IWL vs. SPXE

Last updated Jun 16, 2026

IWL (iShares Russell Top 200 ETF) and SPXE (ProShares S&P 500 Ex-Energy ETF) are both exchange-traded funds - IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index, while SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index. Both are passively managed. IWL charges 0.15%/yr vs 0.09%/yr for SPXE.

Performance

IWL vs. SPXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 ETF (IWL) and ProShares S&P 500 Ex-Energy ETF (SPXE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IWL

• 1D: 1.85%
• 1M: 1.65%
• YTD: 9.79%
• 6M: 10.53%
• 1Y: 27.79%
• 3Y*: 22.12%
• 5Y*: 14.51%
• 10Y*: 16.52%

SPXE

• 1D: -0.21%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWL vs. SPXE - Yearly Performance Comparison

	2026 (YTD)
IWL iShares Russell Top 200 ETF	1.85%
SPXE ProShares S&P 500 Ex-Energy ETF	-0.21%

IWL vs. SPXE - Sectors Allocation Comparison

Sectors	IWL	SPXE
Technology	41.8%	39.2%
Communication Services	12.1%	10.7%
Financial Services	11.1%	11.9%
Consumer Cyclical	9.7%	9.7%
Healthcare	8.5%	9.0%
Industrials	6.3%	8.1%
Consumer Defensive	4.5%	4.8%
Energy	2.4%	0.0%
Basic Materials	1.4%	1.8%
Utilities	1.2%	2.6%
Real Estate	0.9%	1.9%

Return for Risk

IWL vs. SPXE — Risk / Return Rank

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

IWL

IWL Risk / Return Rank: 71
IWL Sharpe Ratio Rank: 75
IWL Sortino Ratio Rank: 73
IWL Omega Ratio Rank: 75
IWL Calmar Ratio Rank: 62
IWL Martin Ratio Rank: 72

SPXE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 ETF (IWL) and ProShares S&P 500 Ex-Energy ETF (SPXE). 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	SPXE	Difference
Sharpe ratio: Return per unit of total volatility	2.19	—	—
Sortino ratio: Return per unit of downside risk	2.94	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	2.84	—	—
Martin ratio: Return relative to average drawdown	12.27	—	—

Drawdowns

IWL vs. SPXE - Drawdown Comparison

The maximum IWL drawdown since its inception was -32.71%, which is greater than SPXE's maximum drawdown of -0.21%. Use the drawdown chart below to compare losses from any high point for IWL and SPXE.

Drawdown Indicators

	IWL	SPXE	Difference
Max Drawdown Largest peak-to-trough decline	-32.71%	-0.21%	-32.50%
Max Drawdown (1Y) Largest decline over 1 year	-9.83%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.71%	—	—
Current Drawdown Current decline from peak	-1.04%	-0.21%	-0.83%
Average Drawdown Average peak-to-trough decline	-3.88%	-0.21%	-3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	—	—

Volatility

Volatility by Period

	IWL	SPXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.77%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	—	—

IWL vs. SPXE - Expense Ratio Comparison

IWL has a 0.15% expense ratio, which is higher than SPXE's 0.09% 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. SPXE - Dividend Comparison

IWL's dividend yield for the trailing twelve months is around 1.04%, while SPXE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWL iShares Russell Top 200 ETF	1.04%	0.90%	1.04%	1.30%	1.54%	1.12%	1.30%	1.96%	1.93%	1.69%	1.96%	2.14%
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, IWL or SPXE?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWL or SPXE?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.15% for IWL.

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

IWL has the higher dividend yield at 1.04%, compared with 0.00% for SPXE.

What is the main difference between IWL and SPXE?

IWL is categorized as Large Cap Growth Equities, while SPXE is S&P 500. IWL tracks Russell Top 200 Index, while SPXE tracks S&P 500 Ex-Energy Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.15% for IWL and 0.09% for SPXE.