IWB vs SPY
IWB vs SPY
iShares Russell 1000 ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. IWB offers more diversification with 884 holdings.
Side-by-Side Comparison
| Metric | IWB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $47.8B | $789.1B | |
| Dividend Yield | 0.92% | 1.01% | |
| Holdings | 1,029 | 505 | |
| YTD Return | +13.28% | +13.50% | |
| 1Y Return | +23.01% | +23.56% | |
| 3Y Return (annualized) | +20.84% | +21.17% | |
| 5Y Return (annualized) | +12.68% | +13.46% | |
| Volatility (annualized) | 15.3% | 15.3% | |
| Max Drawdown | -56.4% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 15, 2000 | Jan 22, 1993 |
IWB vs SPY Performance
iShares Russell 1000 ETF (IWB) 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 IWB returned +23.01% while SPY returned +23.56%. Year to date, IWB is up 13.28% versus a gain of 13.50% for SPY.
Over three years, IWB compounded at +20.84% per year against +21.17% for SPY; over five years the annualized figures are +12.68% and +13.46% respectively. Across the full 26-year window we track, SPY has the edge at +8.85% annualized vs +7.13%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IWB has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.3% 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 -56.4% for IWB 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IWB charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, IWB currently yields 0.92% against 1.01% for SPY.
Holdings Overlap
IWB and SPY share 480 holdings out of 907 unique holdings combined, representing a 89.7% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in IWB | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 6.54% | 7.31% | 0.77% |
| AAPL | 6.48% | 7.09% | 0.61% |
| MSFT | 4.12% | 4.43% | 0.31% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
See all 10 holdings IWB shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, IWB or SPY?
IWB has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, IWB or SPY?
Over the past year IWB returned +23.01% vs +23.56% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (26 years), IWB annualized +7.13% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, IWB or SPY?
IWB has been the more volatile fund at 15.3% annualized versus 15.3% for SPY. Worst drawdown: IWB -56.4% vs SPY -56.5%.
Should I hold both IWB and SPY?
IWB and SPY have a monthly-return correlation of 1.00, 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 IWB and SPY?
IWB and SPY share 480 common holdings with a 89.7% weight overlap. Combined, they hold 907 unique securities.
Which pays a higher dividend, IWB or SPY?
IWB yields 0.92% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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