IWS vs SPY
iShares Russell Mid-cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IWS or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. IWS led over 1Y and the full window, SPY over 3Y and 5Y. The two have moved almost in lockstep, correlation 0.92. IWS is less concentrated, with 6.4% of the fund in its ten largest positions against 37.8%.
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 | IWS | SPY |
|---|---|---|
| Expense Ratio | 0.23% | 0.09%Best |
| AUM | $15.5B | $804.7B |
| Dividend Yield | 1.30% | 0.98% |
| Holdings | 724 | 505 |
| YTD Return | +17.70%Best | +11.97% |
| 1Y Return | +21.67%Best | +16.40% |
| 3Y Return (annualized) | +17.27% | +21.10%Best |
| 5Y Return (annualized) | +9.45% | +12.88%Best |
| Volatility (annualized) | 17.1% | 15.0%Best |
| Max Drawdown | -63.9% | -56.5%Best |
| $10,000 over 5 years | $15,706 | $18,327Best |
| Top 10 Weight | 6.4%Best | 37.8% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Jul 17, 2001 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 24, 2001 to Sep 14, 2026 (25.1 years).
IWS 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.
IWS vs SPY Performance
iShares Russell Mid-cap Value ETF (IWS) 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 IWS returned +21.67% while SPY returned +16.40%. Year to date, IWS is up 17.70% versus a gain of 11.97% for SPY.
Over three years, IWS compounded at +17.27% per year against +21.10% for SPY; over five years the annualized figures are +9.45% and +12.88% respectively. Across the full 25-year window we track, IWS has the edge at +8.14% annualized vs +8.02%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IWS has been the more volatile fund, with annualized monthly volatility of 17.1% compared with 15.0% 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 -63.9% for IWS 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IWS 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, IWS currently yields 1.30% against 0.98% for SPY.
Holdings Overlap
65.3% of IWS's money is in holdings SPY also owns. 11.4% of SPY's money is in holdings IWS also owns.
The two portfolios partly overlap.
268 positions in common, counted across the 687 positions we hold weights for in IWS and 504 in SPY, against full books of 724 and 505.
What only one of them owns
Our book lists 232 positions for SPY that do not appear in our book for IWS (88.0% of the fund), and 393 for IWS that do not appear in SPY (30.1%).
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 IWS | Weight in SPY | Difference |
|---|---|---|---|
| PSXPhillips 66 | 0.89% | 0.15% | 0.74% |
| WBDWarner Bros. Discovery, Inc | 0.66% | 0.11% | 0.55% |
| HPEHewlett Packard Enterprise Co | 0.66% | 0.10% | 0.56% |
| ALLAllstate Corp. | 0.64% | 0.10% | 0.54% |
| DLRDigital Realty Trust Inc. | 0.64% | 0.10% | 0.54% |
| BKRBaker Hughes Co | 0.60% | 0.10% | 0.50% |
| KMIKinder Morgan Inc./de | 0.60% | 0.10% | 0.50% |
| MPCMarathon Petroleum Corp | 0.52% | 0.17% | 0.35% |
| OKEOneok Inc. | 0.58% | 0.09% | 0.49% |
| ORealty Income Corp. | 0.55% | 0.09% | 0.46% |
65.3% of IWS 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, IWS or SPY?
IWS 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, IWS or SPY?
Over the past year IWS returned +21.67% vs +16.40% for SPY, so IWS leads on 1-year performance. Over the longest common window we track (25 years), IWS annualized +8.14% vs +8.02% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IWS or SPY?
IWS has been the more volatile fund at 17.1% annualized versus 15.0% for SPY. Worst drawdown: IWS -63.9% vs SPY -56.5%.
Should I hold both IWS and SPY?
IWS and SPY have a monthly-return correlation of 0.92, 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 IWS and SPY?
65.3% of IWS's money is in holdings SPY also owns. 11.4% of SPY's is in holdings IWS also owns. They hold 268 positions in common, counted across the 687 positions we hold weights for in IWS and 504 in SPY.
Which pays a higher dividend, IWS or SPY?
IWS yields 1.30% while SPY yields 0.98%, so IWS currently pays the higher dividend yield.
Is SPY better than IWS?
SPY has a lower expense ratio. IWS led over 1Y and the full window, SPY over 3Y and 5Y. The two have moved almost in lockstep, correlation 0.92. IWS is less concentrated, with 6.4% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.