SPYV vs. IWX

Last updated Jun 4, 2026

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, 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 11.90%/yr vs 11.66%/yr for IWX. Their correlation of 0.94 suggests significant overlap in exposure. 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.

Returns By Period

In the year-to-date period, SPYV achieves a 7.46% return, which is significantly lower than IWX's 13.79% return. Both investments have delivered pretty close results over the past 10 years, with SPYV having a 11.90% annualized return and IWX not far behind at 11.66%.

SPYV

• 1D: -0.36%
• 1M: 2.22%
• YTD: 7.46%
• 6M: 7.77%
• 1Y: 21.26%
• 3Y*: 15.72%
• 5Y*: 10.68%
• 10Y*: 11.90%

IWX

• 1D: 0.01%
• 1M: 4.49%
• YTD: 13.79%
• 6M: 14.63%
• 1Y: 28.65%
• 3Y*: 18.86%
• 5Y*: 11.06%
• 10Y*: 11.66%

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

SPYV vs. IWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYV SPDR Portfolio S&P 500 Value ETF	7.46%	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	13.79%	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 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 29, 2009	0.94

The correlation between SPYV and IWX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

SPYV vs. IWX - Sectors Allocation Comparison

Sectors	SPYV	IWX
Technology	21.2%	14.2%
Financial Services	14.7%	21.5%
Healthcare	11.6%	12.5%
Consumer Cyclical	10.9%	6.8%
Industrials	10.6%	11.3%
Consumer Defensive	9.2%	8.2%
Energy	7.4%	6.4%
Utilities	4.4%	3.2%
Basic Materials	3.4%	3.0%
Real Estate	3.3%	1.9%
Communication Services	3.2%	11.0%

Return for Risk

SPYV vs. IWX — Risk / Return Rank

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

SPYV

SPYV Risk / Return Rank: 66
SPYV Sharpe Ratio Rank: 63
SPYV Sortino Ratio Rank: 64
SPYV Omega Ratio Rank: 63
SPYV Calmar Ratio Rank: 68
SPYV Martin Ratio Rank: 69

IWX

IWX Risk / Return Rank: 85
IWX Sharpe Ratio Rank: 86
IWX Sortino Ratio Rank: 88
IWX Omega Ratio Rank: 85
IWX Calmar Ratio Rank: 82
IWX Martin Ratio Rank: 87

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. 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.

	SPYV	IWX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.87	-0.70
Sortino ratio: Return per unit of downside risk	3.05	4.06	-1.01
Omega ratio: Gain probability vs. loss probability	1.39	1.52	-0.13
Calmar ratio: Return relative to maximum drawdown	3.43	4.37	-0.93
Martin ratio: Return relative to average drawdown	13.16	18.76	-5.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYV vs. IWX - Sharpe Ratio Comparison

The current SPYV Sharpe Ratio is 2.17, which is comparable to the IWX Sharpe Ratio of 2.87. 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.

Sharpe Ratios by Period

	SPYV	IWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.87	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.80	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.71	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.70	-0.28

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.

Drawdown Indicators

	SPYV	IWX	Difference
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	-0.57%	0.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-8.72%	-3.82%	-4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.53%	+0.09%

Volatility

SPYV vs. IWX - Volatility Comparison

The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 1.98%, while iShares Russell Top 200 Value ETF (IWX) has a volatility of 2.83%. 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.

Volatility by Period

	SPYV	IWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	2.83%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	7.66%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	9.84%	10.02%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.40%	13.85%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	16.51%	+0.43%

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 1.70%, more than IWX's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWX iShares Russell Top 200 Value ETF	1.48%	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	1.70%	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 IWX in my portfolio?

With a correlation of 0.92, SPYV and IWX 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, SPYV or IWX?

IWX has higher volatility (2.83%) compared to SPYV (1.98%). In terms of maximum drawdown, SPYV dropped -58.45% vs IWX's -35.76%.

Which ETF is better, SPYV or IWX?

On 10-year performance, SPYV leads with 11.90% vs 11.66% for IWX. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 1.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYV or IWX?

Over the 10-year period, SPYV has performed better with a 11.90% return vs 11.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYV or IWX?

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

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

SPYV has the higher dividend yield at 1.70%, compared with 1.48% for IWX.

What is the main difference between SPYV and IWX?

SPYV is categorized as S&P 500, while IWX is Large Cap Value Equities. SPYV tracks S&P 500 Value, 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.

Which has better risk-adjusted returns?

IWX currently has the higher Sharpe Ratio (2.87 vs 2.17), 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.