IWP vs SPYG: Grades, Fees and Holdings Compared

iShares Russell Mid-Cap Growth ETF

IWPBNYSE Arca

State Street SPDR Portfolio S&P 500 Growth ETF

SPYGANYSE Arca

Overlap

3.4%by weight

Expense ratio

SPYG −0.19pt a year

IWP0.23%SPYG0.04%

Avg volume · 30D

SPYG 2.9×the volume

IWP778KSPYG2.28M

10Y return · a year

SPYG +5.9pt

IWP+11.6%SPYG+17.5%

IWP vs SPYG Performance

Oct 29, 2021 – Oct 30, 2026

+12.4%IWP+73.4%SPYG

Expense ratio: IWP 0.23%; SPYG 0.04%, better
Fund size: IWP $18.5B; SPYG $55.5B
1Y total return: IWP −7.0%; SPYG +8.3%, better
Yield (12M): IWP 0.40%; SPYG 0.50%, better
Holdings: IWP 275; SPYG 154
Avg volume (30D): IWP 778K sh; SPYG 2.28M sh, better
NAV per share: IWP $131.67; SPYG $119.59
52W range

ETF.net Grade

Pillar letters and Scores for IWP, SPYG, with each pillar’s weight
Pillar	IWP	SPYG
Cost30% weight	D37	A96Higher
Mission25% weight	A96	A98Higher
Risk15% weight	D33	B62Higher
Tradability15% weight	A76	A95Higher
Holdings10% weight	A71Higher	D38
Durability5% weight	B69	A79Higher

Rank among US Growth Index funds

How we build Categories ›

Same Category. IWP and SPYG are both graded against the same 35 US Growth Index funds, so their Grades compare head to head.

US Growth Index⁠

Category · 35 funds

See all 35 ›

SPYG ranks 1st and IWP 16th of 35 funds in the US Growth Index Category.

Rank 1ASPYGState Street SPDR Portfolio S&P 500 Growth ETFScore 84
Rank 2AILCGiShares Morningstar Growth ETFScore 78
Rank 14BVTWGVanguard Russell 2000 Growth ETFScore 66
Rank 16BIWPiShares Russell Mid-Cap Growth ETFScore 61
Rank 16BSTXGStrive 1000 Growth ETFScore 61

Our read on each fund

ETF.net Research

IWPBiShares Russell Mid-Cap Growth ETF

SPYGAState Street SPDR Portfolio S&P 500 Growth ETF

In short

IWP Mid-cap growth, undiluted: about 300 US companies too big to be startups, too small to be mega-caps, screened by Russell for growth traits. Trading since 2001, which makes it one of the elders of the style.

SPYG The growth half of the S&P 500 for 0.04% a year, running since 2000. No exotic screen, no reinvention: just the index's fastest-growing names, in the cheapest wrapper tracking that index.

Stated mandate

IWP The fund seeks to follow an index of U.S. mid-cap stocks selected for growth characteristics, including measures such as growth forecasts and sales growth.

SPYG The fund seeks to track, before fees and expenses, the total return of the S&P 500 Growth Index. It provides exposure to S&P 500 companies selected for strong growth characteristics.

Why people hold it

IWP Does what the label says: follows the Russell MidCap Growth Index closely, holding roughly 300 stocks with no manager guesswork layered on top.
Open since 2001 and now a multi-billion-dollar fund that trades actively, so buying and selling rarely means wrestling with a wide spread.
Fills the gap the giants skip. The cheapest, best-known growth ETFs (VUG, SCHG, SPYG) are large-cap builds; this one stakes out the middle tier of the market.
Distributions land on a quarterly schedule, and the mandate stays entirely in US-listed equities.

SPYG Costs 0.04% a year, well under the typical fee in the US growth-ETF group.
The cheapest way to buy the S&P 500 Growth Index: VOOG follows the same benchmark at 0.07%.
Has tracked its index tightly, one of the strongest implementations among growth funds we grade.
Trading since 2000, now a multi-billion-dollar fund that changes hands actively, so spreads stay thin. Pays quarterly.

