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RWJ vs. FSMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWJ vs. FSMD

Last updated Aug 2, 2026
Documentation

RWJ (Invesco S&P SmallCap 600 Revenue ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index, while FSMD is a Small Cap Blend Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, RWJ returned 10.85%/yr vs 9.94%/yr for FSMD. Their correlation of 0.88 means they have usually moved in the same direction. RWJ charges 0.39%/yr vs 0.15%/yr for FSMD.

Performance

RWJ vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600 Revenue ETF (RWJ) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RWJ achieves a 25.74% return, which is significantly higher than FSMD's 15.80% return.

RWJ

1D
-0.20%
1M
2.40%
6M
17.61%
YTD
25.74%
1Y
43.73%
3Y*
16.07%
5Y*
10.85%
10Y*
13.60%
ALL TIME*
12.54%

FSMD

1D
-0.12%
1M
-1.72%
6M
11.82%
YTD
15.80%
1Y
24.59%
3Y*
15.14%
5Y*
9.94%
10Y*
—
ALL TIME*
11.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FSMD

Fidelity Small-Mid Multifactor ETF
$4.61M$5.11M$5.82M

RWJ

Invesco S&P SmallCap 600 Revenue ETF
$5.35M$5.27M$5.02M

RWJ vs. FSMD - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
RWJ
Invesco S&P SmallCap 600 Revenue ETF		25.74%7.75%11.81%16.21%-10.97%52.82%20.83%-0.50%
FSMD
Fidelity Small-Mid Multifactor ETF		15.80%8.70%15.18%17.37%-11.15%26.40%8.94%8.81%

Correlation

The correlation between RWJ and FSMD is 0.83, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.83

Correlation (3Y)
Balances recent behavior with more history.

0.88

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.91

Correlation (All Time)
Calculated using the full available price history since Feb 28, 2019

0.88

The correlation between RWJ and FSMD has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

RWJ vs. FSMD - Sectors Allocation Comparison

Sectors
RWJ
FSMD

Consumer Cyclical

25.4%
10.6%

Industrials

15.3%
20.3%

Financial Services

11.6%
15.2%

Healthcare

11.0%
12.2%

Technology

10.3%
20.9%

Consumer Defensive

7.7%
2.9%

Energy

6.5%
3.7%

Basic Materials

4.7%
3.5%

Real Estate

4.1%
6.1%

Communication Services

2.6%
2.8%

Utilities

0.9%
1.9%

Consumer Cyclical

RWJ
25.4%
FSMD
10.6%

Industrials

RWJ
15.3%
FSMD
20.3%

Financial Services

RWJ
11.6%
FSMD
15.2%

Healthcare

RWJ
11.0%
FSMD
12.2%

Technology

RWJ
10.3%
FSMD
20.9%

Consumer Defensive

RWJ
7.7%
FSMD
2.9%

Energy

RWJ
6.5%
FSMD
3.7%

Basic Materials

RWJ
4.7%
FSMD
3.5%

Real Estate

RWJ
4.1%
FSMD
6.1%

Communication Services

RWJ
2.6%
FSMD
2.8%

Utilities

RWJ
0.9%
FSMD
1.9%

Compare stocks, funds, or ETFs

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

Invesco S&P SmallCap 600 Revenue ETF

Fidelity Small-Mid Multifactor ETF

Often compared with RWJ:
RWJ vs. AVUVXRWJ vs. XSVMRWJ vs. RWKRWJ vs. RZVRWJ vs. CALFRWJ vs. RFVRWJ vs. EWMC
Often compared with FSMD:
FSMD vs. FXAIXFSMD vs. SMLFFSMD vs. IJRFSMD vs. BFGFXFSMD vs. FLRGFSMD vs. FSOPXFSMD vs. VTSIX

