IWX vs SPY
iShares Russell Top 200 Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. IWX delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IWX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.09% | |
| AUM | $4.0B | $821.1B | |
| Dividend Yield | 1.40% | 1.01% | |
| Holdings | 156 | 505 | |
| YTD Return | +22.25% | +12.68% | |
| 1Y Return | +33.19% | +21.82% | |
| 3Y Return (annualized) | +21.10% | +21.98% | |
| 5Y Return (annualized) | +12.69% | +12.89% | |
| Volatility (annualized) | 13.9% | 15.3% | |
| Max Drawdown | -35.8% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 22, 2009 | Jan 22, 1993 |
IWX vs SPY Performance
iShares Russell Top 200 Value ETF (IWX) 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 IWX returned +33.19% while SPY returned +21.82%. Year to date, IWX is up 22.25% versus a gain of 12.68% for SPY.
Over three years, IWX compounded at +21.10% per year against +21.98% for SPY; over five years the annualized figures are +12.69% and +12.89% respectively. Across the full 17-year window we track, IWX has the edge at +9.99% annualized vs +8.81%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.9% 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 -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 0.92. 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 1.40% against 1.01% for SPY.
Holdings Overlap
IWX and SPY share 143 holdings out of 514 unique holdings combined, representing a 48.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $11 per year of difference.
Which performed better, IWX or SPY?
Over the past year IWX returned +33.19% vs +21.82% for SPY, so IWX leads on 1-year performance. Over the longest common window we track (17 years), IWX annualized +9.99% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, IWX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.9% for IWX. Worst drawdown: IWX -35.8% vs SPY -56.5%.
Should I hold both IWX and SPY?
IWX and SPY have a monthly-return correlation of 0.92, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between IWX and SPY?
IWX and SPY share 143 common holdings with a 48.6% weight overlap. Combined, they hold 514 unique securities.
Which pays a higher dividend, IWX or SPY?
IWX yields 1.40% while SPY yields 1.01%, so IWX currently pays the higher dividend yield.
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