IWY vs. SPLV

Last updated Jun 16, 2026

IWY (iShares Russell Top 200 Growth ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 10 years, IWY returned 19.59%/yr vs 8.33%/yr for SPLV. A 0.59 correlation means they provide meaningful diversification when combined. IWY charges 0.20%/yr vs 0.25%/yr for SPLV.

Performance

IWY vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Growth ETF (IWY) and Invesco S&P 500 Low Volatility ETF (SPLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWY achieves a 5.40% return, which is significantly higher than SPLV's 4.85% return. Over the past 10 years, IWY has outperformed SPLV with an annualized return of 19.59%, while SPLV has yielded a comparatively lower 8.33% annualized return.

IWY

• 1D: 2.34%
• 1M: -0.22%
• YTD: 5.40%
• 6M: 6.65%
• 1Y: 24.23%
• 3Y*: 23.50%
• 5Y*: 15.67%
• 10Y*: 19.59%

SPLV

• 1D: -0.36%
• 1M: 2.76%
• YTD: 4.85%
• 6M: 4.17%
• 1Y: 4.71%
• 3Y*: 8.01%
• 5Y*: 6.29%
• 10Y*: 8.33%

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

IWY vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWY iShares Russell Top 200 Growth ETF	5.40%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%
SPLV Invesco S&P 500 Low Volatility ETF	4.85%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%

Correlation

The correlation between IWY and SPLV is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.59

The correlation between IWY and SPLV shifts across timeframes, from -0.12 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

IWY vs. SPLV - Sectors Allocation Comparison

Sectors	IWY	SPLV
Technology	56.8%	0.8%
Communication Services	12.7%	0.8%
Consumer Cyclical	10.4%	4.0%
Healthcare	6.9%	4.0%
Financial Services	5.3%	21.3%
Industrials	3.2%	12.2%
Consumer Defensive	2.8%	9.4%
Utilities	0.9%	24.9%
Real Estate	0.4%	17.8%
Basic Materials	0.3%	2.1%
Energy	0.0%	2.7%

Return for Risk

IWY vs. SPLV — Risk / Return Rank

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

IWY

IWY Risk / Return Rank: 41
IWY Sharpe Ratio Rank: 48
IWY Sortino Ratio Rank: 46
IWY Omega Ratio Rank: 45
IWY Calmar Ratio Rank: 33
IWY Martin Ratio Rank: 34

SPLV

SPLV Risk / Return Rank: 17
SPLV Sharpe Ratio Rank: 17
SPLV Sortino Ratio Rank: 16
SPLV Omega Ratio Rank: 15
SPLV Calmar Ratio Rank: 18
SPLV Martin Ratio Rank: 17

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.

IWY vs. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Growth ETF (IWY) and Invesco S&P 500 Low Volatility ETF (SPLV). 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.

	IWY	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	1.51	0.47	+1.04
Sortino ratio: Return per unit of downside risk	2.07	0.73	+1.34
Omega ratio: Gain probability vs. loss probability	1.27	1.08	+0.18
Calmar ratio: Return relative to maximum drawdown	1.46	0.64	+0.83
Martin ratio: Return relative to average drawdown	4.70	1.50	+3.20

IWY vs. SPLV - Sharpe Ratio Comparison

The current IWY Sharpe Ratio is 1.51, which is higher than the SPLV Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of IWY and SPLV, 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

IWY vs. SPLV - Drawdown Comparison

The maximum IWY drawdown since its inception was -32.68%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for IWY and SPLV.

Drawdown Indicators

	IWY	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-32.68%	-36.26%	+3.58%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-7.41%	-9.22%
Max Drawdown (3Y) Largest decline over 3 years	-23.22%	-9.64%	-13.58%
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	-17.26%	-15.42%
Max Drawdown (10Y) Largest decline over 10 years	-32.68%	-36.26%	+3.58%
Current Drawdown Current decline from peak	-3.47%	-3.66%	+0.19%
Average Drawdown Average peak-to-trough decline	-4.75%	-3.55%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	3.15%	+2.02%

Volatility

IWY vs. SPLV - Volatility Comparison

iShares Russell Top 200 Growth ETF (IWY) has a higher volatility of 5.68% compared to Invesco S&P 500 Low Volatility ETF (SPLV) at 4.03%. This indicates that IWY's price experiences larger fluctuations and is considered to be riskier than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWY	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	4.03%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	7.20%	+5.39%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	10.08%	+6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	12.51%	+9.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	15.38%	+5.65%

IWY vs. SPLV - Expense Ratio Comparison

IWY has a 0.20% expense ratio, which is lower than SPLV's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IWY vs. SPLV - Dividend Comparison

IWY's dividend yield for the trailing twelve months is around 0.43%, less than SPLV's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWY iShares Russell Top 200 Growth ETF	0.43%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%
SPLV Invesco S&P 500 Low Volatility ETF	2.15%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%

Frequently Asked Questions

Can I hold both IWY and SPLV in my portfolio?

IWY and SPLV have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWY or SPLV?

IWY has higher volatility (5.68%) compared to SPLV (4.03%). In terms of maximum drawdown, IWY dropped -32.68% vs SPLV's -36.26%.

Which ETF is better, IWY or SPLV?

On 10-year performance, IWY leads with 19.59% vs 8.33% for SPLV. On fees, IWY is cheaper at 0.20% per year. On volatility, SPLV has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWY or SPLV?

Over the 10-year period, IWY has performed better with a 19.59% return vs 8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWY or SPLV?

IWY is cheaper with a 0.20% expense ratio, compared with 0.25% for SPLV.

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

SPLV has the higher dividend yield at 2.15%, compared with 0.43% for IWY.

What is the main difference between IWY and SPLV?

IWY is categorized as Large Cap Growth Equities, while SPLV is S&P 500. IWY tracks Russell Top 200 Growth Index, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for IWY and 0.25% for SPLV.

Which has better risk-adjusted returns?

IWY currently has the higher Sharpe Ratio (1.51 vs 0.47), 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.