peak-to-trough decline	-22.04%	-24.28%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.01%	3.48%	+1.53%

Volatility

IWF vs. SPYG - Volatility Comparison

The current volatility for iShares Russell 1000 Growth ETF (IWF) is 6.06%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 7.26%. This indicates that IWF experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWF	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	7.26%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	13.85%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	17.22%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.52%	21.36%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	20.72%	+0.29%

IWF vs. SPYG - Expense Ratio Comparison

IWF 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

IWF vs. SPYG - Dividend Comparison

IWF's dividend yield for the trailing twelve months is around 0.36%, less than SPYG's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWF iShares Russell 1000 Growth ETF	0.36%	0.36%	0.46%	0.67%	0.91%	0.49%	0.66%	0.99%	1.27%	1.10%	1.43%	1.37%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.50%	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 IWF and SPYG in my portfolio?

With a correlation of 0.98, IWF 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, IWF or SPYG?

SPYG has higher volatility (7.26%) compared to IWF (6.06%). In terms of maximum drawdown, IWF dropped -64.25% vs SPYG's -67.63%.

Which ETF is better, IWF or SPYG?

On 10-year performance, IWF leads with 18.25% vs 18.03% for SPYG. On fees, SPYG is cheaper at 0.04% per year. On volatility, IWF has been the lower-risk option at 6.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWF or SPYG?

Over the 10-year period, IWF has performed better with a 18.25% return vs 18.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWF or SPYG?

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

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

SPYG has the higher dividend yield at 0.50%, compared with 0.36% for IWF.

What is the main difference between IWF and SPYG?

IWF is categorized as Large Cap Growth Equities, while SPYG is S&P 500. IWF tracks Russell 1000 Growth Index, while SPYG tracks S&P 500 Growth Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.18% for IWF and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.45 vs 1.00), 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.