Return for Risk

RWJ vs. FSMD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
RWJ
RWJ Risk / Return Rank: 8888
Overall Rank
RWJ Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
RWJ Sortino Ratio Rank: 9090
Sortino Ratio Rank
RWJ Omega Ratio Rank: 8686
Omega Ratio Rank
RWJ Calmar Ratio Rank: 8888
Calmar Ratio Rank
RWJ Martin Ratio Rank: 8585
Martin Ratio Rank
FSMD
FSMD Risk / Return Rank: 6868
Overall Rank
FSMD Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
FSMD Sortino Ratio Rank: 6666
Sortino Ratio Rank
FSMD Omega Ratio Rank: 6060
Omega Ratio Rank
FSMD Calmar Ratio Rank: 7777
Calmar Ratio Rank
FSMD Martin Ratio Rank: 7474
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RWJ vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 Revenue ETF (RWJ) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

RWJFSMDDifference
Sharpe ratioReturn per unit of total volatility
2.16
1.44

+0.72

Sortino ratioReturn per unit of downside risk
3.12
2.16

+0.96

Omega ratioGain probability vs. loss probability

1.37

1.26

+0.12

Calmar ratioReturn relative to maximum drawdown

3.57

2.71

+0.85

Martin ratioReturn relative to average drawdown

11.98

9.08

+2.90

RWJ vs. FSMD - Sharpe Ratio Comparison

The current RWJ Sharpe Ratio is 2.16, which is higher than the FSMD Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of RWJ and FSMD, 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

RWJ vs. FSMD - Drawdown Comparison

The maximum RWJ drawdown since its inception was -55.97%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for RWJ and FSMD.

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Drawdown Indicators

RWJFSMDDifference

Max Drawdown

Largest peak-to-trough decline

-55.97%

-40.67%

-15.30%

Max Drawdown (1Y)

Largest decline over 1 year

-11.31%

-8.44%

-2.87%

Max Drawdown (3Y)

Largest decline over 3 years

-29.29%

-22.16%

-7.13%

Max Drawdown (5Y)

Largest decline over 5 years

-29.29%

-22.16%

-7.13%

Max Drawdown (10Y)

Largest decline over 10 years

-51.33%

—

—

Current Drawdown

Current decline from peak

-1.74%

-3.99%

+2.25%

Average Drawdown

Average peak-to-trough decline

-9.16%

-5.92%

-3.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.36%

2.52%

+0.84%

Volatility

RWJ vs. FSMD - Volatility Comparison

Invesco S&P SmallCap 600 Revenue ETF (RWJ) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 4.09% and 4.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RWJFSMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.09%

4.05%

+0.04%

Volatility (6M)

Calculated over the trailing 6-month period

12.15%

12.33%

-0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

18.69%

15.87%

+2.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.49%

18.54%

+4.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.06%

21.32%

+4.74%

RWJ vs. FSMD - Expense Ratio Comparison

RWJ has a 0.39% expense ratio, which is higher than FSMD's 0.15% expense ratio.

Dividends

RWJ vs. FSMD - Dividend Comparison

RWJ's dividend yield for the trailing twelve months is around 1.00%, less than FSMD's 1.25% yield.

PositionTTM20252024202320222021202020192018201720162015
FSMD
Fidelity Small-Mid Multifactor ETF		1.25%1.33%1.29%1.37%1.54%1.18%1.32%1.37%0.00%0.00%0.00%0.00%
RWJ
Invesco S&P SmallCap 600 Revenue ETF		1.00%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 FSMD have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RWJ has higher volatility (4.09%) compared to FSMD (4.05%). In terms of maximum drawdown, RWJ dropped -55.97% vs FSMD's -40.67%.

On 5-year performance, RWJ leads with 10.85% vs 9.94% for FSMD. On fees, FSMD is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, RWJ has performed better with a 10.85% return vs 9.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FSMD is cheaper with a 0.15% expense ratio, compared with 0.39% for RWJ.

FSMD has the higher dividend yield at 1.25%, compared with 1.00% for RWJ.

RWJ is categorized as Small Cap Value Equities, while FSMD is Small Cap Blend Equities. RWJ tracks S&P SmallCap 600 Revenue-Weighted Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.39% for RWJ and 0.15% for FSMD.

RWJ currently has the higher Sharpe Ratio (2.16 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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