SLYG vs. IWO

Last updated Jun 12, 2026

SLYG (SPDR S&P 600 Small Cap Growth ETF) and IWO (iShares Russell 2000 Growth ETF) are both Small Cap Growth Equities funds - SLYG tracks the S&P SmallCap 600 Growth Index while IWO tracks the Russell 2000 Growth Index. Both are passively managed. Over the past 10 years, SLYG returned 11.27%/yr vs 11.43%/yr for IWO. Their correlation of 0.91 suggests significant overlap in exposure. SLYG charges 0.15%/yr vs 0.24%/yr for IWO.

Performance

SLYG vs. IWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 600 Small Cap Growth ETF (SLYG) and iShares Russell 2000 Growth ETF (IWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLYG achieves a 19.06% return, which is significantly higher than IWO's 17.03% return. Both investments have delivered pretty close results over the past 10 years, with SLYG having a 11.27% annualized return and IWO not far ahead at 11.43%.

SLYG

• 1D: 3.07%
• 1M: 4.13%
• YTD: 19.06%
• 6M: 14.09%
• 1Y: 28.19%
• 3Y*: 14.88%
• 5Y*: 5.94%
• 10Y*: 11.27%

IWO

• 1D: 3.48%
• 1M: 2.53%
• YTD: 17.03%
• 6M: 11.65%
• 1Y: 34.68%
• 3Y*: 17.13%
• 5Y*: 4.90%
• 10Y*: 11.43%

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

SLYG vs. IWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLYG SPDR S&P 600 Small Cap Growth ETF	19.06%	5.20%	9.38%	17.27%	-21.26%	22.42%	19.48%	20.97%	-4.20%	14.62%
IWO iShares Russell 2000 Growth ETF	17.03%	12.90%	15.04%	18.51%	-26.27%	2.54%	34.68%	28.48%	-9.43%	22.25%

Correlation

The correlation between SLYG and IWO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 2, 2000	0.91

The correlation between SLYG and IWO has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

SLYG vs. IWO - Sectors Allocation Comparison

Sectors	SLYG	IWO
Technology	20.5%	23.6%
Industrials	19.2%	23.1%
Healthcare	14.3%	22.4%
Financial Services	13.6%	8.2%
Consumer Cyclical	10.7%	7.7%
Real Estate	6.2%	2.1%
Energy	4.9%	3.5%
Communication Services	3.0%	2.2%
Consumer Defensive	2.9%	2.6%
Basic Materials	2.7%	4.2%
Utilities	1.9%	0.7%

Return for Risk

SLYG vs. IWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SLYG

SLYG Risk / Return Rank: 62
SLYG Sharpe Ratio Rank: 56
SLYG Sortino Ratio Rank: 59
SLYG Omega Ratio Rank: 53
SLYG Calmar Ratio Rank: 73
SLYG Martin Ratio Rank: 71

IWO

IWO Risk / Return Rank: 55
IWO Sharpe Ratio Rank: 56
IWO Sortino Ratio Rank: 55
IWO Omega Ratio Rank: 50
IWO Calmar Ratio Rank: 56
IWO Martin Ratio Rank: 57

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.

SLYG vs. IWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 600 Small Cap Growth ETF (SLYG) and iShares Russell 2000 Growth ETF (IWO). 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.

	SLYG	IWO	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.58	0.00
Sortino ratio: Return per unit of downside risk	2.35	2.19	+0.15
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	3.11	2.34	+0.77
Martin ratio: Return relative to average drawdown	10.92	8.36	+2.56

SLYG vs. IWO - Sharpe Ratio Comparison

The current SLYG Sharpe Ratio is 1.58, which is comparable to the IWO Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of SLYG and IWO, 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

SLYG vs. IWO - Drawdown Comparison

The maximum SLYG drawdown since its inception was -62.92%, roughly equal to the maximum IWO drawdown of -60.11%. Use the drawdown chart below to compare losses from any high point for SLYG and IWO.

Drawdown Indicators

	SLYG	IWO	Difference
Max Drawdown Largest peak-to-trough decline	-62.92%	-60.11%	-2.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-14.87%	+5.77%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-28.57%	+1.18%
Max Drawdown (5Y) Largest decline over 5 years	-29.18%	-40.51%	+11.33%
Max Drawdown (10Y) Largest decline over 10 years	-41.86%	-42.02%	+0.16%
Current Drawdown Current decline from peak	0.00%	-1.30%	+1.30%
Average Drawdown Average peak-to-trough decline	-14.90%	-16.69%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	4.16%	-1.57%

Volatility

SLYG vs. IWO - Volatility Comparison

The current volatility for SPDR S&P 600 Small Cap Growth ETF (SLYG) is 5.57%, while iShares Russell 2000 Growth ETF (IWO) has a volatility of 8.33%. This indicates that SLYG experiences smaller price fluctuations and is considered to be less risky than IWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLYG	IWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	8.33%	-2.76%
Volatility (6M) Calculated over the trailing 6-month period	12.98%	16.65%	-3.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.92%	22.08%	-4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	24.61%	-3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.76%	24.19%	-1.43%

SLYG vs. IWO - Expense Ratio Comparison

SLYG has a 0.15% expense ratio, which is lower than IWO's 0.24% 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

SLYG vs. IWO - Dividend Comparison

SLYG's dividend yield for the trailing twelve months is around 0.69%, more than IWO's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWO iShares Russell 2000 Growth ETF	0.40%	0.56%	0.80%	0.73%	0.73%	0.32%	0.44%	0.71%	0.76%	0.73%	0.97%	0.89%
SLYG SPDR S&P 600 Small Cap Growth ETF	0.69%	0.86%	1.22%	1.18%	1.18%	0.68%	0.71%	1.08%	1.06%	4.74%	1.13%	5.75%

Frequently Asked Questions

Can I hold both SLYG and IWO in my portfolio?

With a correlation of 0.90, SLYG and IWO 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, SLYG or IWO?

IWO has higher volatility (8.33%) compared to SLYG (5.57%). In terms of maximum drawdown, SLYG dropped -62.92% vs IWO's -60.11%.

Which ETF is better, SLYG or IWO?

On 10-year performance, IWO leads with 11.43% vs 11.27% for SLYG. On fees, SLYG is cheaper at 0.15% per year. On volatility, SLYG has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLYG or IWO?

Over the 10-year period, IWO has performed better with a 11.43% return vs 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLYG or IWO?

SLYG is cheaper with a 0.15% expense ratio, compared with 0.24% for IWO.

Which ETF pays a higher dividend yield, SLYG or IWO?

SLYG has the higher dividend yield at 0.69%, compared with 0.40% for IWO.

What is the main difference between SLYG and IWO?

SLYG tracks S&P SmallCap 600 Growth Index, while IWO tracks Russell 2000 Growth Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.15% for SLYG and 0.24% for IWO.

Which has better risk-adjusted returns?

SLYG currently has the higher Sharpe Ratio (1.58 vs 1.58), 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.