SPXV vs. IWL

Last updated Jun 16, 2026

SPXV (ProShares S&P 500 Ex-Health Care ETF) and IWL (iShares Russell Top 200 ETF) are both exchange-traded funds - SPXV is a S&P 500 fund tracking the S&P 500 Ex-Health Care 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, SPXV returned 16.32%/yr vs 16.52%/yr for IWL. Their correlation of 0.82 suggests significant overlap in exposure. SPXV charges 0.09%/yr vs 0.15%/yr for IWL.

Performance

SPXV vs. IWL - Performance Comparison

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

Returns By Period

In the year-to-date period, SPXV achieves a 11.85% return, which is significantly higher than IWL's 9.79% return. Both investments have delivered pretty close results over the past 10 years, with SPXV having a 16.32% annualized return and IWL not far ahead at 16.52%.

SPXV

• 1D: 1.83%
• 1M: 1.69%
• YTD: 11.85%
• 6M: 12.62%
• 1Y: 29.25%
• 3Y*: 22.92%
• 5Y*: 14.78%
• 10Y*: 16.32%

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)

SPXV vs. IWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXV ProShares S&P 500 Ex-Health Care ETF	11.85%	18.40%	28.02%	30.71%	-20.47%	28.37%	18.99%	33.58%	-3.81%	17.01%
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 SPXV 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	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.82

The correlation between SPXV and IWL shifts across timeframes, from 0.82 (all time) to 0.98 (5 years), reflecting how their relationship changes across market environments.

SPXV vs. IWL - Sectors Allocation Comparison

Sectors	SPXV	IWL
Technology	42.6%	41.8%
Financial Services	12.1%	11.1%
Communication Services	11.6%	12.1%
Consumer Cyclical	10.8%	9.7%
Industrials	8.5%	6.3%
Consumer Defensive	4.9%	4.5%
Energy	3.4%	2.4%
Utilities	2.3%	1.2%
Real Estate	2.0%	0.9%
Basic Materials	1.8%	1.4%
Healthcare	-	8.5%

Return for Risk

SPXV vs. IWL — Risk / Return Rank

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

SPXV

SPXV Risk / Return Rank: 73
SPXV Sharpe Ratio Rank: 76
SPXV Sortino Ratio Rank: 72
SPXV Omega Ratio Rank: 73
SPXV Calmar Ratio Rank: 69
SPXV Martin Ratio Rank: 77

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.

SPXV vs. IWL - Risk-Adjusted Trends Comparison

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

	SPXV	IWL	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.19	+0.04
Sortino ratio: Return per unit of downside risk	3.00	2.94	+0.06
Omega ratio: Gain probability vs. loss probability	1.40	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	3.21	2.84	+0.37
Martin ratio: Return relative to average drawdown	13.67	12.27	+1.40

SPXV vs. IWL - Sharpe Ratio Comparison

The current SPXV Sharpe Ratio is 2.23, which is comparable to the IWL Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of SPXV and IWL, 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

SPXV vs. IWL - Drawdown Comparison

The maximum SPXV drawdown since its inception was -34.34%, roughly equal to the maximum IWL drawdown of -32.71%. Use the drawdown chart below to compare losses from any high point for SPXV and IWL.

Drawdown Indicators

	SPXV	IWL	Difference
Max Drawdown Largest peak-to-trough decline	-34.34%	-32.71%	-1.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-9.83%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-19.89%	-19.15%	-0.74%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-25.65%	-0.93%
Max Drawdown (10Y) Largest decline over 10 years	-34.34%	-32.71%	-1.63%
Current Drawdown Current decline from peak	-1.21%	-1.04%	-0.17%
Average Drawdown Average peak-to-trough decline	-4.51%	-3.88%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.27%	-0.12%

Volatility

SPXV vs. IWL - Volatility Comparison

ProShares S&P 500 Ex-Health Care ETF (SPXV) and iShares Russell Top 200 ETF (IWL) have volatilities of 4.73% 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.

Volatility by Period

	SPXV	IWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	4.80%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	10.03%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	13.18%	12.77%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.87%	17.26%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	18.13%	-0.07%

SPXV vs. IWL - Expense Ratio Comparison

SPXV 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

SPXV vs. IWL - Dividend Comparison

SPXV's dividend yield for the trailing twelve months is around 0.89%, less than 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%
SPXV ProShares S&P 500 Ex-Health Care ETF	0.89%	0.97%	1.12%	1.27%	1.67%	1.11%	1.45%	1.58%	1.89%	1.57%	2.66%	0.56%

Frequently Asked Questions

Can I hold both SPXV and IWL in my portfolio?

With a correlation of 0.98, SPXV 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.

Which is riskier, SPXV or IWL?

IWL has higher volatility (4.80%) compared to SPXV (4.73%). In terms of maximum drawdown, SPXV dropped -34.34% vs IWL's -32.71%.

Which ETF is better, SPXV or IWL?

On 10-year performance, IWL leads with 16.52% vs 16.32% for SPXV. On fees, SPXV is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXV or IWL?

Over the 10-year period, IWL has performed better with a 16.52% return vs 16.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXV or IWL?

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

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

IWL has the higher dividend yield at 1.04%, compared with 0.89% for SPXV.

What is the main difference between SPXV and IWL?

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

Which has better risk-adjusted returns?

SPXV currently has the higher Sharpe Ratio (2.23 vs 2.19), 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.