IWL vs. IUSG

Last updated Jun 24, 2026

IWL (iShares Russell Top 200 ETF) and IUSG (iShares Core S&P U.S. Growth ETF) are both Large Cap Growth Equities funds from iShares - IWL tracks the Russell Top 200 Index while IUSG tracks the S&P 900 Growth Index. Both are passively managed. Over the past 10 years, IWL returned 16.38%/yr vs 17.77%/yr for IUSG. Their correlation of 0.91 suggests significant overlap in exposure. IWL charges 0.15%/yr vs 0.04%/yr for IUSG.

Performance

IWL vs. IUSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 ETF (IWL) and iShares Core S&P U.S. Growth ETF (IUSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWL achieves a 6.83% return, which is significantly lower than IUSG's 9.19% return. Over the past 10 years, IWL has underperformed IUSG with an annualized return of 16.38%, while IUSG has yielded a comparatively higher 17.77% annualized return.

IWL

• 1D: -1.37%
• 1M: -1.88%
• YTD: 6.83%
• 6M: 5.97%
• 1Y: 23.48%
• 3Y*: 21.53%
• 5Y*: 13.60%
• 10Y*: 16.38%

IUSG

• 1D: -2.31%
• 1M: -1.86%
• YTD: 9.19%
• 6M: 7.87%
• 1Y: 26.96%
• 3Y*: 25.00%
• 5Y*: 13.77%
• 10Y*: 17.77%

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

IWL vs. IUSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWL iShares Russell Top 200 ETF	6.83%	19.09%	27.12%	29.77%	-19.89%	27.79%	22.10%	31.42%	-3.30%	22.90%
IUSG iShares Core S&P U.S. Growth ETF	9.19%	21.23%	34.70%	29.28%	-28.81%	31.26%	32.65%	30.62%	-0.79%	27.02%

Correlation

The correlation between IWL and IUSG 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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009	0.91

The correlation between IWL and IUSG has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.

IWL vs. IUSG - Sectors Allocation Comparison

Sectors	IWL	IUSG
Technology	41.8%	50.8%
Communication Services	12.1%	15.2%
Financial Services	11.1%	8.7%
Consumer Cyclical	9.7%	8.4%
Healthcare	8.5%	6.4%
Industrials	6.3%	6.6%
Consumer Defensive	4.5%	1.2%
Energy	2.4%	0.3%
Basic Materials	1.4%	0.5%
Utilities	1.2%	1.1%
Real Estate	0.9%	0.8%

Return for Risk

IWL vs. IUSG — Risk / Return Rank

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

IWL

IWL Risk / Return Rank: 55
IWL Sharpe Ratio Rank: 57
IWL Sortino Ratio Rank: 54
IWL Omega Ratio Rank: 55
IWL Calmar Ratio Rank: 51
IWL Martin Ratio Rank: 60

IUSG

IUSG Risk / Return Rank: 47
IUSG Sharpe Ratio Rank: 48
IUSG Sortino Ratio Rank: 45
IUSG Omega Ratio Rank: 45
IUSG Calmar Ratio Rank: 43
IUSG Martin Ratio Rank: 51

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.

IWL vs. IUSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 ETF (IWL) and iShares Core S&P U.S. Growth ETF (IUSG). 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.

	IWL	IUSG	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.60	+0.23
Sortino ratio: Return per unit of downside risk	2.49	2.20	+0.30
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	2.40	2.07	+0.33
Martin ratio: Return relative to average drawdown	10.25	8.45	+1.80

IWL vs. IUSG - Sharpe Ratio Comparison

The current IWL Sharpe Ratio is 1.83, which is comparable to the IUSG Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of IWL and IUSG, 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

IWL vs. IUSG - Drawdown Comparison

The maximum IWL drawdown since its inception was -32.71%, smaller than the maximum IUSG drawdown of -63.41%. Use the drawdown chart below to compare losses from any high point for IWL and IUSG.

Drawdown Indicators

	IWL	IUSG	Difference
Max Drawdown Largest peak-to-trough decline	-32.71%	-63.41%	+30.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.83%	-13.07%	+3.24%
Max Drawdown (3Y) Largest decline over 3 years	-19.15%	-22.28%	+3.13%
Max Drawdown (5Y) Largest decline over 5 years	-25.65%	-32.21%	+6.56%
Max Drawdown (10Y) Largest decline over 10 years	-32.71%	-32.35%	-0.36%
Current Drawdown Current decline from peak	-3.71%	-5.23%	+1.52%
Average Drawdown Average peak-to-trough decline	-3.88%	-21.40%	+17.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	3.20%	-0.90%

Volatility

IWL vs. IUSG - Volatility Comparison

The current volatility for iShares Russell Top 200 ETF (IWL) is 5.02%, while iShares Core S&P U.S. Growth ETF (IUSG) has a volatility of 7.16%. This indicates that IWL experiences smaller price fluctuations and is considered to be less risky than IUSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWL	IUSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	7.16%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	10.11%	13.66%	-3.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	16.92%	-4.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.28%	21.06%	-3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	20.48%	-2.37%

IWL vs. IUSG - Expense Ratio Comparison

IWL has a 0.15% expense ratio, which is higher than IUSG'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

IWL vs. IUSG - Dividend Comparison

IWL's dividend yield for the trailing twelve months is around 0.87%, more than IUSG's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IUSG iShares Core S&P U.S. Growth ETF	0.50%	0.53%	0.59%	1.12%	1.07%	0.59%	0.93%	1.64%	1.32%	1.28%	1.48%	1.29%
IWL iShares Russell Top 200 ETF	0.87%	0.90%	1.04%	1.30%	1.54%	1.12%	1.30%	1.96%	1.93%	1.69%	1.96%	2.14%

Frequently Asked Questions

Can I hold both IWL and IUSG in my portfolio?

With a correlation of 0.97, IWL and IUSG 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, IWL or IUSG?

IUSG has higher volatility (7.16%) compared to IWL (5.02%). In terms of maximum drawdown, IWL dropped -32.71% vs IUSG's -63.41%.

Which ETF is better, IWL or IUSG?

On 10-year performance, IUSG leads with 17.77% vs 16.38% for IWL. On fees, IUSG is cheaper at 0.04% per year. On volatility, IWL has been the lower-risk option at 5.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWL or IUSG?

Over the 10-year period, IUSG has performed better with a 17.77% return vs 16.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWL or IUSG?

IUSG is cheaper with a 0.04% expense ratio, compared with 0.15% for IWL.

Which ETF pays a higher dividend yield, IWL or IUSG?

IWL has the higher dividend yield at 0.87%, compared with 0.50% for IUSG.

What is the main difference between IWL and IUSG?

IWL tracks Russell Top 200 Index, while IUSG tracks S&P 900 Growth Index. Their fees differ too: 0.15% for IWL and 0.04% for IUSG.

Which has better risk-adjusted returns?

IWL currently has the higher Sharpe Ratio (1.83 vs 1.60), 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.