RWJ vs. FYT

Last updated Jun 4, 2026

RWJ (Invesco S&P SmallCap 600 Revenue ETF) and FYT (First Trust Small Cap Value AlphaDEX Fund) are both Small Cap Value Equities funds - RWJ tracks the S&P SmallCap 600 Revenue-Weighted Index while FYT tracks the NASDAQ AlphaDEX Small Cap Value Index. Both are passively managed. Over the past 10 years, RWJ returned 13.02%/yr vs 9.99%/yr for FYT. Their correlation of 0.90 suggests significant overlap in exposure. RWJ charges 0.39%/yr vs 0.72%/yr for FYT.

Performance

RWJ vs. FYT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600 Revenue ETF (RWJ) and First Trust Small Cap Value AlphaDEX Fund (FYT). 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 FYT slightly lower at 15.42%. Over the past 10 years, RWJ has outperformed FYT with an annualized return of 13.02%, while FYT has yielded a comparatively lower 9.99% 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%

FYT

• 1D: -1.70%
• 1M: -1.10%
• YTD: 15.42%
• 6M: 14.14%
• 1Y: 34.20%
• 3Y*: 15.03%
• 5Y*: 5.74%
• 10Y*: 9.99%

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

RWJ vs. FYT - 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%
FYT First Trust Small Cap Value AlphaDEX Fund	15.42%	4.00%	3.24%	22.90%	-14.05%	29.33%	9.82%	25.80%	-14.73%	7.14%

Correlation

The correlation between RWJ and FYT is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 21, 2011	0.90

The correlation between RWJ and FYT has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

RWJ vs. FYT - Sectors Allocation Comparison

Sectors	RWJ	FYT
Consumer Cyclical	23.9%	13.3%
Industrials	16.2%	12.9%
Healthcare	11.2%	6.1%
Financial Services	11.0%	25.5%
Technology	9.9%	8.4%
Energy	7.4%	7.2%
Consumer Defensive	6.9%	7.2%
Basic Materials	5.2%	4.6%
Real Estate	4.0%	9.1%
Communication Services	3.3%	2.7%
Utilities	0.9%	2.7%

Return for Risk

RWJ vs. FYT — 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

FYT

FYT Risk / Return Rank: 61
FYT Sharpe Ratio Rank: 53
FYT Sortino Ratio Rank: 58
FYT Omega Ratio Rank: 52
FYT Calmar Ratio Rank: 80
FYT Martin Ratio Rank: 64

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. FYT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 Revenue ETF (RWJ) and First Trust Small Cap Value AlphaDEX Fund (FYT). 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	FYT	Difference
Sharpe ratio Return per unit of total volatility	1.90	1.83	+0.07
Sortino ratio Return per unit of downside risk	2.75	2.73	+0.02
Omega ratio Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio Return relative to maximum drawdown	3.25	4.12	-0.87
Martin ratio Return relative to average drawdown	10.39	11.64	-1.25
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. FYT - Sharpe Ratio Comparison

The current RWJ Sharpe Ratio is 1.90, which is comparable to the FYT Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of RWJ and FYT, 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	FYT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.83	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.26	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.39	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.39	+0.07

Drawdowns

RWJ vs. FYT - Drawdown Comparison

The maximum RWJ drawdown since its inception was -55.97%, which is greater than FYT's maximum drawdown of -50.48%. Use the drawdown chart below to compare losses from any high point for RWJ and FYT.

Drawdown Indicators

	RWJ	FYT	Difference
Max Drawdown Largest peak-to-trough decline	-55.97%	-50.48%	-5.49%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-8.34%	-2.97%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	-28.90%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	-28.90%	-0.39%
Max Drawdown (10Y) Largest decline over 10 years	-51.33%	-50.48%	-0.85%
Current Drawdown Current decline from peak	-1.07%	-2.65%	+1.58%
Average Drawdown Average peak-to-trough decline	-9.24%	-8.54%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	2.95%	+0.58%

Volatility

RWJ vs. FYT - Volatility Comparison

Invesco S&P SmallCap 600 Revenue ETF (RWJ) and First Trust Small Cap Value AlphaDEX Fund (FYT) have volatilities of 4.64% and 4.66%, 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.

Volatility by Period

	RWJ	FYT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	4.66%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	11.62%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	19.40%	18.90%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.71%	22.56%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.14%	25.96%	+0.18%

RWJ vs. FYT - Expense Ratio Comparison

RWJ has a 0.39% expense ratio, which is lower than FYT's 0.72% expense ratio.

Dividends

RWJ vs. FYT - Dividend Comparison

RWJ's dividend yield for the trailing twelve months is around 1.01%, less than FYT's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYT First Trust Small Cap Value AlphaDEX Fund	1.12%	0.94%	2.07%	1.50%	1.36%	1.19%	0.96%	1.44%	1.78%	1.16%	1.16%	0.96%
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 FYT in my portfolio?

With a correlation of 0.95, RWJ and FYT 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 FYT?

FYT has higher volatility (4.66%) compared to RWJ (4.64%). In terms of maximum drawdown, RWJ dropped -55.97% vs FYT's -50.48%.

Which ETF is better, RWJ or FYT?

On 10-year performance, RWJ leads with 13.02% vs 9.99% for FYT. On fees, RWJ is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWJ or FYT?

Over the 10-year period, RWJ has performed better with a 13.02% return vs 9.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWJ or FYT?

RWJ is cheaper with a 0.39% expense ratio, compared with 0.72% for FYT.

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

FYT has the higher dividend yield at 1.12%, compared with 1.01% for RWJ.

What is the main difference between RWJ and FYT?

RWJ tracks S&P SmallCap 600 Revenue-Weighted Index, while FYT tracks NASDAQ AlphaDEX Small Cap Value Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.39% for RWJ and 0.72% for FYT.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (1.90 vs 1.83), 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.