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SPYV vs. IWX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPYV vs. IWX

Last updated Aug 6, 2026
Documentation

SPYV (SPDR Portfolio S&P 500 Value ETF) and IWX (iShares Russell Top 200 Value ETF) are both exchange-traded funds - SPYV is a S&P 500 fund tracking the S&P 500 Value Index, while IWX is a Large Cap Value Equities fund tracking the Russell Top 200 Value Index. Both are passively managed. Over the past 10 years, SPYV returned 11.93%/yr vs 12.12%/yr for IWX. Their correlation of 0.94 means they have usually moved in the same direction. SPYV charges 0.04%/yr vs 0.20%/yr for IWX.

Performance

SPYV vs. IWX - 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 Top 200 Value ETF (IWX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPYV achieves a 11.80% return, which is significantly lower than IWX's 22.90% return. Both investments have delivered pretty close results over the past 10 years, with SPYV having a 11.93% annualized return and IWX not far ahead at 12.12%.

SPYV

1D
-0.17%
1M
1.86%
6M
7.31%
YTD
11.80%
1Y
22.10%
3Y*
15.12%
5Y*
11.66%
10Y*
11.93%
ALL TIME*
7.92%

IWX

1D
-0.04%
1M
4.02%
6M
16.35%
YTD
22.90%
1Y
35.96%
3Y*
20.20%
5Y*
12.81%
10Y*
12.12%
ALL TIME*
11.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWX

iShares Russell Top 200 Value ETF
$31.21M$48.49M$35.34M

SPYV

SPDR Portfolio S&P 500 Value ETF
$164.00M$137.60M$152.34M

SPYV vs. IWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPYV
SPDR Portfolio S&P 500 Value ETF		11.80%13.18%12.24%22.20%-5.28%24.91%1.38%31.70%-9.01%15.40%
IWX
iShares Russell Top 200 Value ETF		22.90%18.23%14.89%10.45%-5.33%23.33%1.46%25.82%-6.53%14.05%

Correlation

The correlation between SPYV and IWX is 0.89, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.89

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.95

Correlation (10Y)
Provides a long-term view across more market conditions.

0.96

Correlation (All Time)
Calculated using the full available price history since Sep 28, 2009

0.94

The correlation between SPYV and IWX has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

SPYV vs. IWX - Sectors Allocation Comparison

Sectors
SPYV
IWX

Technology

21.7%
22.6%

Financial Services

15.1%
20.0%

Healthcare

12.2%
13.6%

Industrials

10.9%
8.3%

Consumer Cyclical

10.6%
11.6%

Consumer Defensive

8.8%
8.2%

Energy

6.6%
5.1%

Utilities

4.5%
2.6%

Basic Materials

3.3%
2.8%

Real Estate

3.3%
1.8%

Communication Services

2.9%
3.5%

Technology

SPYV
21.7%
IWX
22.6%

Financial Services

SPYV
15.1%
IWX
20.0%

Healthcare

SPYV
12.2%
IWX
13.6%

Industrials

SPYV
10.9%
IWX
8.3%

Consumer Cyclical

SPYV
10.6%
IWX
11.6%

Consumer Defensive

SPYV
8.8%
IWX
8.2%

Energy

SPYV
6.6%
IWX
5.1%

Utilities

SPYV
4.5%
IWX
2.6%

Basic Materials

SPYV
3.3%
IWX
2.8%

Real Estate

SPYV
3.3%
IWX
1.8%

Communication Services

SPYV
2.9%
IWX
3.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Portfolio S&P 500 Value ETF

iShares Russell Top 200 Value ETF

Often compared with SPYV:
SPYV vs. SPYGSPYV vs. VTVSPYV vs. SPYSPYV vs. SCHDSPYV vs. BRK-BSPYV vs. SPHQSPYV vs. SPYD
Often compared with IWX:
IWX vs. IWNIWX vs. IWYIWX vs. IWCIWX vs. IWFIWX vs. XLPIWX vs. QQQIWX vs. IVE

Return for Risk

SPYV vs. IWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SPYV
SPYV Risk / Return Rank: 8686
Overall Rank
SPYV Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
SPYV Sortino Ratio Rank: 8686
Sortino Ratio Rank
SPYV Omega Ratio Rank: 8585
Omega Ratio Rank
SPYV Calmar Ratio Rank: 8484
Calmar Ratio Rank
SPYV Martin Ratio Rank: 8686
Martin Ratio Rank
IWX
IWX Risk / Return Rank: 9696
Overall Rank
IWX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
IWX Sortino Ratio Rank: 9696
Sortino Ratio Rank
IWX Omega Ratio Rank: 9595
Omega Ratio Rank
IWX Calmar Ratio Rank: 9595
Calmar Ratio Rank
IWX Martin Ratio Rank: 9696
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYV vs. IWX - 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 Top 200 Value ETF (IWX). 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.

