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FXU vs. RWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXU vs. RWJ

Last updated Jun 13, 2026

FXU (First Trust Utilities AlphaDEX Fund) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - FXU is a Utilities Equities fund tracking the StrataQuant Utilities 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, FXU returned 9.38%/yr vs 13.64%/yr for RWJ. A 0.51 correlation means they provide meaningful diversification when combined. FXU charges 0.62%/yr vs 0.39%/yr for RWJ.

Performance

FXU vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Utilities AlphaDEX Fund (FXU) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FXU achieves a 8.19% return, which is significantly lower than RWJ's 21.05% return. Over the past 10 years, FXU has underperformed RWJ with an annualized return of 9.38%, while RWJ has yielded a comparatively higher 13.64% annualized return.

FXU

1D
0.87%
1M
0.66%
YTD
8.19%
6M
8.80%
1Y
17.67%
3Y*
17.64%
5Y*
11.71%
10Y*
9.38%

RWJ

1D
1.08%
1M
7.83%
YTD
21.05%
6M
17.99%
1Y
42.98%
3Y*
17.13%
5Y*
8.52%
10Y*
13.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXU vs. RWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXU
First Trust Utilities AlphaDEX Fund		8.19%21.86%22.50%-2.12%3.68%17.67%1.53%11.67%5.43%0.98%
RWJ
Invesco S&P SmallCap 600 Revenue ETF		21.05%7.75%11.81%16.21%-10.97%52.82%20.83%20.29%-16.95%5.30%

Correlation

The correlation between FXU and RWJ is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.25

Correlation (3Y)
Calculated over the trailing 3-year period

0.39

Correlation (5Y)
Calculated over the trailing 5-year period

0.43

Correlation (10Y)
Calculated over the trailing 10-year period

0.40

Correlation (All Time)
Calculated using the full available price history since Feb 22, 2008

0.51

Over the past year, the correlation between FXU and RWJ has dropped to 0.25 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

FXU vs. RWJ - Sectors Allocation Comparison

Sectors
FXU
RWJ

Utilities

92.0%
0.9%

Industrials

4.2%
16.2%

Energy

3.7%
7.4%

Basic Materials

-

5.2%

Communication Services

-

3.3%

Consumer Cyclical

-

23.9%

Consumer Defensive

-

6.9%

Financial Services

-

11.0%

Healthcare

-

11.2%

Real Estate

-

4.0%

Technology

-

9.9%

Utilities

FXU
92.0%
RWJ
0.9%

Industrials

FXU
4.2%
RWJ
16.2%

Energy

FXU
3.7%
RWJ
7.4%

Basic Materials

FXU

-

RWJ
5.2%

Communication Services

FXU

-

RWJ
3.3%

Consumer Cyclical

FXU

-

RWJ
23.9%

Consumer Defensive

FXU

-

RWJ
6.9%

Financial Services

FXU

-

RWJ
11.0%

Healthcare

FXU

-

RWJ
11.2%

Real Estate

FXU

-

RWJ
4.0%

Technology

FXU

-

RWJ
9.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Utilities AlphaDEX Fund

Invesco S&P SmallCap 600 Revenue ETF

Often compared with FXU:
FXU vs. UTESFXU vs. XLUFXU vs. VPUFXU vs. IDUFXU vs. JXIFXU vs. PUIFXU vs. VOO
Often compared with RWJ:
RWJ vs. AVUVXRWJ vs. XSVMRWJ vs. RZVRWJ vs. RWKRWJ vs. CALFRWJ vs. RFVRWJ vs. FSMD

Return for Risk

FXU vs. RWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXU
FXU Risk / Return Rank: 3939
Overall Rank
FXU Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
FXU Sortino Ratio Rank: 3737
Sortino Ratio Rank
FXU Omega Ratio Rank: 3636
Omega Ratio Rank
FXU Calmar Ratio Rank: 4444
Calmar Ratio Rank
FXU Martin Ratio Rank: 3737
Martin Ratio Rank
RWJ
RWJ Risk / Return Rank: 7474
Overall Rank
RWJ Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
RWJ Sortino Ratio Rank: 7777
Sortino Ratio Rank
RWJ Omega Ratio Rank: 6969
Omega Ratio Rank
RWJ Calmar Ratio Rank: 7878
Calmar Ratio Rank
RWJ Martin Ratio Rank: 7171
Martin Ratio Rank
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.

