RWJ vs. DES

Last updated Jun 4, 2026

RWJ (Invesco S&P SmallCap 600 Revenue ETF) and DES (WisdomTree U.S. SmallCap Dividend Fund) are both exchange-traded funds - RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index, while DES is a Small Cap Blend Equities fund tracking the WisdomTree SmallCap Dividend (TR). Both are passively managed. Over the past 10 years, RWJ returned 13.02%/yr vs 8.04%/yr for DES. Their correlation of 0.91 suggests significant overlap in exposure. RWJ charges 0.39%/yr vs 0.38%/yr for DES.

Performance

RWJ vs. DES - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with RWJ having a 15.88% return and DES slightly lower at 15.19%. Over the past 10 years, RWJ has outperformed DES with an annualized return of 13.02%, while DES has yielded a comparatively lower 8.04% annualized return.

RWJ

• 1D: -1.07%
• 1M: 1.90%
• YTD: 15.88%
• 6M: 14.97%
• 1Y: 36.55%
• 3Y*: 16.43%
• 5Y*: 7.73%
• 10Y*: 13.02%

DES

• 1D: -1.24%
• 1M: 0.67%
• YTD: 15.19%
• 6M: 14.26%
• 1Y: 25.57%
• 3Y*: 14.17%
• 5Y*: 5.96%
• 10Y*: 8.04%

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

RWJ vs. DES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWJ Invesco S&P SmallCap 600 Revenue ETF	15.88%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%
DES WisdomTree U.S. SmallCap Dividend Fund	15.19%	0.25%	9.93%	16.50%	-10.96%	26.51%	-4.26%	20.26%	-12.85%	8.64%

Correlation

The correlation between RWJ and DES is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 25, 2008	0.91

The correlation between RWJ and DES has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

RWJ vs. DES - Sectors Allocation Comparison

Sectors	RWJ	DES
Consumer Cyclical	23.9%	14.8%
Industrials	16.2%	13.3%
Healthcare	11.2%	1.7%
Financial Services	11.0%	23.7%
Technology	9.9%	5.5%
Energy	7.4%	10.7%
Consumer Defensive	6.9%	4.3%
Basic Materials	5.2%	6.0%
Real Estate	4.0%	9.6%
Communication Services	3.3%	2.8%
Utilities	0.9%	4.6%

Return for Risk

RWJ vs. DES — Risk / Return Rank

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

RWJ

RWJ Risk / Return Rank: 57
RWJ Sharpe Ratio Rank: 55
RWJ Sortino Ratio Rank: 57
RWJ Omega Ratio Rank: 52
RWJ Calmar Ratio Rank: 65
RWJ Martin Ratio Rank: 58

DES

DES Risk / Return Rank: 51
DES Sharpe Ratio Rank: 44
DES Sortino Ratio Rank: 47
DES Omega Ratio Rank: 43
DES Calmar Ratio Rank: 67
DES Martin Ratio Rank: 55

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.

RWJ vs. DES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 Revenue ETF (RWJ) and WisdomTree U.S. SmallCap Dividend Fund (DES). 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.

	RWJ	DES	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.57	+0.33
Sortino ratio: Return per unit of downside risk	2.75	2.36	+0.38
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	3.25	3.36	-0.11
Martin ratio: Return relative to average drawdown	10.39	9.57	+0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWJ vs. DES - Sharpe Ratio Comparison

The current RWJ Sharpe Ratio is 1.90, which is comparable to the DES Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of RWJ and DES, 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

	RWJ	DES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.57	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.31	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.37	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.31	+0.14

Drawdowns

RWJ vs. DES - Drawdown Comparison

The maximum RWJ drawdown since its inception was -55.97%, smaller than the maximum DES drawdown of -65.48%. Use the drawdown chart below to compare losses from any high point for RWJ and DES.

Drawdown Indicators

	RWJ	DES	Difference
Max Drawdown Largest peak-to-trough decline	-55.97%	-65.48%	+9.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-7.64%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	-25.16%	-4.13%
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	-25.16%	-4.13%
Max Drawdown (10Y) Largest decline over 10 years	-51.33%	-45.65%	-5.68%
Current Drawdown Current decline from peak	-1.07%	-1.52%	+0.45%
Average Drawdown Average peak-to-trough decline	-9.24%	-9.68%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	2.68%	+0.85%

Volatility

RWJ vs. DES - Volatility Comparison

Invesco S&P SmallCap 600 Revenue ETF (RWJ) has a higher volatility of 4.64% compared to WisdomTree U.S. SmallCap Dividend Fund (DES) at 4.19%. This indicates that RWJ's price experiences larger fluctuations and is considered to be riskier than DES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWJ	DES	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	4.19%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	11.02%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	19.40%	16.46%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.71%	19.57%	+4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.14%	21.97%	+4.17%

RWJ vs. DES - Expense Ratio Comparison

RWJ has a 0.39% expense ratio, which is higher than DES's 0.38% expense ratio.

Dividends

RWJ vs. DES - Dividend Comparison

RWJ's dividend yield for the trailing twelve months is around 1.01%, less than DES's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DES WisdomTree U.S. SmallCap Dividend Fund	2.40%	2.85%	2.81%	2.65%	2.89%	2.31%	2.75%	2.68%	3.65%	2.89%	2.70%	3.09%
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.01%	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 RWJ and DES in my portfolio?

With a correlation of 0.92, RWJ and DES 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, RWJ or DES?

RWJ has higher volatility (4.64%) compared to DES (4.19%). In terms of maximum drawdown, RWJ dropped -55.97% vs DES's -65.48%.

Which ETF is better, RWJ or DES?

On 10-year performance, RWJ leads with 13.02% vs 8.04% for DES. On fees, DES is cheaper at 0.38% per year. On volatility, DES has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWJ or DES?

Over the 10-year period, RWJ has performed better with a 13.02% return vs 8.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWJ or DES?

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

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

DES has the higher dividend yield at 2.40%, compared with 1.01% for RWJ.

What is the main difference between RWJ and DES?

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

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (1.90 vs 1.56), 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.