FIJEX vs. RWJ

Last updated Aug 1, 2026

FIJEX (Frost Total Return Bond Fund) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both funds - FIJEX is a Short-Term Bond fund managed by Frost, while RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index. Over the past 10 years, FIJEX returned 3.29%/yr vs 13.60%/yr for RWJ. Their -0.05 correlation means they have often moved in opposite directions in the past. FIJEX charges 0.46%/yr vs 0.39%/yr for RWJ.

Performance

FIJEX vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frost Total Return Bond Fund (FIJEX) 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, FIJEX achieves a 0.63% return, which is significantly lower than RWJ's 25.74% return. Over the past 10 years, FIJEX has underperformed RWJ with an annualized return of 3.29%, while RWJ has yielded a comparatively higher 13.60% annualized return.

FIJEX

• 1D: 0.06%
• 1M: -0.67%
• 6M: 0.18%
• YTD: 0.63%
• 1Y: 2.62%
• 3Y*: 5.57%
• 5Y*: 3.03%
• 10Y*: 3.29%
• ALL TIME*: 3.35%

RWJ

• 1D: -0.20%
• 1M: 2.40%
• 6M: 17.61%
• YTD: 25.74%
• 1Y: 43.73%
• 3Y*: 16.07%
• 5Y*: 10.85%
• 10Y*: 13.60%
• ALL TIME*: 12.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIJEX Frost Total Return Bond Fund	$0.00	$0.00	$0.00
RWJ Invesco S&P SmallCap 600 Revenue ETF	$5.35M	$5.27M	$5.02M

FIJEX vs. RWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIJEX Frost Total Return Bond Fund	0.63%	4.83%	6.44%	8.64%	-5.30%	3.45%	3.49%	5.38%	1.38%	4.43%
RWJ Invesco S&P SmallCap 600 Revenue ETF	25.74%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%

Correlation

The correlation between FIJEX and RWJ is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.04
Correlation (All Time) Calculated using the full available price history since Feb 22, 2008	-0.05

The correlation between FIJEX and RWJ shifts across timeframes, from -0.05 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FIJEX vs. RWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FIJEX

FIJEX Risk / Return Rank: 32
FIJEX Sharpe Ratio Rank: 34
FIJEX Sortino Ratio Rank: 33
FIJEX Omega Ratio Rank: 31
FIJEX Calmar Ratio Rank: 34
FIJEX Martin Ratio Rank: 28

RWJ

RWJ Risk / Return Rank: 88
RWJ Sharpe Ratio Rank: 89
RWJ Sortino Ratio Rank: 90
RWJ Omega Ratio Rank: 86
RWJ Calmar Ratio Rank: 88
RWJ Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FIJEX vs. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frost Total Return Bond Fund (FIJEX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FIJEX	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.16	-1.09
Sortino ratio: Return per unit of downside risk	1.54	3.12	-1.58
Omega ratio: Gain probability vs. loss probability	1.19	1.37	-0.19
Calmar ratio: Return relative to maximum drawdown	1.46	3.57	-2.10
Martin ratio: Return relative to average drawdown	4.10	11.98	-7.88

FIJEX vs. RWJ - Sharpe Ratio Comparison

The current FIJEX Sharpe Ratio is 1.07, which is lower than the RWJ Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FIJEX 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.

Drawdowns

FIJEX vs. RWJ - Drawdown Comparison

The maximum FIJEX drawdown since its inception was -16.82%, smaller than the maximum RWJ drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for FIJEX and RWJ.

Drawdown Indicators

	FIJEX	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-16.82%	-55.97%	+39.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.25%	-11.31%	+9.06%
Max Drawdown (3Y) Largest decline over 3 years	-3.40%	-29.29%	+25.89%
Max Drawdown (5Y) Largest decline over 5 years	-7.52%	-29.29%	+21.77%
Max Drawdown (10Y) Largest decline over 10 years	-11.60%	-51.33%	+39.73%
Current Drawdown Current decline from peak	-1.25%	-1.74%	+0.49%
Average Drawdown Average peak-to-trough decline	-2.85%	-9.16%	+6.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	3.36%	-2.56%

Volatility

FIJEX vs. RWJ - Volatility Comparison

The current volatility for Frost Total Return Bond Fund (FIJEX) is 0.83%, while Invesco S&P SmallCap 600 Revenue ETF (RWJ) has a volatility of 4.09%. This indicates that FIJEX 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

	FIJEX	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	4.09%	-3.26%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	12.15%	-9.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	18.69%	-15.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.74%	23.49%	-19.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	26.06%	-22.82%

FIJEX vs. RWJ - Expense Ratio Comparison

FIJEX has a 0.46% expense ratio, which is higher than RWJ's 0.39% expense ratio.

Dividends

FIJEX vs. RWJ - Dividend Comparison

FIJEX's dividend yield for the trailing twelve months is around 5.87%, more than RWJ's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIJEX Frost Total Return Bond Fund	5.87%	4.64%	5.23%	5.53%	4.69%	3.31%	3.82%	3.79%	3.63%	3.68%	4.03%	4.14%
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 FIJEX and RWJ in my portfolio?

FIJEX and RWJ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIJEX or RWJ?

RWJ has higher volatility (4.09%) compared to FIJEX (0.83%). In terms of maximum drawdown, FIJEX dropped -16.82% vs RWJ's -55.97%.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (2.16 vs 1.07), 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.