IWS vs SPY
IWS vs SPY
iShares Russell Mid-cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. IWS delivered stronger 1-year returns. IWS offers more diversification with 698 holdings.
Side-by-Side Comparison
| Metric | IWS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.23% | 0.09% | |
| AUM | $15.6B | $789.1B | |
| Dividend Yield | 1.32% | 1.01% | |
| Holdings | 724 | 505 | |
| YTD Return | +19.08% | +11.49% | |
| 1Y Return | +26.26% | +21.37% | |
| 3Y Return (annualized) | +16.41% | +20.76% | |
| 5Y Return (annualized) | +9.57% | +12.94% | |
| Volatility (annualized) | 17.1% | 15.3% | |
| Max Drawdown | -63.9% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 17, 2001 | Jan 22, 1993 |
IWS vs SPY Performance
iShares Russell Mid-cap Value ETF (IWS) 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 IWS returned +26.26% while SPY returned +21.37%. Year to date, IWS is up 19.08% versus a gain of 11.49% for SPY.
Over three years, IWS compounded at +16.41% per year against +20.76% for SPY; over five years the annualized figures are +9.57% and +12.94% respectively. Across the full 25-year window we track, SPY has the edge at +8.78% annualized vs +8.23%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IWS has been the more volatile fund, with annualized monthly volatility of 17.1% 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 -63.9% for IWS 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
IWS charges 0.23% per year while SPY charges 0.09%. On a $10,000 position that is $23 vs $9 annually, a gap of $14 per year that compounds over a long holding period. On income, IWS currently yields 1.32% against 1.01% for SPY.
Holdings Overlap
IWS and SPY share 273 holdings out of 928 unique holdings combined, representing a 11.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in IWS | Weight in SPY | Difference |
|---|---|---|---|
| PSX | 0.65% | 0.11% | 0.54% |
| ALL | 0.62% | 0.10% | 0.52% |
| WBD | 0.61% | 0.10% | 0.51% |
| DLR | Pro | Pro | Pro |
| KMI | Pro | Pro | Pro |
| O | Pro | Pro | Pro |
| HPE | Pro | Pro | Pro |
| CTVA | Pro | Pro | Pro |
| DAL | Pro | Pro | Pro |
| OKE | Pro | Pro | Pro |
See all 10 holdings IWS 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, IWS or SPY?
IWS has an expense ratio of 0.23% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $14 per year of difference.
Which performed better, IWS or SPY?
Over the past year IWS returned +26.26% vs +21.37% for SPY, so IWS leads on 1-year performance. Over the longest common window we track (25 years), IWS annualized +8.23% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, IWS or SPY?
IWS has been the more volatile fund at 17.1% annualized versus 15.3% for SPY. Worst drawdown: IWS -63.9% vs SPY -56.5%.
Should I hold both IWS and SPY?
IWS 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 IWS and SPY?
IWS and SPY share 273 common holdings with a 11.5% weight overlap. Combined, they hold 928 unique securities.
Which pays a higher dividend, IWS or SPY?
IWS yields 1.32% while SPY yields 1.01%, so IWS currently pays the higher dividend yield.
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