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ETF Comparison

IWY vs VOO: Mega-Cap Growth, or Broad Large Caps?

A head-to-head of iShares Russell Top 200 Growth and Vanguard's S&P 500 ETF covering style tilt, cost, and what holding both already shares.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • IWYInvestors who want a growth tilt and can accept bigger swings for higher upside.
  • VOOInvestors who want higher current income (1.04% vs 0.31% for IWY).

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

IWY has lagged VOO over the trailing twelve months, posting a 8.83% total return against 16.19%. The picture flips over 10 years, though — IWY has compounded at 19.16% a year, ahead of VOO at 15.39%. VOO has been the steadier holding, though — annualized volatility of 14.9% against 19.8% for IWY. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Sep 2010Volatility Sharpe Sortino Max drawdown
IWY7.21%8.83%24.39%14.53%19.16%17.69%19.8%0.881.27-23.2%
VOO12.52%16.19%22.89%13.48%15.39%14.87%14.9%1.091.58-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Sep 2010” measures every fund from September 9, 2010 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricIWYVOO
Full nameiShares Russell Top 200 Growth ETFVanguard S&P 500 ETF
IssueriSharesVanguard
Underlying indexRussell Top 200 Growth IndexS&P 500 Index
Last Close$294.91 as of September 30, 2026$700.86 as of September 30, 2026
Distribution rate0.31%1.04%
Trailing 12-month yield0.33%1.06%
Distribution Safety Score™ 91100
Safety-Adjusted Yield 0.28%1.04%
Expense ratio0.20%0.03%
AUM$16.3B$1041B
Distribution frequencyQuarterlyQuarterly
ObjectiveSeeks to track the investment results of the Russell Top 200 Growth Index, composed of large-capitalization U.S. equities that exhibit growth characteristics.Track the performance of the S&P 500 Index, representing 500 of the largest U.S. companies.
Asset classEquityEquity
Inception date09/22/200909/07/2010
Beta1.21.0
Last dividend$0.231$1.8226 payable today
Ex-dividend date09/15/202609/28/2026

Bottom lineChoose IWY if you want a growth tilt and can accept bigger swings for higher upside. Choose VOO if you want higher current income (1.04% vs 0.31% for IWY).

IWY vs VOO: mega-cap growth or the S&P 500?

IWY is Russell Top 200 growth. VOO is every major sector at S&P 500 weights. Holding both doubles mega-cap growth already inside VOO.

IWYVOO
IndexRussell Top 200 Growth IndexS&P 500 Index
Expense ratio0.20%0.03%
Distribution rate0.31%1.04%
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iShares
ETFs466
Total AUM$4683B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on IWY.

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Vanguard
ETFs116
Total AUM$4677B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.

See our curated list of related YouTube videos on VOO.

See all Vanguard ETFs

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Quick verdict

IWY (iShares Russell Top 200 Growth ETF) and VOO (Vanguard S&P 500 ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

VOO offers the higher yield at 1.04% vs 0.31% for IWY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

VOO is cheaper with an expense ratio of 0.03% compared to 0.20%.

They have different reference exposures: IWY is linked to Russell Top 200 Growth Index while VOO is linked to S&P 500 Index, which means their performance drivers differ.

VOO is the larger fund by assets ($1041B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, IWY would generate roughly $7.75 cash per distribution, while VOO would produce $26.00 cash per distribution, at current distribution rates. Both pay quarterly distributions.

IWY yield0.31%
VOO yield1.04%
Cash diff on $10K$18.25

Cost & efficiency

Over 10 years on $10,000, IWY would cost approximately $200 in fees vs $30 for VOO (simplified, not compounded). The $170.00 difference may be offset by yield or performance.

IWY ER0.20%
VOO ER0.03%

Strategy & risk

IWY tracks Russell Top 200 Growth Index with a large cap approach, while VOO tracks S&P 500 Index with a large cap approach. Beta is 1.2 for IWY and 1.0 for VOO, making VOO the less volatile of the two by this measure.

