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IWL vs. VEGN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWL vs. VEGN

Last updated Aug 2, 2026
Documentation

IWL (iShares Russell Top 200 ETF) and VEGN (US Vegan Climate ETF) are both Large Cap Growth Equities funds - IWL tracks the Russell Top 200 Index while VEGN tracks the US Vegan Climate Index. Both are passively managed. Over the past 5 years, IWL returned 13.23%/yr vs 13.97%/yr for VEGN. Their correlation of 0.94 means they have usually moved in the same direction. IWL charges 0.15%/yr vs 0.60%/yr for VEGN.

Performance

IWL vs. VEGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 ETF (IWL) and US Vegan Climate ETF (VEGN). 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 VEGN's 23.72% 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%

VEGN

1D
0.28%
1M
-3.86%
6M
22.47%
YTD
23.72%
1Y
37.13%
3Y*
23.68%
5Y*
13.97%
10Y*
—
ALL TIME*
18.07%
*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

VEGN

US Vegan Climate ETF
$398.12K$577.59K$470.77K

IWL vs. VEGN - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
IWL
iShares Russell Top 200 ETF		8.65%19.09%27.12%29.77%-19.89%27.79%22.10%9.61%
VEGN
US Vegan Climate ETF		23.72%13.71%25.42%38.10%-26.87%26.01%27.72%9.45%

Correlation

The correlation between IWL and VEGN is 0.85, 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.

0.85

Correlation (3Y)
Balances recent behavior with more history.

0.91

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.93

Correlation (All Time)
Calculated using the full available price history since Sep 10, 2019

0.94

The correlation between IWL and VEGN has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.

IWL vs. VEGN - Sectors Allocation Comparison

Sectors
IWL
VEGN

Technology

40.8%
63.6%

Financial Services

12.2%
13.1%

Communication Services

10.5%
7.8%

Healthcare

9.0%
3.9%

Consumer Cyclical

8.8%
1.8%

Industrials

7.2%
4.8%

Consumer Defensive

4.5%
0.0%

Energy

2.7%
0.0%

Utilities

1.7%
0.1%

Basic Materials

1.3%
0.5%

Real Estate

1.0%
3.9%

Technology

IWL
40.8%
VEGN
63.6%

Financial Services

IWL
12.2%
VEGN
13.1%

Communication Services

IWL
10.5%
VEGN
7.8%

Healthcare

IWL
9.0%
VEGN
3.9%

Consumer Cyclical

IWL
8.8%
VEGN
1.8%

Industrials

IWL
7.2%
VEGN
4.8%

Consumer Defensive

IWL
4.5%
VEGN
0.0%

Energy

IWL
2.7%
VEGN
0.0%

Utilities

IWL
1.7%
VEGN
0.1%

Basic Materials

IWL
1.3%
VEGN
0.5%

Real Estate

IWL
1.0%
VEGN
3.9%

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

US Vegan Climate ETF

Often compared with IWL:
IWL vs. IWYIWL vs. VOOIWL vs. SPYIWL vs. IVVIWL vs. QQQIWL vs. QQQMIWL vs. QUAL
Often compared with VEGN:
VEGN vs. SPYVEGN vs. VOOVEGN vs. SHEVEGN vs. QQQVEGN vs. ESGUVEGN vs. ESGVVEGN vs. SPYG

Return for Risk

IWL vs. VEGN — 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
VEGN
VEGN Risk / Return Rank: 7575
Overall Rank
VEGN Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
VEGN Sortino Ratio Rank: 7272
Sortino Ratio Rank
VEGN Omega Ratio Rank: 7070
Omega Ratio Rank
VEGN Calmar Ratio Rank: 7979
Calmar Ratio Rank
VEGN Martin Ratio Rank: 7676
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. VEGN - Risk-Adjusted Trends Comparison

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

IWLVEGNDifference
Sharpe ratioReturn per unit of total volatility
1.41
1.71

-0.30

Sortino ratioReturn per unit of downside risk
1.97
2.32

-0.35

Omega ratioGain probability vs. loss probability

1.25

1.29

-0.04

Calmar ratioReturn relative to maximum drawdown

1.92

2.84

-0.92

Martin ratioReturn relative to average drawdown

7.71

9.45

-1.74

IWL vs. VEGN - Sharpe Ratio Comparison

The current IWL Sharpe Ratio is 1.41, which is comparable to the VEGN Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of IWL and VEGN, 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. VEGN - Drawdown Comparison

The maximum IWL drawdown since its inception was -32.71%, roughly equal to the maximum VEGN drawdown of -34.14%. Use the drawdown chart below to compare losses from any high point for IWL and VEGN.

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Drawdown Indicators

IWLVEGNDifference

Max Drawdown

Largest peak-to-trough decline

-32.71%

-34.14%

+1.43%

Max Drawdown (1Y)

Largest decline over 1 year

-9.83%

-12.25%

+2.42%

Max Drawdown (3Y)

Largest decline over 3 years

-19.15%

-20.91%

+1.76%

Max Drawdown (5Y)

Largest decline over 5 years

-25.65%

-33.40%

+7.75%

Max Drawdown (10Y)

Largest decline over 10 years

-32.71%

—

—

Current Drawdown

Current decline from peak

-2.07%

-8.77%

+6.70%

Average Drawdown

Average peak-to-trough decline

-3.87%

-7.52%

+3.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.44%

3.68%

-1.24%

Volatility

IWL vs. VEGN - Volatility Comparison

The current volatility for iShares Russell Top 200 ETF (IWL) is 4.00%, while US Vegan Climate ETF (VEGN) has a volatility of 7.86%. This indicates that IWL experiences smaller price fluctuations and is considered to be less risky than VEGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWLVEGNDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.00%

7.86%

-3.86%

Volatility (6M)

Calculated over the trailing 6-month period

10.53%

17.87%

-7.34%

Volatility (1Y)

Calculated over the trailing 1-year period

13.35%

20.38%

-7.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.32%

20.97%

-3.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.12%

23.03%

-4.91%

IWL vs. VEGN - Expense Ratio Comparison

IWL has a 0.15% expense ratio, which is lower than VEGN's 0.60% expense ratio.

Dividends

IWL vs. VEGN - Dividend Comparison

IWL's dividend yield for the trailing twelve months is around 0.85%, more than VEGN's 0.52% 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%
VEGN
US Vegan Climate ETF		0.52%0.51%0.51%0.67%0.81%0.41%0.71%0.29%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IWL and VEGN have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEGN has higher volatility (7.86%) compared to IWL (4.00%). In terms of maximum drawdown, IWL dropped -32.71% vs VEGN's -34.14%.

On 5-year performance, VEGN leads with 13.97% vs 13.23% 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 5-year period, VEGN has performed better with a 13.97% return vs 13.23%. 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 0.60% for VEGN.

IWL has the higher dividend yield at 0.85%, compared with 0.52% for VEGN.

IWL tracks Russell Top 200 Index, while VEGN tracks US Vegan Climate Index. They also come from different issuers: iShares and Beyond Investing. Their fees differ too: 0.15% for IWL and 0.60% for VEGN.

VEGN currently has the higher Sharpe Ratio (1.71 vs 1.41), 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.

Portfolio Optimizer

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