IWV vs SPY
iShares Russell 3000 ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IWV or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. IWV led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.99. IWV is less concentrated, with 33.5% 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 | IWV | SPY |
|---|---|---|
| Expense Ratio | 0.20% | 0.09%Best |
| AUM | $20.2B | $804.7B |
| Dividend Yield | 0.85% | 0.98% |
| Holdings | 2,596 | 505 |
| YTD Return | +12.39% | +12.47%Best |
| 1Y Return | +16.88% | +17.51%Best |
| 3Y Return (annualized) | +20.63% | +21.18%Best |
| 5Y Return (annualized) | +11.78% | +12.88%Best |
| Volatility (annualized) | 15.6% | 15.1%Best |
| Max Drawdown | -56.7% | -56.5%Best |
| $10,000 over 5 years | $17,451 | $18,327Best |
| Top 10 Weight | 33.5%Best | 38.0% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | May 22, 2000 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: May 26, 2000 to Sep 11, 2026 (26.3 years).
IWV 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 26.3 years both funds cover.
IWV vs SPY Performance
iShares Russell 3000 ETF (IWV) 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 IWV returned +16.88% while SPY returned +17.51%. Year to date, IWV is up 12.39% versus a gain of 12.47% for SPY.
Over three years, IWV compounded at +20.63% per year against +21.18% for SPY; over five years the annualized figures are +11.78% and +12.88% respectively. Across the full 26-year window we track, IWV has the edge at +7.16% annualized vs +7.03%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IWV has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 15.1% 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 -56.7% for IWV 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IWV charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, IWV currently yields 0.85% against 0.98% for SPY.
Holdings Overlap
87.7% of IWV's money is in holdings SPY also owns. 99.3% of SPY's money is in holdings IWV also owns.
Most of SPY is already inside IWV. Owning both mostly buys the same companies twice.
496 positions in common, counted across the 2,574 positions we hold weights for in IWV and 504 in SPY, against full books of 2,596 and 505.
What only one of them owns
Our book lists 5 positions for SPY that do not appear in our book for IWV (0.6% of the fund), and 676 for IWV that do not appear in SPY (9.9%).
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 IWV | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 6.62% | 7.71% | 1.09% |
| AAPLApple, Inc | 5.99% | 6.83% | 0.84% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 4.91% | 5.50% | 0.59% |
| AMZNAmazon.Com Inc | 3.61% | 4.08% | 0.47% |
| GOOGLAlphabet A Usd 0.001 | 2.95% | 3.33% | 0.38% |
| AVGOBroadcom Inc | 2.61% | 2.97% | 0.36% |
| GOOGAlphabet Inc | 2.39% | 2.67% | 0.28% |
| METAMeta Platforms, Inc. | 1.73% | 1.94% | 0.21% |
| MUMicron Technology, Inc. | 1.35% | 1.51% | 0.16% |
| JPMJpmorgan Chase & Co. | 1.28% | 1.44% | 0.16% |
99.3% of SPY is already inside IWV.
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, IWV or SPY?
IWV has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, IWV or SPY?
Over the past year IWV returned +16.88% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (26 years), IWV annualized +7.16% vs +7.03% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IWV or SPY?
IWV has been the more volatile fund at 15.6% annualized versus 15.1% for SPY. Worst drawdown: IWV -56.7% vs SPY -56.5%.
Should I hold both IWV and SPY?
IWV and SPY have a monthly-return correlation of 0.99, 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 IWV and SPY?
99.3% of SPY's money is in holdings IWV also owns. 99.3% of SPY's is in holdings IWV also owns. They hold 496 positions in common, counted across the 2,574 positions we hold weights for in IWV and 504 in SPY.
Which pays a higher dividend, IWV or SPY?
IWV yields 0.85% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than IWV?
SPY has a lower expense ratio. IWV led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.99. IWV is less concentrated, with 33.5% 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.