TOPT vs. IVV

Last updated Jun 4, 2026

TOPT (iShares Top 20 U.S. Stocks ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - TOPT is a Large Cap Growth Equities fund tracking the S&P 500 Top 20 Select Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, TOPT returned 30.17% vs 28.00% for IVV. Their correlation of 0.91 suggests significant overlap in exposure. TOPT charges 0.20%/yr vs 0.03%/yr for IVV.

Performance

TOPT vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Top 20 U.S. Stocks ETF (TOPT) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOPT achieves a 8.94% return, which is significantly lower than IVV's 10.85% return.

TOPT

• 1D: -0.87%
• 1M: 5.40%
• YTD: 8.94%
• 6M: 8.53%
• 1Y: 30.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVV

• 1D: -0.76%
• 1M: 4.97%
• YTD: 10.85%
• 6M: 10.87%
• 1Y: 28.00%
• 3Y*: 22.43%
• 5Y*: 13.88%
• 10Y*: 15.54%

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

TOPT vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOPT iShares Top 20 U.S. Stocks ETF	8.94%	20.35%	5.03%
IVV iShares Core S&P 500 ETF	10.85%	17.85%	1.50%

Correlation

The correlation between TOPT and IVV is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Oct 25, 2024	0.91

The correlation between TOPT and IVV has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

TOPT vs. IVV - Sectors Allocation Comparison

Sectors	TOPT	IVV
Technology	43.6%	35.6%
Communication Services	19.4%	11.2%
Financial Services	12.4%	11.8%
Consumer Cyclical	9.2%	10.1%
Healthcare	7.7%	8.5%
Consumer Defensive	4.8%	4.9%
Energy	3.0%	3.5%
Basic Materials	-	1.8%
Industrials	-	8.3%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

TOPT vs. IVV — Risk / Return Rank

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

TOPT

TOPT Risk / Return Rank: 58
TOPT Sharpe Ratio Rank: 65
TOPT Sortino Ratio Rank: 65
TOPT Omega Ratio Rank: 62
TOPT Calmar Ratio Rank: 46
TOPT Martin Ratio Rank: 51

IVV

IVV Risk / Return Rank: 70
IVV Sharpe Ratio Rank: 71
IVV Sortino Ratio Rank: 70
IVV Omega Ratio Rank: 70
IVV Calmar Ratio Rank: 62
IVV Martin Ratio Rank: 75

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.

TOPT vs. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Top 20 U.S. Stocks ETF (TOPT) and iShares Core S&P 500 ETF (IVV). 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.

	TOPT	IVV	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.39	-0.17
Sortino ratio: Return per unit of downside risk	3.07	3.25	-0.18
Omega ratio: Gain probability vs. loss probability	1.39	1.43	-0.04
Calmar ratio: Return relative to maximum drawdown	2.31	3.17	-0.86
Martin ratio: Return relative to average drawdown	8.73	14.71	-5.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOPT vs. IVV - Sharpe Ratio Comparison

The current TOPT Sharpe Ratio is 2.22, which is comparable to the IVV Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of TOPT and IVV, 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

	TOPT	IVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.39	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.45	+0.67

Drawdowns

TOPT vs. IVV - Drawdown Comparison

The maximum TOPT drawdown since its inception was -21.21%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for TOPT and IVV.

Drawdown Indicators

	TOPT	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-55.25%	+34.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-8.89%	-4.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.90%	—
Current Drawdown Current decline from peak	-1.25%	-0.76%	-0.49%
Average Drawdown Average peak-to-trough decline	-3.48%	-10.78%	+7.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	1.91%	+1.55%

Volatility

TOPT vs. IVV - Volatility Comparison

iShares Top 20 U.S. Stocks ETF (TOPT) has a higher volatility of 3.46% compared to iShares Core S&P 500 ETF (IVV) at 2.87%. This indicates that TOPT's price experiences larger fluctuations and is considered to be riskier than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOPT	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	2.87%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	8.90%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	11.80%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.83%	16.88%	+2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.83%	18.05%	+1.78%

TOPT vs. IVV - Expense Ratio Comparison

TOPT has a 0.20% expense ratio, which is higher than IVV's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TOPT vs. IVV - Dividend Comparison

TOPT's dividend yield for the trailing twelve months is around 0.36%, less than IVV's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVV iShares Core S&P 500 ETF	1.06%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%
TOPT iShares Top 20 U.S. Stocks ETF	0.36%	0.38%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOPT and IVV in my portfolio?

TOPT and IVV have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOPT or IVV?

TOPT has higher volatility (3.46%) compared to IVV (2.87%). In terms of maximum drawdown, TOPT dropped -21.21% vs IVV's -55.25%.

Which ETF is better, TOPT or IVV?

On 1-year performance, TOPT leads with 30.17% vs 28.00% for IVV. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPT or IVV?

Over the 1-year period, TOPT has performed better with a 30.17% return vs 28.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPT or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.20% for TOPT.

Which ETF pays a higher dividend yield, TOPT or IVV?

IVV has the higher dividend yield at 1.06%, compared with 0.36% for TOPT.

What is the main difference between TOPT and IVV?

TOPT is categorized as Large Cap Growth Equities, while IVV is S&P 500. TOPT tracks S&P 500 Top 20 Select Index, while IVV tracks S&P 500 Index. Their fees differ too: 0.20% for TOPT and 0.03% for IVV.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (2.39 vs 2.22), 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.