IWV vs. SPY

Last updated Jun 24, 2026

IWV (iShares Russell 3000 ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IWV is a Large Cap Blend Equities fund tracking the Russell 3000 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IWV returned 14.98%/yr vs 15.53%/yr for SPY. With a 0.97 correlation, they move nearly in lockstep. IWV charges 0.20%/yr vs 0.09%/yr for SPY.

Performance

IWV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 3000 ETF (IWV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWV achieves a 8.58% return, which is significantly higher than SPY's 8.15% return. Both investments have delivered pretty close results over the past 10 years, with IWV having a 14.98% annualized return and SPY not far ahead at 15.53%.

IWV

• 1D: -1.30%
• 1M: -0.78%
• YTD: 8.58%
• 6M: 7.48%
• 1Y: 23.69%
• 3Y*: 20.38%
• 5Y*: 11.79%
• 10Y*: 14.98%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

IWV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWV iShares Russell 3000 ETF	8.58%	16.96%	23.49%	25.82%	-19.28%	25.54%	20.55%	30.66%	-5.43%	20.97%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between IWV and SPY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 26, 2000	0.97

The correlation between IWV and SPY has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

IWV vs. SPY - Sectors Allocation Comparison

Sectors	IWV	SPY
Technology	36.5%	39.0%
Financial Services	11.5%	11.1%
Communication Services	10.0%	10.6%
Consumer Cyclical	9.9%	9.9%
Industrials	9.1%	7.8%
Healthcare	8.9%	8.3%
Consumer Defensive	4.3%	4.5%
Energy	3.3%	3.1%
Real Estate	2.3%	1.8%
Utilities	2.1%	2.1%
Basic Materials	2.0%	1.7%

Return for Risk

IWV vs. SPY — Risk / Return Rank

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

IWV

IWV Risk / Return Rank: 59
IWV Sharpe Ratio Rank: 58
IWV Sortino Ratio Rank: 56
IWV Omega Ratio Rank: 57
IWV Calmar Ratio Rank: 57
IWV Martin Ratio Rank: 68

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

IWV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 3000 ETF (IWV) and State Street SPDR S&P 500 ETF (SPY). 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.

	IWV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.90	-0.02
Sortino ratio: Return per unit of downside risk	2.57	2.58	-0.01
Omega ratio: Gain probability vs. loss probability	1.34	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.68	2.67	+0.01
Martin ratio: Return relative to average drawdown	11.92	11.92	+0.01

IWV vs. SPY - Sharpe Ratio Comparison

The current IWV Sharpe Ratio is 1.87, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of IWV and SPY, 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

IWV vs. SPY - Drawdown Comparison

The maximum IWV drawdown since its inception was -55.61%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IWV and SPY.

Drawdown Indicators

	IWV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.61%	-55.19%	-0.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-8.88%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.28%	-18.76%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-25.11%	-24.50%	-0.61%
Max Drawdown (10Y) Largest decline over 10 years	-35.22%	-33.72%	-1.50%
Current Drawdown Current decline from peak	-2.74%	-3.17%	+0.43%
Average Drawdown Average peak-to-trough decline	-10.57%	-9.04%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.98%	+0.01%

Volatility

IWV vs. SPY - Volatility Comparison

iShares Russell 3000 ETF (IWV) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.84% and 4.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	4.87%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	9.97%	9.85%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.72%	12.50%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.33%	17.15%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.41%	17.95%	+0.46%

IWV vs. SPY - Expense Ratio Comparison

IWV has a 0.20% expense ratio, which is higher than SPY'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

IWV vs. SPY - Dividend Comparison

IWV's dividend yield for the trailing twelve months is around 0.89%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWV iShares Russell 3000 ETF	0.89%	0.96%	1.08%	1.30%	1.56%	1.04%	1.30%	1.69%	1.97%	1.58%	1.79%	1.99%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both IWV and SPY in my portfolio?

With a correlation of 0.99, IWV and SPY 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.

Which is riskier, IWV or SPY?

SPY has higher volatility (4.87%) compared to IWV (4.84%). In terms of maximum drawdown, IWV dropped -55.61% vs SPY's -55.19%.

Which ETF is better, IWV or SPY?

On 10-year performance, SPY leads with 15.53% vs 14.98% for IWV. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWV or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 14.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.20% for IWV.

Which ETF pays a higher dividend yield, IWV or SPY?

SPY has the higher dividend yield at 1.03%, compared with 0.89% for IWV.

What is the main difference between IWV and SPY?

IWV is categorized as Large Cap Blend Equities, while SPY is S&P 500. IWV tracks Russell 3000 Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for IWV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.87), 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.