IWY vs. TOPT

Last updated Jun 13, 2026

IWY (iShares Russell Top 200 Growth ETF) and TOPT (iShares Top 20 U.S. Stocks ETF) are both Large Cap Growth Equities funds from iShares - IWY tracks the Russell Top 200 Growth Index while TOPT tracks the S&P 500 Top 20 Select Index. Both are passively managed. Over the past year, IWY returned 21.39% vs 25.77% for TOPT. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.20% expense ratio.

Performance

IWY vs. TOPT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Growth ETF (IWY) and iShares Top 20 U.S. Stocks ETF (TOPT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWY achieves a 2.99% return, which is significantly lower than TOPT's 5.10% return.

IWY

• 1D: -0.00%
• 1M: -3.62%
• YTD: 2.99%
• 6M: 3.75%
• 1Y: 21.39%
• 3Y*: 23.03%
• 5Y*: 15.15%
• 10Y*: 19.24%

TOPT

• 1D: -0.12%
• 1M: -4.74%
• YTD: 5.10%
• 6M: 5.75%
• 1Y: 25.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWY vs. TOPT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWY iShares Russell Top 200 Growth ETF	2.99%	18.19%	6.36%
TOPT iShares Top 20 U.S. Stocks ETF	5.10%	20.35%	5.33%

Correlation

The correlation between IWY and TOPT is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	0.97

The correlation between IWY and TOPT has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

IWY vs. TOPT - Sectors Allocation Comparison

Sectors	IWY	TOPT
Technology	54.9%	43.6%
Communication Services	13.9%	19.4%
Consumer Cyclical	11.4%	9.2%
Healthcare	6.6%	7.7%
Financial Services	5.6%	12.4%
Industrials	4.0%	-
Consumer Defensive	3.0%	4.8%
Utilities	1.1%	-
Real Estate	0.3%	-
Basic Materials	0.3%	-
Energy	0.0%	3.0%

Return for Risk

IWY vs. TOPT — Risk / Return Rank

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

IWY

IWY Risk / Return Rank: 35
IWY Sharpe Ratio Rank: 40
IWY Sortino Ratio Rank: 37
IWY Omega Ratio Rank: 38
IWY Calmar Ratio Rank: 28
IWY Martin Ratio Rank: 30

TOPT

TOPT Risk / Return Rank: 53
TOPT Sharpe Ratio Rank: 59
TOPT Sortino Ratio Rank: 58
TOPT Omega Ratio Rank: 56
TOPT Calmar Ratio Rank: 42
TOPT Martin Ratio Rank: 48

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. TOPT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Growth ETF (IWY) and iShares Top 20 U.S. Stocks ETF (TOPT). 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	TOPT	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.73	-0.48
Sortino ratio: Return per unit of downside risk	1.73	2.39	-0.66
Omega ratio: Gain probability vs. loss probability	1.22	1.30	-0.08
Calmar ratio: Return relative to maximum drawdown	1.20	1.86	-0.66
Martin ratio: Return relative to average drawdown	3.85	6.88	-3.03

IWY vs. TOPT - Sharpe Ratio Comparison

The current IWY Sharpe Ratio is 1.24, which is comparable to the TOPT Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of IWY and TOPT, 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. TOPT - Drawdown Comparison

The maximum IWY drawdown since its inception was -32.68%, which is greater than TOPT's maximum drawdown of -21.21%. Use the drawdown chart below to compare losses from any high point for IWY and TOPT.

Drawdown Indicators

	IWY	TOPT	Difference
Max Drawdown Largest peak-to-trough decline	-32.68%	-21.21%	-11.47%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-13.13%	-3.50%
Max Drawdown (3Y) Largest decline over 3 years	-23.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.68%	—	—
Current Drawdown Current decline from peak	-5.68%	-4.74%	-0.94%
Average Drawdown Average peak-to-trough decline	-4.75%	-3.48%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	3.53%	+1.63%

Volatility

IWY vs. TOPT - Volatility Comparison

iShares Russell Top 200 Growth ETF (IWY) has a higher volatility of 5.30% compared to iShares Top 20 U.S. Stocks ETF (TOPT) at 4.56%. This indicates that IWY's price experiences larger fluctuations and is considered to be riskier than TOPT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWY	TOPT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	4.56%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	10.87%	+1.51%
Volatility (1Y) Calculated over the trailing 1-year period	16.01%	14.11%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	19.87%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	19.87%	+1.14%

IWY vs. TOPT - Expense Ratio Comparison

Both IWY and TOPT 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

IWY vs. TOPT - Dividend Comparison

IWY's dividend yield for the trailing twelve months is around 0.34%, less than TOPT's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWY iShares Russell Top 200 Growth ETF	0.34%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%
TOPT iShares Top 20 U.S. Stocks ETF	0.37%	0.38%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWY and TOPT in my portfolio?

With a correlation of 0.96, IWY and TOPT 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, IWY or TOPT?

IWY has higher volatility (5.30%) compared to TOPT (4.56%). In terms of maximum drawdown, IWY dropped -32.68% vs TOPT's -21.21%.

Which ETF is better, IWY or TOPT?

On 1-year performance, TOPT leads with 25.77% vs 21.39% for IWY. Both ETFs have the same 0.20% expense ratio. On volatility, TOPT has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWY or TOPT?

Over the 1-year period, TOPT has performed better with a 25.77% return vs 21.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWY or TOPT?

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

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

TOPT has the higher dividend yield at 0.37%, compared with 0.34% for IWY.

What is the main difference between IWY and TOPT?

IWY tracks Russell Top 200 Growth Index, while TOPT tracks S&P 500 Top 20 Select Index.

Which has better risk-adjusted returns?

TOPT currently has the higher Sharpe Ratio (1.73 vs 1.24), 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.