ONEY vs. RWK

Last updated Jun 20, 2026

ONEY (SPDR Russell 1000 Yield Focus ETF) and RWK (Invesco S&P MidCap 400 Revenue ETF) are both exchange-traded funds - ONEY is a Mid Cap Value Equities fund tracking the Russell 1000 Yield Focused Factor Index, while RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index. Both are passively managed. Over the past 10 years, ONEY returned 11.98%/yr vs 12.84%/yr for RWK. Their correlation of 0.82 suggests significant overlap in exposure. ONEY charges 0.20%/yr vs 0.39%/yr for RWK.

Performance

ONEY vs. RWK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Yield Focus ETF (ONEY) and Invesco S&P MidCap 400 Revenue ETF (RWK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEY achieves a 13.49% return, which is significantly lower than RWK's 14.36% return. Over the past 10 years, ONEY has underperformed RWK with an annualized return of 11.98%, while RWK has yielded a comparatively higher 12.84% annualized return.

ONEY

• 1D: -0.10%
• 1M: 1.86%
• YTD: 13.49%
• 6M: 13.10%
• 1Y: 22.84%
• 3Y*: 13.93%
• 5Y*: 10.17%
• 10Y*: 11.98%

RWK

• 1D: 0.54%
• 1M: 5.06%
• YTD: 14.36%
• 6M: 12.42%
• 1Y: 28.31%
• 3Y*: 16.82%
• 5Y*: 12.36%
• 10Y*: 12.84%

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

ONEY vs. RWK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEY SPDR Russell 1000 Yield Focus ETF	13.49%	7.74%	11.63%	11.12%	-3.60%	37.11%	2.17%	27.45%	-8.71%	15.46%
RWK Invesco S&P MidCap 400 Revenue ETF	14.36%	10.27%	11.94%	23.76%	-8.19%	34.31%	11.06%	28.20%	-14.65%	13.39%

Correlation

The correlation between ONEY and RWK is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 3, 2015	0.82

The correlation between ONEY and RWK has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

ONEY vs. RWK - Sectors Allocation Comparison

Sectors	ONEY	RWK
Industrials	13.6%	22.0%
Consumer Cyclical	12.5%	20.3%
Energy	12.2%	5.0%
Consumer Defensive	12.0%	10.3%
Utilities	10.2%	1.5%
Financial Services	9.9%	12.7%
Real Estate	9.7%	2.6%
Basic Materials	8.2%	4.9%
Technology	6.1%	16.0%
Healthcare	4.2%	4.1%
Communication Services	1.6%	0.7%

Return for Risk

ONEY vs. RWK — Risk / Return Rank

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

ONEY

ONEY Risk / Return Rank: 59
ONEY Sharpe Ratio Rank: 56
ONEY Sortino Ratio Rank: 60
ONEY Omega Ratio Rank: 54
ONEY Calmar Ratio Rank: 63
ONEY Martin Ratio Rank: 63

RWK

RWK Risk / Return Rank: 52
RWK Sharpe Ratio Rank: 51
RWK Sortino Ratio Rank: 55
RWK Omega Ratio Rank: 48
RWK Calmar Ratio Rank: 54
RWK Martin Ratio Rank: 50

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.

ONEY vs. RWK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Yield Focus ETF (ONEY) and Invesco S&P MidCap 400 Revenue ETF (RWK). 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.

	ONEY	RWK	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.69	+0.13
Sortino ratio: Return per unit of downside risk	2.73	2.53	+0.19
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	3.02	2.55	+0.46
Martin ratio: Return relative to average drawdown	10.82	8.20	+2.62

ONEY vs. RWK - Sharpe Ratio Comparison

The current ONEY Sharpe Ratio is 1.83, which is comparable to the RWK Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of ONEY and RWK, 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

ONEY vs. RWK - Drawdown Comparison

The maximum ONEY drawdown since its inception was -46.80%, smaller than the maximum RWK drawdown of -56.49%. Use the drawdown chart below to compare losses from any high point for ONEY and RWK.

Drawdown Indicators

	ONEY	RWK	Difference
Max Drawdown Largest peak-to-trough decline	-46.80%	-56.49%	+9.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-11.14%	+3.53%
Max Drawdown (3Y) Largest decline over 3 years	-17.50%	-24.58%	+7.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.93%	-24.58%	+5.65%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-46.20%	-0.60%
Current Drawdown Current decline from peak	-2.75%	-1.42%	-1.33%
Average Drawdown Average peak-to-trough decline	-4.97%	-7.54%	+2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	3.46%	-1.34%

Volatility

ONEY vs. RWK - Volatility Comparison

The current volatility for SPDR Russell 1000 Yield Focus ETF (ONEY) is 3.54%, while Invesco S&P MidCap 400 Revenue ETF (RWK) has a volatility of 4.63%. This indicates that ONEY experiences smaller price fluctuations and is considered to be less risky than RWK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEY	RWK	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	4.63%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	8.64%	12.12%	-3.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	16.81%	-4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	21.11%	-5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	22.96%	-3.09%

ONEY vs. RWK - Expense Ratio Comparison

ONEY has a 0.20% expense ratio, which is lower than RWK's 0.39% expense ratio.

Dividends

ONEY vs. RWK - Dividend Comparison

ONEY's dividend yield for the trailing twelve months is around 2.83%, more than RWK's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEY SPDR Russell 1000 Yield Focus ETF	2.83%	3.15%	3.18%	3.14%	3.17%	2.46%	2.74%	3.17%	3.72%	10.73%	6.31%	0.29%
RWK Invesco S&P MidCap 400 Revenue ETF	1.12%	1.25%	1.11%	1.05%	1.18%	0.85%	0.96%	1.09%	1.22%	0.99%	1.30%	0.92%

Frequently Asked Questions

Can I hold both ONEY and RWK in my portfolio?

ONEY and RWK have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEY or RWK?

RWK has higher volatility (4.63%) compared to ONEY (3.54%). In terms of maximum drawdown, ONEY dropped -46.80% vs RWK's -56.49%.

Which ETF is better, ONEY or RWK?

On 10-year performance, RWK leads with 12.84% vs 11.98% for ONEY. On fees, ONEY is cheaper at 0.20% per year. On volatility, ONEY has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEY or RWK?

Over the 10-year period, RWK has performed better with a 12.84% return vs 11.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEY or RWK?

ONEY is cheaper with a 0.20% expense ratio, compared with 0.39% for RWK.

Which ETF pays a higher dividend yield, ONEY or RWK?

ONEY has the higher dividend yield at 2.83%, compared with 1.12% for RWK.

What is the main difference between ONEY and RWK?

ONEY is categorized as Mid Cap Value Equities, while RWK is Small Cap Blend Equities. ONEY tracks Russell 1000 Yield Focused Factor Index, while RWK tracks S&P MidCap 400 Revenue-Weighted Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for ONEY and 0.39% for RWK.

Which has better risk-adjusted returns?

ONEY currently has the higher Sharpe Ratio (1.83 vs 1.69), 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.