IWX vs SPY
iShares Russell Top 200 Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IWX or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. IWX led over 1Y and 5Y, SPY over 3Y and the full window. The two have moved almost in lockstep, correlation 0.92. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.1%.
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 | IWX | SPY |
|---|---|---|
| Expense Ratio | 0.20% | 0.09%Best |
| AUM | $4.0B | $804.7B |
| Dividend Yield | 1.36% | 0.98% |
| Holdings | 156 | 505 |
| YTD Return | +22.43%Best | +12.47% |
| 1Y Return | +30.26%Best | +17.51% |
| 3Y Return (annualized) | +20.52% | +21.18%Best |
| 5Y Return (annualized) | +12.96%Best | +12.88% |
| Volatility (annualized) | 13.8%Best | 14.4% |
| Max Drawdown | -35.8% | -34.1%Best |
| $10,000 over 5 years | $18,392Best | $18,327 |
| Top 10 Weight | 40.1% | 38.0%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Sep 22, 2009 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 28, 2009 to Sep 11, 2026 (17 years).
IWX 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 17 years both funds cover.
IWX vs SPY Performance
iShares Russell Top 200 Value ETF (IWX) 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 IWX returned +30.26% while SPY returned +17.51%. Year to date, IWX is up 22.43% versus a gain of 12.47% for SPY.
Over three years, IWX compounded at +20.52% per year against +21.18% for SPY; over five years the annualized figures are +12.96% and +12.88% respectively. Across the full 17-year window we track, SPY has the edge at +12.83% annualized vs +9.97%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 13.8% for IWX. 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 -35.8% for IWX and -34.1% 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
IWX 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, IWX currently yields 1.36% against 0.98% for SPY.
Holdings Overlap
99.2% of IWX's money is in holdings SPY also owns. 52.1% of SPY's money is in holdings IWX also owns.
Most of IWX is already inside SPY. Owning both mostly buys the same companies twice.
146 positions in common, counted across the 153 positions we hold weights for in IWX and 504 in SPY, against full books of 156 and 505.
What only one of them owns
Our book lists 349 positions for SPY that do not appear in our book for IWX (47.5% of the fund), and 6 for IWX that do not appear in SPY (0.7%).
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 IWX | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 7.55% | 6.83% | 0.72% |
| AMZNAmazon.Com Inc | 9.09% | 4.08% | 5.01% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.74% | 5.50% | 1.24% |
| BRK.BBerkshire Hathaway B | 3.55% | 1.42% | 2.13% |
| JPMJpmorgan Chase & Co. | 3.52% | 1.44% | 2.08% |
| XOMExxon Mobil Corp. | 2.36% | 0.96% | 1.40% |
| JNJJohnson & Johnson | 2.26% | 0.92% | 1.34% |
| METAMeta Platforms, Inc. | 0.87% | 1.94% | 1.07% |
| CSCOCisco Systems Inc. - Ordinary Shares | 1.77% | 0.72% | 1.05% |
| WMTWalmart, Inc. | 1.65% | 0.73% | 0.92% |
99.2% of IWX 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, IWX or SPY?
IWX 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, IWX or SPY?
Over the past year IWX returned +30.26% vs +17.51% for SPY, so IWX leads on 1-year performance. Over the longest common window we track (17 years), IWX annualized +9.97% vs +12.83% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IWX or SPY?
SPY has been the more volatile fund at 14.4% annualized versus 13.8% for IWX. Worst drawdown: IWX -35.8% vs SPY -34.1%.
Should I hold both IWX and SPY?
IWX 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 IWX and SPY?
99.2% of IWX's money is in holdings SPY also owns. 52.1% of SPY's is in holdings IWX also owns. They hold 146 positions in common, counted across the 153 positions we hold weights for in IWX and 504 in SPY.
Which pays a higher dividend, IWX or SPY?
IWX yields 1.36% while SPY yields 0.98%, so IWX currently pays the higher dividend yield.
Is SPY better than IWX?
SPY has a lower expense ratio. IWX led over 1Y and 5Y, SPY over 3Y and the full window. The two have moved almost in lockstep, correlation 0.92. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.