IWY vs VUG: Grades, Fees and Holdings Compared

iShares Russell Top 200 Growth ETF

IWYBNYSE Arca

Vanguard Morningstar Growth ETF

VUGANYSE Arca

Overlap

76.5%by weight

Expense ratio

VUG −0.17pt a year

IWY0.20%VUG0.03%

Avg volume · 30D

VUG 17.2×the volume

IWY368KVUG6.32M

10Y return · a year

IWY +0.9pt

IWY+18.5%VUG+17.6%

IWY vs VUG Performance

Oct 29, 2021 – Oct 30, 2026

+71.1%IWY+67.0%VUG

Expense ratio: IWY 0.20%; VUG 0.03%, better
Fund size: IWY $15.1B; VUG $392B
1Y total return: IWY −2.3%; VUG +2.7%, better
Yield (12M): IWY 0.35%; VUG 0.41%, better
Holdings: IWY 103; VUG 136
Avg volume (30D): IWY 368K sh; VUG 6.32M sh, better
NAV per share: IWY $276.89; VUG $85.06
52W range

ETF.net Grade

Pillar letters and Scores for IWY, VUG, with each pillar’s weight
Pillar	IWY	VUG
Cost30% weight	C41	A96Higher
Mission25% weight	A100Higher	A99
Risk15% weight	D28	C49Higher
Tradability15% weight	A76Higher	B65
Holdings10% weight	D35Higher	D29
Durability5% weight	B69	A91Higher

Rank among US Growth Index funds

How we build Categories ›

Same Category. IWY 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 IWY 19th 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 19BIWOiShares Russell 2000 Growth ETFScore 59
Rank 19BIWYiShares Russell Top 200 Growth ETFScore 59
Rank 19BSNPGXtrackers S&P 500 Growth Scored & Screened ETFScore 59

Our read on each fund

ETF.net Research

IWYBiShares Russell Top 200 Growth ETF

VUGAVanguard Morningstar Growth ETF

In short

IWY IWY takes the growth half of America's largest companies: about 100 stocks from the Russell Top 200 Growth Index, screened on growth forecasts and sales growth. Big-company growth, and only big-company growth.

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

IWY The fund seeks to track an index of large-capitalization U.S. equities selected for growth characteristics, including growth forecasts and sales growth. It provides targeted exposure to U.S. large-cap growth stocks.

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

Why people hold it

IWY The mandate is literal. An index of large-cap US names selected on growth forecasts and sales growth, and a portfolio that stays tightly matched to it.ishares.com
About 100 holdings, so you get concentrated growth exposure rather than a diluted slice of the whole market wearing a growth label.
Live since 2009 and a multi-billion-dollar fund under the iShares roof, with the operational track record that implies.

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

IWY At 0.20% a year it costs more than the cheapest large-cap growth trackers: VUG charges 0.03% and SCHG 0.04%.
A roughly 100-stock big-cap growth roster concentrates the outcome in a handful of household names. It rides with them in both directions.
Distributions arrive quarterly, but a growth screen leans toward companies that reinvest rather than pay out. Income is a byproduct here.

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 IWY profile⁠

Full VUG profile⁠

IWY vs VUG Holdings

How IWY and VUG differ

Overlap by weight

76.5%

Shared holdings make up 88.8% of IWY and 88.7% of VUG.

Level by level

Holdings61 in both76.5%
Sector11 Sectors94.1%
Asset classEquity100%
Countryby domicile99.8%

Sector

Sector weights in IWY and VUG, widest gap first
Sector	More in IWYMore in VUG	IWY	VUG
Technology	VUG +3.2 points	57.0%	60.2%
Industrials	IWY +2.3 points	6.7%	4.4%
Financials	IWY +1.8 points	5.7%	3.9%
Health Care	IWY +1.6 points	5.8%	4.2%
Consumer Discretionary	VUG +1.5 points	8.3%	9.8%
Real Estate	VUG +0.7 points	0.2%	0.9%
Materials	VUG +0.3 points	0.1%	0.4%
Energy	VUG +0.2 points	0.1%	0.3%
Communication	IWY +0.2 points	14.9%	14.7%
Consumer Staples	IWY +0.1 points	1.4%	1.3%
Utilities	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in IWY and VUG, widest gap first
Country	More in IWYMore in VUG	IWY	VUG
United States	VUG +0.2 points	99.8%	100.0%
Brazil	IWY +0.2 points	0.2%	0.0%
Canada	IWY +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

