RWJ vs. SPY
Compare and contrast key facts about Invesco S&P SmallCap 600 Revenue ETF (RWJ) and State Street SPDR S&P 500 ETF (SPY).
RWJ and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RWJ is a passively managed fund by Invesco that tracks the performance of the S&P SmallCap 600 Revenue-Weighted Index. It was launched on Feb 22, 2008. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both RWJ and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
RWJ vs. SPY - Performance Comparison
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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 | 3.96% | 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 | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, RWJ achieves a 3.96% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, RWJ has underperformed SPY with an annualized return of 12.12%, while SPY has yielded a comparatively higher 13.98% annualized return.
RWJ
- 1D
- 2.60%
- 1M
- -3.49%
- YTD
- 3.96%
- 6M
- 5.17%
- 1Y
- 25.54%
- 3Y*
- 11.93%
- 5Y*
- 6.87%
- 10Y*
- 12.12%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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RWJ vs. SPY - Expense Ratio Comparison
RWJ has a 0.39% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
RWJ vs. SPY — Risk / Return Rank
RWJ
SPY
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.
| RWJ | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.01 | 0.93 | +0.08 |
Sortino ratioReturn per unit of downside risk | 1.57 | 1.45 | +0.11 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.59 | 1.53 | +0.06 |
Martin ratioReturn relative to average drawdown | 5.69 | 7.30 | -1.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RWJ | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.01 | 0.93 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.69 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.78 | -0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.56 | -0.13 |
Correlation
The correlation between RWJ and SPY is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
RWJ vs. SPY - Dividend Comparison
RWJ's dividend yield for the trailing twelve months is around 1.13%, which matches SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RWJ Invesco S&P SmallCap 600 Revenue ETF | 1.13% | 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 | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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.
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Drawdown Indicators
| RWJ | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.97% | -55.19% | -0.78% |
Max Drawdown (1Y)Largest decline over 1 year | -16.11% | -12.05% | -4.06% |
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 DrawdownCurrent decline from peak | -7.49% | -6.24% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -9.31% | -9.09% | -0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.50% | 2.52% | +1.98% |
Volatility
RWJ vs. SPY - Volatility Comparison
Invesco S&P SmallCap 600 Revenue ETF (RWJ) has a higher volatility of 6.15% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that RWJ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWJ | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 5.31% | +0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 13.97% | 9.47% | +4.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.39% | 19.05% | +6.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.88% | 17.06% | +6.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.16% | 17.92% | +8.24% |