SPYVIWXDifference
Sharpe ratioReturn per unit of total volatility
2.25
3.38

-1.14

Sortino ratioReturn per unit of downside risk
3.15
4.67

-1.52

Omega ratioGain probability vs. loss probability

1.41

1.61

-0.20

Calmar ratioReturn relative to maximum drawdown

3.57

5.48

-1.91

Martin ratioReturn relative to average drawdown

13.81

24.10

-10.29

SPYV vs. IWX - Sharpe Ratio Comparison

The current SPYV Sharpe Ratio is 2.25, which is lower than the IWX Sharpe Ratio of 3.38. The chart below compares the historical Sharpe Ratios of SPYV and IWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPYV vs. IWX - Drawdown Comparison

The maximum SPYV drawdown since its inception was -58.45%, which is greater than IWX's maximum drawdown of -35.76%. Use the drawdown chart below to compare losses from any high point for SPYV and IWX.

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Drawdown Indicators

SPYVIWXDifference

Max Drawdown

Largest peak-to-trough decline

-58.45%

-35.76%

-22.69%

Max Drawdown (1Y)

Largest decline over 1 year

-6.22%

-6.59%

+0.37%

Max Drawdown (3Y)

Largest decline over 3 years

-17.54%

-13.37%

-4.17%

Max Drawdown (5Y)

Largest decline over 5 years

-17.89%

-18.13%

+0.24%

Max Drawdown (10Y)

Largest decline over 10 years

-36.89%

-35.76%

-1.13%

Current Drawdown

Current decline from peak

-0.17%

-0.04%

-0.13%

Average Drawdown

Average peak-to-trough decline

-8.66%

-3.79%

-4.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.60%

1.50%

+0.10%

Volatility

SPYV vs. IWX - Volatility Comparison

The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 2.78%, while iShares Russell Top 200 Value ETF (IWX) has a volatility of 3.00%. This indicates that SPYV experiences smaller price fluctuations and is considered to be less risky than IWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPYVIWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.78%

3.00%

-0.22%

Volatility (6M)

Calculated over the trailing 6-month period

7.20%

8.49%

-1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

9.88%

10.68%

-0.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.30%

13.89%

+0.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.88%

16.49%

+0.39%

SPYV vs. IWX - Expense Ratio Comparison

SPYV has a 0.04% expense ratio, which is lower than IWX's 0.20% 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. IWX - Dividend Comparison

SPYV's dividend yield for the trailing twelve months is around 1.66%, more than IWX's 1.37% yield.

PositionTTM20252024202320222021202020192018201720162015
IWX
iShares Russell Top 200 Value ETF		1.37%1.59%1.97%2.13%2.07%1.79%2.12%2.60%2.66%2.12%2.22%2.77%
SPYV
SPDR Portfolio S&P 500 Value ETF		1.66%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

SPYV and IWX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWX has higher volatility (3.00%) compared to SPYV (2.78%). In terms of maximum drawdown, SPYV dropped -58.45% vs IWX's -35.76%.

On 10-year performance, IWX leads with 12.12% vs 11.93% for SPYV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWX has performed better with a 12.12% return vs 11.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYV is cheaper with a 0.04% expense ratio, compared with 0.20% for IWX.

SPYV has the higher dividend yield at 1.66%, compared with 1.37% for IWX.

SPYV is categorized as S&P 500, while IWX is Large Cap Value Equities. SPYV tracks S&P 500 Value Index, while IWX tracks Russell Top 200 Value Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPYV and 0.20% for IWX.

IWX currently has the higher Sharpe Ratio (3.38 vs 2.25), 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.

Portfolio Optimizer

Find the right allocation for SPYV and IWX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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