SPLV vs. IWY

Last updated Jun 16, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, SPLV returned 8.33%/yr vs 19.59%/yr for IWY. A 0.59 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.20%/yr for IWY.

Performance

SPLV vs. IWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Low Volatility ETF (SPLV) and iShares Russell Top 200 Growth ETF (IWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPLV achieves a 4.85% return, which is significantly lower than IWY's 5.40% return. Over the past 10 years, SPLV has underperformed IWY with an annualized return of 8.33%, while IWY has yielded a comparatively higher 19.59% annualized return.

SPLV

• 1D: -0.36%
• 1M: 2.76%
• YTD: 4.85%
• 6M: 4.17%
• 1Y: 4.71%
• 3Y*: 8.01%
• 5Y*: 6.29%
• 10Y*: 8.33%

IWY

• 1D: 2.34%
• 1M: -0.22%
• YTD: 5.40%
• 6M: 6.65%
• 1Y: 24.23%
• 3Y*: 23.50%
• 5Y*: 15.67%
• 10Y*: 19.59%

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

SPLV vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPLV Invesco S&P 500 Low Volatility ETF	4.85%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%
IWY iShares Russell Top 200 Growth ETF	5.40%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%

Correlation

The correlation between SPLV and IWY is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.59

The correlation between SPLV and IWY shifts across timeframes, from -0.12 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

SPLV vs. IWY - Sectors Allocation Comparison

Sectors	SPLV	IWY
Utilities	24.9%	0.9%
Financial Services	21.3%	5.3%
Real Estate	17.8%	0.4%
Industrials	12.2%	3.2%
Consumer Defensive	9.4%	2.8%
Healthcare	4.0%	6.9%
Consumer Cyclical	4.0%	10.4%
Energy	2.7%	0.0%
Basic Materials	2.1%	0.3%
Technology	0.8%	56.8%
Communication Services	0.8%	12.7%

Return for Risk

SPLV vs. IWY — Risk / Return Rank

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

SPLV

SPLV Risk / Return Rank: 17
SPLV Sharpe Ratio Rank: 17
SPLV Sortino Ratio Rank: 16
SPLV Omega Ratio Rank: 15
SPLV Calmar Ratio Rank: 18
SPLV Martin Ratio Rank: 17

IWY

IWY Risk / Return Rank: 41
IWY Sharpe Ratio Rank: 48
IWY Sortino Ratio Rank: 46
IWY Omega Ratio Rank: 45
IWY Calmar Ratio Rank: 33
IWY Martin Ratio Rank: 34

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.

SPLV vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and iShares Russell Top 200 Growth ETF (IWY). 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.

	SPLV	IWY	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.51	-1.04
Sortino ratio: Return per unit of downside risk	0.73	2.07	-1.34
Omega ratio: Gain probability vs. loss probability	1.08	1.27	-0.18
Calmar ratio: Return relative to maximum drawdown	0.64	1.46	-0.83
Martin ratio: Return relative to average drawdown	1.50	4.70	-3.20

SPLV vs. IWY - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is 0.47, which is lower than the IWY Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of SPLV and IWY, 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

SPLV vs. IWY - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, which is greater than IWY's maximum drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for SPLV and IWY.

Drawdown Indicators

	SPLV	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-32.68%	-3.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-16.63%	+9.22%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	-23.22%	+13.58%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-32.68%	+15.42%
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	-32.68%	-3.58%
Current Drawdown Current decline from peak	-3.66%	-3.47%	-0.19%
Average Drawdown Average peak-to-trough decline	-3.55%	-4.75%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	5.17%	-2.02%

Volatility

SPLV vs. IWY - Volatility Comparison

The current volatility for Invesco S&P 500 Low Volatility ETF (SPLV) is 4.03%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 5.68%. This indicates that SPLV experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLV	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	5.68%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	12.59%	-5.39%
Volatility (1Y) Calculated over the trailing 1-year period	10.08%	16.14%	-6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.51%	21.57%	-9.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	21.03%	-5.65%

SPLV vs. IWY - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is higher than IWY's 0.20% 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

SPLV vs. IWY - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.15%, more than IWY's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWY iShares Russell Top 200 Growth ETF	0.43%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%
SPLV Invesco S&P 500 Low Volatility ETF	2.15%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%

Frequently Asked Questions

Can I hold both SPLV and IWY in my portfolio?

SPLV and IWY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPLV or IWY?

IWY has higher volatility (5.68%) compared to SPLV (4.03%). In terms of maximum drawdown, SPLV dropped -36.26% vs IWY's -32.68%.

Which ETF is better, SPLV or IWY?

On 10-year performance, IWY leads with 19.59% vs 8.33% for SPLV. On fees, IWY is cheaper at 0.20% per year. On volatility, SPLV has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPLV or IWY?

Over the 10-year period, IWY has performed better with a 19.59% return vs 8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPLV or IWY?

IWY is cheaper with a 0.20% expense ratio, compared with 0.25% for SPLV.

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

SPLV has the higher dividend yield at 2.15%, compared with 0.43% for IWY.

What is the main difference between SPLV and IWY?

SPLV is categorized as S&P 500, while IWY is Large Cap Growth Equities. SPLV tracks S&P 500 Low Volatility Index, while IWY tracks Russell Top 200 Growth Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for SPLV and 0.20% for IWY.

Which has better risk-adjusted returns?

IWY currently has the higher Sharpe Ratio (1.51 vs 0.47), 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.