RWJ vs. DGS
RWJ (Invesco S&P SmallCap 600 Revenue ETF) and DGS (WisdomTree Emerging Markets 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 DGS is a Emerging Markets Diversified fund tracking the WisdomTree Emerging Markets SmallCap Dividend Index. Both are passively managed. Over the past 10 years, RWJ returned 13.64%/yr vs 10.14%/yr for DGS. A 0.59 correlation means they provide meaningful diversification when combined. RWJ charges 0.39%/yr vs 0.58%/yr for DGS.
Performance
RWJ vs. DGS - Performance Comparison
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Returns By Period
In the year-to-date period, RWJ achieves a 21.05% return, which is significantly higher than DGS's 14.94% return. Over the past 10 years, RWJ has outperformed DGS with an annualized return of 13.64%, while DGS has yielded a comparatively lower 10.14% annualized return.
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%
DGS
- 1D
- 0.65%
- 1M
- 1.51%
- YTD
- 14.94%
- 6M
- 17.07%
- 1Y
- 25.61%
- 3Y*
- 15.36%
- 5Y*
- 8.06%
- 10Y*
- 10.14%
RWJ vs. DGS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 14.94% | 21.18% | 1.13% | 19.08% | -12.35% | 15.33% | 4.06% | 18.90% | -16.52% | 37.47% |
Correlation
The correlation between RWJ and DGS is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2008 | 0.59 |
The correlation between RWJ and DGS has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.
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Return for Risk
RWJ vs. DGS — Risk / Return Rank
RWJ
DGS
RWJ vs. DGS - 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 Emerging Markets SmallCap Dividend Fund (DGS). 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.
| RWJ | DGS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.27 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 2.38 | +1.18 |
| Martin ratioReturn relative to average drawdown | 11.43 | 7.84 | +3.59 |
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Drawdowns
RWJ vs. DGS - Drawdown Comparison
The maximum RWJ drawdown since its inception was -55.97%, smaller than the maximum DGS drawdown of -61.83%. Use the drawdown chart below to compare losses from any high point for RWJ and DGS.
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Drawdown Indicators
| RWJ | DGS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.97% | -61.83% | +5.86% |
Max Drawdown (1Y)Largest decline over 1 year | -11.31% | -10.06% | -1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -29.29% | -19.31% | -9.98% |
Max Drawdown (5Y)Largest decline over 5 years | -29.29% | -24.86% | -4.43% |
Max Drawdown (10Y)Largest decline over 10 years | -51.33% | -44.08% | -7.25% |
Current DrawdownCurrent decline from peak | 0.00% | -1.05% | +1.05% |
Average DrawdownAverage peak-to-trough decline | -9.22% | -12.57% | +3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.52% | 3.05% | +0.47% |
Volatility
RWJ vs. DGS - Volatility Comparison
The current volatility for Invesco S&P SmallCap 600 Revenue ETF (RWJ) is 4.67%, while WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) has a volatility of 7.30%. This indicates that RWJ experiences smaller price fluctuations and is considered to be less risky than DGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWJ | DGS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 7.30% | -2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 14.27% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.48% | 16.60% | +2.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.71% | 15.08% | +8.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.14% | 17.39% | +8.75% |
RWJ vs. DGS - Expense Ratio Comparison
RWJ has a 0.39% expense ratio, which is lower than DGS's 0.58% expense ratio.
Dividends
RWJ vs. DGS - Dividend Comparison
RWJ's dividend yield for the trailing twelve months is around 0.97%, less than DGS's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 3.20% | 3.45% | 3.36% | 4.55% | 5.34% | 3.98% | 3.69% | 3.95% | 4.24% | 2.81% | 3.42% | 3.28% |
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
RWJ and DGS have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGS has higher volatility (7.30%) compared to RWJ (4.67%). In terms of maximum drawdown, RWJ dropped -55.97% vs DGS's -61.83%.
On 10-year performance, RWJ leads with 13.64% vs 10.14% for DGS. 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 10.14%. 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 0.58% for DGS.
DGS has the higher dividend yield at 3.20%, compared with 0.97% for RWJ.
RWJ is categorized as Small Cap Value Equities, while DGS is Emerging Markets Diversified. RWJ tracks S&P SmallCap 600 Revenue-Weighted Index, while DGS tracks WisdomTree Emerging Markets SmallCap Dividend Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.39% for RWJ and 0.58% for DGS.
RWJ currently has the higher Sharpe Ratio (2.07 vs 1.44), 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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