IWV vs. USPX

Last updated Jul 17, 2026

IWV (iShares Russell 3000 ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds - IWV tracks the Russell 3000 Index while USPX tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 10 years, IWV returned 14.50%/yr vs 12.27%/yr for USPX. Their correlation of 0.86 suggests significant overlap in exposure. IWV charges 0.20%/yr vs 0.03%/yr for USPX.

Performance

IWV vs. USPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 3000 ETF (IWV) and Franklin U.S. Equity Index ETF (USPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWV achieves a 10.99% return, which is significantly higher than USPX's 10.27% return. Over the past 10 years, IWV has outperformed USPX with an annualized return of 14.50%, while USPX has yielded a comparatively lower 12.27% annualized return.

IWV

• 1D: -0.45%
• 1M: 0.46%
• 6M: 8.89%
• YTD: 10.99%
• 1Y: 21.61%
• 3Y*: 19.44%
• 5Y*: 12.21%
• 10Y*: 14.50%

USPX

• 1D: -0.63%
• 1M: 0.29%
• 6M: 8.73%
• YTD: 10.27%
• 1Y: 20.92%
• 3Y*: 19.96%
• 5Y*: 12.17%
• 10Y*: 12.27%

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

IWV vs. USPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWV iShares Russell 3000 ETF	10.99%	16.96%	23.49%	25.82%	-19.28%	25.54%	20.55%	30.66%	-5.43%	20.97%
USPX Franklin U.S. Equity Index ETF	10.27%	17.78%	24.97%	27.07%	-18.88%	19.53%	9.72%	26.60%	-7.78%	23.80%

Correlation

The correlation between IWV and USPX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.86

The correlation between IWV and USPX shifts across timeframes, from 0.86 (all time) to 0.98 (3 years), reflecting how their relationship changes across market environments.

IWV vs. USPX - Sectors Allocation Comparison

Sectors	IWV	USPX
Technology	36.5%	37.7%
Financial Services	11.5%	12.1%
Communication Services	10.0%	9.8%
Consumer Cyclical	9.9%	9.4%
Industrials	9.1%	8.0%
Healthcare	8.9%	9.2%
Consumer Defensive	4.3%	4.5%
Energy	3.3%	2.2%
Real Estate	2.3%	1.7%
Utilities	2.1%	2.7%
Basic Materials	2.0%	1.7%

Return for Risk

IWV vs. USPX — Risk / Return Rank

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

IWV

IWV Risk / Return Rank: 65
IWV Sharpe Ratio Rank: 65
IWV Sortino Ratio Rank: 63
IWV Omega Ratio Rank: 64
IWV Calmar Ratio Rank: 61
IWV Martin Ratio Rank: 73

USPX

USPX Risk / Return Rank: 62
USPX Sharpe Ratio Rank: 62
USPX Sortino Ratio Rank: 60
USPX Omega Ratio Rank: 61
USPX Calmar Ratio Rank: 57
USPX Martin Ratio Rank: 69

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. USPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 3000 ETF (IWV) and Franklin U.S. Equity Index ETF (USPX). 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	USPX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.65	+0.06
Sortino ratio: Return per unit of downside risk	2.37	2.28	+0.09
Omega ratio: Gain probability vs. loss probability	1.31	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	2.44	2.30	+0.15
Martin ratio: Return relative to average drawdown	10.71	9.84	+0.88

IWV vs. USPX - Sharpe Ratio Comparison

The current IWV Sharpe Ratio is 1.71, which is comparable to the USPX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of IWV and USPX, 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. USPX - Drawdown Comparison

The maximum IWV drawdown since its inception was -55.61%, which is greater than USPX's maximum drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for IWV and USPX.

Drawdown Indicators

	IWV	USPX	Difference
Max Drawdown Largest peak-to-trough decline	-55.61%	-31.21%	-24.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-9.15%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-19.28%	-19.21%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-25.11%	-24.60%	-0.51%
Max Drawdown (10Y) Largest decline over 10 years	-35.22%	-31.21%	-4.01%
Current Drawdown Current decline from peak	-0.58%	-1.08%	+0.50%
Average Drawdown Average peak-to-trough decline	-10.55%	-4.41%	-6.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.13%	-0.11%

Volatility

IWV vs. USPX - Volatility Comparison

iShares Russell 3000 ETF (IWV) and Franklin U.S. Equity Index ETF (USPX) have volatilities of 3.27% and 3.26%, 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	USPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	3.26%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	10.16%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	12.74%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	16.28%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	15.95%	+2.42%

IWV vs. USPX - Expense Ratio Comparison

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

IWV vs. USPX - Dividend Comparison

IWV's dividend yield for the trailing twelve months is around 0.87%, less than USPX's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWV iShares Russell 3000 ETF	0.87%	0.96%	1.08%	1.30%	1.56%	1.04%	1.30%	1.69%	1.97%	1.58%	1.79%	1.99%
USPX Franklin U.S. Equity Index ETF	1.09%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%	0.00%

Frequently Asked Questions

Can I hold both IWV and USPX in my portfolio?

With a correlation of 0.98, IWV and USPX 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 USPX?

IWV has higher volatility (3.27%) compared to USPX (3.26%). In terms of maximum drawdown, IWV dropped -55.61% vs USPX's -31.21%.

Which ETF is better, IWV or USPX?

On 10-year performance, IWV leads with 14.50% vs 12.27% for USPX. On fees, USPX is cheaper at 0.03% 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 USPX?

Over the 10-year period, IWV has performed better with a 14.50% return vs 12.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWV or USPX?

USPX is cheaper with a 0.03% expense ratio, compared with 0.20% for IWV.

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

USPX has the higher dividend yield at 1.09%, compared with 0.87% for IWV.

What is the main difference between IWV and USPX?

IWV tracks Russell 3000 Index, while USPX tracks Morningstar US Target Market Exposure Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.20% for IWV and 0.03% for USPX.

Which has better risk-adjusted returns?

IWV currently has the higher Sharpe Ratio (1.71 vs 1.65), 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.