IWP vs VUG: Grades, Fees and Holdings Compared

iShares Russell Mid-Cap Growth ETF

IWPBNYSE Arca

Vanguard Morningstar Growth ETF

VUGANYSE Arca

Overlap

5.6%by weight

Expense ratio

VUG −0.20pt a year

IWP0.23%VUG0.03%

Avg volume · 30D

VUG 8.1×the volume

IWP778KVUG6.32M

10Y return · a year

VUG +6.0pt

IWP+11.6%VUG+17.6%

IWP vs VUG Performance

Oct 29, 2021 – Oct 30, 2026

+12.4%IWP+67.0%VUG

Expense ratio: IWP 0.23%; VUG 0.03%, better
Fund size: IWP $18.5B; VUG $392B
1Y total return: IWP −7.0%; VUG +2.7%, better
Yield (12M): IWP 0.40%; VUG 0.41%, better
Holdings: IWP 275; VUG 136
Avg volume (30D): IWP 778K sh; VUG 6.32M sh, better
NAV per share: IWP $131.67; VUG $85.06
52W range

ETF.net Grade

Pillar letters and Scores for IWP, VUG, with each pillar’s weight
Pillar	IWP	VUG
Cost30% weight	D37	A96Higher
Mission25% weight	A96	A99Higher
Risk15% weight	D33	C49Higher
Tradability15% weight	A76Higher	B65
Holdings10% weight	A71Higher	D29
Durability5% weight	B69	A91Higher

Rank among US Growth Index funds

How we build Categories ›

Same Category. IWP and VUG 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 ›

VUG ranks 5th and IWP 16th of 35 funds in the US Growth Index Category.

Rank 2ASCHGSchwab U.S. Large-Cap Growth ETFScore 78
Rank 5AVUGVanguard Morningstar Growth ETFScore 77
Rank 6AVBKVanguard Morningstar Small-Cap Growth ETFScore 72
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

VUGAVanguard Morningstar 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.

VUG Three basis points buys roughly 170 US large-cap growth names. Running since 2004, over $100 billion in assets, and it tracks its index about as closely as an index fund can.

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.

VUG The fund seeks to track a benchmark index measuring the investment return of large-capitalization growth stocks.

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.

VUG 0.03% a year against a 0.18% median for its growth peer group. A rival tracking the same declared index charges 0.36%, twelve times more for the same shopping list.vanguard.com
One of the largest and most heavily traded funds in US large-cap growth, and among the tightest index implementations in that group. Deep volume tends to mean thin spreads.
Trading since January 2004, so the record spans full market cycles rather than a backtest. Distributions land 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.

VUG Cap-weighted, so the biggest mega-caps dominate the top of the book. That makes it one of the more concentrated portfolios in this cohort.vanguard.com
A style sleeve, not the whole market: growth screens only, large caps only. When growth is out of favor it can swing harder than a total-market fund.
SPYG and SCHG sit at 0.04%, so the price edge is a rounding error. The real gap is how each index defines a growth stock.

Full IWP profile⁠

Full VUG profile⁠

IWP vs VUG Holdings

How IWP and VUG differ

Overlap by weight

5.6%

Shared holdings make up 41.5% of IWP and 5.7% of VUG.

Level by level

Holdings46 in both5.6%
Sector11 Sectors63.2%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in IWP and VUG, widest gap first
Sector	More in IWPMore in VUG	IWP	VUG
Technology	VUG +27.1 points	33.1%	60.2%
Industrials	IWP +13.2 points	17.6%	4.4%
Health Care	IWP +10.2 points	14.4%	4.2%
Communication	VUG +9.6 points	5.1%	14.7%
Energy	IWP +4.8 points	5.1%	0.3%
Utilities	IWP +2.4 points	2.4%	0.0%
Consumer Discretionary	IWP +1.4 points	11.2%	9.8%
Real Estate	IWP +1.4 points	2.3%	0.9%
Materials	IWP +1.3 points	1.7%	0.4%
Financials	IWP +1.1 points	5.0%	3.9%
Consumer Staples	IWP +0.8 points	2.1%	1.3%

Country, concentration and asset class

Country by domicile

Country weights in IWP and VUG, widest gap first
Country	More in IWPMore in VUG	IWP	VUG
United States	VUG +0.8 points	99.2%	100.0%
Other countries (5)	IWP +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

