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IWL vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWL vs. QQQ

Last updated Aug 2, 2026
Documentation

IWL (iShares Russell Top 200 ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, IWL returned 15.89%/yr vs 20.44%/yr for QQQ. Their correlation of 0.87 means they have usually moved in the same direction. IWL charges 0.15%/yr vs 0.18%/yr for QQQ.

Performance

IWL vs. QQQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, IWL achieves a 8.65% return, which is significantly lower than QQQ's 12.26% return. Over the past 10 years, IWL has underperformed QQQ with an annualized return of 15.89%, while QQQ has yielded a comparatively higher 20.44% 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%

QQQ

1D
0.65%
1M
-3.45%
6M
10.89%
YTD
12.26%
1Y
24.81%
3Y*
22.29%
5Y*
14.23%
10Y*
20.44%
ALL TIME*
10.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWL

iShares Russell Top 200 ETF
$7.92M$7.26M$9.02M

QQQ

Invesco QQQ ETF
$30.32B$28.40B$31.45B

IWL vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
QQQ
Invesco QQQ ETF		12.26%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between IWL and QQQ 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.

0.95

Correlation (10Y)
Provides a long-term view across more market conditions.

0.92

Correlation (All Time)
Calculated using the full available price history since Sep 28, 2009

0.87

The correlation between IWL and QQQ has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

IWL vs. QQQ - Sectors Allocation Comparison

Sectors
IWL
QQQ

Technology

40.8%
60.9%

Financial Services

12.2%
0.2%

Communication Services

10.5%
13.1%

Healthcare

9.0%
3.6%

Consumer Cyclical

8.8%
10.7%

Industrials

7.2%
2.7%

Consumer Defensive

4.5%
6.3%

Energy

2.7%
0.5%

Utilities

1.7%
1.1%

Basic Materials

1.3%
1.0%

Real Estate

1.0%
0.1%

Technology

IWL
40.8%
QQQ
60.9%

Financial Services

IWL
12.2%
QQQ
0.2%

Communication Services

IWL
10.5%
QQQ
13.1%

Healthcare

IWL
9.0%
QQQ
3.6%

Consumer Cyclical

IWL
8.8%
QQQ
10.7%

Industrials

IWL
7.2%
QQQ
2.7%

Consumer Defensive

IWL
4.5%
QQQ
6.3%

Energy

IWL
2.7%
QQQ
0.5%

Utilities

IWL
1.7%
QQQ
1.1%

Basic Materials

IWL
1.3%
QQQ
1.0%

Real Estate

IWL
1.0%
QQQ
0.1%

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 Top 200 ETF

Invesco QQQ ETF

Often compared with IWL:
IWL vs. IWYIWL vs. VOOIWL vs. SPYIWL vs. IVVIWL vs. QQQMIWL vs. QUALIWL vs. XLK
Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. SPMO

Return for Risk

IWL vs. QQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWL
IWL Risk / Return Rank: 5959
Overall Rank
IWL Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
IWL Sortino Ratio Rank: 5858
Sortino Ratio Rank
IWL Omega Ratio Rank: 5858
Omega Ratio Rank
IWL Calmar Ratio Rank: 5454
Calmar Ratio Rank
IWL Martin Ratio Rank: 6464
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 4949
Overall Rank
QQQ Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 4646
Sortino Ratio Rank
QQQ Omega Ratio Rank: 4545
Omega Ratio Rank
QQQ Calmar Ratio Rank: 5353
Calmar Ratio Rank
QQQ Martin Ratio Rank: 5252
Martin Ratio Rank
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. QQQ - Risk-Adjusted Trends Comparison

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

IWLQQQDifference
Sharpe ratioReturn per unit of total volatility
1.41
1.16

+0.25

Sortino ratioReturn per unit of downside risk
1.97
1.65

+0.32

Omega ratioGain probability vs. loss probability

1.25

1.21

+0.05

Calmar ratioReturn relative to maximum drawdown

1.92

1.88

+0.04

Martin ratioReturn relative to average drawdown

7.71

6.00

+1.71

IWL vs. QQQ - Sharpe Ratio Comparison

The current IWL Sharpe Ratio is 1.41, which is comparable to the QQQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of IWL and QQQ, 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

IWL vs. QQQ - Drawdown Comparison

The maximum IWL drawdown since its inception was -32.71%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for IWL and QQQ.

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Drawdown Indicators

IWLQQQDifference

Max Drawdown

Largest peak-to-trough decline

-32.71%

-82.97%

+50.26%

Max Drawdown (1Y)

Largest decline over 1 year

-9.83%

-11.96%

+2.13%

Max Drawdown (3Y)

Largest decline over 3 years

-19.15%

-22.77%

+3.62%

Max Drawdown (5Y)

Largest decline over 5 years

-25.65%

-35.12%

+9.47%

Max Drawdown (10Y)

Largest decline over 10 years

-32.71%

-35.12%

+2.41%

Current Drawdown

Current decline from peak

-2.07%

-7.69%

+5.62%

Average Drawdown

Average peak-to-trough decline

-3.87%

-32.62%

+28.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.44%

3.74%

-1.30%

Volatility

IWL vs. QQQ - Volatility Comparison

The current volatility for iShares Russell Top 200 ETF (IWL) is 4.00%, while Invesco QQQ ETF (QQQ) has a volatility of 6.87%. This indicates that IWL experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWLQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.00%

6.87%

-2.87%

Volatility (6M)

Calculated over the trailing 6-month period

10.53%

16.08%

-5.55%

Volatility (1Y)

Calculated over the trailing 1-year period

13.35%

19.38%

-6.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.32%

22.90%

-5.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.12%

22.50%

-4.38%

IWL vs. QQQ - Expense Ratio Comparison

IWL has a 0.15% expense ratio, which is lower than QQQ's 0.18% 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. QQQ - Dividend Comparison

IWL's dividend yield for the trailing twelve months is around 0.85%, more than QQQ's 0.44% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
QQQ
Invesco QQQ ETF		0.44%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%

Frequently Asked Questions

With a correlation of 0.94, IWL and QQQ 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.

QQQ has higher volatility (6.87%) compared to IWL (4.00%). In terms of maximum drawdown, IWL dropped -32.71% vs QQQ's -82.97%.

On 10-year performance, QQQ leads with 20.44% 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.

Over the 10-year period, QQQ has performed better with a 20.44% return vs 15.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWL is cheaper with a 0.15% expense ratio, compared with 0.18% for QQQ.

IWL has the higher dividend yield at 0.85%, compared with 0.44% for QQQ.

IWL is categorized as Large Cap Growth Equities, while QQQ is Nasdaq-100. IWL tracks Russell Top 200 Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for IWL and 0.18% for QQQ.

IWL currently has the higher Sharpe Ratio (1.41 vs 1.16), 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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