IWP vs SPY
iShares Russell Midcap Growth ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IWP or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. IWP led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.91. IWP is less concentrated, with 20.3% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IWP | SPY |
|---|---|---|
| Expense Ratio | 0.23% | 0.09%Best |
| AUM | $19.4B | $804.7B |
| Dividend Yield | 0.35% | 0.98% |
| Holdings | 271 | 505 |
| YTD Return | +0.00% | +12.47%Best |
| 1Y Return | -4.85% | +17.51%Best |
| 3Y Return (annualized) | +13.78% | +21.18%Best |
| 5Y Return (annualized) | +3.95% | +12.88%Best |
| Volatility (annualized) | 18.4% | 14.9%Best |
| Max Drawdown | -57.3% | -56.5%Best |
| $10,000 over 5 years | $12,137 | $18,327Best |
| Top 10 Weight | 20.3%Best | 38.0% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Jul 17, 2001 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Aug 1, 2001 to Sep 11, 2026 (25.1 years).
IWP vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 25.1 years both funds cover.
IWP vs SPY Performance
iShares Russell Midcap Growth ETF (IWP) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year IWP returned -4.85% while SPY returned +17.51%. Year to date, IWP is up 0.00% versus a gain of 12.47% for SPY.
Over three years, IWP compounded at +13.78% per year against +21.18% for SPY; over five years the annualized figures are +3.95% and +12.88% respectively. Across the full 25-year window we track, IWP has the edge at +8.45% annualized vs +7.90%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IWP has been the more volatile fund, with annualized monthly volatility of 18.4% compared with 14.9% 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 -57.3% for IWP and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IWP charges 0.23% per year while SPY charges 0.09%. On a $10,000 position that is $23 vs $9 annually, a gap of $14 per year that compounds over a long holding period. On income, IWP currently yields 0.35% against 0.98% for SPY.
Holdings Overlap
50.4% of IWP's money is in holdings SPY also owns. 4.6% of SPY's money is in holdings IWP also owns.
The two portfolios partly overlap.
82 positions in common, counted across the 265 positions we hold weights for in IWP and 504 in SPY, against full books of 271 and 505.
What only one of them owns
Our book lists 412 positions for SPY that do not appear in our book for IWP (94.9% of the fund), and 169 for IWP that do not appear in SPY (45.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in IWP | Weight in SPY | Difference |
|---|---|---|---|
| DDOGDatadog Inc. Class A | 2.63% | 0.14% | 2.49% |
| SPGSimon Property Group Inc | 2.03% | 0.11% | 1.92% |
| TERTeradyne Inc | 1.72% | 0.09% | 1.63% |
| FIXComfort Systems USA Inc. | 1.71% | 0.09% | 1.62% |
| HOODRobinhood Markets Inc - A | 1.67% | 0.11% | 1.56% |
| CORCencora Inc | 1.67% | 0.09% | 1.58% |
| LITELumentum Holdings Inc | 1.66% | 0.10% | 1.56% |
| TRGPTarga Resources Corp. | 1.56% | 0.08% | 1.48% |
| ADSKAutodesk, Inc. | 1.43% | 0.08% | 1.35% |
| RCLRoyal Caribbean Cruises Ltd. | 1.32% | 0.12% | 1.20% |
50.4% of IWP is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IWP or SPY?
IWP has an expense ratio of 0.23% while SPY charges 0.09%. SPY is the cheaper option, by $14 a year on a $10,000 investment.
Which performed better, IWP or SPY?
Over the past year IWP returned -4.85% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (25 years), IWP annualized +8.45% vs +7.90% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IWP or SPY?
IWP has been the more volatile fund at 18.4% annualized versus 14.9% for SPY. Worst drawdown: IWP -57.3% vs SPY -56.5%.
Should I hold both IWP and SPY?
IWP and SPY have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between IWP and SPY?
50.4% of IWP's money is in holdings SPY also owns. 4.6% of SPY's is in holdings IWP also owns. They hold 82 positions in common, counted across the 265 positions we hold weights for in IWP and 504 in SPY.
Which pays a higher dividend, IWP or SPY?
IWP yields 0.35% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than IWP?
SPY has a lower expense ratio. IWP led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.91. IWP is less concentrated, with 20.3% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.