IWL vs. QUS

Last updated Jun 4, 2026

IWL (iShares Russell Top 200 ETF) and QUS (SPDR MSCI USA StrategicFactors ETF) are both Large Cap Growth Equities funds - IWL tracks the Russell Top 200 Index while QUS tracks the MSCI USA Factor Mix A-Series Capped (USD). Both are passively managed. Over the past 10 years, IWL returned 16.38%/yr vs 13.67%/yr for QUS. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

IWL vs. QUS - Performance Comparison

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

Returns By Period

In the year-to-date period, IWL achieves a 10.03% return, which is significantly higher than QUS's 6.67% return. Over the past 10 years, IWL has outperformed QUS with an annualized return of 16.38%, while QUS has yielded a comparatively lower 13.67% annualized return.

IWL

• 1D: -0.83%
• 1M: 5.18%
• YTD: 10.03%
• 6M: 10.03%
• 1Y: 28.50%
• 3Y*: 23.42%
• 5Y*: 14.59%
• 10Y*: 16.38%

QUS

• 1D: -0.43%
• 1M: 2.68%
• YTD: 6.67%
• 6M: 6.93%
• 1Y: 17.65%
• 3Y*: 17.53%
• 5Y*: 11.08%
• 10Y*: 13.67%

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

IWL vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWL iShares Russell Top 200 ETF	10.03%	19.09%	27.12%	29.77%	-19.89%	27.79%	22.10%	31.42%	-3.30%	22.90%
QUS SPDR MSCI USA StrategicFactors ETF	6.67%	14.13%	18.99%	21.78%	-14.15%	26.72%	12.40%	32.45%	-3.66%	21.67%

Correlation

The correlation between IWL and QUS is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 17, 2015	0.86

The correlation between IWL and QUS shifts across timeframes, from 0.81 (1 year) to 0.92 (5 years), reflecting how their relationship changes across market environments.

IWL vs. QUS - Sectors Allocation Comparison

Sectors	IWL	QUS
Technology	40.9%	26.3%
Communication Services	12.2%	10.2%
Financial Services	11.3%	14.6%
Consumer Cyclical	9.6%	5.8%
Healthcare	8.5%	13.4%
Industrials	6.1%	8.6%
Consumer Defensive	4.7%	9.2%
Energy	2.5%	4.6%
Utilities	1.7%	3.6%
Basic Materials	1.4%	2.3%
Real Estate	1.0%	1.4%

Return for Risk

IWL vs. QUS — Risk / Return Rank

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

IWL

IWL Risk / Return Rank: 67
IWL Sharpe Ratio Rank: 70
IWL Sortino Ratio Rank: 68
IWL Omega Ratio Rank: 69
IWL Calmar Ratio Rank: 58
IWL Martin Ratio Rank: 69

QUS

QUS Risk / Return Rank: 57
QUS Sharpe Ratio Rank: 56
QUS Sortino Ratio Rank: 58
QUS Omega Ratio Rank: 55
QUS Calmar Ratio Rank: 52
QUS Martin Ratio Rank: 63

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. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 ETF (IWL) and SPDR MSCI USA StrategicFactors ETF (QUS). 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.

	IWL	QUS	Difference
Sharpe ratio Return per unit of total volatility	2.35	1.95	+0.40
Sortino ratio Return per unit of downside risk	3.20	2.81	+0.39
Omega ratio Gain probability vs. loss probability	1.42	1.35	+0.07
Calmar ratio Return relative to maximum drawdown	2.91	2.59	+0.33
Martin ratio Return relative to average drawdown	12.92	11.54	+1.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWL vs. QUS - Sharpe Ratio Comparison

The current IWL Sharpe Ratio is 2.35, which is comparable to the QUS Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of IWL and QUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IWL	QUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	1.95	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.78	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.83	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.77	+0.11

Drawdowns

IWL vs. QUS - Drawdown Comparison

The maximum IWL drawdown since its inception was -32.71%, roughly equal to the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for IWL and QUS.

Drawdown Indicators

	IWL	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-32.71%	-33.78%	+1.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.83%	-6.85%	-2.98%
Max Drawdown (3Y) Largest decline over 3 years	-19.15%	-13.94%	-5.21%
Max Drawdown (5Y) Largest decline over 5 years	-25.65%	-22.30%	-3.35%
Max Drawdown (10Y) Largest decline over 10 years	-32.71%	-33.78%	+1.07%
Current Drawdown Current decline from peak	-0.83%	-0.50%	-0.33%
Average Drawdown Average peak-to-trough decline	-3.88%	-3.70%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	1.53%	+0.68%

Volatility

IWL vs. QUS - Volatility Comparison

iShares Russell Top 200 ETF (IWL) has a higher volatility of 2.98% compared to SPDR MSCI USA StrategicFactors ETF (QUS) at 1.78%. This indicates that IWL's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWL	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	1.78%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	9.15%	6.66%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	9.09%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.17%	14.33%	+2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	16.42%	+1.66%

IWL vs. QUS - Expense Ratio Comparison

Both IWL and QUS have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IWL vs. QUS - Dividend Comparison

IWL's dividend yield for the trailing twelve months is around 0.82%, less than QUS's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWL iShares Russell Top 200 ETF	0.82%	0.90%	1.04%	1.30%	1.54%	1.12%	1.30%	1.96%	1.93%	1.69%	1.96%	2.14%
QUS SPDR MSCI USA StrategicFactors ETF	1.31%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%

Frequently Asked Questions

Can I hold both IWL and QUS in my portfolio?

IWL and QUS have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWL or QUS?

IWL has higher volatility (2.98%) compared to QUS (1.78%). In terms of maximum drawdown, IWL dropped -32.71% vs QUS's -33.78%.

Which ETF is better, IWL or QUS?

On 10-year performance, IWL leads with 16.38% vs 13.67% for QUS. Both ETFs have the same 0.15% expense ratio. On volatility, QUS has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWL or QUS?

Over the 10-year period, IWL has performed better with a 16.38% return vs 13.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWL or QUS?

IWL and QUS have the same expense ratio: 0.15% per year.

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

QUS has the higher dividend yield at 1.31%, compared with 0.82% for IWL.

What is the main difference between IWL and QUS?

IWL tracks Russell Top 200 Index, while QUS tracks MSCI USA Factor Mix A-Series Capped (USD). They also come from different issuers: iShares and State Street.

Which has better risk-adjusted returns?

IWL currently has the higher Sharpe Ratio (2.35 vs 1.95), 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.