XLG vs. IWY

Last updated Jun 13, 2026

XLG (Invesco S&P 500 Top 50 ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, XLG returned 16.96%/yr vs 19.24%/yr for IWY. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.20% expense ratio.

Performance

XLG vs. IWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Top 50 ETF (XLG) and iShares Russell Top 200 Growth ETF (IWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLG achieves a 3.62% return, which is significantly higher than IWY's 2.99% return. Over the past 10 years, XLG has underperformed IWY with an annualized return of 16.96%, while IWY has yielded a comparatively higher 19.24% annualized return.

XLG

• 1D: 0.10%
• 1M: -3.40%
• YTD: 3.62%
• 6M: 4.26%
• 1Y: 21.79%
• 3Y*: 22.23%
• 5Y*: 15.12%
• 10Y*: 16.96%

IWY

• 1D: -0.00%
• 1M: -2.39%
• YTD: 2.99%
• 6M: 3.75%
• 1Y: 19.83%
• 3Y*: 23.03%
• 5Y*: 15.15%
• 10Y*: 19.24%

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

XLG vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLG Invesco S&P 500 Top 50 ETF	3.62%	19.51%	33.49%	38.16%	-24.29%	30.77%	24.15%	32.04%	-3.59%	23.04%
IWY iShares Russell Top 200 Growth ETF	2.99%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%

Correlation

The correlation between XLG and IWY 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	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009	0.96

The correlation between XLG and IWY has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

XLG vs. IWY - Sectors Allocation Comparison

Sectors	XLG	IWY
Technology	43.9%	54.9%
Communication Services	17.1%	13.9%
Consumer Cyclical	11.3%	11.4%
Financial Services	9.6%	5.6%
Healthcare	7.0%	6.6%
Consumer Defensive	5.8%	3.0%
Energy	2.7%	0.0%
Industrials	1.9%	4.0%
Basic Materials	0.6%	0.3%
Real Estate	-	0.3%
Utilities	-	1.1%

Return for Risk

XLG vs. IWY — Risk / Return Rank

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

XLG

XLG Risk / Return Rank: 48
XLG Sharpe Ratio Rank: 53
XLG Sortino Ratio Rank: 50
XLG Omega Ratio Rank: 52
XLG Calmar Ratio Rank: 40
XLG Martin Ratio Rank: 45

IWY

IWY Risk / Return Rank: 35
IWY Sharpe Ratio Rank: 40
IWY Sortino Ratio Rank: 37
IWY Omega Ratio Rank: 38
IWY Calmar Ratio Rank: 28
IWY Martin Ratio Rank: 30

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.

XLG vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Top 50 ETF (XLG) and iShares Russell Top 200 Growth ETF (IWY). 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.

	XLG	IWY	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.24	+0.36
Sortino ratio: Return per unit of downside risk	2.19	1.73	+0.45
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.06
Calmar ratio: Return relative to maximum drawdown	1.76	1.20	+0.57
Martin ratio: Return relative to average drawdown	6.46	3.85	+2.61

XLG vs. IWY - Sharpe Ratio Comparison

The current XLG Sharpe Ratio is 1.60, which is comparable to the IWY Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of XLG and IWY, 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

XLG vs. IWY - Drawdown Comparison

The maximum XLG drawdown since its inception was -52.39%, which is greater than IWY's maximum drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for XLG and IWY.

Drawdown Indicators

	XLG	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-32.68%	-19.71%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-16.63%	+4.22%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	-23.22%	+2.52%
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	-32.68%	+4.66%
Max Drawdown (10Y) Largest decline over 10 years	-30.46%	-32.68%	+2.22%
Current Drawdown Current decline from peak	-5.06%	-5.68%	+0.62%
Average Drawdown Average peak-to-trough decline	-7.64%	-4.75%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	5.16%	-1.78%

Volatility

XLG vs. IWY - Volatility Comparison

The current volatility for Invesco S&P 500 Top 50 ETF (XLG) is 4.31%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 5.30%. This indicates that XLG experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLG	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	5.30%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	12.38%	-1.97%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	16.01%	-2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.73%	21.54%	-2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	21.01%	-2.14%

XLG vs. IWY - Expense Ratio Comparison

Both XLG and IWY have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XLG vs. IWY - Dividend Comparison

XLG's dividend yield for the trailing twelve months is around 0.62%, more than IWY's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWY iShares Russell Top 200 Growth ETF	0.34%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%
XLG Invesco S&P 500 Top 50 ETF	0.62%	0.64%	0.72%	0.97%	1.34%	0.94%	1.25%	1.58%	2.00%	1.85%	2.00%	2.09%

Frequently Asked Questions

Can I hold both XLG and IWY in my portfolio?

With a correlation of 0.98, XLG and IWY 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, XLG or IWY?

IWY has higher volatility (5.30%) compared to XLG (4.31%). In terms of maximum drawdown, XLG dropped -52.39% vs IWY's -32.68%.

Which ETF is better, XLG or IWY?

On 10-year performance, IWY leads with 19.24% vs 16.96% for XLG. Both ETFs have the same 0.20% expense ratio. On volatility, XLG has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLG or IWY?

Over the 10-year period, IWY has performed better with a 19.24% return vs 16.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLG or IWY?

XLG and IWY have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, XLG or IWY?

XLG has the higher dividend yield at 0.62%, compared with 0.34% for IWY.

What is the main difference between XLG and IWY?

XLG is categorized as S&P 500, while IWY is Large Cap Growth Equities. XLG tracks S&P 500 Top 50 Index, while IWY tracks Russell Top 200 Growth Index. They also come from different issuers: Invesco and iShares.

Which has better risk-adjusted returns?

XLG currently has the higher Sharpe Ratio (1.60 vs 1.24), 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.