IWM vs SPY: which ETF is right for you?
iShares Russell 2000 ETF (IWM) and State Street SPDR S&P 500 ETF Trust (SPY) compared on cost, size, returns, holdings and sector mix.
Expense ratio gap: 0.095% vs 0.19%
The iShares Russell 2000 ETF has a higher expense ratio of 0.19% compared to 0.095% for the SPDR S&P 500 ETF. This means that IWM costs more to invest in each year. Both ETFs have different focuses and risk profiles.
- IWM has $75.49 billion in assets; SPY has $796.87 billion.
- IWM's expense ratio is 0.19%; SPY's is 0.095%.
- IWM's one-year return is 14.66%; SPY's is 12.01%.
- IWM's top sector is Healthcare at 21.0%; SPY's is Technology at 38.2%.
may suit investors looking for exposure to smaller companies.
may suit investors preferring established large-cap companies.
Summary written from the figures below by an AI model. Past returns do not predict future results; this is educational, not advice.
Side-by-side
IWM iShares Russell 2000 ETF | SPY State Street SPDR S&P 500 ETF Trust | |
|---|---|---|
| Expense ratio | 0.190% | 0.095%● |
| Fund size (assets) | $75.5B | $796.9B● |
| Dividend yield | 0.98% | 1.00%● |
| Return YTD | 14.26%● | 11.69% |
| Return 1 year | 14.66%● | 12.01% |
| 3 years (annualised) | 20.61% | 23.26%● |
| 5 years (annualised) | 5.46% | 11.96%● |
| 10 years (annualised) | 10.34% | 15.34%● |
| Volatility (5y std dev) | 20.8% | 15.4%● |
| Beta vs market (5y) | 1.16● | 0.98 |
| Issuer | iShares | State Street Investment Management |
| Launched | 2000-05-22 | 1993-01-22 |
● marks the best value in a row (lowest cost or volatility, highest return, yield or size). Returns as of 2026-11-05; past performance does not predict future results.
What the fees cost you
A simple illustration: the same $0M growing at an assumed 7% a year before fees. Only the expense ratios differ. This is not a forecast.
Top holdings and overlap
- GKOSGlaukos Corp0.5%
- BTSGBrightSpring Health Services Inc0.4%
- FROGJFrog Ltd Ordinary Shares0.3%
- TWSTTwist Bioscience Corp0.3%
- MOG-AMoog Inc Class A0.3%
- UMBFUMB Financial Corp0.3%
- VSATViasat Inc0.3%
- SMSM Energy Co0.3%
- EATBrinker International Inc0.3%
- RHPRyman Hospitality Properties Inc0.3%
- AAPLApple Inc7.7%
- NVDANVIDIA Corp7.6%
- MSFTMicrosoft Corp5.9%
- AMZNAmazon.com Inc3.6%
- GOOGLAlphabet Inc Class A2.5%
- AVGOBroadcom Inc2.4%
- METAMeta Platforms Inc Class A2.1%
- GOOGAlphabet Inc Class C2.0%
- LLYEli Lilly and Co1.7%
- TSLATesla Inc1.7%
Sector mix
- Healthcare21.0%
- Financial Services18.2%
- Technology14.0%
- Industrials12.7%
- Consumer Cyclical9.1%
- Energy6.8%
- Technology38.2%
- Financial Services12.0%
- Healthcare10.3%
- Consumer Cyclical9.2%
- Communication Services8.4%
- Industrials7.6%
Common questions
Which has lower fees, IWM or SPY?
SPY has the lower expense ratio at 0.095% a year, against 0.190% for IWM. On $10,000 that is about $10 a year in fees.
Which is bigger, IWM or SPY?
SPY manages about $796.9 billion in assets, compared with $75.5 billion for IWM.
Do IWM and SPY hold the same stocks?
Their top holdings differ, so the two funds are exposed to different parts of the market. Compare the holdings and sector tables above.
Compare any ETFs
Pick up to four funds and see fees, overlap and the cost of fees over time.
Open the compare toolFund data comes from public fund filings and market data and is refreshed daily; returns are total returns and past performance does not predict future results. This page is educational and is not investment advice. Check the fund's official documents before investing.