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PY vs. IWX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PY vs. IWX

Last updated Aug 4, 2026
Documentation

PY (Principal Value ETF) and IWX (iShares Russell Top 200 Value ETF) are both Large Cap Value Equities funds. PY is actively managed, while IWX is passively managed. Over the past 10 years, PY returned 11.12%/yr vs 12.05%/yr for IWX. Their 0.69 correlation means they have sometimes moved together and sometimes differently. PY charges 0.15%/yr vs 0.20%/yr for IWX.

Performance

PY vs. IWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Value ETF (PY) and iShares Russell Top 200 Value ETF (IWX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PY achieves a 9.52% return, which is significantly lower than IWX's 22.04% return. Over the past 10 years, PY has underperformed IWX with an annualized return of 11.12%, while IWX has yielded a comparatively higher 12.05% annualized return.

PY

1D
0.47%
1M
3.49%
6M
7.60%
YTD
9.52%
1Y
17.17%
3Y*
13.38%
5Y*
8.87%
10Y*
11.12%
ALL TIME*
11.00%

IWX

1D
0.94%
1M
3.56%
6M
15.64%
YTD
22.04%
1Y
36.20%
3Y*
19.92%
5Y*
12.91%
10Y*
12.05%
ALL TIME*
11.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWX

iShares Russell Top 200 Value ETF
$52.73M$47.86M$34.45M

PY

Principal Value ETF
$927.89K$761.94K$818.38K

PY vs. IWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PY
Principal Value ETF		9.52%7.74%16.79%9.11%-5.10%34.83%2.71%26.87%-13.34%18.87%
IWX
iShares Russell Top 200 Value ETF		22.04%18.23%14.89%10.45%-5.33%23.33%1.46%25.82%-6.53%14.05%

Correlation

The correlation between PY and IWX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.77

Correlation (3Y)
Balances recent behavior with more history.

0.87

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.89

Correlation (10Y)
Provides a long-term view across more market conditions.

0.71

Correlation (All Time)
Calculated using the full available price history since Mar 22, 2016

0.69

The correlation between PY and IWX shifts across timeframes, from 0.69 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.

PY vs. IWX - Sectors Allocation Comparison

Sectors
PY
IWX

Technology

25.1%
22.6%

Financial Services

16.6%
20.0%

Healthcare

12.8%
13.6%

Consumer Defensive

11.5%
8.2%

Consumer Cyclical

10.7%
11.6%

Industrials

8.8%
8.3%

Energy

5.3%
5.1%

Communication Services

4.8%
3.5%

Utilities

1.9%
2.6%

Basic Materials

1.4%
2.8%

Real Estate

1.1%
1.8%

Technology

PY
25.1%
IWX
22.6%

Financial Services

PY
16.6%
IWX
20.0%

Healthcare

PY
12.8%
IWX
13.6%

Consumer Defensive

PY
11.5%
IWX
8.2%

Consumer Cyclical

PY
10.7%
IWX
11.6%

Industrials

PY
8.8%
IWX
8.3%

Energy

PY
5.3%
IWX
5.1%

Communication Services

PY
4.8%
IWX
3.5%

Utilities

PY
1.9%
IWX
2.6%

Basic Materials

PY
1.4%
IWX
2.8%

Real Estate

PY
1.1%
IWX
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Principal Value ETF

iShares Russell Top 200 Value ETF

Often compared with PY:
PY vs. SCHDPY vs. DJDPY vs. VOOPY vs. SPYPY vs. VTVPY vs. AVUSPY vs. SCHK
Often compared with IWX:
IWX vs. IWNIWX vs. IWYIWX vs. IWCIWX vs. IWFIWX vs. XLPIWX vs. QQQIWX vs. SPYV

Return for Risk

PY vs. IWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
PY
PY Risk / Return Rank: 7171
Overall Rank
PY Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
PY Sortino Ratio Rank: 7070
Sortino Ratio Rank
PY Omega Ratio Rank: 6767
Omega Ratio Rank
PY Calmar Ratio Rank: 7575
Calmar Ratio Rank
PY Martin Ratio Rank: 7272
Martin Ratio Rank
IWX
IWX Risk / Return Rank: 9696
Overall Rank
IWX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
IWX Sortino Ratio Rank: 9696
Sortino Ratio Rank
IWX Omega Ratio Rank: 9696
Omega Ratio Rank
IWX Calmar Ratio Rank: 9595
Calmar Ratio Rank
IWX Martin Ratio Rank: 9696
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PY vs. IWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Value ETF (PY) and iShares Russell Top 200 Value ETF (IWX). 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.

