# IWB alternatives: 8 similar ETFs compared

> ETFs similar to IWB, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IWB. Updated daily.

The ETFs most like IWB are SCHX, VV and DIA. SCHX, VV and DIA hold the biggest US companies, weighted by size, like IWB. SCHX costs less: 0.03% a year against 0.15%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- 8 funds can stand in for IWB: 3 of the same kind and 5 related funds.
- IWB charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, SPYM, charges 0.02%.
- SCHX moved most like IWB: a daily correlation of 1.00 over about the last five years.
- Returns and drops for each pair use the same dates for both funds.

## IWB alternatives at a glance

Each fund below can stand in for IWB, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way.

| ETF | How close | Yearly fee | Fee on $10,000 | Tracks |
| --- | --- | --- | --- | --- |
| **IWB** | This fund | 0.15% | $15 | Russell 1000 Index |
| [SCHX](https://tactfolio.com/etf/schx.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index |
| [VV](https://tactfolio.com/etf/vv.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Index |
| [DIA](https://tactfolio.com/etf/dia.md) | Same kind of fund | 0.16% | $16 | Dow Jones Industrial Average |
| [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index |
| [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index |
| [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index |
| [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index |
| [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) |

Fees come from each fund company, checked on the dates shown on each fund's page.

## How IWB and its alternatives did over the same dates

Each row measures the alternative and IWB on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

| ETF | Moves with IWB | Per year | IWB per year | Worst drop | IWB worst drop | Since |
| --- | --- | --- | --- | --- | --- | --- |
| [SCHX](https://tactfolio.com/etf/schx.md) | 1.00 | 14.4% | 14.3% | −34.3% | −34.6% | November 2009 |
| [VV](https://tactfolio.com/etf/vv.md) | 1.00 | 11.0% | 10.7% | −54.8% | −55.4% | January 2004 |
| [DIA](https://tactfolio.com/etf/dia.md) | 0.91 | 8.5% | 8.5% | −51.9% | −55.4% | May 2000 |
| [SPYM](https://tactfolio.com/etf/spym.md) | 1.00 | 11.2% | 11.0% | −54.5% | −55.4% | November 2005 |
| [IVV](https://tactfolio.com/etf/ivv.md) | 1.00 | 8.5% | 8.5% | −55.3% | −55.4% | May 2000 |
| [VOO](https://tactfolio.com/etf/voo.md) | 1.00 | 14.8% | 14.5% | −34.0% | −34.6% | September 2010 |
| [SPY](https://tactfolio.com/etf/spy.md) | 1.00 | 8.5% | 8.5% | −55.2% | −55.4% | May 2000 |
| [ITOT](https://tactfolio.com/etf/itot.md) | 1.00 | 10.6% | 10.7% | −55.2% | −55.4% | January 2004 |

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## Each IWB alternative, compared

### SCHX: Schwab U.S. Large-Cap ETF

SCHX also holds the biggest US companies, weighted by size. It tracks the Dow Jones U.S. Large-Cap Total Stock Market Index, while IWB tracks the Russell 1000 Index.

It charges 0.03% a year, about $3 on $10,000, against $15 for IWB. It held 749 stocks, against 1,023 for IWB.

From November 2009 to October 2026, SCHX returned about 14.4% a year and IWB returned about 14.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop.

### VV: Vanguard Morningstar Large-Cap ETF

VV also holds the biggest US companies, weighted by size. It tracks the Morningstar US Large Cap Index, while IWB tracks the Russell 1000 Index.

It charges 0.03% a year, about $3 on $10,000, against $15 for IWB. It held 421 stocks, against 1,023 for IWB.

From January 2004 to October 2026, VV returned about 11.0% a year and IWB returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop.

### DIA: State Street SPDR Dow Jones Industrial Average ETF Trust

DIA also holds the biggest US companies, weighted by size. It tracks the Dow Jones Industrial Average, while IWB tracks the Russell 1000 Index.

It charges 0.16% a year, about $16 on $10,000, against $15 for IWB. It held 30 stocks, against 1,023 for IWB.

From May 2000 to October 2026, DIA returned about 8.5% a year and IWB returned about 8.5% a year. Over about the last five years they moved together on most days (correlation 0.91).

Read the [DIA fund page](https://tactfolio.com/etf/dia.md) for its returns by year and worst drop.

### SPYM: State Street SPDR Portfolio S&P 500 ETF

SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while IWB holds the biggest US companies, weighted by size.

