IWS vs. SPYV

Last updated Jun 14, 2026

IWS (iShares Russell Mid-Cap Value ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - IWS is a Mid Cap Value Equities fund tracking the Russell Midcap Value Index, while SPYV is a S&P 500 fund tracking the S&P 500 Value Index. Both are passively managed. Over the past 10 years, IWS returned 10.51%/yr vs 12.08%/yr for SPYV. Their correlation of 0.88 suggests significant overlap in exposure. IWS charges 0.23%/yr vs 0.04%/yr for SPYV.

Performance

IWS vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Value ETF (IWS) and SPDR Portfolio S&P 500 Value ETF (SPYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWS achieves a 16.45% return, which is significantly higher than SPYV's 8.25% return. Over the past 10 years, IWS has underperformed SPYV with an annualized return of 10.51%, while SPYV has yielded a comparatively higher 12.08% annualized return.

IWS

• 1D: 1.16%
• 1M: 5.35%
• YTD: 16.45%
• 6M: 15.28%
• 1Y: 29.26%
• 3Y*: 16.65%
• 5Y*: 8.67%
• 10Y*: 10.51%

SPYV

• 1D: 0.69%
• 1M: 2.32%
• YTD: 8.25%
• 6M: 8.02%
• 1Y: 21.87%
• 3Y*: 15.13%
• 5Y*: 10.98%
• 10Y*: 12.08%

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

IWS vs. SPYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWS iShares Russell Mid-Cap Value ETF	16.45%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%
SPYV SPDR Portfolio S&P 500 Value ETF	8.25%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%

Correlation

The correlation between IWS and SPYV is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 24, 2001	0.88

The correlation between IWS and SPYV has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

IWS vs. SPYV - Sectors Allocation Comparison

Sectors	IWS	SPYV
Technology	18.7%	22.4%
Industrials	16.2%	10.5%
Financial Services	13.7%	14.5%
Consumer Cyclical	8.5%	11.1%
Real Estate	8.3%	3.4%
Healthcare	7.6%	11.5%
Energy	7.4%	7.0%
Utilities	6.6%	4.3%
Basic Materials	5.3%	3.3%
Consumer Defensive	4.7%	8.9%
Communication Services	3.1%	3.2%

Return for Risk

IWS vs. SPYV — Risk / Return Rank

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

IWS

IWS Risk / Return Rank: 76
IWS Sharpe Ratio Rank: 73
IWS Sortino Ratio Rank: 75
IWS Omega Ratio Rank: 69
IWS Calmar Ratio Rank: 80
IWS Martin Ratio Rank: 81

SPYV

SPYV Risk / Return Rank: 75
SPYV Sharpe Ratio Rank: 75
SPYV Sortino Ratio Rank: 76
SPYV Omega Ratio Rank: 73
SPYV Calmar Ratio Rank: 75
SPYV Martin Ratio Rank: 77

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.

IWS vs. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Value ETF (IWS) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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.

	IWS	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.08	-0.03
Sortino ratio: Return per unit of downside risk	2.91	2.92	-0.01
Omega ratio: Gain probability vs. loss probability	1.36	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	3.68	3.33	+0.34
Martin ratio: Return relative to average drawdown	13.82	12.73	+1.09

IWS vs. SPYV - Sharpe Ratio Comparison

The current IWS Sharpe Ratio is 2.05, which is comparable to the SPYV Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of IWS and SPYV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IWS vs. SPYV - Drawdown Comparison

The maximum IWS drawdown since its inception was -62.40%, which is greater than SPYV's maximum drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for IWS and SPYV.

Drawdown Indicators

	IWS	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-62.40%	-58.45%	-3.95%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-6.22%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-17.54%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	-17.89%	-3.34%
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	-36.89%	-6.94%
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-8.01%	-8.71%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.63%	+0.37%

Volatility

IWS vs. SPYV - Volatility Comparison

iShares Russell Mid-Cap Value ETF (IWS) has a higher volatility of 4.29% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.70%. This indicates that IWS's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWS	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	2.70%	+1.59%
Volatility (6M) Calculated over the trailing 6-month period	9.97%	7.26%	+2.71%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	9.97%	+3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	14.42%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.37%	16.94%	+2.43%

IWS vs. SPYV - Expense Ratio Comparison

IWS has a 0.23% expense ratio, which is higher than SPYV's 0.04% 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

IWS vs. SPYV - Dividend Comparison

IWS's dividend yield for the trailing twelve months is around 1.32%, less than SPYV's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWS iShares Russell Mid-Cap Value ETF	1.32%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%
SPYV SPDR Portfolio S&P 500 Value ETF	1.68%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both IWS and SPYV in my portfolio?

IWS and SPYV have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWS or SPYV?

IWS has higher volatility (4.29%) compared to SPYV (2.70%). In terms of maximum drawdown, IWS dropped -62.40% vs SPYV's -58.45%.

Which ETF is better, IWS or SPYV?

On 10-year performance, SPYV leads with 12.08% vs 10.51% for IWS. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWS or SPYV?

Over the 10-year period, SPYV has performed better with a 12.08% return vs 10.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWS or SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.23% for IWS.

Which ETF pays a higher dividend yield, IWS or SPYV?

SPYV has the higher dividend yield at 1.68%, compared with 1.32% for IWS.

What is the main difference between IWS and SPYV?

IWS is categorized as Mid Cap Value Equities, while SPYV is S&P 500. IWS tracks Russell Midcap Value Index, while SPYV tracks S&P 500 Value Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.23% for IWS and 0.04% for SPYV.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (2.08 vs 2.05), 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.