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RWJ vs. FYT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWJ vs. FYT

Last updated Jun 24, 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 13.63%/yr vs 10.80%/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.

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Returns By Period

In the year-to-date period, RWJ achieves a 19.01% return, which is significantly lower than FYT's 20.07% return. Over the past 10 years, RWJ has outperformed FYT with an annualized return of 13.63%, while FYT has yielded a comparatively lower 10.80% annualized return.

RWJ

1D
-0.17%
1M
4.67%
YTD
19.01%
6M
17.54%
1Y
37.61%
3Y*
18.15%
5Y*
8.58%
10Y*
13.63%

FYT

1D
0.84%
1M
3.60%
YTD
20.07%
6M
18.81%
1Y
38.55%
3Y*
17.05%
5Y*
7.15%
10Y*
10.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RWJ vs. FYT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RWJ
Invesco S&P SmallCap 600 Revenue ETF		19.01%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		20.07%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, 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

0.95

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 20, 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

16.0%
12.9%

Technology

11.2%
8.4%

Healthcare

11.0%
6.1%

Financial Services

10.7%
25.5%

Energy

7.2%
7.2%

Consumer Defensive

6.8%
7.2%

Basic Materials

5.0%
4.6%

Real Estate

3.9%
9.1%

Communication Services

3.5%
2.7%

Utilities

0.8%
2.7%

Consumer Cyclical

RWJ
23.9%
FYT
13.3%

Industrials

RWJ
16.0%
FYT
12.9%

Technology

RWJ
11.2%
FYT
8.4%

Healthcare

RWJ
11.0%
FYT
6.1%

Financial Services

RWJ
10.7%
FYT
25.5%

Energy

RWJ
7.2%
FYT
7.2%

Consumer Defensive

RWJ
6.8%
FYT
7.2%

Basic Materials

RWJ
5.0%
FYT
4.6%

Real Estate

RWJ
3.9%
FYT
9.1%

Communication Services

RWJ
3.5%
FYT
2.7%

Utilities

RWJ
0.8%
FYT
2.7%

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

First Trust Small Cap Value AlphaDEX Fund

Often compared with RWJ:
RWJ vs. AVUVXRWJ vs. XSVMRWJ vs. RZVRWJ vs. RWKRWJ vs. CALFRWJ vs. RFVRWJ vs. FSMD
Often compared with FYT:
FYT vs. AVUVFYT vs. VTIFYT vs. SLYGFYT vs. VBRFYT vs. SPYFYT vs. FNCMXFYT vs. VIOG

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: 6363
Overall Rank
RWJ Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
RWJ Sortino Ratio Rank: 6464
Sortino Ratio Rank
RWJ Omega Ratio Rank: 5757
Omega Ratio Rank
RWJ Calmar Ratio Rank: 7070
Calmar Ratio Rank
RWJ Martin Ratio Rank: 6262
Martin Ratio Rank
FYT
FYT Risk / Return Rank: 7474
Overall Rank
FYT Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
FYT Sortino Ratio Rank: 7474
Sortino Ratio Rank
FYT Omega Ratio Rank: 6565
Omega Ratio Rank
FYT Calmar Ratio Rank: 8787
Calmar Ratio Rank
FYT Martin Ratio Rank: 7575
Martin Ratio Rank
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.

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.

RWJFYTDifference
Sharpe ratioReturn per unit of total volatility
1.95
2.06

-0.11

Sortino ratioReturn per unit of downside risk
2.83
3.04

-0.21

Omega ratioGain probability vs. loss probability

1.34

1.36

-0.02

Calmar ratioReturn relative to maximum drawdown

3.34

4.65

-1.30

Martin ratioReturn relative to average drawdown

10.72

13.20

-2.48

RWJ vs. FYT - Sharpe Ratio Comparison

The current RWJ Sharpe Ratio is 1.95, which is comparable to the FYT Sharpe Ratio of 2.06. 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.

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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.

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Drawdown Indicators

RWJFYTDifference

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

-1.68%

-1.45%

-0.23%

Average Drawdown

Average peak-to-trough decline

-9.21%

-8.51%

-0.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.52%

2.93%

+0.59%

Volatility

RWJ vs. FYT - Volatility Comparison

Invesco S&P SmallCap 600 Revenue ETF (RWJ) has a higher volatility of 4.65% compared to First Trust Small Cap Value AlphaDEX Fund (FYT) at 4.31%. This indicates that RWJ's price experiences larger fluctuations and is considered to be riskier than FYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RWJFYTDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.65%

4.31%

+0.34%

Volatility (6M)

Calculated over the trailing 6-month period

12.61%

11.63%

+0.98%

Volatility (1Y)

Calculated over the trailing 1-year period

19.39%

18.77%

+0.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.66%

22.53%

+1.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.12%

25.94%

+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 1.05%, less than FYT's 1.08% yield.

PositionTTM20252024202320222021202020192018201720162015
FYT
First Trust Small Cap Value AlphaDEX Fund		1.08%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		1.05%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

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.

RWJ has higher volatility (4.65%) compared to FYT (4.31%). In terms of maximum drawdown, RWJ dropped -55.97% vs FYT's -50.48%.

On 10-year performance, RWJ leads with 13.63% vs 10.80% for FYT. On fees, RWJ is cheaper at 0.39% per year. On volatility, FYT has been the lower-risk option at 4.31%. 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 13.63% return vs 10.80%. 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 0.72% for FYT.

FYT has the higher dividend yield at 1.08%, compared with 1.05% for RWJ.

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.

FYT currently has the higher Sharpe Ratio (2.06 vs 1.95), 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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