It charges 0.02% a year, about $2 on $10,000, against $15 for IWB. It held 505 stocks, against 1,023 for IWB.

From November 2005 to October 2026, SPYM returned about 11.2% a year and IWB returned about 11.0% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop.

### IVV: iShares Core S&P 500 ETF

IVV is a looser match. It holds about 500 large US companies in the S&P 500, while IWB holds the biggest US companies, weighted by size.

It charges 0.03% a year, about $3 on $10,000, against $15 for IWB. It held 505 stocks, against 1,023 for IWB.

From May 2000 to October 2026, IVV returned about 8.5% a year and IWB returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop.

### VOO: Vanguard S&P 500 ETF

VOO is a looser match. It holds about 500 large US companies in the S&P 500, while IWB holds the biggest US companies, weighted by size.

It charges 0.03% a year, about $3 on $10,000, against $15 for IWB. It held 505 stocks, against 1,023 for IWB.

From September 2010 to October 2026, VOO returned about 14.8% a year and IWB returned about 14.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop.

### SPY: State Street SPDR S&P 500 ETF Trust

SPY is a looser match. It holds about 500 large US companies in the S&P 500, while IWB holds the biggest US companies, weighted by size.

It charges 0.0945% a year, about $9.45 on $10,000, against $15 for IWB. It held 504 stocks, against 1,023 for IWB.

From May 2000 to October 2026, SPY returned about 8.5% a year and IWB returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop.

### ITOT: iShares Core S&P Total U.S. Stock Market ETF

ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while IWB holds the biggest US companies, weighted by size.

It charges 0.03% a year, about $3 on $10,000, against $15 for IWB. It held 2,446 stocks, against 1,023 for IWB.

From January 2004 to October 2026, ITOT returned about 10.6% a year and IWB returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop.

## IWB versions from other fund companies

Some people keep all their funds with one company. Here is the closest fund to IWB from each other company on this page:

- **Schwab:** [SCHX](https://tactfolio.com/etf/schx.md), Schwab U.S. Large-Cap ETF (same kind of fund, 0.03% a year)
- **Vanguard:** [VV](https://tactfolio.com/etf/vv.md), Vanguard Morningstar Large-Cap ETF (same kind of fund, 0.03% a year)
- **SPDR (State Street):** [DIA](https://tactfolio.com/etf/dia.md), State Street SPDR Dow Jones Industrial Average ETF Trust (same kind of fund, 0.16% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here.

## How to choose between IWB and its alternatives

- **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix.
- **The fee.** The difference is often small. On $10,000, IWB costs about $15 a year. SPYM costs about $2.
- **History.** An older fund has been through more bad markets, so you can see how far it fell.
- **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

## Swapping IWB to harvest a tax loss

Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting.

The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHX, VV or DIA, are less likely to.

Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550).

## Test IWB and its alternatives in a backtest

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add IWB and SCHX, and see how each would have done on the same dates, or how a mix of both would have done.

## The details

Alternatives are picked from facts, not from returns. First come funds that track the same index as IWB. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like IWB over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IWB only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What ETF is most similar to IWB?

SCHX is the closest. SCHX also holds the biggest US companies, weighted by size. It tracks the Dow Jones U.S. Large-Cap Total Stock Market Index, while IWB tracks the Russell 1000 Index. Over about the last five years they moved almost exactly together.

### Is there a cheaper alternative to IWB?

Yes. SPYM charges 0.02% a year, SCHX charges 0.03% a year and VV charges 0.03% a year, against 0.15% for IWB. On $10,000 that is about $2 a year instead of $15.

### Is IWB or SCHX better?

Neither is better for everyone. From November 2009 to October 2026, IWB returned about 14.3% a year and SCHX returned about 14.4% a year. IWB charges 0.15% a year and SCHX charges 0.03%. Past returns do not tell you what comes next.

### What if I had put $10,000 in IWB 10 years ago?

It would have grown to about $40,809 by October 16, 2026, with dividends reinvested. That is about 15.1% a year. Past returns do not tell you what comes next.

## Sources

- [iShares (BlackRock): iShares Russell 1000 ETF fund page](https://www.ishares.com/us/products/239707/ishares-russell-1000-etf)
- [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm)
- [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv)
- [SPDR (State Street): State Street SPDR Dow Jones Industrial Average ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-industrial-average-etf-trust-dia)
- [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym)
- [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf)
- [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo)
- [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy)
- [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf)
- [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.