PYIWXDifference
Sharpe ratioReturn per unit of total volatility
1.64
3.40

-1.76

Sortino ratioReturn per unit of downside risk
2.40
4.70

-2.30

Omega ratioGain probability vs. loss probability

1.30

1.61

-0.31

Calmar ratioReturn relative to maximum drawdown

2.78

5.52

-2.73

Martin ratioReturn relative to average drawdown

9.40

24.26

-14.86

PY vs. IWX - Sharpe Ratio Comparison

The current PY Sharpe Ratio is 1.64, which is lower than the IWX Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of PY and IWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PY vs. IWX - Drawdown Comparison

The maximum PY drawdown since its inception was -45.44%, which is greater than IWX's maximum drawdown of -35.76%. Use the drawdown chart below to compare losses from any high point for PY and IWX.

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Drawdown Indicators

PYIWXDifference

Max Drawdown

Largest peak-to-trough decline

-45.44%

-35.76%

-9.68%

Max Drawdown (1Y)

Largest decline over 1 year

-6.20%

-6.59%

+0.39%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-13.37%

-4.47%

Max Drawdown (5Y)

Largest decline over 5 years

-17.84%

-18.13%

+0.29%

Max Drawdown (10Y)

Largest decline over 10 years

-45.44%

-35.76%

-9.68%

Current Drawdown

Current decline from peak

-1.11%

0.00%

-1.11%

Average Drawdown

Average peak-to-trough decline

-4.98%

-3.79%

-1.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.83%

1.50%

+0.33%

Volatility

PY vs. IWX - Volatility Comparison

Principal Value ETF (PY) has a higher volatility of 3.34% compared to iShares Russell Top 200 Value ETF (IWX) at 2.94%. This indicates that PY's price experiences larger fluctuations and is considered to be riskier than IWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PYIWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.34%

2.94%

+0.40%

Volatility (6M)

Calculated over the trailing 6-month period

7.58%

8.50%

-0.92%

Volatility (1Y)

Calculated over the trailing 1-year period

10.56%

10.71%

-0.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.58%

13.89%

+1.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.09%

16.49%

+3.60%

PY vs. IWX - Expense Ratio Comparison

PY has a 0.15% expense ratio, which is lower than IWX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PY vs. IWX - Dividend Comparison

PY's dividend yield for the trailing twelve months is around 1.89%, more than IWX's 1.38% yield.

PositionTTM20252024202320222021202020192018201720162015
IWX
iShares Russell Top 200 Value ETF		1.38%1.59%1.97%2.13%2.07%1.79%2.12%2.60%2.66%2.12%2.22%2.77%
PY
Principal Value ETF		1.89%2.14%2.22%2.68%3.02%2.83%2.95%2.25%2.34%1.68%1.85%0.00%

Frequently Asked Questions

PY and IWX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PY has higher volatility (3.34%) compared to IWX (2.94%). In terms of maximum drawdown, PY dropped -45.44% vs IWX's -35.76%.

On 10-year performance, IWX leads with 12.05% vs 11.12% for PY. On fees, PY is cheaper at 0.15% per year. On volatility, IWX has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWX has performed better with a 12.05% return vs 11.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PY is cheaper with a 0.15% expense ratio, compared with 0.20% for IWX.

PY has the higher dividend yield at 1.89%, compared with 1.38% for IWX.

They also come from different issuers: Principal and iShares. Their fees differ too: 0.15% for PY and 0.20% for IWX.

IWX currently has the higher Sharpe Ratio (3.40 vs 1.64), 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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