IWR vs SPY
IWR vs SPY
iShares Russell Mid-Cap ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. IWR offers more diversification with 798 holdings.
Side-by-Side Comparison
| Metric | IWR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $56.1B | $789.1B | |
| Dividend Yield | 1.15% | 1.01% | |
| Holdings | 831 | 505 | |
| YTD Return | +15.46% | +13.10% | |
| 1Y Return | +21.41% | +22.80% | |
| 3Y Return (annualized) | +15.98% | +20.98% | |
| 5Y Return (annualized) | +8.28% | +13.20% | |
| Volatility (annualized) | 17.0% | 15.3% | |
| Max Drawdown | -59.7% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 17, 2001 | Jan 22, 1993 |
IWR vs SPY Performance
iShares Russell Mid-Cap ETF (IWR) 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 IWR returned +21.41% while SPY returned +22.80%. Year to date, IWR is up 15.46% versus a gain of 13.10% for SPY.
Over three years, IWR compounded at +15.98% per year against +20.98% for SPY; over five years the annualized figures are +8.28% and +13.20% respectively. Across the full 25-year window we track, SPY has the edge at +8.83% annualized vs +8.73%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IWR has been the more volatile fund, with annualized monthly volatility of 17.0% 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 -59.7% for IWR 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 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IWR charges 0.18% per year while SPY charges 0.09%. On a $10,000 position that is $18 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, IWR currently yields 1.15% against 1.01% for SPY.
Holdings Overlap
IWR and SPY share 296 holdings out of 1005 unique holdings combined, representing a 13.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in IWR | Weight in SPY | Difference |
|---|---|---|---|
| HOOD | 0.65% | 0.14% | 0.51% |
| DDOG | 0.60% | 0.13% | 0.47% |
| MPC | 0.57% | 0.12% | 0.45% |
| SPG | Pro | Pro | Pro |
| RCL | Pro | Pro | Pro |
| PSX | Pro | Pro | Pro |
| URI | Pro | Pro | Pro |
| ALL | Pro | Pro | Pro |
| WBD | Pro | Pro | Pro |
| FIX | Pro | Pro | Pro |
See all 10 holdings IWR 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, IWR or SPY?
IWR has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, IWR or SPY?
Over the past year IWR returned +21.41% vs +22.80% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (25 years), IWR annualized +8.73% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, IWR or SPY?
IWR has been the more volatile fund at 17.0% annualized versus 15.3% for SPY. Worst drawdown: IWR -59.7% vs SPY -56.5%.
Should I hold both IWR and SPY?
IWR and SPY have a monthly-return correlation of 0.94, 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 IWR and SPY?
IWR and SPY share 296 common holdings with a 13.1% weight overlap. Combined, they hold 1005 unique securities.
Which pays a higher dividend, IWR or SPY?
IWR yields 1.15% while SPY yields 1.01%, so IWR currently pays the higher dividend yield.
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