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IWM vs SPY: Performance & Backtest Comparison
IWM delivered the higher return - 8.60% CAGR vs 8.31% - over 2000-06-30 → 2026-07-31.
Growth comparison
Drawdown
Annual returns
| IWM | SPY | |
|---|---|---|
| Name | iShares Russell 2000 Index Fund | State Street SPDR S&P 500 ETF Trust |
| CAGR | 8.60% | 8.31% |
| Total return | 766.05% | 706.95% |
| Volatility | 20.03% | 15.13% |
| Max drawdown | -52.47%Feb 2009 | -50.78%Feb 2009 |
| Sharpe | 0.42 | 0.48 |
| Sortino | 0.62 | 0.67 |
| Best year | 47.90% | 32.31% |
| Worst year | -34.14% | -36.79% |
| Final balance | $86,605 | $80,695 |
Correlation of monthly returns: 0.87. Wondering if you need both? Check their fund overlap →
All figures are total returns: every dividend and distribution is reinvested on its ex-date, and prices are split-adjusted. See the methodology.
Frequently asked questions
Which has performed better, IWM or SPY?
Over 2000-06-30 to 2026-07-31, IWM performed better: 8.60% annualized versus 8.31% for SPY, with dividends reinvested. Past performance does not guarantee future results.
How similar are IWM and SPY?
Their monthly returns have a correlation of 0.87 over the common period. IWM is iShares Russell 2000 Index Fund; SPY is State Street SPDR S&P 500 ETF Trust.
Which is riskier, IWM or SPY?
Over the common period IWM had 20.03% annualized volatility and a -52.47% max drawdown, versus 15.13% and -50.78% for SPY.