IWY beta1.2
VOO beta1.0

Fund details

IWY is managed by iShares (launched 09/22/2009) with $16.3B in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1041B in assets.

IWY AUM$16.3B
VOO AUM$1041B
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Frequently asked questions

What is the difference between IWY and VOO?

IWY (iShares Russell Top 200 Growth ETF) tracks Russell Top 200 Growth Index — mega-cap growth. VOO (Vanguard S&P 500 ETF) tracks S&P 500 Index across every major sector. Cost is 0.20% versus 0.03%; distributions are 0.31% and 1.04% as of September 2026. Holding both doubles the growth names already inside VOO.

What is the current distribution rate for IWY and VOO?

IWY currently distributes 0.31% and VOO 1.04%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is IWY or VOO better for dividend income?

It depends on your goals. VOO currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both IWY and VOO?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is IWY or VOO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — VOO scores 100, IWY scores 91, so VOO's payout currently looks the more resilient of the two. VOO has also shown lower price volatility (beta 1.00 vs 1.20 for IWY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, IWY or VOO?

IWY has an expense ratio of 0.20% while VOO charges 0.03%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in IWY vs VOO generate?

At current rates, $10,000 in IWY would generate roughly $7.75 cash per distribution ($31.00 annually). The same in VOO would produce about $26.00 cash per distribution ($104.00 annually).

Which has performed better historically, IWY or VOO?

IWY has lagged VOO over the trailing twelve months, posting a 8.83% total return against 16.19%. The picture flips over 10 years, though — IWY has compounded at 19.16% a year, ahead of VOO at 15.39%. VOO has been the steadier holding, though — annualized volatility of 14.9% against 19.8% for IWY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

IWY vs VOO — at a glance

Generated September 26, 2026.

Overview

IWY and VOO are both large-cap U.S. companies across all styles. The key distinction is that IWY applies a growth filter to its universe, whereas VOO holds a market-cap-weighted blend of growth and value.

How they differ

IWY's growth tilt is its defining structural difference. The Russell Top 200 Growth Index selects growth-oriented stocks from the Russell 200, while the S&P 500 includes both growth and value names without style screening. That design choice cascades into three observable gaps: IWY has higher beta (1.2 vs. 1.0), reflecting greater sensitivity to market movements, and a lower distribution rate (0.31% vs. 1.04%), since growth stocks typically reinvest earnings rather than pay dividends.

Who each is best for

IWY: Fits investors seeking concentrated exposure to large-cap growth equities with above-average price appreciation potential, who accept higher volatility and lower current income in exchange for a tighter growth-stock filter.

VOO: Designed for investors building a core U.S. equity allocation who prefer broad market exposure, lower turnover, minimal fees, and higher current yield—treating the U.S. large-cap market as a diversified holding rather than a style bet.

Key risks to know

  • Growth cyclicality and sector concentration. IWY's growth tilt means concentrated exposure to sectors and characteristics that outperform during economic expansion but underperform during slowdowns or rising-rate environments.
  • Beta amplification. IWY's 1.2 beta means larger drawdowns in down markets and larger gains in up markets compared to VOO's 1.0 beta. Over a full market cycle, this asymmetry can lead to sequence-of-returns risk.
  • Valuation reversion risk for growth. The Russell Top 200 Growth Index selects stocks based on valuation metrics that shift over time; periods of mean reversion in growth-stock valuations can pressure IWY's relative performance.
  • Index overlap and overlap drift. While both track large-cap U.S. benchmarks, their constituent lists differ meaningfully. Holdings may migrate between growth and blend categorizations as corporate earnings and valuations change.

Bottom line

If you prioritize a single, low-cost core U.S. equity holding with broad diversification and higher yield, VOO's ultra-low fees and massive liquidity stand out. If you want explicit growth exposure and accept higher volatility and lower income distributions, IWY offers a cleaner growth tilt. Both are liquid, low-cost index funds; the choice depends on whether you're building a diversified market portfolio or tilting toward growth equities. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

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These comparisons follow the Dividend Vision methodology.