IWY vs. USMF

Last updated Jun 16, 2026

IWY (iShares Russell Top 200 Growth ETF) and USMF (WisdomTree US Multifactor Fund) are both exchange-traded funds - IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index, while USMF is a Mid Cap Blend Equities fund tracking the WisdomTree US Multifactor Index. Both are passively managed. Over the past 5 years, IWY returned 15.67%/yr vs 8.31%/yr for USMF. A 0.71 correlation means they provide meaningful diversification when combined. IWY charges 0.20%/yr vs 0.28%/yr for USMF.

Performance

IWY vs. USMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Growth ETF (IWY) and WisdomTree US Multifactor Fund (USMF). 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 lower than USMF's 6.65% 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%

USMF

• 1D: 1.25%
• 1M: 5.30%
• YTD: 6.65%
• 6M: 6.40%
• 1Y: 9.68%
• 3Y*: 13.99%
• 5Y*: 8.31%
• 10Y*: —

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

IWY vs. USMF - 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%	11.17%
USMF WisdomTree US Multifactor Fund	6.65%	4.60%	19.65%	13.47%	-8.82%	21.26%	12.01%	24.06%	-4.72%	11.27%

Correlation

The correlation between IWY and USMF is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.71

Over the past year, the correlation between IWY and USMF has dropped to 0.47 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

IWY vs. USMF - Sectors Allocation Comparison

Sectors	IWY	USMF
Technology	56.8%	33.2%
Communication Services	12.7%	9.8%
Consumer Cyclical	10.4%	10.5%
Healthcare	6.9%	9.0%
Financial Services	5.3%	10.7%
Industrials	3.2%	8.2%
Consumer Defensive	2.8%	4.3%
Utilities	0.9%	1.9%
Real Estate	0.4%	2.0%
Basic Materials	0.3%	0.9%
Energy	0.0%	4.8%

Return for Risk

IWY vs. USMF — 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

USMF

USMF Risk / Return Rank: 28
USMF Sharpe Ratio Rank: 26
USMF Sortino Ratio Rank: 25
USMF Omega Ratio Rank: 24
USMF Calmar Ratio Rank: 32
USMF 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.

IWY vs. USMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Growth ETF (IWY) and WisdomTree US Multifactor Fund (USMF). 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	USMF	Difference
Sharpe ratio: Return per unit of total volatility	1.51	0.86	+0.65
Sortino ratio: Return per unit of downside risk	2.07	1.29	+0.78
Omega ratio: Gain probability vs. loss probability	1.27	1.15	+0.11
Calmar ratio: Return relative to maximum drawdown	1.46	1.50	-0.04
Martin ratio: Return relative to average drawdown	4.70	4.47	+0.23

IWY vs. USMF - Sharpe Ratio Comparison

The current IWY Sharpe Ratio is 1.51, which is higher than the USMF Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of IWY and USMF, 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. USMF - Drawdown Comparison

The maximum IWY drawdown since its inception was -32.68%, smaller than the maximum USMF drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for IWY and USMF.

Drawdown Indicators

	IWY	USMF	Difference
Max Drawdown Largest peak-to-trough decline	-32.68%	-36.24%	+3.56%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-6.47%	-10.16%
Max Drawdown (3Y) Largest decline over 3 years	-23.22%	-15.39%	-7.83%
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	-18.10%	-14.58%
Max Drawdown (10Y) Largest decline over 10 years	-32.68%	—	—
Current Drawdown Current decline from peak	-3.47%	0.00%	-3.47%
Average Drawdown Average peak-to-trough decline	-4.75%	-4.15%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	2.17%	+3.00%

Volatility

IWY vs. USMF - Volatility Comparison

iShares Russell Top 200 Growth ETF (IWY) has a higher volatility of 5.68% compared to WisdomTree US Multifactor Fund (USMF) at 4.10%. This indicates that IWY's price experiences larger fluctuations and is considered to be riskier than USMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWY	USMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	4.10%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	8.13%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	11.31%	+4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	14.34%	+7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	16.97%	+4.06%

IWY vs. USMF - Expense Ratio Comparison

IWY has a 0.20% expense ratio, which is lower than USMF's 0.28% expense ratio.

Dividends

IWY vs. USMF - Dividend Comparison

IWY's dividend yield for the trailing twelve months is around 0.43%, less than USMF's 1.29% 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%
USMF WisdomTree US Multifactor Fund	1.29%	1.37%	1.22%	1.33%	1.74%	1.42%	1.34%	1.38%	1.45%	0.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWY and USMF in my portfolio?

IWY and USMF have a correlation of 0.47, 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 USMF?

IWY has higher volatility (5.68%) compared to USMF (4.10%). In terms of maximum drawdown, IWY dropped -32.68% vs USMF's -36.24%.

Which ETF is better, IWY or USMF?

On 5-year performance, IWY leads with 15.67% vs 8.31% for USMF. On fees, IWY is cheaper at 0.20% per year. On volatility, USMF has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWY or USMF?

Over the 5-year period, IWY has performed better with a 15.67% return vs 8.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWY or USMF?

IWY is cheaper with a 0.20% expense ratio, compared with 0.28% for USMF.

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

USMF has the higher dividend yield at 1.29%, compared with 0.43% for IWY.

What is the main difference between IWY and USMF?

IWY is categorized as Large Cap Growth Equities, while USMF is Mid Cap Blend Equities. IWY tracks Russell Top 200 Growth Index, while USMF tracks WisdomTree US Multifactor Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.20% for IWY and 0.28% for USMF.

Which has better risk-adjusted returns?

IWY currently has the higher Sharpe Ratio (1.51 vs 0.86), 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.