IWY vs SPY
iShares Russell Top 200 Growth ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IWY or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. IWY led over 3Y and the full window, SPY over 1Y and 5Y. The two have moved almost in lockstep, correlation 0.94. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 61.9%.
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 | IWY | SPY |
|---|---|---|
| Expense Ratio | 0.20% | 0.09%Best |
| AUM | $15.7B | $804.7B |
| Dividend Yield | 0.35% | 0.98% |
| Holdings | 105 | 505 |
| YTD Return | +3.22% | +11.97%Best |
| 1Y Return | +5.59% | +16.40%Best |
| 3Y Return (annualized) | +21.66%Best | +21.10% |
| 5Y Return (annualized) | +12.79% | +12.88%Best |
| Volatility (annualized) | 16.0% | 14.4%Best |
| Max Drawdown | -32.7%Best | -34.1% |
| $10,000 over 5 years | $18,254 | $18,327Best |
| Top 10 Weight | 61.9% | 37.8%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | 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 14, 2026 (17 years).
IWY 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.
IWY vs SPY Performance
iShares Russell Top 200 Growth ETF (IWY) 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 IWY returned +5.59% while SPY returned +16.40%. Year to date, IWY is up 3.22% versus a gain of 11.97% for SPY.
Over three years, IWY compounded at +21.66% per year against +21.10% for SPY; over five years the annualized figures are +12.79% and +12.88% respectively. Across the full 17-year window we track, IWY has the edge at +15.63% annualized vs +12.80%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IWY has been the more volatile fund, with annualized monthly volatility of 16.0% compared with 14.4% 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 -32.7% for IWY 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 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IWY 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, IWY currently yields 0.35% against 0.98% for SPY.
Holdings Overlap
98.8% of IWY's money is in holdings SPY also owns. 61.9% of SPY's money is in holdings IWY also owns.
Most of IWY is already inside SPY. Owning both mostly buys the same companies twice.
95 positions in common, counted across the 102 positions we hold weights for in IWY and 504 in SPY, against full books of 105 and 505.
What only one of them owns
Our book lists 402 positions for SPY that do not appear in our book for IWY (37.4% of the fund), and 6 for IWY that do not appear in SPY (1.1%).
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 IWY | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 15.83% | 8.01% | 7.82% |
| AAPLApple, Inc | 7.92% | 7.26% | 0.66% |
| MSFTMicrosoft Corp | 6.28% | 5.66% | 0.62% |
| GOOGLAlphabet Inc,class A | 6.13% | 2.99% | 3.14% |
| AVGOBroadcom Inc | 5.60% | 2.66% | 2.94% |
| GOOGAlphabet Inc | 4.94% | 2.39% | 2.55% |
| METAMeta Platforms Inc | 3.78% | 1.93% | 1.85% |
| MUMicron Technology, Inc. | 4.10% | 1.60% | 2.50% |
| TSLATesla Inc | 4.06% | 1.52% | 2.54% |
| LLYEli Lilly & Co. | 3.27% | 1.40% | 1.87% |
98.8% of IWY 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, IWY or SPY?
IWY 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, IWY or SPY?
Over the past year IWY returned +5.59% vs +16.40% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), IWY annualized +15.63% vs +12.80% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IWY or SPY?
IWY has been the more volatile fund at 16.0% annualized versus 14.4% for SPY. Worst drawdown: IWY -32.7% vs SPY -34.1%.
Should I hold both IWY and SPY?
IWY and SPY have a monthly-return correlation of 0.94, 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 IWY and SPY?
98.8% of IWY's money is in holdings SPY also owns. 61.9% of SPY's is in holdings IWY also owns. They hold 95 positions in common, counted across the 102 positions we hold weights for in IWY and 504 in SPY.
Which pays a higher dividend, IWY or SPY?
IWY yields 0.35% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than IWY?
SPY has a lower expense ratio. IWY led over 3Y and the full window, SPY over 1Y and 5Y. The two have moved almost in lockstep, correlation 0.94. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 61.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.