SPYV vs. IWS

Last updated Jun 14, 2026

SPYV (SPDR Portfolio S&P 500 Value ETF) and IWS (iShares Russell Mid-Cap Value ETF) are both exchange-traded funds - SPYV is a S&P 500 fund tracking the S&P 500 Value Index, while IWS is a Mid Cap Value Equities fund tracking the Russell Midcap Value Index. Both are passively managed. Over the past 10 years, SPYV returned 12.08%/yr vs 10.51%/yr for IWS. Their correlation of 0.88 suggests significant overlap in exposure. SPYV charges 0.04%/yr vs 0.23%/yr for IWS.

Performance

SPYV vs. IWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 500 Value ETF (SPYV) and iShares Russell Mid-Cap Value ETF (IWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYV achieves a 8.25% return, which is significantly lower than IWS's 16.45% return. Over the past 10 years, SPYV has outperformed IWS with an annualized return of 12.08%, while IWS has yielded a comparatively lower 10.51% annualized return.

SPYV

• 1D: 0.69%
• 1M: 2.32%
• YTD: 8.25%
• 6M: 8.02%
• 1Y: 21.87%
• 3Y*: 15.13%
• 5Y*: 10.98%
• 10Y*: 12.08%

IWS

• 1D: 1.16%
• 1M: 5.35%
• YTD: 16.45%
• 6M: 15.28%
• 1Y: 29.26%
• 3Y*: 16.65%
• 5Y*: 8.67%
• 10Y*: 10.51%

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

SPYV vs. IWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYV SPDR Portfolio S&P 500 Value ETF	8.25%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%
IWS iShares Russell Mid-Cap Value ETF	16.45%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%

Correlation

The correlation between SPYV and IWS is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 24, 2001	0.88

The correlation between SPYV and IWS has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

SPYV vs. IWS - Sectors Allocation Comparison

Sectors	SPYV	IWS
Technology	22.4%	18.7%
Financial Services	14.5%	13.7%
Healthcare	11.5%	7.6%
Consumer Cyclical	11.1%	8.5%
Industrials	10.5%	16.2%
Consumer Defensive	8.9%	4.7%
Energy	7.0%	7.4%
Utilities	4.3%	6.6%
Real Estate	3.4%	8.3%
Basic Materials	3.3%	5.3%
Communication Services	3.2%	3.1%

Return for Risk

SPYV vs. IWS — Risk / Return Rank

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

SPYV

SPYV Risk / Return Rank: 75
SPYV Sharpe Ratio Rank: 75
SPYV Sortino Ratio Rank: 76
SPYV Omega Ratio Rank: 73
SPYV Calmar Ratio Rank: 75
SPYV Martin Ratio Rank: 77

IWS

IWS Risk / Return Rank: 76
IWS Sharpe Ratio Rank: 73
IWS Sortino Ratio Rank: 75
IWS Omega Ratio Rank: 69
IWS Calmar Ratio Rank: 80
IWS Martin Ratio Rank: 81

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.

SPYV vs. IWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) and iShares Russell Mid-Cap Value ETF (IWS). 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.

	SPYV	IWS	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.05	+0.03
Sortino ratio: Return per unit of downside risk	2.92	2.91	+0.01
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.02
Calmar ratio: Return relative to maximum drawdown	3.33	3.68	-0.34
Martin ratio: Return relative to average drawdown	12.73	13.82	-1.09

SPYV vs. IWS - Sharpe Ratio Comparison

The current SPYV Sharpe Ratio is 2.08, which is comparable to the IWS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of SPYV and IWS, 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

SPYV vs. IWS - Drawdown Comparison

The maximum SPYV drawdown since its inception was -58.45%, smaller than the maximum IWS drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for SPYV and IWS.

Drawdown Indicators

	SPYV	IWS	Difference
Max Drawdown Largest peak-to-trough decline	-58.45%	-62.40%	+3.95%
Max Drawdown (1Y) Largest decline over 1 year	-6.22%	-7.53%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-20.57%	+3.03%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	-21.23%	+3.34%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-43.83%	+6.94%
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-8.71%	-8.01%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	2.00%	-0.37%

Volatility

SPYV vs. IWS - Volatility Comparison

The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 2.70%, while iShares Russell Mid-Cap Value ETF (IWS) has a volatility of 4.29%. This indicates that SPYV experiences smaller price fluctuations and is considered to be less risky than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYV	IWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	4.29%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	7.26%	9.97%	-2.71%
Volatility (1Y) Calculated over the trailing 1-year period	9.97%	13.53%	-3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.42%	17.36%	-2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	19.37%	-2.43%

SPYV vs. IWS - Expense Ratio Comparison

SPYV has a 0.04% expense ratio, which is lower than IWS's 0.23% 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

SPYV vs. IWS - Dividend Comparison

SPYV's dividend yield for the trailing twelve months is around 1.68%, more than IWS's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWS iShares Russell Mid-Cap Value ETF	1.32%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%
SPYV SPDR Portfolio S&P 500 Value ETF	1.68%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both SPYV and IWS in my portfolio?

SPYV and IWS have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYV or IWS?

IWS has higher volatility (4.29%) compared to SPYV (2.70%). In terms of maximum drawdown, SPYV dropped -58.45% vs IWS's -62.40%.

Which ETF is better, SPYV or IWS?

On 10-year performance, SPYV leads with 12.08% vs 10.51% for IWS. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYV or IWS?

Over the 10-year period, SPYV has performed better with a 12.08% return vs 10.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYV or IWS?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.23% for IWS.

Which ETF pays a higher dividend yield, SPYV or IWS?

SPYV has the higher dividend yield at 1.68%, compared with 1.32% for IWS.

What is the main difference between SPYV and IWS?

SPYV is categorized as S&P 500, while IWS is Mid Cap Value Equities. SPYV tracks S&P 500 Value Index, while IWS tracks Russell Midcap Value Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPYV and 0.23% for IWS.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (2.08 vs 2.05), 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.