IYW vs. SPGP
IYW (iShares U.S. Technology ETF) and SPGP (Invesco S&P 500 GARP ETF) are both exchange-traded funds - IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index, while SPGP is a Multi-factor fund tracking the S&P 500 GARP Index. Both are passively managed. Over the past 10 years, IYW returned 25.63%/yr vs 15.11%/yr for SPGP. A 0.74 correlation means they provide meaningful diversification when combined. IYW charges 0.38%/yr vs 0.36%/yr for SPGP.
Performance
IYW vs. SPGP - Performance Comparison
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Returns By Period
In the year-to-date period, IYW achieves a 22.66% return, which is significantly higher than SPGP's 6.06% return. Over the past 10 years, IYW has outperformed SPGP with an annualized return of 25.63%, while SPGP has yielded a comparatively lower 15.11% annualized return.
IYW
- 1D
- 0.61%
- 1M
- 0.73%
- YTD
- 22.66%
- 6M
- 23.40%
- 1Y
- 50.17%
- 3Y*
- 32.06%
- 5Y*
- 21.19%
- 10Y*
- 25.63%
SPGP
- 1D
- 0.84%
- 1M
- 2.86%
- YTD
- 6.06%
- 6M
- 5.64%
- 1Y
- 16.85%
- 3Y*
- 11.97%
- 5Y*
- 7.97%
- 10Y*
- 15.11%
IYW vs. SPGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 22.66% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
SPGP Invesco S&P 500 GARP ETF | 6.06% | 9.80% | 8.48% | 20.29% | -13.83% | 35.72% | 15.92% | 39.16% | 1.68% | 36.24% |
Correlation
The correlation between IYW and SPGP is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011 | 0.74 |
The correlation between IYW and SPGP shifts across timeframes, from 0.60 (1 year) to 0.75 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
IYW vs. SPGP — Risk / Return Rank
IYW
SPGP
IYW vs. SPGP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Technology ETF (IYW) and Invesco S&P 500 GARP ETF (SPGP). 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.
| IYW | SPGP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.19 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 1.45 | +1.25 |
| Martin ratioReturn relative to average drawdown | 8.68 | 5.54 | +3.14 |
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Drawdowns
IYW vs. SPGP - Drawdown Comparison
The maximum IYW drawdown since its inception was -81.90%, which is greater than SPGP's maximum drawdown of -42.08%. Use the drawdown chart below to compare losses from any high point for IYW and SPGP.
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Drawdown Indicators
| IYW | SPGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.90% | -42.08% | -39.82% |
Max Drawdown (1Y)Largest decline over 1 year | -17.81% | -11.15% | -6.66% |
Max Drawdown (3Y)Largest decline over 3 years | -26.47% | -22.87% | -3.60% |
Max Drawdown (5Y)Largest decline over 5 years | -39.44% | -22.87% | -16.57% |
Max Drawdown (10Y)Largest decline over 10 years | -39.44% | -42.08% | +2.64% |
Current DrawdownCurrent decline from peak | -5.81% | -1.05% | -4.76% |
Average DrawdownAverage peak-to-trough decline | -34.62% | -4.35% | -30.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 2.92% | +2.62% |
Volatility
IYW vs. SPGP - Volatility Comparison
iShares U.S. Technology ETF (IYW) has a higher volatility of 9.41% compared to Invesco S&P 500 GARP ETF (SPGP) at 5.43%. This indicates that IYW's price experiences larger fluctuations and is considered to be riskier than SPGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IYW | SPGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.41% | 5.43% | +3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 17.67% | 12.24% | +5.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.47% | 15.63% | +5.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.07% | 18.60% | +7.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.20% | 21.23% | +3.97% |
IYW vs. SPGP - Expense Ratio Comparison
IYW has a 0.38% expense ratio, which is higher than SPGP's 0.36% expense ratio.
Dividends
IYW vs. SPGP - Dividend Comparison
IYW's dividend yield for the trailing twelve months is around 0.11%, less than SPGP's 0.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
SPGP Invesco S&P 500 GARP ETF | 0.88% | 1.04% | 1.38% | 1.24% | 1.22% | 0.69% | 1.10% | 0.86% | 0.95% | 0.68% | 0.89% | 1.12% |
Frequently Asked Questions
IYW and SPGP have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (9.41%) compared to SPGP (5.43%). In terms of maximum drawdown, IYW dropped -81.90% vs SPGP's -42.08%.
On 10-year performance, IYW leads with 25.63% vs 15.11% for SPGP. On fees, SPGP is cheaper at 0.36% per year. On volatility, SPGP has been the lower-risk option at 5.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYW has performed better with a 25.63% return vs 15.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPGP is cheaper with a 0.36% expense ratio, compared with 0.38% for IYW.
SPGP has the higher dividend yield at 0.88%, compared with 0.11% for IYW.
IYW is categorized as Technology Equities, while SPGP is Multi-factor. IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index, while SPGP tracks S&P 500 GARP Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.38% for IYW and 0.36% for SPGP.
IYW currently has the higher Sharpe Ratio (2.24 vs 1.04), 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.
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