RTWP.L vs. RTWO.L

Last updated Jun 5, 2026

RTWP.L (L&G Russell 2000 US Small Cap UCITS ETF) and RTWO.L (L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc) are both Small Cap Blend Equities funds - RTWP.L tracks the Russell 2000 TR USD while RTWO.L tracks the Russell 2000 0.4 Quality Target Exposure Factor Index. Both are passively managed. Over the past 10 years, RTWP.L returned 12.05%/yr vs 12.05%/yr for RTWO.L. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.

Performance

RTWP.L vs. RTWO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Russell 2000 US Small Cap UCITS ETF (RTWP.L) and L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc (RTWO.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

RTWP.L is traded in GBp, while RTWO.L is traded in USD. To make them comparable, the RTWO.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with RTWP.L having a 16.93% return and RTWO.L slightly higher at 17.22%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: RTWP.L at 12.05% and RTWO.L at 12.05%.

RTWP.L

• 1D: 1.41%
• 1M: 4.16%
• YTD: 16.93%
• 6M: 15.64%
• 1Y: 36.63%
• 3Y*: 14.81%
• 5Y*: 8.43%
• 10Y*: 12.05%

RTWO.L

• 1D: 1.19%
• 1M: 3.90%
• YTD: 17.22%
• 6M: 15.56%
• 1Y: 36.63%
• 3Y*: 14.89%
• 5Y*: 8.35%
• 10Y*: 12.05%

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

RTWP.L vs. RTWO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RTWP.L L&G Russell 2000 US Small Cap UCITS ETF	16.93%	3.61%	11.18%	13.44%	-8.94%	20.68%	15.78%	20.59%	-7.77%	4.46%
RTWO.L L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc	17.22%	3.40%	11.13%	14.05%	-9.01%	20.34%	16.30%	19.76%	-7.62%	4.81%

Correlation

The correlation between RTWP.L and RTWO.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 21, 2008	0.84

The correlation between RTWP.L and RTWO.L shifts across timeframes, from 0.84 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

RTWP.L vs. RTWO.L - Sectors Allocation Comparison

Sectors	RTWP.L	RTWO.L
Technology	20.0%	18.5%
Industrials	17.9%	17.7%
Financial Services	15.3%	15.6%
Healthcare	14.5%	14.3%
Consumer Cyclical	8.6%	9.3%
Real Estate	5.9%	6.1%
Energy	5.3%	5.9%
Basic Materials	4.6%	4.6%
Utilities	2.8%	2.9%
Consumer Defensive	2.7%	2.8%
Communication Services	2.4%	2.4%

Return for Risk

RTWP.L vs. RTWO.L — Risk / Return Rank

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

RTWP.L

RTWP.L Risk / Return Rank: 75
RTWP.L Sharpe Ratio Rank: 73
RTWP.L Sortino Ratio Rank: 71
RTWP.L Omega Ratio Rank: 66
RTWP.L Calmar Ratio Rank: 87
RTWP.L Martin Ratio Rank: 78

RTWO.L

RTWO.L Risk / Return Rank: 67
RTWO.L Sharpe Ratio Rank: 63
RTWO.L Sortino Ratio Rank: 67
RTWO.L Omega Ratio Rank: 59
RTWO.L Calmar Ratio Rank: 77
RTWO.L Martin Ratio Rank: 69

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.

RTWP.L vs. RTWO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Russell 2000 US Small Cap UCITS ETF (RTWP.L) and L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc (RTWO.L). 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.

	RTWP.L	RTWO.L	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.18	+0.15
Sortino ratio: Return per unit of downside risk	3.18	2.98	+0.20
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	4.93	4.80	+0.13
Martin ratio: Return relative to average drawdown	14.84	14.50	+0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RTWP.L vs. RTWO.L - Sharpe Ratio Comparison

The current RTWP.L Sharpe Ratio is 2.34, which is comparable to the RTWO.L Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of RTWP.L and RTWO.L, 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

	RTWP.L	RTWO.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.18	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.42	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.57	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.63	+0.07

Drawdowns

RTWP.L vs. RTWO.L - Drawdown Comparison

The maximum RTWP.L drawdown since its inception was -35.32%, roughly equal to the maximum RTWO.L drawdown of -35.69%. Use the drawdown chart below to compare losses from any high point for RTWP.L and RTWO.L.

Drawdown Indicators

	RTWP.L	RTWO.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.32%	-35.69%	+0.37%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-7.60%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-28.77%	-28.41%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-28.77%	-28.41%	-0.36%
Max Drawdown (10Y) Largest decline over 10 years	-35.32%	-35.69%	+0.37%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.05%	-7.11%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	2.52%	-0.06%

Volatility

RTWP.L vs. RTWO.L - Volatility Comparison

The current volatility for L&G Russell 2000 US Small Cap UCITS ETF (RTWP.L) is 4.55%, while L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc (RTWO.L) has a volatility of 5.23%. This indicates that RTWP.L experiences smaller price fluctuations and is considered to be less risky than RTWO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RTWP.L	RTWO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	5.23%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	12.11%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	16.70%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.25%	20.11%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	21.11%	-0.71%

RTWP.L vs. RTWO.L - Expense Ratio Comparison

Both RTWP.L and RTWO.L have an expense ratio of 0.30%.

Dividends

RTWP.L vs. RTWO.L - Dividend Comparison

Neither RTWP.L nor RTWO.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both RTWP.L and RTWO.L in my portfolio?

With a correlation of 0.96, RTWP.L and RTWO.L 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 ETF is better, RTWP.L or RTWO.L?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RTWP.L or RTWO.L?

RTWP.L and RTWO.L have the same expense ratio: 0.30% per year.

What is the main difference between RTWP.L and RTWO.L?

RTWP.L tracks Russell 2000 TR USD, while RTWO.L tracks Russell 2000 0.4 Quality Target Exposure Factor Index. They also come from different issuers: Legal & General and L&G.