DFEV vs. RWJ

Last updated Jun 9, 2026

DFEV (Dimensional Emerging Markets Value ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - DFEV is a Emerging Markets Diversified fund actively managed by Dimensional, while RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index. DFEV is actively managed, while RWJ is passively managed. Over the past 3 years, DFEV returned 22.74%/yr vs 16.27%/yr for RWJ. A 0.56 correlation means they provide meaningful diversification when combined. DFEV charges 0.43%/yr vs 0.39%/yr for RWJ.

Performance

DFEV vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets Value ETF (DFEV) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEV achieves a 22.81% return, which is significantly higher than RWJ's 16.99% return.

DFEV

• 1D: 1.62%
• 1M: -2.01%
• YTD: 22.81%
• 6M: 25.32%
• 1Y: 46.17%
• 3Y*: 22.74%
• 5Y*: —
• 10Y*: —

RWJ

• 1D: 0.78%
• 1M: 1.37%
• YTD: 16.99%
• 6M: 17.05%
• 1Y: 36.58%
• 3Y*: 16.27%
• 5Y*: 7.78%
• 10Y*: 13.10%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFEV vs. RWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFEV Dimensional Emerging Markets Value ETF	22.81%	32.54%	7.26%	15.52%	-6.71%
RWJ Invesco S&P SmallCap 600 Revenue ETF	16.99%	7.75%	11.81%	16.21%	-3.59%

Correlation

The correlation between DFEV and RWJ is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022	0.56

The correlation between DFEV and RWJ has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

DFEV vs. RWJ - Sectors Allocation Comparison

Sectors	DFEV	RWJ
Technology	28.6%	9.9%
Financial Services	16.8%	11.0%
Consumer Cyclical	10.5%	23.9%
Industrials	9.8%	16.2%
Energy	7.6%	7.4%
Basic Materials	7.4%	5.2%
Communication Services	3.5%	3.3%
Consumer Defensive	3.4%	6.9%
Healthcare	3.3%	11.2%
Real Estate	1.6%	4.0%
Utilities	0.8%	0.9%

Return for Risk

DFEV vs. RWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFEV

DFEV Risk / Return Rank: 83
DFEV Sharpe Ratio Rank: 86
DFEV Sortino Ratio Rank: 80
DFEV Omega Ratio Rank: 86
DFEV Calmar Ratio Rank: 83
DFEV Martin Ratio Rank: 82

RWJ

RWJ Risk / Return Rank: 65
RWJ Sharpe Ratio Rank: 63
RWJ Sortino Ratio Rank: 66
RWJ Omega Ratio Rank: 59
RWJ Calmar Ratio Rank: 71
RWJ Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFEV vs. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Value ETF (DFEV) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DFEV	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.90	+0.63
Sortino ratio: Return per unit of downside risk	3.20	2.74	+0.46
Omega ratio: Gain probability vs. loss probability	1.47	1.33	+0.15
Calmar ratio: Return relative to maximum drawdown	4.09	3.25	+0.83
Martin ratio: Return relative to average drawdown	15.04	10.40	+4.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFEV vs. RWJ - Sharpe Ratio Comparison

The current DFEV Sharpe Ratio is 2.52, which is higher than the RWJ Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of DFEV and RWJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFEV	RWJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.90	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.46	+0.54

Drawdowns

DFEV vs. RWJ - Drawdown Comparison

The maximum DFEV drawdown since its inception was -18.49%, smaller than the maximum RWJ drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for DFEV and RWJ.

Drawdown Indicators

	DFEV	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	-55.97%	+37.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.35%	-11.31%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-17.94%	-29.29%	+11.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.29%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.33%	—
Current Drawdown Current decline from peak	-6.42%	-0.33%	-6.09%
Average Drawdown Average peak-to-trough decline	-4.65%	-9.23%	+4.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	3.53%	-0.45%

Volatility

DFEV vs. RWJ - Volatility Comparison

Dimensional Emerging Markets Value ETF (DFEV) has a higher volatility of 9.67% compared to Invesco S&P SmallCap 600 Revenue ETF (RWJ) at 4.80%. This indicates that DFEV's price experiences larger fluctuations and is considered to be riskier than RWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEV	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.67%	4.80%	+4.87%
Volatility (6M) Calculated over the trailing 6-month period	16.20%	12.38%	+3.82%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	19.43%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	23.72%	-7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	26.15%	-9.47%

DFEV vs. RWJ - Expense Ratio Comparison

DFEV has a 0.43% expense ratio, which is higher than RWJ's 0.39% expense ratio.

Dividends

DFEV vs. RWJ - Dividend Comparison

DFEV's dividend yield for the trailing twelve months is around 2.13%, more than RWJ's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEV Dimensional Emerging Markets Value ETF	2.13%	2.69%	3.17%	3.47%	3.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.00%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%

Frequently Asked Questions

Can I hold both DFEV and RWJ in my portfolio?

DFEV and RWJ have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFEV or RWJ?

DFEV has higher volatility (9.67%) compared to RWJ (4.80%). In terms of maximum drawdown, DFEV dropped -18.49% vs RWJ's -55.97%.

Which ETF is better, DFEV or RWJ?

On 3-year performance, DFEV leads with 22.74% vs 16.27% for RWJ. On fees, RWJ is cheaper at 0.39% per year. On volatility, RWJ has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEV or RWJ?

Over the 3-year period, DFEV has performed better with a 22.74% return vs 16.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEV or RWJ?

RWJ is cheaper with a 0.39% expense ratio, compared with 0.43% for DFEV.

Which ETF pays a higher dividend yield, DFEV or RWJ?

DFEV has the higher dividend yield at 2.13%, compared with 1.00% for RWJ.

What is the main difference between DFEV and RWJ?

DFEV is categorized as Emerging Markets Diversified, while RWJ is Small Cap Value Equities. They also come from different issuers: Dimensional and Invesco. Their fees differ too: 0.43% for DFEV and 0.39% for RWJ.

Which has better risk-adjusted returns?

DFEV currently has the higher Sharpe Ratio (2.52 vs 1.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.