IWN vs SPY
iShares Russell 2000 Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. IWN delivered stronger 1-year returns. IWN offers more diversification with 1,408 holdings.
Side-by-Side Comparison
| Metric | IWN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.24% | 0.09% | |
| AUM | $14.7B | $821.1B | |
| Dividend Yield | 1.44% | 1.01% | |
| Holdings | 1,408 | 505 | |
| YTD Return | +23.72% | +12.68% | |
| 1Y Return | +37.44% | +21.82% | |
| 3Y Return (annualized) | +19.15% | +21.98% | |
| 5Y Return (annualized) | +9.13% | +12.89% | |
| Volatility (annualized) | 19.6% | 15.3% | |
| Max Drawdown | -62.9% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 24, 2000 | Jan 22, 1993 |
IWN vs SPY Performance
iShares Russell 2000 Value ETF (IWN) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year IWN returned +37.44% while SPY returned +21.82%. Year to date, IWN is up 23.72% versus a gain of 12.68% for SPY.
Over three years, IWN compounded at +19.15% per year against +21.98% for SPY; over five years the annualized figures are +9.13% and +12.89% respectively. Across the full 26-year window we track, SPY has the edge at +8.81% annualized vs +7.92%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IWN has been the more volatile fund, with annualized monthly volatility of 19.6% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -62.9% for IWN and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IWN charges 0.24% per year while SPY charges 0.09%. On a $10,000 position that is $24 vs $9 annually, a gap of $15 per year that compounds over a long holding period. On income, IWN currently yields 1.44% against 1.01% for SPY.
Holdings Overlap
IWN and SPY share 0 holdings out of 1738 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IWN or SPY?
IWN has an expense ratio of 0.24% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $15 per year of difference.
Which performed better, IWN or SPY?
Over the past year IWN returned +37.44% vs +21.82% for SPY, so IWN leads on 1-year performance. Over the longest common window we track (26 years), IWN annualized +7.92% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, IWN or SPY?
IWN has been the more volatile fund at 19.6% annualized versus 15.3% for SPY. Worst drawdown: IWN -62.9% vs SPY -56.5%.
Should I hold both IWN and SPY?
IWN and SPY have a monthly-return correlation of 0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IWN and SPY?
IWN and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1738 unique securities.
Which pays a higher dividend, IWN or SPY?
IWN yields 1.44% while SPY yields 1.01%, so IWN currently pays the higher dividend yield.
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