Data as of Oct 28, 2026.
FPX vs IWP: Differences, Returns & Fees
Over the year to Oct 28, 2026, FPX returned +2.9% to IWP's −4.9%; 7% of their weight is in the same names.
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Net assets on Oct 27, 2026: $1.4bn for First Trust US Equity Opportunities ETF and $19.1bn for iShares Russell Mid-Cap Growth ETF.
Pair scorecard
IWP costs 0.34 points a year less; their one-year returns differ by 7.8 points; IWP is 13.6 times larger.
| Measure | FPX | IWP |
|---|---|---|
| Return | ||
| Total return, 1 year | +2.9% | −4.9% |
| Drawdown | ||
| Below its high | 15.9%, high on Jun 30, 2026 | 7.6%, high on Aug 17, 2026 |
| Benchmark | ||
| What it tracks | IPOX -100 U.S. Index | Russell Midcap Growth Index |
| Cost and size | ||
| Expense ratio | 0.57% | 0.23% |
| Net assets, as of Oct 27, 2026 | $1.4bn | $19.1bn |
| Holdings | ||
| Holdings in common | 7% | |
| Top ten holdings, share of the fund | 46.4% | 22.2% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Jun 2, 2006 to Oct 23, 2026 · 1,064 weekly returnsEach against its own benchmark: FPX against IVV, Jun 2, 2006 to Oct 23, 2026; IWP against IWV, Aug 10, 2001 to Oct 23, 2026.
FPX returned more: +899.9% to +536.0%. IWP swung slightly less: 21.3% to 22.7%. FPX and IWP fell about the same at their worst: −55.6% and −56.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FPX | IWP | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +899.9% | +536.0% | FPX | Price change plus distributions, reinvested. |
| Annualized | +11.9% | +9.5% | FPX | Total return as a yearly rate. |
| Price return | +766.5% | +441.3% | FPX | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 22.7% | 21.3% | IWP (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 16.0% | 14.9% | IWP (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −55.6% | −56.3% | Tie | Deepest fall from a high to the low after it. |
| Upside capture | 122.3% | 117.0% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 108.8% | 107.8% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.13 | 1.13 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.77 | 0.90 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.54 | 0.45 | FPX | Return above Treasury bills per unit of volatility. |
| Sortino | 0.76 | 0.65 | FPX | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.108 | 0.081 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.21 | 0.17 | FPX | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IVV | IWV | The ETF each fund is measured against. | |
| Alpha | +0.4% a year | −0.8% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.17 | −0.63 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −4.3% to +5.1% | −3.4% to +1.7% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.16 | 0.04 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 11.1% | 6.9% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,064 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, FPX and IWP hold 7% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
7% in common
Only in one fund ↓
Side by side
FPX and IWP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FPX and IWP are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FPX follows IPOX -100 U.S. Index and IWP follows Russell Midcap Growth Index.
- Holdings in common. 7% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 FPX returned +2.9% and IWP −4.9% with distributions reinvested, a gap of 7.8 points.
Data as of Oct 28, 2026.
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FPX
FPX tracks an index. Over the year to Oct 28, 2026 it returned +2.9% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.57% a year. By its holdings published by its issuer for Oct 27, 2026, 51% of the fund by weight is stocks the S&P 500 also holds, across 99 positions, with the top ten at 46.4%. It sat 15.9% below its high of Jun 30, 2026 on Oct 28, 2026.
Over the year to Oct 28, 2026 it returned −4.9% with distributions reinvested, against +13.3% for its benchmark, the Russell 3000 Index.
IWP tracks an index. The prospectus expense ratio is 0.23% a year. By its holdings published by its issuer for Oct 27, 2026, 49% of the fund by weight is stocks the S&P 500 also holds, across 274 positions, with the top ten at 22.2%. It sat 7.6% below its high of Aug 17, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, FPX or IWP?
- In the year to Oct 28, 2026, with distributions reinvested, FPX returned +2.9% and IWP −4.9%.
- Which is cheaper, FPX or IWP?
- IWP is cheaper, by 0.34 percentage points a year. That is about $34 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, FPX against IWP, data as of Oct 28, 2026. https://etfiq.com/compare/any/fpx-vs-iwp
ETFIQ. (Oct 28, 2026). FPX against IWP. Retrieved from https://etfiq.com/compare/any/fpx-vs-iwp
[FPX against IWP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/fpx-vs-iwp)
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