IWP21.6%
VUG63.1%

Securities held

IWP272
VUG135

Asset class

IWP: Equity
VUG: Equity

Holdings

Only in IWP226
In both46
Only in VUG89

Only in IWP

226 securities, 58.4% of IWP by weight

Simon Property Group Reit Inc2.12%
Marathon Petroleum2.03%
Cencora1.88%
Natera1.72%
Vistra1.42%
Microchip Technology Inc1.25%
Rockwell Automation Inc1.23%
Revolution Medicines1.11%
Anglogold Ashanti PLC1.11%
Everpure Inc Class A1.04%
Expedia Group0.99%
Emcor Group0.91%
Keysight Technologies0.91%
Jabil0.87%
Cardinal Health0.82%
Zoetis Inc Class A0.80%
Darden Restaurants Inc0.77%
Credo Technology Group Holding Ltd0.77%
Tapestry0.72%
Ati0.68%
Caseys General Stores Inc0.68%
Xpo0.66%
Affirm Holdings Class A0.63%
Guardant Health0.62%
Nrg Energy Inc0.59%
Roku Class A0.58%
Ftai Aviation0.58%
Sysco0.57%
Woodward0.55%
Coupang Class A0.55%
United Rentals0.51%
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%
Carpenter Technology0.42%
Ch Robinson Worldwide0.41%
Lattice Semiconductor0.40%
Rubrik Class A0.39%
Ascendis Pharma0.38%
Neurocrine Biosciences0.38%
Penumbra0.37%

Only in VUG

89 securities, 94.3% of VUG by weight

NVIDIA Corp13.49%
Apple Inc12.51%
Microsoft Corp9.75%
Alphabet Inc5.16%
Broadcom Inc4.34%
Amazon.com Inc4.26%
Meta Platforms Inc4.23%
Alphabet Inc4.09%
Advanced Micro Devices Inc2.66%
Tesla Inc2.65%
Eli Lilly & Co2.60%
Visa Inc1.59%
Intel Corp1.45%
Mastercard Inc1.16%
Lam Research Corp1.11%
Palantir Technologies Inc1.10%
Applied Materials Inc1.10%
Costco Wholesale Corp1.09%
Palo Alto Networks Inc0.88%
Netflix Inc0.78%
Crowdstrike Holdings Inc0.71%
KLA Corp0.70%
Sandisk Corp0.70%
GE Vernova Inc0.69%
Oracle Corp0.65%
Marvell Technology Inc0.64%
Arista Networks Inc0.60%
Seagate Technology Holdings PLC0.58%
Amphenol Corp0.57%
Welltower Inc0.46%
General Electric Co0.45%
Western Digital Corp0.44%
TJX Cos Inc/The0.41%
Boeing Co/The0.41%
Intuitive Surgical Inc0.41%
ServiceNow Inc0.39%
Vertex Pharmaceuticals Inc0.37%
Texas Instruments Inc0.36%
Booking Holdings Inc0.34%
Corning Inc0.34%
Fortinet Inc0.32%
Starbucks Corp0.30%
Equinix Inc0.29%
Quanta Services Inc0.28%
Cadence Design Systems Inc0.27%
Vertiv Holdings Co0.27%
Space Exploration Technologies Corp0.26%
Howmet Aerospace Inc0.26%
Synopsys Inc0.25%
AppLovin Corp0.24%

Weight gaps

All 46 Holdings in both funds, largest gap first.