Worth knowing

IWP Price of admission: 0.23% a year, above the typical fund in its growth group, and well above large-cap growth rivals that charge a few basis points.
Growth-priced mid-caps are among the choppier corners of the US equity market, and this fund holds them straight, with no value ballast.
One style, one size band. Mid-cap value names and large-cap leaders sit outside the index, so this is a slice, not a core US holding.

SPYG About 150 stocks, not 500. You get the growth slice, which means heavier single-name and sector concentration than the full index.
The index screens on growth and momentum, so rebalances lean into names that have already run and the ride is bumpier than the broad market.
Large-cap US only. No small caps, no international, no bonds.

Full IWP profile⁠

Full SPYG profile⁠

IWP vs SPYG Holdings

How IWP and SPYG differ

Overlap by weight

3.4%

Shared holdings make up 31.7% of IWP and 3.4% of SPYG.

Level by level

Holdings41 in both3.4%
Sector11 Sectors66.3%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in IWP and SPYG, widest gap first
Sector	More in IWPMore in SPYG	IWP	SPYG
Technology	SPYG +19.8 points	33.1%	52.9%
Industrials	IWP +12.0 points	17.6%	5.6%
Communication	SPYG +9.7 points	5.1%	14.8%
Health Care	IWP +7.5 points	14.4%	6.8%
Energy	IWP +5.1 points	5.1%	0.0%
Financials	SPYG +4.2 points	5.0%	9.2%
Consumer Discretionary	IWP +2.9 points	11.2%	8.3%
Utilities	IWP +2.1 points	2.4%	0.3%
Real Estate	IWP +1.7 points	2.3%	0.6%
Materials	IWP +1.4 points	1.7%	0.3%
Consumer Staples	IWP +0.9 points	2.1%	1.2%

Country, concentration and asset class

Country by domicile

Country weights in IWP and SPYG, widest gap first
Country	More in IWPMore in SPYG	IWP	SPYG
United States	SPYG +0.6 points	99.2%	99.8%
Other countries (7)	IWP +0.6 points	0.8%	0.2%

Concentration

Weight in the 10 largest Holdings

IWP21.6%
SPYG58.9%

Securities held

IWP272
SPYG152

Asset class

IWP: Equity
SPYG: Equity

Holdings

Only in IWP231
In both41
Only in SPYG111

Only in IWP

231 securities, 68.1% of IWP by weight

Snowflake3.12%
Cloudflare Class A2.73%
Targa Resources2.04%
Marathon Petroleum2.03%
Cencora1.88%
Natera1.72%
Ww Grainger Inc1.54%
Fastenal1.48%
Microchip Technology Inc1.25%
Chipotle Mexican Grill1.23%
Astera Labs1.21%
Revolution Medicines1.11%
Anglogold Ashanti PLC1.11%
Rocket Lab Corp0.93%
Atlassian Corp Class A0.93%
Keysight Technologies0.91%
Roblox Class A0.83%
Cardinal Health0.82%
Zoetis Inc Class A0.80%
Ares Management Class A0.77%
Darden Restaurants Inc0.77%
Credo Technology Group Holding Ltd0.77%
Mongodb Class A0.76%
Zscaler0.76%
Insmed0.74%
Ati0.68%
Alnylam Pharmaceuticals0.67%
Xpo0.66%
Affirm Holdings Class A0.63%
Guardant Health0.62%
Texas Pacific Land0.59%
Roku Class A0.58%
Ftai Aviation0.58%
Sysco0.57%
Woodward0.55%
Heico Class A0.55%
Coupang Class A0.55%
Coreweave Class A0.52%
Macom Technology Solutions0.49%
Viking Holdings Ltd0.47%
Halozyme Therapeutics0.47%
Toast Class A0.46%
Gartner0.45%
Burlington Stores0.45%
Godaddy Class A0.45%
Medpace Holdings0.45%
Samsara Class A0.45%
Manhattan Associates0.44%
Restaurants Brands International0.43%
Netapp Inc0.42%

