EZM vs. RWJ

Last updated Jun 5, 2026

EZM (WisdomTree U.S. MidCap Earnings Fund) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - EZM is a Mid Cap Blend Equities fund tracking the WisdomTree U.S. MidCap Index, while RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index. Both are passively managed. Over the past 10 years, EZM returned 10.61%/yr vs 13.01%/yr for RWJ. Their correlation of 0.89 suggests significant overlap in exposure. EZM charges 0.38%/yr vs 0.39%/yr for RWJ.

Performance

EZM vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree U.S. MidCap Earnings Fund (EZM) 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, EZM achieves a 11.29% return, which is significantly lower than RWJ's 17.38% return. Over the past 10 years, EZM has underperformed RWJ with an annualized return of 10.61%, while RWJ has yielded a comparatively higher 13.01% annualized return.

EZM

• 1D: 0.68%
• 1M: 2.22%
• YTD: 11.29%
• 6M: 11.02%
• 1Y: 24.69%
• 3Y*: 16.06%
• 5Y*: 8.11%
• 10Y*: 10.61%

RWJ

• 1D: 1.30%
• 1M: 2.00%
• YTD: 17.38%
• 6M: 16.77%
• 1Y: 39.12%
• 3Y*: 17.73%
• 5Y*: 8.01%
• 10Y*: 13.01%

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

EZM vs. RWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZM WisdomTree U.S. MidCap Earnings Fund	11.29%	8.42%	10.29%	19.69%	-12.22%	31.00%	5.57%	24.48%	-12.36%	17.37%
RWJ Invesco S&P SmallCap 600 Revenue ETF	17.38%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%

Correlation

The correlation between EZM and RWJ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 25, 2008	0.89

The correlation between EZM and RWJ has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

EZM vs. RWJ - Sectors Allocation Comparison

Sectors	EZM	RWJ
Financial Services	19.3%	11.0%
Industrials	16.5%	16.2%
Consumer Cyclical	15.4%	23.9%
Technology	12.5%	9.9%
Healthcare	9.2%	11.2%
Energy	7.2%	7.4%
Consumer Defensive	5.4%	6.9%
Real Estate	4.9%	4.0%
Basic Materials	4.4%	5.2%
Utilities	3.3%	0.9%
Communication Services	1.8%	3.3%

Return for Risk

EZM vs. RWJ — Risk / Return Rank

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

EZM

EZM Risk / Return Rank: 53
EZM Sharpe Ratio Rank: 49
EZM Sortino Ratio Rank: 53
EZM Omega Ratio Rank: 48
EZM Calmar Ratio Rank: 58
EZM Martin Ratio Rank: 55

RWJ

RWJ Risk / Return Rank: 63
RWJ Sharpe Ratio Rank: 62
RWJ Sortino Ratio Rank: 64
RWJ Omega Ratio Rank: 58
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.

EZM vs. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. MidCap Earnings Fund (EZM) 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.

	EZM	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.03	-0.36
Sortino ratio: Return per unit of downside risk	2.54	2.91	-0.36
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	2.85	3.48	-0.63
Martin ratio: Return relative to average drawdown	9.66	11.12	-1.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZM vs. RWJ - Sharpe Ratio Comparison

The current EZM Sharpe Ratio is 1.67, which is comparable to the RWJ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of EZM 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

	EZM	RWJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	2.03	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.34	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.50	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.46	-0.05

Drawdowns

EZM vs. RWJ - Drawdown Comparison

The maximum EZM drawdown since its inception was -59.58%, which is greater than RWJ's maximum drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for EZM and RWJ.

Drawdown Indicators

	EZM	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-59.58%	-55.97%	-3.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.70%	-11.31%	+2.61%
Max Drawdown (3Y) Largest decline over 3 years	-23.53%	-29.29%	+5.76%
Max Drawdown (5Y) Largest decline over 5 years	-23.53%	-29.29%	+5.76%
Max Drawdown (10Y) Largest decline over 10 years	-47.26%	-51.33%	+4.07%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.27%	-9.24%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.53%	-0.97%

Volatility

EZM vs. RWJ - Volatility Comparison

The current volatility for WisdomTree U.S. MidCap Earnings Fund (EZM) is 3.33%, while Invesco S&P SmallCap 600 Revenue ETF (RWJ) has a volatility of 4.66%. This indicates that EZM experiences smaller price fluctuations and is considered to be less risky than RWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZM	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	4.66%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	12.35%	-2.10%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	19.40%	-4.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.42%	23.72%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	26.14%	-3.79%

EZM vs. RWJ - Expense Ratio Comparison

EZM has a 0.38% expense ratio, which is lower than RWJ's 0.39% expense ratio.

Dividends

EZM vs. RWJ - Dividend Comparison

EZM's dividend yield for the trailing twelve months is around 1.25%, more than RWJ's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZM WisdomTree U.S. MidCap Earnings Fund	1.25%	1.39%	1.22%	1.25%	1.57%	1.08%	1.67%	1.34%	1.57%	1.14%	1.55%	1.30%
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 EZM and RWJ in my portfolio?

With a correlation of 0.93, EZM and RWJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EZM or RWJ?

RWJ has higher volatility (4.66%) compared to EZM (3.33%). In terms of maximum drawdown, EZM dropped -59.58% vs RWJ's -55.97%.

Which ETF is better, EZM or RWJ?

On 10-year performance, RWJ leads with 13.01% vs 10.61% for EZM. On fees, EZM is cheaper at 0.38% per year. On volatility, EZM has been the lower-risk option at 3.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZM or RWJ?

Over the 10-year period, RWJ has performed better with a 13.01% return vs 10.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZM or RWJ?

EZM is cheaper with a 0.38% expense ratio, compared with 0.39% for RWJ.

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

EZM has the higher dividend yield at 1.25%, compared with 1.00% for RWJ.

What is the main difference between EZM and RWJ?

EZM is categorized as Mid Cap Blend Equities, while RWJ is Small Cap Value Equities. EZM tracks WisdomTree U.S. MidCap Index, while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.38% for EZM and 0.39% for RWJ.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (2.03 vs 1.67), 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.