RWJ vs. IWN

Last updated Jun 26, 2026

RWJ (Invesco S&P SmallCap 600 Revenue ETF) and IWN (iShares Russell 2000 Value ETF) are both Small Cap Value Equities funds - RWJ tracks the S&P SmallCap 600 Revenue-Weighted Index while IWN tracks the Russell 2000 Value Index. Both are passively managed. Over the past 10 years, RWJ returned 14.34%/yr vs 11.23%/yr for IWN. Their correlation of 0.92 suggests significant overlap in exposure. RWJ charges 0.39%/yr vs 0.24%/yr for IWN.

Performance

RWJ vs. IWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600 Revenue ETF (RWJ) and iShares Russell 2000 Value ETF (IWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with RWJ having a 21.90% return and IWN slightly higher at 22.24%. Over the past 10 years, RWJ has outperformed IWN with an annualized return of 14.34%, while IWN has yielded a comparatively lower 11.23% annualized return.

RWJ

• 1D: 1.06%
• 1M: 5.87%
• YTD: 21.90%
• 6M: 19.83%
• 1Y: 40.49%
• 3Y*: 18.92%
• 5Y*: 9.06%
• 10Y*: 14.34%

IWN

• 1D: 0.70%
• 1M: 2.89%
• YTD: 22.24%
• 6M: 19.65%
• 1Y: 44.28%
• 3Y*: 19.49%
• 5Y*: 7.47%
• 10Y*: 11.23%

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

RWJ vs. IWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWJ Invesco S&P SmallCap 600 Revenue ETF	21.90%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%
IWN iShares Russell 2000 Value ETF	22.24%	12.40%	7.63%	14.56%	-14.77%	27.96%	4.66%	22.01%	-13.01%	7.69%

Correlation

The correlation between RWJ and IWN 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	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 22, 2008	0.92

The correlation between RWJ and IWN has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

RWJ vs. IWN - Sectors Allocation Comparison

Sectors	RWJ	IWN
Consumer Cyclical	23.9%	8.9%
Industrials	16.0%	12.1%
Technology	11.2%	11.6%
Healthcare	11.0%	10.1%
Financial Services	10.7%	23.9%
Energy	7.2%	7.9%
Consumer Defensive	6.8%	2.1%
Basic Materials	5.0%	5.4%
Real Estate	3.9%	10.2%
Communication Services	3.5%	2.7%
Utilities	0.8%	5.1%

Return for Risk

RWJ vs. IWN — Risk / Return Rank

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

RWJ

RWJ Risk / Return Rank: 75
RWJ Sharpe Ratio Rank: 76
RWJ Sortino Ratio Rank: 78
RWJ Omega Ratio Rank: 70
RWJ Calmar Ratio Rank: 79
RWJ Martin Ratio Rank: 72

IWN

IWN Risk / Return Rank: 88
IWN Sharpe Ratio Rank: 87
IWN Sortino Ratio Rank: 88
IWN Omega Ratio Rank: 82
IWN Calmar Ratio Rank: 92
IWN Martin Ratio Rank: 90

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. IWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 Revenue ETF (RWJ) and iShares Russell 2000 Value ETF (IWN). 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	IWN	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.48	-0.38
Sortino ratio: Return per unit of downside risk	3.01	3.44	-0.43
Omega ratio: Gain probability vs. loss probability	1.36	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	3.60	5.26	-1.67
Martin ratio: Return relative to average drawdown	11.54	17.71	-6.17

RWJ vs. IWN - Sharpe Ratio Comparison

The current RWJ Sharpe Ratio is 2.10, which is comparable to the IWN Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of RWJ and IWN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RWJ vs. IWN - Drawdown Comparison

The maximum RWJ drawdown since its inception was -55.97%, smaller than the maximum IWN drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for RWJ and IWN.

Drawdown Indicators

	RWJ	IWN	Difference
Max Drawdown Largest peak-to-trough decline	-55.97%	-61.55%	+5.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-8.45%	-2.86%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	-26.70%	-2.59%
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	-26.70%	-2.59%
Max Drawdown (10Y) Largest decline over 10 years	-51.33%	-46.08%	-5.25%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.21%	-10.13%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	2.51%	+1.01%

Volatility

RWJ vs. IWN - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600 Revenue ETF (RWJ) is 4.69%, while iShares Russell 2000 Value ETF (IWN) has a volatility of 5.10%. This indicates that RWJ experiences smaller price fluctuations and is considered to be less risky than IWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWJ	IWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	5.10%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	12.70%	12.29%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	19.39%	17.99%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.67%	21.41%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.12%	23.39%	+2.73%

RWJ vs. IWN - Expense Ratio Comparison

RWJ has a 0.39% expense ratio, which is higher than IWN's 0.24% expense ratio.

Dividends

RWJ vs. IWN - Dividend Comparison

RWJ's dividend yield for the trailing twelve months is around 1.03%, less than IWN's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWN iShares Russell 2000 Value ETF	1.45%	1.70%	1.80%	2.04%	2.12%	1.48%	1.60%	1.92%	1.99%	1.78%	1.74%	2.15%
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.03%	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 IWN in my portfolio?

With a correlation of 0.92, RWJ and IWN 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 IWN?

IWN has higher volatility (5.10%) compared to RWJ (4.69%). In terms of maximum drawdown, RWJ dropped -55.97% vs IWN's -61.55%.

Which ETF is better, RWJ or IWN?

On 10-year performance, RWJ leads with 14.34% vs 11.23% for IWN. On fees, IWN is cheaper at 0.24% per year. On volatility, RWJ has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWJ or IWN?

Over the 10-year period, RWJ has performed better with a 14.34% return vs 11.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWJ or IWN?

IWN is cheaper with a 0.24% expense ratio, compared with 0.39% for RWJ.

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

IWN has the higher dividend yield at 1.45%, compared with 1.03% for RWJ.

What is the main difference between RWJ and IWN?

RWJ tracks S&P SmallCap 600 Revenue-Weighted Index, while IWN tracks Russell 2000 Value Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for RWJ and 0.24% for IWN.

Which has better risk-adjusted returns?

IWN currently has the higher Sharpe Ratio (2.48 vs 2.10), 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.