SPXE vs. IWL

Last updated Jun 16, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and IWL (iShares Russell Top 200 ETF) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index. Both are passively managed. SPXE charges 0.09%/yr vs 0.15%/yr for IWL.

Performance

SPXE vs. IWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) and iShares Russell Top 200 ETF (IWL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXE

• 1D: -0.21%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

SPXE vs. IWL - Yearly Performance Comparison

	2026 (YTD)
SPXE ProShares S&P 500 Ex-Energy ETF	-0.21%
IWL iShares Russell Top 200 ETF	1.85%

SPXE vs. IWL - Sectors Allocation Comparison

Sectors	SPXE	IWL
Technology	39.2%	41.8%
Financial Services	11.9%	11.1%
Communication Services	10.7%	12.1%
Consumer Cyclical	9.7%	9.7%
Healthcare	9.0%	8.5%
Industrials	8.1%	6.3%
Consumer Defensive	4.8%	4.5%
Utilities	2.6%	1.2%
Real Estate	1.9%	0.9%
Basic Materials	1.8%	1.4%
Energy	0.0%	2.4%

Return for Risk

SPXE vs. IWL — Risk / Return Rank

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

SPXE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

IWL

IWL Risk / Return Rank: 71
IWL Sharpe Ratio Rank: 75
IWL Sortino Ratio Rank: 73
IWL Omega Ratio Rank: 75
IWL Calmar Ratio Rank: 62
IWL Martin Ratio Rank: 72

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.

SPXE vs. IWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) 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.

	SPXE	IWL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.19	—
Sortino ratio: Return per unit of downside risk	—	2.94	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	2.84	—
Martin ratio: Return relative to average drawdown	—	12.27	—

Drawdowns

SPXE vs. IWL - Drawdown Comparison

The maximum SPXE drawdown since its inception was -0.21%, smaller than the maximum IWL drawdown of -32.71%. Use the drawdown chart below to compare losses from any high point for SPXE and IWL.

Drawdown Indicators

	SPXE	IWL	Difference
Max Drawdown Largest peak-to-trough decline	-0.21%	-32.71%	+32.50%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.83%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.71%	—
Current Drawdown Current decline from peak	-0.21%	-1.04%	+0.83%
Average Drawdown Average peak-to-trough decline	-0.21%	-3.88%	+3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.27%	—

Volatility

Volatility by Period

	SPXE	IWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.80%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.77%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.26%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.13%	—

SPXE vs. IWL - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than IWL's 0.15% 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

SPXE vs. IWL - Dividend Comparison

SPXE has not paid dividends to shareholders, while IWL's dividend yield for the trailing twelve months is around 1.04%.

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%
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, SPXE or IWL?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE or IWL?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.15% for IWL.

Which ETF pays a higher dividend yield, SPXE or IWL?

IWL has the higher dividend yield at 1.04%, compared with 0.00% for SPXE.

What is the main difference between SPXE and IWL?

SPXE is categorized as S&P 500, while IWL is Large Cap Growth Equities. SPXE tracks S&P 500 Ex-Energy Index, while IWL tracks Russell Top 200 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.09% for SPXE and 0.15% for IWL.