RWJ vs. TCV

Last updated Aug 2, 2026

RWJ (Invesco S&P SmallCap 600 Revenue ETF) and TCV (Towle Value ETF) are both Small Cap Value Equities funds. RWJ is passively managed, while TCV is actively managed. Over the past year, RWJ returned 43.73% vs 42.65% for TCV. Their correlation of 0.80 means they have usually moved in the same direction. RWJ charges 0.39%/yr vs 0.85%/yr for TCV.

Performance

RWJ vs. TCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600 Revenue ETF (RWJ) and Towle Value ETF (TCV). 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 25.74% return and TCV slightly higher at 26.87%.

RWJ

• 1D: -0.20%
• 1M: 2.40%
• 6M: 17.61%
• YTD: 25.74%
• 1Y: 43.73%
• 3Y*: 16.07%
• 5Y*: 10.85%
• 10Y*: 13.60%
• ALL TIME*: 12.54%

TCV

• 1D: -0.89%
• 1M: 3.05%
• 6M: 14.79%
• YTD: 26.87%
• 1Y: 42.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RWJ Invesco S&P SmallCap 600 Revenue ETF	$5.35M	$5.27M	$5.02M
TCV Towle Value ETF	$839.64K	$680.12K	$340.23K

RWJ vs. TCV - Yearly Performance Comparison

	2026 (YTD)	2025
RWJ Invesco S&P SmallCap 600 Revenue ETF	25.74%	10.02%
TCV Towle Value ETF	26.87%	2.99%

Correlation

The correlation between RWJ and TCV is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Jul 17, 2025	0.80

The correlation between RWJ and TCV has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

RWJ vs. TCV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RWJ

RWJ Risk / Return Rank: 88
RWJ Sharpe Ratio Rank: 89
RWJ Sortino Ratio Rank: 90
RWJ Omega Ratio Rank: 86
RWJ Calmar Ratio Rank: 88
RWJ Martin Ratio Rank: 85

TCV

TCV Risk / Return Rank: 81
TCV Sharpe Ratio Rank: 83
TCV Sortino Ratio Rank: 82
TCV Omega Ratio Rank: 77
TCV Calmar Ratio Rank: 85
TCV Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RWJ vs. TCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 Revenue ETF (RWJ) and Towle Value ETF (TCV). 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	TCV	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.95	+0.22
Sortino ratio: Return per unit of downside risk	3.12	2.72	+0.41
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.05
Calmar ratio: Return relative to maximum drawdown	3.57	3.27	+0.30
Martin ratio: Return relative to average drawdown	11.98	10.51	+1.46

RWJ vs. TCV - Sharpe Ratio Comparison

The current RWJ Sharpe Ratio is 2.16, which is comparable to the TCV Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of RWJ and TCV, 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. TCV - Drawdown Comparison

The maximum RWJ drawdown since its inception was -55.97%, which is greater than TCV's maximum drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for RWJ and TCV.

Drawdown Indicators

	RWJ	TCV	Difference
Max Drawdown Largest peak-to-trough decline	-55.97%	-12.23%	-43.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-12.13%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.33%	—	—
Current Drawdown Current decline from peak	-1.74%	-2.70%	+0.96%
Average Drawdown Average peak-to-trough decline	-9.16%	-3.22%	-5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	3.76%	-0.40%

Volatility

RWJ vs. TCV - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600 Revenue ETF (RWJ) is 4.09%, while Towle Value ETF (TCV) has a volatility of 4.79%. This indicates that RWJ experiences smaller price fluctuations and is considered to be less risky than TCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWJ	TCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	4.79%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	12.15%	13.59%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	18.69%	20.43%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.49%	21.02%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.06%	21.02%	+5.04%

RWJ vs. TCV - Expense Ratio Comparison

RWJ has a 0.39% expense ratio, which is lower than TCV's 0.85% expense ratio.

Dividends

RWJ vs. TCV - Dividend Comparison

RWJ's dividend yield for the trailing twelve months is around 1.00%, more than TCV's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.00%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%
TCV Towle Value ETF	0.57%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RWJ and TCV in my portfolio?

RWJ and TCV have a correlation of 0.80, 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 TCV?

TCV has higher volatility (4.79%) compared to RWJ (4.09%). In terms of maximum drawdown, RWJ dropped -55.97% vs TCV's -12.23%.

Which ETF is better, RWJ or TCV?

On 1-year performance, RWJ leads with 43.73% vs 42.65% for TCV. On fees, RWJ is cheaper at 0.39% per year. On volatility, RWJ has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWJ or TCV?

Over the 1-year period, RWJ has performed better with a 43.73% return vs 42.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWJ or TCV?

RWJ is cheaper with a 0.39% expense ratio, compared with 0.85% for TCV.

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

RWJ has the higher dividend yield at 1.00%, compared with 0.57% for TCV.

What is the main difference between RWJ and TCV?

They also come from different issuers: Invesco and Alpha Architect. Their fees differ too: 0.39% for RWJ and 0.85% for TCV.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (2.16 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.