Only in SPYG

111 securities, 96.6% of SPYG by weight

NVIDIA Corp14.44%
Microsoft Corp10.99%
Apple Inc7.11%
Alphabet Inc Class A4.65%
Broadcom Inc4.58%
Meta Platforms Inc Class A3.85%
Alphabet Inc Class C3.75%
Amazon.com Inc3.54%
Eli Lilly & Co3.07%
Micron Technology Inc2.95%
Berkshire Hathaway Inc Class B2.82%
Advanced Micro Devices2.58%
Tesla Inc1.97%
JPMorgan Chase & Co1.73%
Palantir Technologies Inc A1.26%
Johnson & Johnson1.09%
Visa Inc Class A Shares1.07%
Mastercard Inc A0.96%
Applied Materials Inc0.93%
Lam Research Corp0.89%
Caterpillar Inc0.83%
Rtx Corp0.75%
Crowdstrike Holdings Inc A0.74%
Netflix Inc0.72%
Ge Vernova Inc0.66%
AbbVie Inc0.66%
Cisco Systems Inc0.63%
Kla Corp0.61%
Amphenol Corp Class A0.57%
Sandisk Corp0.54%
Arista Networks Inc0.54%
Philip Morris International0.51%
Goldman Sachs Group Inc0.49%
Palo Alto Networks Inc0.48%
Amgen Inc0.47%
General Electric0.47%
Welltower Inc0.47%
Intuitive Surgical Inc0.44%
Coca Cola Co/The0.42%
Morgan Stanley0.38%
Uber Technologies Inc0.37%
Intl Business Machines Corp0.35%
Oracle Corp0.35%
Newmont Corp0.33%
American Express Co0.32%
Booking Holdings Inc0.32%
Gilead Sciences Inc0.31%
Seagate Technology Holdings0.28%
Quanta Services Inc0.27%
Vertiv Holdings Co A0.26%

Weight gaps

All 41 Holdings in both funds, largest gap first.

Holding weights in IWP and SPYG, widest gap first
Holding	More in IWPMore in SPYG	IWP	SPYG
Datadog Inc Class ADDOG	IWP +2.10 points	2.35%	0.25%
Simon Property Group Reit IncSPG	IWP +2.04 points	2.12%	0.08%
Lumentum HoldingsLITE	IWP +1.75 points	1.98%	0.23%
AutodeskADSK	IWP +1.52 points	1.60%	0.08%
Robinhood Markets Class AHOOD	IWP +1.45 points	1.65%	0.20%
VistraVST	IWP +1.30 points	1.42%	0.12%
TeradyneTER	IWP +1.23 points	1.31%	0.07%
Comfort Systems UsaFIX	IWP +1.18 points	1.31%	0.13%
Rockwell Automation IncROK	IWP +1.15 points	1.23%	0.08%
Royal Caribbean GroupRCL	IWP +1.11 points	1.33%	0.22%
Take Two Interactive SoftwareTTWO	IWP +1.01 points	1.06%	0.05%
Idexx LaboratoriesIDXX	IWP +0.98 points	1.11%	0.13%
Axon EnterpriseAXON	IWP +0.94 points	1.01%	0.07%
Everpure Inc Class AP	IWP +0.91 points	1.04%	0.13%
Expedia GroupEXPE	IWP +0.90 points	0.99%	0.09%
Dexcom IncDXCM	IWP +0.90 points	0.94%	0.04%
Emcor GroupEME	IWP +0.83 points	0.91%	0.08%
Live Nation EntertainmentLYV	IWP +0.83 points	0.87%	0.04%
JabilJBL	IWP +0.82 points	0.87%	0.05%
TapestryTPR	IWP +0.65 points	0.72%	0.07%
Caseys General Stores IncCASY	IWP +0.61 points	0.68%	0.07%
Nrg Energy IncNRG	IWP +0.56 points	0.59%	0.04%
United RentalsURI	IWP +0.39 points	0.51%	0.12%
Fair IsaacFICO	IWP +0.35 points	0.37%	0.02%
Reddit Class ARDDT	IWP +0.35 points	0.38%	0.03%
Yum BrandsYUM	IWP +0.33 points	0.39%	0.06%
Echostar Class AECHO	IWP +0.31 points	0.35%	0.04%
InsuletPODD	IWP +0.29 points	0.32%	0.03%
Rollins IncROL	IWP +0.28 points	0.31%	0.03%
Las Vegas SandsLVS	IWP +0.27 points	0.30%	0.03%
Ralph Lauren Class ARL	IWP +0.24 points	0.28%	0.04%
EbayEBAY	IWP +0.22 points	0.32%	0.10%
Wynn ResortsWYNN	IWP +0.13 points	0.15%	0.02%
CoherentCOHR	IWP +0.12 points	0.25%	0.13%
Ulta Beauty IncULTA	IWP +0.10 points	0.18%	0.08%
Tko Group Holdings Inc Class ATKO	IWP +0.10 points	0.13%	0.03%
Workday Class AWDAY	IWP +0.04 points	0.09%	0.05%
Twilio Class ATWLO	IWP +0.04 points	0.14%	0.10%
First SolarFSLR	SPYG +0.02 points	0.03%	0.05%
Ferguson EnterprisesFERG	IWP +0.01 points	0.07%	0.06%
MsciMSCI	Same weight	0.07%	0.07%

