IWX vs. MGV

Last updated Jun 26, 2026

IWX (iShares Russell Top 200 Value ETF) and MGV (Vanguard Mega Cap Value ETF) are both Large Cap Value Equities funds - IWX tracks the Russell Top 200 Value Index while MGV tracks the CRSP US Mega Cap Value Index. Both are passively managed. Over the past 10 years, IWX returned 12.38%/yr vs 13.69%/yr for MGV. Their correlation of 0.95 suggests significant overlap in exposure. IWX charges 0.20%/yr vs 0.05%/yr for MGV.

Performance

IWX vs. MGV - Performance Comparison

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

Returns By Period

In the year-to-date period, IWX achieves a 16.33% return, which is significantly lower than MGV's 17.55% return. Over the past 10 years, IWX has underperformed MGV with an annualized return of 12.38%, while MGV has yielded a comparatively higher 13.69% annualized return.

IWX

• 1D: 1.25%
• 1M: 2.38%
• YTD: 16.33%
• 6M: 15.40%
• 1Y: 29.72%
• 3Y*: 19.25%
• 5Y*: 11.93%
• 10Y*: 12.38%

MGV

• 1D: 1.49%
• 1M: 4.52%
• YTD: 17.55%
• 6M: 16.46%
• 1Y: 29.79%
• 3Y*: 19.99%
• 5Y*: 13.17%
• 10Y*: 13.69%

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

IWX vs. MGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWX iShares Russell Top 200 Value ETF	16.33%	18.23%	14.89%	10.45%	-5.33%	23.33%	1.46%	25.82%	-6.53%	14.05%
MGV Vanguard Mega Cap Value ETF	17.55%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	16.85%

Correlation

The correlation between IWX and MGV is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009	0.95

The correlation between IWX and MGV has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

IWX vs. MGV - Sectors Allocation Comparison

Sectors	IWX	MGV
Financial Services	20.6%	22.8%
Technology	18.5%	18.5%
Healthcare	12.1%	16.0%
Industrials	10.8%	13.2%
Communication Services	10.5%	3.2%
Consumer Defensive	7.6%	11.0%
Consumer Cyclical	6.5%	3.4%
Energy	5.8%	6.0%
Basic Materials	2.9%	2.3%
Utilities	2.9%	2.3%
Real Estate	1.8%	1.2%

Return for Risk

IWX vs. MGV — Risk / Return Rank

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

IWX

IWX Risk / Return Rank: 91
IWX Sharpe Ratio Rank: 93
IWX Sortino Ratio Rank: 93
IWX Omega Ratio Rank: 91
IWX Calmar Ratio Rank: 88
IWX Martin Ratio Rank: 92

MGV

MGV Risk / Return Rank: 92
MGV Sharpe Ratio Rank: 93
MGV Sortino Ratio Rank: 94
MGV Omega Ratio Rank: 92
MGV Calmar Ratio Rank: 89
MGV Martin Ratio Rank: 90

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. MGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) and Vanguard Mega Cap Value ETF (MGV). 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	MGV	Difference
Sharpe ratio: Return per unit of total volatility	2.83	2.93	-0.10
Sortino ratio: Return per unit of downside risk	3.94	4.17	-0.22
Omega ratio: Gain probability vs. loss probability	1.51	1.53	-0.02
Calmar ratio: Return relative to maximum drawdown	4.53	4.66	-0.13
Martin ratio: Return relative to average drawdown	19.23	17.69	+1.54

IWX vs. MGV - Sharpe Ratio Comparison

The current IWX Sharpe Ratio is 2.83, which is comparable to the MGV Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of IWX and MGV, 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. MGV - Drawdown Comparison

The maximum IWX drawdown since its inception was -35.76%, smaller than the maximum MGV drawdown of -56.07%. Use the drawdown chart below to compare losses from any high point for IWX and MGV.

Drawdown Indicators

	IWX	MGV	Difference
Max Drawdown Largest peak-to-trough decline	-35.76%	-56.07%	+20.31%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-6.42%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-13.18%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-16.54%	-1.59%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	-35.41%	-0.35%
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.81%	-7.77%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	1.69%	-0.14%

Volatility

IWX vs. MGV - Volatility Comparison

iShares Russell Top 200 Value ETF (IWX) has a higher volatility of 4.12% compared to Vanguard Mega Cap Value ETF (MGV) at 3.67%. This indicates that IWX's price experiences larger fluctuations and is considered to be riskier than MGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWX	MGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	3.67%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	7.92%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	10.23%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	13.59%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	16.32%	+0.18%

IWX vs. MGV - Expense Ratio Comparison

IWX has a 0.20% expense ratio, which is higher than MGV's 0.05% 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. MGV - Dividend Comparison

IWX's dividend yield for the trailing twelve months is around 1.45%, less than MGV's 1.81% 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%
MGV Vanguard Mega Cap Value ETF	1.81%	2.04%	2.31%	2.48%	2.45%	2.17%	2.47%	2.69%	2.65%	2.34%	2.53%	2.59%

Frequently Asked Questions

Can I hold both IWX and MGV in my portfolio?

With a correlation of 0.94, IWX and MGV 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 MGV?

IWX has higher volatility (4.12%) compared to MGV (3.67%). In terms of maximum drawdown, IWX dropped -35.76% vs MGV's -56.07%.

Which ETF is better, IWX or MGV?

On 10-year performance, MGV leads with 13.69% vs 12.38% for IWX. On fees, MGV is cheaper at 0.05% per year. On volatility, MGV has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWX or MGV?

Over the 10-year period, MGV has performed better with a 13.69% return vs 12.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWX or MGV?

MGV is cheaper with a 0.05% expense ratio, compared with 0.20% for IWX.

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

MGV has the higher dividend yield at 1.81%, compared with 1.45% for IWX.

What is the main difference between IWX and MGV?

IWX tracks Russell Top 200 Value Index, while MGV tracks CRSP US Mega Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for IWX and 0.05% for MGV.

Which has better risk-adjusted returns?

MGV currently has the higher Sharpe Ratio (2.93 vs 2.83), 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.