IWY vs. XLG

Last updated Jun 13, 2026

IWY (iShares Russell Top 200 Growth ETF) and XLG (Invesco S&P 500 Top 50 ETF) are both exchange-traded funds - IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index, while XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index. Both are passively managed. Over the past 10 years, IWY returned 19.24%/yr vs 16.96%/yr for XLG. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.20% expense ratio.

Performance

IWY vs. XLG - 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 Top 50 ETF (XLG). 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 XLG's 3.62% return. Over the past 10 years, IWY has outperformed XLG with an annualized return of 19.24%, while XLG has yielded a comparatively lower 16.96% annualized return.

IWY

• 1D: -0.00%
• 1M: -2.39%
• YTD: 2.99%
• 6M: 3.75%
• 1Y: 19.83%
• 3Y*: 23.03%
• 5Y*: 15.15%
• 10Y*: 19.24%

XLG

• 1D: 0.10%
• 1M: -3.40%
• YTD: 3.62%
• 6M: 4.26%
• 1Y: 21.79%
• 3Y*: 22.23%
• 5Y*: 15.12%
• 10Y*: 16.96%

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

IWY vs. XLG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWY iShares Russell Top 200 Growth ETF	2.99%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%
XLG Invesco S&P 500 Top 50 ETF	3.62%	19.51%	33.49%	38.16%	-24.29%	30.77%	24.15%	32.04%	-3.59%	23.04%

Correlation

The correlation between IWY and XLG is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
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	0.96

The correlation between IWY and XLG has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

IWY vs. XLG - Sectors Allocation Comparison

Sectors	IWY	XLG
Technology	54.9%	43.9%
Communication Services	13.9%	17.1%
Consumer Cyclical	11.4%	11.3%
Healthcare	6.6%	7.0%
Financial Services	5.6%	9.6%
Industrials	4.0%	1.9%
Consumer Defensive	3.0%	5.8%
Utilities	1.1%	-
Real Estate	0.3%	-
Basic Materials	0.3%	0.6%
Energy	0.0%	2.7%

Return for Risk

IWY vs. XLG — 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

XLG

XLG Risk / Return Rank: 48
XLG Sharpe Ratio Rank: 53
XLG Sortino Ratio Rank: 50
XLG Omega Ratio Rank: 52
XLG Calmar Ratio Rank: 40
XLG Martin Ratio Rank: 45

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. XLG - 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 Top 50 ETF (XLG). 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	XLG	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.60	-0.36
Sortino ratio: Return per unit of downside risk	1.73	2.19	-0.45
Omega ratio: Gain probability vs. loss probability	1.22	1.29	-0.06
Calmar ratio: Return relative to maximum drawdown	1.20	1.76	-0.57
Martin ratio: Return relative to average drawdown	3.85	6.46	-2.61

IWY vs. XLG - Sharpe Ratio Comparison

The current IWY Sharpe Ratio is 1.24, which is comparable to the XLG Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of IWY and XLG, 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. XLG - Drawdown Comparison

The maximum IWY drawdown since its inception was -32.68%, smaller than the maximum XLG drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for IWY and XLG.

Drawdown Indicators

	IWY	XLG	Difference
Max Drawdown Largest peak-to-trough decline	-32.68%	-52.39%	+19.71%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-12.41%	-4.22%
Max Drawdown (3Y) Largest decline over 3 years	-23.22%	-20.70%	-2.52%
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	-28.02%	-4.66%
Max Drawdown (10Y) Largest decline over 10 years	-32.68%	-30.46%	-2.22%
Current Drawdown Current decline from peak	-5.68%	-5.06%	-0.62%
Average Drawdown Average peak-to-trough decline	-4.75%	-7.64%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	3.38%	+1.78%

Volatility

IWY vs. XLG - Volatility Comparison

iShares Russell Top 200 Growth ETF (IWY) has a higher volatility of 5.30% compared to Invesco S&P 500 Top 50 ETF (XLG) at 4.31%. This indicates that IWY's price experiences larger fluctuations and is considered to be riskier than XLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWY	XLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	4.31%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	10.41%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	16.01%	13.70%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	18.73%	+2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	18.87%	+2.14%

IWY vs. XLG - Expense Ratio Comparison

Both IWY and XLG 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. XLG - Dividend Comparison

IWY's dividend yield for the trailing twelve months is around 0.34%, less than XLG's 0.62% 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%
XLG Invesco S&P 500 Top 50 ETF	0.62%	0.64%	0.72%	0.97%	1.34%	0.94%	1.25%	1.58%	2.00%	1.85%	2.00%	2.09%

Frequently Asked Questions

Can I hold both IWY and XLG in my portfolio?

With a correlation of 0.98, IWY and XLG 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 XLG?

IWY has higher volatility (5.30%) compared to XLG (4.31%). In terms of maximum drawdown, IWY dropped -32.68% vs XLG's -52.39%.

Which ETF is better, IWY or XLG?

On 10-year performance, IWY leads with 19.24% vs 16.96% for XLG. Both ETFs have the same 0.20% expense ratio. On volatility, XLG has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWY or XLG?

Over the 10-year period, IWY has performed better with a 19.24% return vs 16.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWY or XLG?

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

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

XLG has the higher dividend yield at 0.62%, compared with 0.34% for IWY.

What is the main difference between IWY and XLG?

IWY is categorized as Large Cap Growth Equities, while XLG is S&P 500. IWY tracks Russell Top 200 Growth Index, while XLG tracks S&P 500 Top 50 Index. They also come from different issuers: iShares and Invesco.

Which has better risk-adjusted returns?

XLG currently has the higher Sharpe Ratio (1.60 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.