IWX vs. FELV

Last updated Aug 4, 2026

IWX (iShares Russell Top 200 Value ETF) and FELV (Fidelity Enhanced Large Cap Value ETF) are both Large Cap Value Equities funds. IWX is passively managed, while FELV is actively managed. Over the past year, IWX returned 36.20% vs 36.79% for FELV. Their 0.97 correlation means they have historically moved very closely together. IWX charges 0.20%/yr vs 0.18%/yr for FELV.

Performance

IWX vs. FELV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Value ETF (IWX) and Fidelity Enhanced Large Cap Value ETF (FELV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWX achieves a 22.04% return, which is significantly lower than FELV's 23.19% return.

IWX

• 1D: 0.94%
• 1M: 3.56%
• 6M: 15.64%
• YTD: 22.04%
• 1Y: 36.20%
• 3Y*: 19.92%
• 5Y*: 12.91%
• 10Y*: 12.05%
• ALL TIME*: 11.75%

FELV

• 1D: 0.93%
• 1M: 4.23%
• 6M: 17.57%
• YTD: 23.19%
• 1Y: 36.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FELV Fidelity Enhanced Large Cap Value ETF	$8.12M	$7.54M	$6.16M
IWX iShares Russell Top 200 Value ETF	$52.73M	$47.86M	$34.45M

IWX vs. FELV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IWX iShares Russell Top 200 Value ETF	22.04%	18.23%	14.89%	6.26%
FELV Fidelity Enhanced Large Cap Value ETF	23.19%	15.80%	15.89%	7.49%

Correlation

The correlation between IWX and FELV is 0.97 - 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.	0.97
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.97

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

IWX vs. FELV - Sectors Allocation Comparison

Sectors	IWX	FELV
Technology	22.6%	22.0%
Financial Services	20.0%	18.7%
Healthcare	13.6%	11.0%
Consumer Cyclical	11.6%	10.3%
Industrials	8.3%	13.2%
Consumer Defensive	8.2%	5.3%
Energy	5.1%	5.4%
Communication Services	3.5%	4.9%
Basic Materials	2.8%	2.4%
Utilities	2.6%	3.7%
Real Estate	1.8%	3.1%

Return for Risk

IWX vs. FELV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IWX

IWX Risk / Return Rank: 96
IWX Sharpe Ratio Rank: 97
IWX Sortino Ratio Rank: 96
IWX Omega Ratio Rank: 96
IWX Calmar Ratio Rank: 95
IWX Martin Ratio Rank: 96

FELV

FELV Risk / Return Rank: 96
FELV Sharpe Ratio Rank: 97
FELV Sortino Ratio Rank: 96
FELV Omega Ratio Rank: 96
FELV Calmar Ratio Rank: 95
FELV Martin Ratio Rank: 96

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.

IWX vs. FELV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) and Fidelity Enhanced Large Cap Value ETF (FELV). 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.

	IWX	FELV	Difference
Sharpe ratio: Return per unit of total volatility	3.40	3.33	+0.08
Sortino ratio: Return per unit of downside risk	4.70	4.56	+0.14
Omega ratio: Gain probability vs. loss probability	1.61	1.61	0.00
Calmar ratio: Return relative to maximum drawdown	5.52	5.39	+0.12
Martin ratio: Return relative to average drawdown	24.26	23.57	+0.69

IWX vs. FELV - Sharpe Ratio Comparison

The current IWX Sharpe Ratio is 3.40, which is comparable to the FELV Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of IWX and FELV, 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

IWX vs. FELV - Drawdown Comparison

The maximum IWX drawdown since its inception was -35.76%, which is greater than FELV's maximum drawdown of -16.08%. Use the drawdown chart below to compare losses from any high point for IWX and FELV.

Drawdown Indicators

	IWX	FELV	Difference
Max Drawdown Largest peak-to-trough decline	-35.76%	-16.08%	-19.68%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-6.85%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.79%	-1.97%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	1.56%	-0.06%

Volatility

IWX vs. FELV - Volatility Comparison

iShares Russell Top 200 Value ETF (IWX) has a higher volatility of 2.94% compared to Fidelity Enhanced Large Cap Value ETF (FELV) at 2.38%. This indicates that IWX's price experiences larger fluctuations and is considered to be riskier than FELV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWX	FELV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	2.38%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	8.50%	8.47%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.71%	11.14%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.89%	13.31%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.49%	13.31%	+3.18%

IWX vs. FELV - Expense Ratio Comparison

IWX has a 0.20% expense ratio, which is higher than FELV's 0.18% 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

IWX vs. FELV - Dividend Comparison

IWX's dividend yield for the trailing twelve months is around 1.38%, less than FELV's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FELV Fidelity Enhanced Large Cap Value ETF	1.40%	1.67%	2.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IWX iShares Russell Top 200 Value ETF	1.38%	1.59%	1.97%	2.13%	2.07%	1.79%	2.12%	2.60%	2.66%	2.12%	2.22%	2.77%

Frequently Asked Questions

Can I hold both IWX and FELV in my portfolio?

With a correlation of 0.97, IWX and FELV 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, IWX or FELV?

IWX has higher volatility (2.94%) compared to FELV (2.38%). In terms of maximum drawdown, IWX dropped -35.76% vs FELV's -16.08%.

Which ETF is better, IWX or FELV?

On 1-year performance, FELV leads with 36.79% vs 36.20% for IWX. On fees, FELV is cheaper at 0.18% per year. On volatility, FELV has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWX or FELV?

Over the 1-year period, FELV has performed better with a 36.79% return vs 36.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWX or FELV?

FELV is cheaper with a 0.18% expense ratio, compared with 0.20% for IWX.

Which ETF pays a higher dividend yield, IWX or FELV?

FELV has the higher dividend yield at 1.40%, compared with 1.38% for IWX.

What is the main difference between IWX and FELV?

They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.20% for IWX and 0.18% for FELV.

Which has better risk-adjusted returns?

IWX currently has the higher Sharpe Ratio (3.40 vs 3.33), 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.