IWY60.5%
VUG63.1%

Securities held

IWY101
VUG135

Asset class

IWY: Equity
VUG: Equity

Holdings

Only in IWY40
In both61
Only in VUG74

Only in IWY

40 securities, 11.1% of IWY by weight

Micron Technology3.60%
Caterpillar Inc1.08%
Home Depot0.93%
Amgen Inc0.68%
Lockheed Martin0.49%
Mckesson Corp0.42%
Spotify Technology0.36%
Trane Technologies PLC0.35%
Adobe Inc0.26%
Ross Stores Inc0.24%
American Tower Reit0.22%
American Express0.19%
Walmart0.18%
Automatic Data Processing Inc0.17%
Coca-Cola0.16%
AbbVie0.16%
Nu Holdings Class A0.15%
Colgate-Palmolive0.12%
Citigroup0.12%
Cummins Inc0.12%
Intuit0.11%
Waste Management Inc0.09%
Illinois Tool Inc0.09%
Eaton PLC0.08%
Pepsico0.08%
Bank of America0.08%
Sherwin Williams0.08%
Brookfield Asset Management Voting0.06%
Analog Devices0.06%
Kkr and Co Inc0.05%
Valero Energy Corp0.05%
Uber Technologies0.05%
3M0.05%
Union Pacific0.05%
Charles Schwab0.04%
Bank of New York Mellon Corp0.02%
Public Storage Reit0.02%
Johnson Controls International PLC0.02%
Constellation Energy Corp0.02%
Southern Copper Corp0.01%

Only in VUG

74 securities, 11.3% of VUG by weight

Intel Corp1.45%
Seagate Technology Holdings PLC0.58%
Welltower Inc0.46%
Vertex Pharmaceuticals Inc0.37%
Cloudflare Inc0.33%
Snowflake Inc0.32%
Equinix Inc0.29%
Datadog Inc0.27%
Robinhood Markets Inc0.26%
Lumentum Holdings Inc0.26%
Synopsys Inc0.25%
McDonald's Corp0.24%
Ecolab Inc0.21%
O'Reilly Automotive Inc0.21%
Teradyne Inc0.19%
Comfort Systems USA Inc0.18%
Targa Resources Corp0.18%
Astera Labs Inc0.18%
Fastenal Co0.18%
Coherent Corp0.17%
WW Grainger Inc0.17%
Autodesk Inc0.14%
Rocket Lab Corp0.14%
Veeva Systems Inc0.14%
IDEXX Laboratories Inc0.13%
Coinbase Global Inc0.13%
Chipotle Mexican Grill Inc0.13%
Block Inc0.13%
Take-Two Interactive Software Inc0.13%
Waste Connections Inc0.13%
Workday Inc0.12%
Yum! Brands Inc0.12%
MSCI Inc0.12%
Royal Caribbean Cruises Ltd0.12%
CoreWeave Inc0.11%
Dexcom Inc0.11%
Alnylam Pharmaceuticals Inc0.11%
Old Dominion Freight Line Inc0.11%
Mettler-Toledo International Inc0.11%
Vulcan Materials Co0.11%
Axon Enterprise Inc0.11%
Atlassian Corp0.10%
Live Nation Entertainment Inc0.10%
West Pharmaceutical Services Inc0.10%
ROBLOX Corp0.10%
MongoDB Inc0.09%
Ares Management Corp0.09%
Super Micro Computer Inc0.09%
Zscaler Inc0.09%
LPL Financial Holdings Inc0.09%

Weight gaps

All 61 Holdings in both funds, largest gap first.