Holding weights in IWP and VUG, widest gap first
Holding	More in IWPMore in VUG	IWP	VUG
SnowflakeSNOW	IWP +2.80 points	3.12%	0.32%
Cloudflare Class ANET	IWP +2.40 points	2.73%	0.33%
Datadog Inc Class ADDOG	IWP +2.08 points	2.35%	0.27%
Targa ResourcesTRGP	IWP +1.86 points	2.04%	0.18%
Lumentum HoldingsLITE	IWP +1.72 points	1.98%	0.26%
AutodeskADSK	IWP +1.46 points	1.60%	0.14%
Robinhood Markets Class AHOOD	IWP +1.39 points	1.65%	0.26%
Ww Grainger IncGWW	IWP +1.37 points	1.54%	0.17%
FastenalFAST	IWP +1.30 points	1.48%	0.18%
Royal Caribbean GroupRCL	IWP +1.21 points	1.33%	0.12%
Comfort Systems UsaFIX	IWP +1.13 points	1.31%	0.18%
TeradyneTER	IWP +1.12 points	1.31%	0.19%
Chipotle Mexican GrillCMG	IWP +1.10 points	1.23%	0.13%
Astera LabsALAB	IWP +1.03 points	1.21%	0.18%
Idexx LaboratoriesIDXX	IWP +0.98 points	1.11%	0.13%
Take Two Interactive SoftwareTTWO	IWP +0.93 points	1.06%	0.13%
Axon EnterpriseAXON	IWP +0.90 points	1.01%	0.11%
Dexcom IncDXCM	IWP +0.83 points	0.94%	0.11%
Atlassian Corp Class ATEAM	IWP +0.83 points	0.93%	0.10%
Rocket Lab CorpRKLB	IWP +0.79 points	0.93%	0.14%
Live Nation EntertainmentLYV	IWP +0.77 points	0.87%	0.10%
Roblox Class ARBLX	IWP +0.73 points	0.83%	0.10%
Ares Management Class AARES	IWP +0.68 points	0.77%	0.09%
InsmedINSM	IWP +0.68 points	0.74%	0.06%
ZscalerZS	IWP +0.67 points	0.76%	0.09%
Mongodb Class AMDB	IWP +0.67 points	0.76%	0.09%
Alnylam PharmaceuticalsALNY	IWP +0.56 points	0.67%	0.11%
Texas Pacific LandTPL	IWP +0.54 points	0.59%	0.05%
Heico Class AHEI.A	IWP +0.49 points	0.55%	0.06%
Coreweave Class ACRWV	IWP +0.41 points	0.52%	0.11%
HeicoHEI	IWP +0.38 points	0.42%	0.04%
Fair IsaacFICO	IWP +0.32 points	0.37%	0.05%
Reddit Class ARDDT	IWP +0.30 points	0.38%	0.08%
Rollins IncROL	IWP +0.28 points	0.31%	0.03%
Yum BrandsYUM	IWP +0.27 points	0.39%	0.12%
Las Vegas SandsLVS	IWP +0.25 points	0.30%	0.05%
Ast Spacemobile Class AASTS	IWP +0.25 points	0.30%	0.05%
Lpl Financial HoldingsLPLA	IWP +0.16 points	0.25%	0.09%
Old Dominion Freight LineODFL	IWP +0.09 points	0.20%	0.11%
Tko Group Holdings Inc Class ATKO	IWP +0.09 points	0.13%	0.04%
CoherentCOHR	IWP +0.08 points	0.25%	0.17%
MsciMSCI	VUG +0.05 points	0.07%	0.12%
Workday Class AWDAY	VUG +0.03 points	0.09%	0.12%
Super Micro Computer IncSMCI	VUG +0.04 points	0.05%	0.09%
Tradeweb Markets Inc Class ATW	VUG +0.02 points	0.03%	0.05%
First SolarFSLR	VUG +0.02 points	0.03%	0.05%

All 272 IWP holdings⁠All 166 VUG 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 VUG Cost

Overpaying IWP vs VUG

$4,121

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

IWP 0.23%
$4,759
VUG 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IWP 0.23%
VUG 0.03%
Overpaying

Year by year

Year	IWP	VUG	Overpaying
10	$419	$55	$364
20	$1,630	$216	$1,414
30	$4,759	$638	$4,121

Expense ratio

0.23%IWP
0.03%VUG, cheaper

VUG0.03%IWP0.23%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

VUG cheapest of 35 funds

IWP 22nd cheapest of 35 funds

IWP vs VUG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWP 0.40%; VUG 0.41%, better
Payout (12M): IWP $0.53; VUG $0.35
Last payment: IWP $0.15; VUG $0.09
Ex-dividend: IWP Sep 15, 2026; VUG Sep 28, 2026
Paid on: IWP Sep 18, 2026; VUG Sep 30, 2026
Frequency: IWP Quarterly; VUG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWPQuarterly · 40 paymentsAll IWP payments⁠

VUGQuarterly · 39 paymentsAll VUG payments⁠

IWP vs VUG Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IWP 17.8%VUG 17.3%, better
Return per unit of riskSharpe ratio, 3 years: IWP 0.65VUG 1.11, better
Worst fallMax drawdown, 5 years: IWP −38.6%VUG −35.6%, better
Market sensitivityBeta, 5 years: IWP 1.13VUG 1.23; Market = 1

IWP and VUG in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026VUG
New ETFs
GMO's ETF share class costs more than the fund's $35 million Class III shares
Oct 22, 2026IWP
Head-to-Head
Own iShares Core S&P 500 ETF, IVV, unless you want the heavier growth bet in Vanguard Morningstar Growth ETF, VUG
Oct 16, 2026VUG
Best ETFs
The cheap large-cap growth pick is the S&P 500 list
Updated Oct 2, 2026VUG
Behind the Index
Oil rose 4.5% and the 10-year yield stood at 5% as two U.S. stocks fell for every one that rose
Sep 15, 2026VUG

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IWP vs VUG

In short

Stated mandate

Why people hold it