All 272 IWP holdings⁠All 152 SPYG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IWP vs SPYG Cost

Overpaying IWP vs SPYG

$3,910

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IWP 0.23%
$4,759
SPYG 0.04%
$849

Amount$10,000

Years30 years

Cost over time

IWP 0.23%
SPYG 0.04%
Overpaying

Year by year

Year	IWP	SPYG	Overpaying
10	$419	$73	$346
20	$1,630	$288	$1,342
30	$4,759	$849	$3,910

Expense ratio

0.23%IWP
0.04%SPYG, cheaper

SPYG0.04%IWP0.23%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

SPYG 2nd cheapest of 35 funds

IWP 22nd cheapest of 35 funds

IWP vs SPYG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWP 0.40%; SPYG 0.50%, better
Payout (12M): IWP $0.53; SPYG $0.59
Last payment: IWP $0.15; SPYG $0.15
Ex-dividend: IWP Sep 15, 2026; SPYG Sep 21, 2026
Paid on: IWP Sep 18, 2026; SPYG Sep 23, 2026
Frequency: IWP Quarterly; SPYG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWPQuarterly · 40 paymentsAll IWP payments⁠

SPYGQuarterly · 39 paymentsAll SPYG payments⁠

IWP vs SPYG Risk

Fall from peak · 5 years

IWP
SPYG

Risk facts

VolatilityStd dev, 3 years: IWP 17.8%SPYG 16.5%, better
Return per unit of riskSharpe ratio, 3 years: IWP 0.65SPYG 1.28, better
Worst fallMax drawdown, 5 years: IWP −38.6%SPYG −32.7%, better
Market sensitivityBeta, 5 years: IWP 1.13SPYG 1.17; Market = 1

IWP and SPYG in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026SPYG
New ETFs
GMO's ETF share class costs more than the fund's $35 million Class III shares
Oct 22, 2026IWP
Best ETFs
The cheap large-cap growth pick is the S&P 500 list
Updated Oct 2, 2026SPYG

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IWP vs SPYG

In short

Stated mandate

Why people hold it

Worth knowing

How IWP and SPYG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IWP

Only in SPYG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The best growth ETF is the cheap one on the index you want

GMO's ETF share class costs more than the fund's $35 million Class III shares

The cheap large-cap growth pick is the S&P 500 list

How IWP and SPYG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IWP

Only in SPYG

Weight gaps