IWL vs. IWY

Last updated Aug 2, 2026

IWL (iShares Russell Top 200 ETF) and IWY (iShares Russell Top 200 Growth ETF) are both Large Cap Growth Equities funds from iShares - IWL tracks the Russell Top 200 Index while IWY tracks the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, IWL returned 15.89%/yr vs 18.31%/yr for IWY. Their correlation of 0.91 means they have usually moved in the same direction. IWL charges 0.15%/yr vs 0.20%/yr for IWY.

Performance

IWL vs. IWY - Performance Comparison

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

Returns By Period

In the year-to-date period, IWL achieves a 8.65% return, which is significantly higher than IWY's -0.03% return. Over the past 10 years, IWL has underperformed IWY with an annualized return of 15.89%, while IWY has yielded a comparatively higher 18.31% annualized return.

IWL

• 1D: 0.87%
• 1M: 0.06%
• 6M: 7.61%
• YTD: 8.65%
• 1Y: 20.97%
• 3Y*: 20.19%
• 5Y*: 13.23%
• 10Y*: 15.89%
• ALL TIME*: 14.62%

IWY

• 1D: 0.85%
• 1M: -2.47%
• 6M: 1.67%
• YTD: -0.03%
• 1Y: 10.78%
• 3Y*: 19.65%
• 5Y*: 12.72%
• 10Y*: 18.31%
• ALL TIME*: 16.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IWL iShares Russell Top 200 ETF	$7.92M	$7.26M	$9.02M
IWY iShares Russell Top 200 Growth ETF	$127.32M	$104.93M	$113.90M

IWL vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWL iShares Russell Top 200 ETF	8.65%	19.09%	27.12%	29.77%	-19.89%	27.79%	22.10%	31.42%	-3.30%	22.90%
IWY iShares Russell Top 200 Growth ETF	-0.03%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%

Correlation

The correlation between IWL and IWY is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009	0.91

The correlation between IWL and IWY has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

IWL vs. IWY - Sectors Allocation Comparison

Sectors	IWL	IWY
Technology	40.8%	57.1%
Financial Services	12.2%	5.0%
Communication Services	10.5%	16.4%
Healthcare	9.0%	5.0%
Consumer Cyclical	8.8%	7.3%
Industrials	7.2%	6.5%
Consumer Defensive	4.5%	1.2%
Energy	2.7%	0.0%
Utilities	1.7%	1.0%
Basic Materials	1.3%	0.1%
Real Estate	1.0%	0.2%

Return for Risk

IWL vs. IWY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IWL

IWL Risk / Return Rank: 59
IWL Sharpe Ratio Rank: 60
IWL Sortino Ratio Rank: 58
IWL Omega Ratio Rank: 58
IWL Calmar Ratio Rank: 54
IWL Martin Ratio Rank: 64

IWY

IWY Risk / Return Rank: 21
IWY Sharpe Ratio Rank: 22
IWY Sortino Ratio Rank: 22
IWY Omega Ratio Rank: 21
IWY Calmar Ratio Rank: 20
IWY Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IWL vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 ETF (IWL) 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.

	IWL	IWY	Difference
Sharpe ratio: Return per unit of total volatility	1.41	0.48	+0.93
Sortino ratio: Return per unit of downside risk	1.97	0.79	+1.19
Omega ratio: Gain probability vs. loss probability	1.25	1.09	+0.16
Calmar ratio: Return relative to maximum drawdown	1.92	0.52	+1.40
Martin ratio: Return relative to average drawdown	7.71	1.50	+6.21

IWL vs. IWY - Sharpe Ratio Comparison

The current IWL Sharpe Ratio is 1.41, which is higher than the IWY Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of IWL 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

IWL vs. IWY - Drawdown Comparison

The maximum IWL drawdown since its inception was -32.71%, roughly equal to the maximum IWY drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for IWL and IWY.

Drawdown Indicators

	IWL	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-32.71%	-32.68%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.83%	-16.63%	+6.80%
Max Drawdown (3Y) Largest decline over 3 years	-19.15%	-23.22%	+4.07%
Max Drawdown (5Y) Largest decline over 5 years	-25.65%	-32.68%	+7.03%
Max Drawdown (10Y) Largest decline over 10 years	-32.71%	-32.68%	-0.03%
Current Drawdown Current decline from peak	-2.07%	-8.44%	+6.37%
Average Drawdown Average peak-to-trough decline	-3.87%	-4.76%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	5.70%	-3.26%

Volatility

IWL vs. IWY - Volatility Comparison

The current volatility for iShares Russell Top 200 ETF (IWL) is 4.00%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 6.91%. This indicates that IWL experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWL	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	6.91%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	14.24%	-3.71%
Volatility (1Y) Calculated over the trailing 1-year period	13.35%	17.75%	-4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	21.81%	-4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	21.13%	-3.01%

IWL vs. IWY - Expense Ratio Comparison

IWL has a 0.15% 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

IWL vs. IWY - Dividend Comparison

IWL's dividend yield for the trailing twelve months is around 0.85%, more than IWY's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWL iShares Russell Top 200 ETF	0.85%	0.90%	1.04%	1.30%	1.54%	1.12%	1.30%	1.96%	1.93%	1.69%	1.96%	2.14%
IWY iShares Russell Top 200 Growth ETF	0.36%	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 IWL and IWY in my portfolio?

With a correlation of 0.94, IWL 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, IWL or IWY?

IWY has higher volatility (6.91%) compared to IWL (4.00%). In terms of maximum drawdown, IWL dropped -32.71% vs IWY's -32.68%.

Which ETF is better, IWL or IWY?

On 10-year performance, IWY leads with 18.31% vs 15.89% for IWL. On fees, IWL is cheaper at 0.15% per year. On volatility, IWL has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWL or IWY?

Over the 10-year period, IWY has performed better with a 18.31% return vs 15.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWL or IWY?

IWL is cheaper with a 0.15% expense ratio, compared with 0.20% for IWY.

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

IWL has the higher dividend yield at 0.85%, compared with 0.36% for IWY.

What is the main difference between IWL and IWY?

IWL tracks Russell Top 200 Index, while IWY tracks Russell Top 200 Growth Index. Their fees differ too: 0.15% for IWL and 0.20% for IWY.

Which has better risk-adjusted returns?

IWL currently has the higher Sharpe Ratio (1.41 vs 0.48), 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.