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IWL vs SPY: Differences, Returns & Fees

IWL and SPY hold 87% of their weight in the same names. Net assets: $2.3bn on Oct 9, 2026 for iShares Russell Top 200 ETF, and $817.2bn on Oct 8, 2026 for SPDR S&P 500 ETF Trust.

SPY costs 0.06 points a year less; their one-year returns differ by 0.5 points; SPY is far larger, $817.2bn against $2.3bn.

IWL vs SPY: Differences, Returns & Fees
IWLSPY
Expense ratio0.15%0.09%
Net assets, as of Oct 8, 2026$2.3bn$817.2bn
Total return, 1 year+16.8%+17.3%
What it tracksRussell Top 200 IndexS&P 500 Index
Holdings in common87%
Top ten holdings, share of the fund44.6%39.1%

Holdings in common uses holdings dated Oct 8, 2026 and Oct 9, 2026.

+16.8%
IWL total return, 1 year
+17.3%
SPY total return, 1 year
0.15%
IWL expense ratio
0.09%
SPY expense ratio

What they hold in common

By the books each fund has filed, IWL and SPY hold 87% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 8, 2026 and Oct 9, 2026.

half

87% in common

Positions both hold, largest shared weight first
Holding IWL SPY
NVIDIA 9.18% 8.34%
APPLE 8.35% 7.42%
MICROSOFT 6.82% 5.80%
AMAZON.COM INC 4.37% 3.73%
ALPHABET CLASS A 3.52% 3.06%
BROADCOM INC 2.89% 2.56%
ALPHABET CLASS C 2.84% 2.45%
META PLATFORMS CLASS A 2.71% 2.38%
MICRON TECHNOLOGY 1.99% 1.75%
TESLA INC 1.92% 1.58%
ADVANCED MICRO DEVICES 1.70% 1.51%
BERKSHIRE HATHAWAY INC CLASS B 1.65% 1.42%
Only in IWL
SPACE EXPLORATION TECHNOLOGIES COR 0.17%
SPOTIFY TECHNOLOGY 0.14%
NU HOLDINGS CLASS A 0.10%
STRATEGY INC CLASS A 0.09%
BROOKFIELD ASSET MANAGEMENT VOTING 0.03%
SOUTHERN COPPER CORP 0.03%
MOBILITY GLOBAL INC 0.01%
S&P500 EMINI DEC 26 0.00%
Only in SPY
SEAGATE TECHNOLOGY HOLDINGS 0.26%
MARATHON PETROLEUM CORP 0.19%
PHILLIPS 66 0.17%
HEWLETT PACKARD ENTERPRISE 0.14%
LUMENTUM HOLDINGS INC 0.14%
DATADOG INC CLASS A 0.14%
ROBINHOOD MARKETS INC A 0.13%
MODERNA INC 0.11%

Check overlap with more funds →

On the same fields

IWL
iShares Russell Top 200 ETF
SPY
SPDR S&P 500 ETF Trust
Where it sits Stock ETF Stock ETF
Issuer iShares State Street
What it is Tracks an index Tracks the S&P 500
Total return, 1 year +16.8% +17.3%
Its benchmark over the same days not published +17.3% (VOO)
Gap to its benchmark not available −0.1 pts vs VOO
Expense ratio 0.15% 0.09%
Already in the S&P 500 99.2% 99.8%
Holdings 202 504
Net assets, IWL as of Oct 9, 2026 and SPY as of Oct 8, 2026 $2.3bn $817.2bn

IWL and SPY on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About IWL

IWL tracks an index. Over the year to Oct 9, 2026 it returned +16.8% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 9, 2026, 99% of the fund by weight is stocks the S&P 500 also holds, across 202 positions, with the top ten at 44.6%.

About SPY

SPY tracks the S&P 500. Over the year to Oct 9, 2026 it returned +17.3% with distributions reinvested, against +17.3% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 8, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 39.1%.

Questions people ask

Which returned more over the last year, IWL or SPY?
In the year to Oct 9, 2026, with distributions reinvested, IWL returned +16.8% and SPY +17.3%.
Which is cheaper, IWL or SPY?
SPY is cheaper, by 0.06 percentage points a year. That is about $6 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do IWL and SPY overlap with the S&P 500?
By their latest filed holdings, 99% of IWL and 100% of SPY by weight is stocks the S&P 500 already holds.
Other comparisons
IWL vs VTIIWL vs VOOIWL vs SCHXIVV vs IWLSFLR vs SPYDFSU vs SPYQDF vs SPYSPY vs TILT
IWL on its own →SPY on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
IWL filings on SEC EDGAR ↗IWL prospectus with the expense ratio (SEC) ↗iShares page for IWL ↗SPY filings on SEC EDGAR ↗State Street website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. 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.

Cite this pageCitation, APA and Markdown

ETFIQ, IWL against SPY, data as of Oct 9, 2026. https://etfiq.com/compare/any/iwl-vs-spy

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.