RWJ vs. SPY

Last updated Jun 24, 2026

RWJ (Invesco S&P SmallCap 600 Revenue ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, RWJ returned 13.63%/yr vs 15.53%/yr for SPY. A 0.75 correlation means they provide meaningful diversification when combined. RWJ charges 0.39%/yr vs 0.09%/yr for SPY.

Performance

RWJ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600 Revenue ETF (RWJ) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWJ achieves a 19.01% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, RWJ has underperformed SPY with an annualized return of 13.63%, while SPY has yielded a comparatively higher 15.53% 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%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

RWJ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between RWJ and SPY is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Feb 22, 2008	0.75

The correlation between RWJ and SPY has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

RWJ vs. SPY - Sectors Allocation Comparison

Sectors	RWJ	SPY
Consumer Cyclical	23.9%	9.9%
Industrials	16.0%	7.8%
Technology	11.2%	39.0%
Healthcare	11.0%	8.3%
Financial Services	10.7%	11.1%
Energy	7.2%	3.1%
Consumer Defensive	6.8%	4.5%
Basic Materials	5.0%	1.7%
Real Estate	3.9%	1.8%
Communication Services	3.5%	10.6%
Utilities	0.8%	2.1%

Return for Risk

RWJ vs. SPY — Risk / Return Rank

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

RWJ

RWJ Risk / Return Rank: 63
RWJ Sharpe Ratio Rank: 62
RWJ Sortino Ratio Rank: 64
RWJ Omega Ratio Rank: 57
RWJ Calmar Ratio Rank: 70
RWJ Martin Ratio Rank: 62

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 Revenue ETF (RWJ) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.90	+0.05
Sortino ratio: Return per unit of downside risk	2.83	2.58	+0.25
Omega ratio: Gain probability vs. loss probability	1.34	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	3.34	2.67	+0.68
Martin ratio: Return relative to average drawdown	10.72	11.92	-1.20

RWJ vs. SPY - Sharpe Ratio Comparison

The current RWJ Sharpe Ratio is 1.95, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of RWJ and SPY, 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. SPY - Drawdown Comparison

The maximum RWJ drawdown since its inception was -55.97%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RWJ and SPY.

Drawdown Indicators

	RWJ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.97%	-55.19%	-0.78%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-8.88%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	-18.76%	-10.53%
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	-24.50%	-4.79%
Max Drawdown (10Y) Largest decline over 10 years	-51.33%	-33.72%	-17.61%
Current Drawdown Current decline from peak	-1.68%	-3.17%	+1.49%
Average Drawdown Average peak-to-trough decline	-9.21%	-9.04%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	1.98%	+1.54%

Volatility

RWJ vs. SPY - Volatility Comparison

Invesco S&P SmallCap 600 Revenue ETF (RWJ) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.65% and 4.87%, 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	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	4.87%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	9.85%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	19.39%	12.50%	+6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.66%	17.15%	+6.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.12%	17.95%	+8.17%

RWJ vs. SPY - Expense Ratio Comparison

RWJ has a 0.39% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

RWJ vs. SPY - Dividend Comparison

RWJ's dividend yield for the trailing twelve months is around 1.05%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both RWJ and SPY in my portfolio?

RWJ and SPY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWJ or SPY?

SPY has higher volatility (4.87%) compared to RWJ (4.65%). In terms of maximum drawdown, RWJ dropped -55.97% vs SPY's -55.19%.

Which ETF is better, RWJ or SPY?

On 10-year performance, SPY leads with 15.53% vs 13.63% for RWJ. On fees, SPY is cheaper at 0.09% per year. On volatility, RWJ has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWJ or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 13.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWJ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.39% for RWJ.

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

RWJ has the higher dividend yield at 1.05%, compared with 1.03% for SPY.

What is the main difference between RWJ and SPY?

RWJ is categorized as Small Cap Value Equities, while SPY is S&P 500. RWJ tracks S&P SmallCap 600 Revenue-Weighted Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.39% for RWJ and 0.09% for SPY.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (1.95 vs 1.90), 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.