IWX vs. IWY

Last updated Jun 21, 2026

IWX (iShares Russell Top 200 Value ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - IWX is a Large Cap Value Equities fund tracking the Russell Top 200 Value Index, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, IWX returned 11.84%/yr vs 19.41%/yr for IWY. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

IWX vs. IWY - Performance Comparison

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

Returns By Period

In the year-to-date period, IWX achieves a 15.73% return, which is significantly higher than IWY's 4.44% return. Over the past 10 years, IWX has underperformed IWY with an annualized return of 11.84%, while IWY has yielded a comparatively higher 19.41% annualized return.

IWX

• 1D: 0.60%
• 1M: 3.41%
• YTD: 15.73%
• 6M: 16.49%
• 1Y: 30.58%
• 3Y*: 18.47%
• 5Y*: 12.45%
• 10Y*: 11.84%

IWY

• 1D: 1.35%
• 1M: -1.30%
• YTD: 4.44%
• 6M: 4.49%
• 1Y: 23.78%
• 3Y*: 23.12%
• 5Y*: 15.36%
• 10Y*: 19.41%

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

IWX vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWX iShares Russell Top 200 Value ETF	15.73%	18.23%	14.89%	10.45%	-5.33%	23.33%	1.46%	25.82%	-6.53%	14.05%
IWY iShares Russell Top 200 Growth ETF	4.44%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%

Correlation

The correlation between IWX and IWY is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009	0.71

The correlation between IWX and IWY shifts across timeframes, from 0.48 (3 years) to 0.71 (all time), reflecting how their relationship changes across market environments.

IWX vs. IWY - Sectors Allocation Comparison

Sectors	IWX	IWY
Financial Services	20.6%	5.3%
Technology	18.5%	56.9%
Healthcare	12.1%	6.7%
Industrials	10.8%	3.3%
Communication Services	10.5%	12.6%
Consumer Defensive	7.6%	2.8%
Consumer Cyclical	6.5%	10.5%
Energy	5.8%	0.0%
Basic Materials	2.9%	0.3%
Utilities	2.9%	1.1%
Real Estate	1.8%	0.3%

Return for Risk

IWX vs. IWY — Risk / Return Rank

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

IWX

IWX Risk / Return Rank: 90
IWX Sharpe Ratio Rank: 91
IWX Sortino Ratio Rank: 91
IWX Omega Ratio Rank: 89
IWX Calmar Ratio Rank: 87
IWX Martin Ratio Rank: 91

IWY

IWY Risk / Return Rank: 37
IWY Sharpe Ratio Rank: 42
IWY Sortino Ratio Rank: 40
IWY Omega Ratio Rank: 40
IWY Calmar Ratio Rank: 29
IWY Martin Ratio Rank: 32

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.

IWX vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) and iShares Russell Top 200 Growth ETF (IWY). 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	IWY	Difference
Sharpe ratio: Return per unit of total volatility	2.95	1.43	+1.52
Sortino ratio: Return per unit of downside risk	4.11	1.98	+2.13
Omega ratio: Gain probability vs. loss probability	1.53	1.25	+0.28
Calmar ratio: Return relative to maximum drawdown	4.69	1.39	+3.30
Martin ratio: Return relative to average drawdown	19.97	4.46	+15.51

IWX vs. IWY - Sharpe Ratio Comparison

The current IWX Sharpe Ratio is 2.95, which is higher than the IWY Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of IWX and IWY, 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. IWY - Drawdown Comparison

The maximum IWX drawdown since its inception was -35.76%, which is greater than IWY's maximum drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for IWX and IWY.

Drawdown Indicators

	IWX	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-35.76%	-32.68%	-3.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-16.63%	+10.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-23.22%	+9.85%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-32.68%	+14.55%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	-32.68%	-3.08%
Current Drawdown Current decline from peak	-0.60%	-4.35%	+3.75%
Average Drawdown Average peak-to-trough decline	-3.81%	-4.75%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	5.19%	-3.64%

Volatility

IWX vs. IWY - Volatility Comparison

The current volatility for iShares Russell Top 200 Value ETF (IWX) is 3.90%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 5.92%. This indicates that IWX experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWX	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	5.92%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	12.65%	-4.45%
Volatility (1Y) Calculated over the trailing 1-year period	10.48%	16.17%	-5.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	21.58%	-7.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	21.03%	-4.49%

IWX vs. IWY - Expense Ratio Comparison

Both IWX and IWY have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IWX vs. IWY - Dividend Comparison

IWX's dividend yield for the trailing twelve months is around 1.45%, more than IWY's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWX iShares Russell Top 200 Value ETF	1.45%	1.59%	1.97%	2.13%	2.07%	1.79%	2.12%	2.60%	2.66%	2.12%	2.22%	2.77%
IWY iShares Russell Top 200 Growth ETF	0.35%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%

Frequently Asked Questions

Can I hold both IWX and IWY in my portfolio?

IWX and IWY have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWX or IWY?

IWY has higher volatility (5.92%) compared to IWX (3.90%). In terms of maximum drawdown, IWX dropped -35.76% vs IWY's -32.68%.

Which ETF is better, IWX or IWY?

On 10-year performance, IWY leads with 19.41% vs 11.84% for IWX. Both ETFs have the same 0.20% expense ratio. On volatility, IWX has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWX or IWY?

Over the 10-year period, IWY has performed better with a 19.41% return vs 11.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWX or IWY?

IWX and IWY have the same expense ratio: 0.20% per year.

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

IWX has the higher dividend yield at 1.45%, compared with 0.35% for IWY.

What is the main difference between IWX and IWY?

IWX is categorized as Large Cap Value Equities, while IWY is Large Cap Growth Equities. IWX tracks Russell Top 200 Value Index, while IWY tracks Russell Top 200 Growth Index.

Which has better risk-adjusted returns?

IWX currently has the higher Sharpe Ratio (2.95 vs 1.43), 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.