XLG vs. TOPT

Last updated Aug 4, 2026

XLG (Invesco S&P 500 Top 50 ETF) and TOPT (iShares Top 20 U.S. Stocks ETF) are both exchange-traded funds - XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index, while TOPT is a Large Cap Growth Equities fund tracking the S&P 500 Top 20 Select Index. Both are passively managed. Over the past year, XLG returned 17.86% vs 19.94% for TOPT. Their 0.98 correlation means they have historically moved very closely together. Both charge a 0.20% expense ratio.

Performance

XLG vs. TOPT - 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 Top 20 U.S. Stocks ETF (TOPT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLG achieves a 4.68% return, which is significantly lower than TOPT's 6.59% return.

XLG

• 1D: 1.74%
• 1M: 1.81%
• 6M: 4.68%
• YTD: 4.68%
• 1Y: 17.86%
• 3Y*: 21.61%
• 5Y*: 14.02%
• 10Y*: 16.44%
• ALL TIME*: 11.40%

TOPT

• 1D: 1.68%
• 1M: 1.65%
• 6M: 7.66%
• YTD: 6.59%
• 1Y: 19.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TOPT iShares Top 20 U.S. Stocks ETF	$9.85M	$10.29M	$11.76M
XLG Invesco S&P 500 Top 50 ETF	$59.56M	$59.06M	$102.51M

XLG vs. TOPT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XLG Invesco S&P 500 Top 50 ETF	4.68%	19.51%	4.40%
TOPT iShares Top 20 U.S. Stocks ETF	6.59%	20.35%	5.33%

Correlation

The correlation between XLG and TOPT is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	0.98

The correlation between XLG and TOPT has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

XLG vs. TOPT - Sectors Allocation Comparison

Sectors	XLG	TOPT
Technology	49.8%	53.3%
Communication Services	13.0%	15.6%
Financial Services	10.3%	10.2%
Consumer Cyclical	9.3%	7.9%
Healthcare	6.8%	6.6%
Consumer Defensive	5.1%	3.7%
Energy	2.5%	2.7%
Industrials	1.9%	-
Utilities	0.7%	-
Basic Materials	0.6%	-
Real Estate	-	-

Return for Risk

XLG vs. TOPT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XLG

XLG Risk / Return Rank: 45
XLG Sharpe Ratio Rank: 49
XLG Sortino Ratio Rank: 48
XLG Omega Ratio Rank: 47
XLG Calmar Ratio Rank: 41
XLG Martin Ratio Rank: 42

TOPT

TOPT Risk / Return Rank: 49
TOPT Sharpe Ratio Rank: 53
TOPT Sortino Ratio Rank: 53
TOPT Omega Ratio Rank: 50
TOPT Calmar Ratio Rank: 42
TOPT Martin Ratio Rank: 45

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.

XLG vs. TOPT - 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 Top 20 U.S. Stocks ETF (TOPT). 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	TOPT	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.32	-0.10
Sortino ratio: Return per unit of downside risk	1.74	1.90	-0.15
Omega ratio: Gain probability vs. loss probability	1.22	1.23	-0.02
Calmar ratio: Return relative to maximum drawdown	1.44	1.53	-0.08
Martin ratio: Return relative to average drawdown	4.49	5.11	-0.62

XLG vs. TOPT - Sharpe Ratio Comparison

The current XLG Sharpe Ratio is 1.22, which is comparable to the TOPT Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of XLG and TOPT, 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. TOPT - Drawdown Comparison

The maximum XLG drawdown since its inception was -52.39%, which is greater than TOPT's maximum drawdown of -21.21%. Use the drawdown chart below to compare losses from any high point for XLG and TOPT.

Drawdown Indicators

	XLG	TOPT	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-21.21%	-31.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-13.13%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.46%	—	—
Current Drawdown Current decline from peak	-4.09%	-3.38%	-0.71%
Average Drawdown Average peak-to-trough decline	-7.62%	-3.55%	-4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	3.91%	+0.07%

Volatility

XLG vs. TOPT - Volatility Comparison

Invesco S&P 500 Top 50 ETF (XLG) and iShares Top 20 U.S. Stocks ETF (TOPT) have volatilities of 5.30% and 5.32%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLG	TOPT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	5.32%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	12.25%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	14.73%	15.24%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	19.80%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.93%	19.80%	-0.87%

XLG vs. TOPT - Expense Ratio Comparison

Both XLG and TOPT 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. TOPT - Dividend Comparison

XLG's dividend yield for the trailing twelve months is around 0.64%, more than TOPT's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOPT iShares Top 20 U.S. Stocks ETF	0.38%	0.38%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XLG Invesco S&P 500 Top 50 ETF	0.64%	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 TOPT in my portfolio?

With a correlation of 0.98, XLG and TOPT 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 TOPT?

TOPT has higher volatility (5.32%) compared to XLG (5.30%). In terms of maximum drawdown, XLG dropped -52.39% vs TOPT's -21.21%.

Which ETF is better, XLG or TOPT?

On 1-year performance, TOPT leads with 19.94% vs 17.86% for XLG. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLG or TOPT?

Over the 1-year period, TOPT has performed better with a 19.94% return vs 17.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLG or TOPT?

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

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

XLG has the higher dividend yield at 0.64%, compared with 0.38% for TOPT.

What is the main difference between XLG and TOPT?

XLG is categorized as S&P 500, while TOPT is Large Cap Growth Equities. XLG tracks S&P 500 Top 50 Index, while TOPT tracks S&P 500 Top 20 Select Index. They also come from different issuers: Invesco and iShares.

Which has better risk-adjusted returns?

TOPT currently has the higher Sharpe Ratio (1.32 vs 1.22), 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.