FXU vs. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Utilities AlphaDEX Fund (FXU) 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.

FXURWJDifference
Sharpe ratioReturn per unit of total volatility
1.26
2.07

-0.81

Sortino ratioReturn per unit of downside risk
1.75
2.95

-1.21

Omega ratioGain probability vs. loss probability

1.21

1.35

-0.14

Calmar ratioReturn relative to maximum drawdown

1.93

3.56

-1.63

Martin ratioReturn relative to average drawdown

5.17

11.43

-6.25

FXU vs. RWJ - Sharpe Ratio Comparison

The current FXU Sharpe Ratio is 1.26, which is lower than the RWJ Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of FXU 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.

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Drawdowns

FXU vs. RWJ - Drawdown Comparison

The maximum FXU drawdown since its inception was -49.00%, smaller than the maximum RWJ drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for FXU and RWJ.

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Drawdown Indicators

FXURWJDifference

Max Drawdown

Largest peak-to-trough decline

-49.00%

-55.97%

+6.97%

Max Drawdown (1Y)

Largest decline over 1 year

-8.63%

-11.31%

+2.68%

Max Drawdown (3Y)

Largest decline over 3 years

-17.46%

-29.29%

+11.83%

Max Drawdown (5Y)

Largest decline over 5 years

-21.87%

-29.29%

+7.42%

Max Drawdown (10Y)

Largest decline over 10 years

-34.81%

-51.33%

+16.52%

Current Drawdown

Current decline from peak

-5.57%

0.00%

-5.57%

Average Drawdown

Average peak-to-trough decline

-7.63%

-9.22%

+1.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

3.52%

-0.30%

Volatility

FXU vs. RWJ - Volatility Comparison

First Trust Utilities AlphaDEX Fund (FXU) has a higher volatility of 5.01% compared to Invesco S&P SmallCap 600 Revenue ETF (RWJ) at 4.67%. This indicates that FXU'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.

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Volatility by Period

FXURWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.01%

4.67%

+0.34%

Volatility (6M)

Calculated over the trailing 6-month period

10.33%

12.46%

-2.13%

Volatility (1Y)

Calculated over the trailing 1-year period

13.30%

19.48%

-6.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.61%

23.71%

-7.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.34%

26.14%

-7.80%

FXU vs. RWJ - Expense Ratio Comparison

FXU has a 0.62% expense ratio, which is higher than RWJ's 0.39% expense ratio.

Dividends

FXU vs. RWJ - Dividend Comparison

FXU's dividend yield for the trailing twelve months is around 2.16%, more than RWJ's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
FXU
First Trust Utilities AlphaDEX Fund		2.16%2.29%2.41%2.52%2.03%2.00%3.97%2.34%2.40%3.81%2.62%3.90%
RWJ
Invesco S&P SmallCap 600 Revenue ETF		0.97%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

FXU and RWJ have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXU has higher volatility (5.01%) compared to RWJ (4.67%). In terms of maximum drawdown, FXU dropped -49.00% vs RWJ's -55.97%.

On 10-year performance, RWJ leads with 13.64% vs 9.38% for FXU. On fees, RWJ is cheaper at 0.39% per year. On volatility, RWJ has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RWJ has performed better with a 13.64% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RWJ is cheaper with a 0.39% expense ratio, compared with 0.62% for FXU.

FXU has the higher dividend yield at 2.16%, compared with 0.97% for RWJ.

FXU is categorized as Utilities Equities, while RWJ is Small Cap Value Equities. FXU tracks StrataQuant Utilities Index, while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.62% for FXU and 0.39% for RWJ.

RWJ currently has the higher Sharpe Ratio (2.07 vs 1.26), 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.

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