OEF vs. IWL
OEF (iShares S&P 100 ETF) and IWL (iShares Russell Top 200 ETF) are both exchange-traded funds - OEF is a Large Cap Blend Equities fund tracking the S&P 100 Index, while IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index. Both are passively managed. Over the past 10 years, OEF returned 16.78%/yr vs 16.52%/yr for IWL. Their correlation of 0.93 suggests significant overlap in exposure. OEF charges 0.20%/yr vs 0.15%/yr for IWL.
Performance
OEF vs. IWL - Performance Comparison
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Returns By Period
In the year-to-date period, OEF achieves a 8.71% return, which is significantly lower than IWL's 9.79% return. Both investments have delivered pretty close results over the past 10 years, with OEF having a 16.78% annualized return and IWL not far behind at 16.52%.
OEF
- 1D
- 2.03%
- 1M
- 0.66%
- YTD
- 8.71%
- 6M
- 9.60%
- 1Y
- 28.24%
- 3Y*
- 23.02%
- 5Y*
- 15.42%
- 10Y*
- 16.78%
IWL
- 1D
- 1.85%
- 1M
- 1.65%
- YTD
- 9.79%
- 6M
- 10.53%
- 1Y
- 27.79%
- 3Y*
- 22.12%
- 5Y*
- 14.51%
- 10Y*
- 16.52%
OEF vs. IWL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OEF iShares S&P 100 ETF | 8.71% | 19.80% | 30.74% | 32.71% | -21.03% | 29.18% | 21.21% | 31.87% | -4.16% | 21.82% |
IWL iShares Russell Top 200 ETF | 9.79% | 19.09% | 27.12% | 29.77% | -19.89% | 27.79% | 22.10% | 31.42% | -3.30% | 22.90% |
Correlation
The correlation between OEF and IWL 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 | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009 | 0.93 |
The correlation between OEF and IWL has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.
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Return for Risk
OEF vs. IWL — Risk / Return Rank
OEF
IWL
OEF vs. IWL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 100 ETF (OEF) and iShares Russell Top 200 ETF (IWL). 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.
| OEF | IWL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.39 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 2.84 | -0.27 |
| Martin ratioReturn relative to average drawdown | 10.52 | 12.27 | -1.75 |
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Drawdowns
OEF vs. IWL - Drawdown Comparison
The maximum OEF drawdown since its inception was -54.11%, which is greater than IWL's maximum drawdown of -32.71%. Use the drawdown chart below to compare losses from any high point for OEF and IWL.
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Drawdown Indicators
| OEF | IWL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.11% | -32.71% | -21.40% |
Max Drawdown (1Y)Largest decline over 1 year | -11.06% | -9.83% | -1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -19.80% | -19.15% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -26.47% | -25.65% | -0.82% |
Max Drawdown (10Y)Largest decline over 10 years | -31.44% | -32.71% | +1.27% |
Current DrawdownCurrent decline from peak | -1.67% | -1.04% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -11.74% | -3.88% | -7.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.27% | +0.42% |
Volatility
OEF vs. IWL - Volatility Comparison
iShares S&P 100 ETF (OEF) and iShares Russell Top 200 ETF (IWL) have volatilities of 4.96% and 4.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OEF | IWL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.96% | 4.80% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 10.42% | 10.03% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.29% | 12.77% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.79% | 17.26% | +0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.49% | 18.13% | +0.36% |
OEF vs. IWL - Expense Ratio Comparison
OEF has a 0.20% expense ratio, which is higher than IWL's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
OEF vs. IWL - Dividend Comparison
OEF's dividend yield for the trailing twelve months is around 1.04%, which matches IWL's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWL iShares Russell Top 200 ETF | 1.04% | 0.90% | 1.04% | 1.30% | 1.54% | 1.12% | 1.30% | 1.96% | 1.93% | 1.69% | 1.96% | 2.14% |
OEF iShares S&P 100 ETF | 1.04% | 0.81% | 1.03% | 1.19% | 1.55% | 1.06% | 1.43% | 1.87% | 2.09% | 1.81% | 2.07% | 2.11% |
Frequently Asked Questions
With a correlation of 0.98, OEF and IWL 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.
OEF has higher volatility (4.96%) compared to IWL (4.80%). In terms of maximum drawdown, OEF dropped -54.11% vs IWL's -32.71%.
On 10-year performance, OEF leads with 16.78% vs 16.52% for IWL. On fees, IWL is cheaper at 0.15% per year. On volatility, IWL has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OEF has performed better with a 16.78% return vs 16.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWL is cheaper with a 0.15% expense ratio, compared with 0.20% for OEF.
OEF and IWL have nearly identical dividend yields, around 1.04%.
OEF is categorized as Large Cap Blend Equities, while IWL is Large Cap Growth Equities. OEF tracks S&P 100 Index, while IWL tracks Russell Top 200 Index. Their fees differ too: 0.20% for OEF and 0.15% for IWL.
IWL currently has the higher Sharpe Ratio (2.19 vs 2.14), 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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