Holding weights in IWY and VUG, widest gap first
Holding	More in IWYMore in VUG	IWY	VUG
AppleAAPL	VUG +3.80 points	8.71%	12.51%
Amazon.com IncAMZN	VUG +3.52 points	0.74%	4.26%
MicrosoftMSFT	VUG +3.28 points	6.47%	9.75%
Eli LillyLLY	IWY +1.63 points	4.23%	2.60%
Tesla IncTSLA	IWY +1.63 points	4.28%	2.65%
NVIDIANVDA	IWY +1.26 points	14.75%	13.49%
Visa Class AV	IWY +1.09 points	2.68%	1.59%
Broadcom IncAVGO	IWY +0.82 points	5.16%	4.34%
Mastercard Class AMA	IWY +0.81 points	1.97%	1.16%
Ge AerospaceGE	IWY +0.74 points	1.19%	0.45%
Texas InstrumentTXN	IWY +0.69 points	1.05%	0.36%
Palantir Technologies Class APLTR	IWY +0.46 points	1.56%	1.10%
Advanced Micro DevicesAMD	IWY +0.37 points	3.03%	2.66%
Costco Wholesale CorpCOST	VUG +0.34 points	0.75%	1.09%
Meta Platforms Class AMETA	VUG +0.28 points	3.95%	4.23%
Crowdstrike Holdings Class ACRWD	IWY +0.25 points	0.96%	0.71%
Palo Alto NetworksPANW	IWY +0.25 points	1.13%	0.88%
OracleORCL	IWY +0.21 points	0.86%	0.65%
NetflixNFLX	IWY +0.20 points	0.98%	0.78%
Ge VernovaGEV	IWY +0.19 points	0.88%	0.69%
Dell Technologies Inc Class CDELL	VUG +0.17 points	0.06%	0.23%
Intuitive SurgicalISRG	IWY +0.17 points	0.58%	0.41%
Amphenol Corp Class AAPH	IWY +0.17 points	0.74%	0.57%
TjxTJX	VUG +0.14 points	0.27%	0.41%
BlackstoneBX	IWY +0.14 points	0.27%	0.13%
AutozoneAZO	VUG +0.12 points	0.03%	0.15%
Motorola Solutions IncMSI	VUG +0.10 points	0.12%	0.22%
Booking HoldingsBKNG	IWY +0.10 points	0.44%	0.34%
KlaKLAC	IWY +0.09 points	0.79%	0.70%
CintasCTAS	IWY +0.09 points	0.29%	0.20%
BoeingBA	VUG +0.09 points	0.32%	0.41%
Hilton Worldwide HoldingsHLT	IWY +0.09 points	0.30%	0.21%
Applied Material IncAMAT	IWY +0.08 points	1.18%	1.10%
Alphabet Class CGOOG	IWY +0.08 points	4.17%	4.09%
Cadence Design SystemsCDNS	IWY +0.08 points	0.35%	0.27%
Vertiv Holdings Class AVRT	IWY +0.07 points	0.34%	0.27%
Quanta Services IncPWR	IWY +0.07 points	0.35%	0.28%
Arista NetworksANET	IWY +0.07 points	0.67%	0.60%
Moodys CorpMCO	VUG +0.07 points	0.13%	0.20%
Airbnb Class AABNB	IWY +0.06 points	0.26%	0.20%
Monster BeverageMNST	VUG +0.05 points	0.12%	0.17%
Transdigm GroupTDG	VUG +0.06 points	0.12%	0.18%
Starbucks CorpSBUX	VUG +0.05 points	0.25%	0.30%
SandiskSNDK	VUG +0.06 points	0.64%	0.70%
Carvana Class ACVNA	IWY +0.05 points	0.18%	0.13%
Doordash Class ADASH	IWY +0.05 points	0.26%	0.21%
Western Digital CorpWDC	IWY +0.04 points	0.48%	0.44%
Howmet AerospaceHWM	IWY +0.04 points	0.30%	0.26%
Applovin Class AAPP	VUG +0.03 points	0.21%	0.24%
Lam ResearchLRCX	IWY +0.03 points	1.14%	1.11%
CorningGLW	IWY +0.03 points	0.37%	0.34%
Marriott International Class AMAR	IWY +0.03 points	0.25%	0.22%
Monolithic Power Systems IncMPWR	IWY +0.03 points	0.22%	0.19%
Space Exploration Technologies CorSPCX	IWY +0.03 points	0.29%	0.26%
ServicenowNOW	IWY +0.02 points	0.41%	0.39%
Interactive Brokers Group Inc ClasIBKR	VUG +0.02 points	0.05%	0.07%
Alphabet Class AGOOGL	VUG +0.02 points	5.14%	5.16%
Marvell TechnologyMRVL	IWY +0.01 points	0.65%	0.64%
Bloom Energy Class ABE	VUG +0.01 points	0.22%	0.23%
CienaCIEN	IWY +0.01 points	0.17%	0.16%
FortinetFTNT	Same weight	0.32%	0.32%

All 101 IWY 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.

IWY vs VUG Cost

Overpaying IWY vs VUG

$3,517

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

IWY 0.20%
$4,155
VUG 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IWY 0.20%
VUG 0.03%
Overpaying

Year by year

Year	IWY	VUG	Overpaying
10	$365	$55	$310
20	$1,421	$216	$1,205
30	$4,155	$638	$3,517

Expense ratio

0.20%IWY
0.03%VUG, cheaper

VUG0.03%IWY0.20%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

VUG cheapest of 35 funds

IWY 21st cheapest of 35 funds

IWY vs VUG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWY 0.35%; VUG 0.41%, better
Payout (12M): IWY $0.97; VUG $0.35
Last payment: IWY $0.23; VUG $0.09
Ex-dividend: IWY Sep 15, 2026; VUG Sep 28, 2026
Paid on: IWY Sep 18, 2026; VUG Sep 30, 2026
Frequency: IWY Quarterly; VUG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWYQuarterly · 40 paymentsAll IWY payments⁠

VUGQuarterly · 39 paymentsAll VUG payments⁠

IWY vs VUG Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IWY 16.9%, betterVUG 17.3%
Return per unit of riskSharpe ratio, 3 years: IWY 1.03VUG 1.11, better
Worst fallMax drawdown, 5 years: IWY −32.7%, betterVUG −35.6%
Market sensitivityBeta, 5 years: IWY 1.17VUG 1.23; Market = 1

IWY 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
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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IWY vs VUG

In short

Stated mandate

Why people hold it