IWL vs SPY
IWL vs SPY
iShares Russell Top 200 ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | IWL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $2.2B | $789.1B | |
| Dividend Yield | 0.85% | 1.01% | |
| Holdings | 205 | 505 | |
| YTD Return | +12.77% | +13.79% | |
| 1Y Return | +23.11% | +23.66% | |
| 3Y Return (annualized) | +22.41% | +21.40% | |
| 5Y Return (annualized) | +13.88% | +13.37% | |
| Volatility (annualized) | 14.2% | 15.3% | |
| Max Drawdown | -32.7% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 22, 2009 | Jan 22, 1993 |
IWL vs SPY Performance
iShares Russell Top 200 ETF (IWL) 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 IWL returned +23.11% while SPY returned +23.66%. Year to date, IWL is up 12.77% versus a gain of 13.79% for SPY.
Over three years, IWL compounded at +22.41% per year against +21.40% for SPY; over five years the annualized figures are +13.88% and +13.37% respectively. Across the full 17-year window we track, IWL has the edge at +13.28% annualized vs +8.85%. 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 14.2% for IWL. 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 IWL 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IWL 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, IWL currently yields 0.85% against 1.01% for SPY.
Holdings Overlap
IWL and SPY share 188 holdings out of 517 unique holdings combined, representing a 84.0% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in IWL | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 8.16% | 7.31% | 0.85% |
| AAPL | 8.09% | 7.09% | 1.00% |
| MSFT | 5.14% | 4.43% | 0.71% |
| 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 IWL 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, IWL or SPY?
IWL 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, IWL or SPY?
Over the past year IWL returned +23.11% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), IWL annualized +13.28% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, IWL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.2% for IWL. Worst drawdown: IWL -32.7% vs SPY -56.5%.
Should I hold both IWL and SPY?
IWL and SPY have a monthly-return correlation of 0.99, 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 IWL and SPY?
IWL and SPY share 188 common holdings with a 84.0% weight overlap. Combined, they hold 517 unique securities.
Which pays a higher dividend, IWL or SPY?
IWL yields 0.85% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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