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IWL vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWL vs. VOO

Last updated Aug 4, 2026
Documentation

IWL (iShares Russell Top 200 ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IWL returned 15.95%/yr vs 15.17%/yr for VOO. Their 0.96 correlation means they have historically moved very closely together. IWL charges 0.15%/yr vs 0.03%/yr for VOO.

Performance

IWL vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 ETF (IWL) and Vanguard S&P 500 ETF (VOO). 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 10.37% return, which is significantly lower than VOO's 11.72% return. Both investments have delivered pretty close results over the past 10 years, with IWL having a 15.95% annualized return and VOO not far behind at 15.17%.

IWL

1D
1.58%
1M
1.64%
6M
8.79%
YTD
10.37%
1Y
22.88%
3Y*
21.73%
5Y*
13.51%
10Y*
15.95%
ALL TIME*
14.72%

VOO

1D
1.42%
1M
1.69%
6M
9.53%
YTD
11.72%
1Y
23.30%
3Y*
20.85%
5Y*
13.12%
10Y*
15.17%
ALL TIME*
14.88%
*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
$7.35M$7.08M$8.77M

VOO

Vanguard S&P 500 ETF
$3.97B$3.80B$5.49B

IWL vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWL
iShares Russell Top 200 ETF		10.37%19.09%27.12%29.77%-19.89%27.79%22.10%31.42%-3.30%22.90%
VOO
Vanguard S&P 500 ETF		11.72%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between IWL and VOO is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.99

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

0.99

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

0.99

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

0.98

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.96

The correlation between IWL and VOO has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

IWL vs. VOO - Sectors Allocation Comparison

Sectors
IWL
VOO

Technology

40.8%
38.6%

Financial Services

12.2%
11.4%

Communication Services

10.5%
9.9%

Healthcare

9.0%
8.9%

Consumer Cyclical

8.8%
9.5%

Industrials

7.2%
8.5%

Consumer Defensive

4.5%
4.5%

Energy

2.7%
3.0%

Utilities

1.7%
2.2%

Basic Materials

1.3%
1.7%

Real Estate

1.0%
1.8%

Technology

IWL
40.8%
VOO
38.6%

Financial Services

IWL
12.2%
VOO
11.4%

Communication Services

IWL
10.5%
VOO
9.9%

Healthcare

IWL
9.0%
VOO
8.9%

Consumer Cyclical

IWL
8.8%
VOO
9.5%

Industrials

IWL
7.2%
VOO
8.5%

Consumer Defensive

IWL
4.5%
VOO
4.5%

Energy

IWL
2.7%
VOO
3.0%

Utilities

IWL
1.7%
VOO
2.2%

Basic Materials

IWL
1.3%
VOO
1.7%

Real Estate

IWL
1.0%
VOO
1.8%

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

Vanguard S&P 500 ETF

Often compared with IWL:
IWL vs. IWYIWL vs. SPYIWL vs. IVVIWL vs. QQQIWL vs. QQQMIWL vs. QUALIWL vs. XLK
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. FXAIXVOO vs. SPYVOO vs. VGT

Return for Risk

IWL vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWL
IWL Risk / Return Rank: 7171
Overall Rank
IWL Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
IWL Sortino Ratio Rank: 7272
Sortino Ratio Rank
IWL Omega Ratio Rank: 7272
Omega Ratio Rank
IWL Calmar Ratio Rank: 6565
Calmar Ratio Rank
IWL Martin Ratio Rank: 7474
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 7878
Overall Rank
VOO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 7777
Sortino Ratio Rank
VOO Omega Ratio Rank: 7878
Omega Ratio Rank
VOO Calmar Ratio Rank: 7474
Calmar Ratio Rank
VOO Martin Ratio Rank: 8383
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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 ETF (IWL) and Vanguard S&P 500 ETF (VOO). 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.

IWLVOODifference
Sharpe ratioReturn per unit of total volatility
1.73
1.83

-0.10

Sortino ratioReturn per unit of downside risk
2.39
2.53

-0.14

Omega ratioGain probability vs. loss probability

1.31

1.33

-0.02

Calmar ratioReturn relative to maximum drawdown

2.34

2.63

-0.29

Martin ratioReturn relative to average drawdown

9.39

11.23

-1.84

IWL vs. VOO - Sharpe Ratio Comparison

The current IWL Sharpe Ratio is 1.73, which is comparable to the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of IWL and VOO, 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. VOO - Drawdown Comparison

The maximum IWL drawdown since its inception was -32.71%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for IWL and VOO.

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Drawdown Indicators

IWLVOODifference

Max Drawdown

Largest peak-to-trough decline

-32.71%

-33.99%

+1.28%

Max Drawdown (1Y)

Largest decline over 1 year

-9.83%

-8.90%

-0.93%

Max Drawdown (3Y)

Largest decline over 3 years

-19.15%

-18.69%

-0.46%

Max Drawdown (5Y)

Largest decline over 5 years

-25.65%

-24.52%

-1.13%

Max Drawdown (10Y)

Largest decline over 10 years

-32.71%

-33.99%

+1.28%

Current Drawdown

Current decline from peak

-0.52%

0.00%

-0.52%

Average Drawdown

Average peak-to-trough decline

-3.87%

-3.67%

-0.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.44%

2.08%

+0.36%

Volatility

IWL vs. VOO - Volatility Comparison

iShares Russell Top 200 ETF (IWL) has a higher volatility of 4.30% compared to Vanguard S&P 500 ETF (VOO) at 3.81%. This indicates that IWL's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWLVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.30%

3.81%

+0.49%

Volatility (6M)

Calculated over the trailing 6-month period

10.63%

10.18%

+0.45%

Volatility (1Y)

Calculated over the trailing 1-year period

13.32%

12.80%

+0.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.34%

16.95%

+0.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.13%

18.02%

+0.11%

IWL vs. VOO - Expense Ratio Comparison

IWL has a 0.15% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

IWL's dividend yield for the trailing twelve months is around 0.84%, less than VOO's 1.05% yield.

PositionTTM20252024202320222021202020192018201720162015
IWL
iShares Russell Top 200 ETF		0.84%0.90%1.04%1.30%1.54%1.12%1.30%1.96%1.93%1.69%1.96%2.14%
VOO
Vanguard S&P 500 ETF		1.05%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

With a correlation of 0.99, IWL and VOO 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.

IWL has higher volatility (4.30%) compared to VOO (3.81%). In terms of maximum drawdown, IWL dropped -32.71% vs VOO's -33.99%.

On 10-year performance, IWL leads with 15.95% vs 15.17% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWL has performed better with a 15.95% return vs 15.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.15% for IWL.

VOO has the higher dividend yield at 1.05%, compared with 0.84% for IWL.

IWL is categorized as Large Cap Growth Equities, while VOO is S&P 500. IWL tracks Russell Top 200 Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for IWL and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (1.83 vs 1.73), 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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