RWJ vs. UTES

Last updated Jun 13, 2026

RWJ (Invesco S&P SmallCap 600 Revenue ETF) and UTES (Virtus Reaves Utilities ETF) are both exchange-traded funds - RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index, while UTES is a Utilities Equities fund actively managed by Virtus Investment Partners. RWJ is passively managed, while UTES is actively managed. Over the past 10 years, RWJ returned 13.64%/yr vs 12.27%/yr for UTES. At a 0.26 correlation, their price movements are largely independent. RWJ charges 0.39%/yr vs 0.49%/yr for UTES.

Performance

RWJ vs. UTES - Performance Comparison

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

Returns By Period

In the year-to-date period, RWJ achieves a 21.05% return, which is significantly higher than UTES's 0.26% return. Over the past 10 years, RWJ has outperformed UTES with an annualized return of 13.64%, while UTES has yielded a comparatively lower 12.27% annualized return.

RWJ

• 1D: 1.08%
• 1M: 7.83%
• YTD: 21.05%
• 6M: 17.99%
• 1Y: 42.98%
• 3Y*: 17.13%
• 5Y*: 8.52%
• 10Y*: 13.64%

UTES

• 1D: 1.56%
• 1M: -0.82%
• YTD: 0.26%
• 6M: 0.49%
• 1Y: 8.95%
• 3Y*: 22.00%
• 5Y*: 15.32%
• 10Y*: 12.27%

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

RWJ vs. UTES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWJ Invesco S&P SmallCap 600 Revenue ETF	21.05%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%
UTES Virtus Reaves Utilities ETF	0.26%	25.71%	45.35%	-2.46%	0.80%	20.74%	-0.30%	25.48%	5.14%	14.21%

Correlation

The correlation between RWJ and UTES is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.26

The correlation between RWJ and UTES shifts across timeframes, from 0.26 (all time) to 0.37 (5 years), reflecting how their relationship changes across market environments.

RWJ vs. UTES - Sectors Allocation Comparison

Sectors	RWJ	UTES
Consumer Cyclical	23.9%	-
Industrials	16.2%	-
Healthcare	11.2%	-
Financial Services	11.0%	-
Technology	9.9%	-
Energy	7.4%	-
Consumer Defensive	6.9%	-
Basic Materials	5.2%	-
Real Estate	4.0%	-
Communication Services	3.3%	-
Utilities	0.9%	100.0%

Return for Risk

RWJ vs. UTES — Risk / Return Rank

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

RWJ

RWJ Risk / Return Rank: 74
RWJ Sharpe Ratio Rank: 74
RWJ Sortino Ratio Rank: 77
RWJ Omega Ratio Rank: 69
RWJ Calmar Ratio Rank: 78
RWJ Martin Ratio Rank: 71

UTES

UTES Risk / Return Rank: 16
UTES Sharpe Ratio Rank: 16
UTES Sortino Ratio Rank: 16
UTES Omega Ratio Rank: 15
UTES Calmar Ratio Rank: 18
UTES Martin Ratio Rank: 17

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. UTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 Revenue ETF (RWJ) and Virtus Reaves Utilities ETF (UTES). 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	UTES	Difference
Sharpe ratio: Return per unit of total volatility	2.07	0.39	+1.67
Sortino ratio: Return per unit of downside risk	2.95	0.67	+2.28
Omega ratio: Gain probability vs. loss probability	1.35	1.08	+0.27
Calmar ratio: Return relative to maximum drawdown	3.56	0.60	+2.96
Martin ratio: Return relative to average drawdown	11.43	1.32	+10.10

RWJ vs. UTES - Sharpe Ratio Comparison

The current RWJ Sharpe Ratio is 2.07, which is higher than the UTES Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of RWJ and UTES, 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. UTES - Drawdown Comparison

The maximum RWJ drawdown since its inception was -55.97%, which is greater than UTES's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for RWJ and UTES.

Drawdown Indicators

	RWJ	UTES	Difference
Max Drawdown Largest peak-to-trough decline	-55.97%	-35.39%	-20.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-13.88%	+2.57%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	-17.62%	-11.67%
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	-20.40%	-8.89%
Max Drawdown (10Y) Largest decline over 10 years	-51.33%	-35.39%	-15.94%
Current Drawdown Current decline from peak	0.00%	-9.10%	+9.10%
Average Drawdown Average peak-to-trough decline	-9.22%	-5.53%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	6.29%	-2.77%

Volatility

RWJ vs. UTES - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600 Revenue ETF (RWJ) is 4.67%, while Virtus Reaves Utilities ETF (UTES) has a volatility of 7.23%. This indicates that RWJ experiences smaller price fluctuations and is considered to be less risky than UTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWJ	UTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	7.23%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	17.05%	-4.59%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	21.32%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.71%	20.62%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.14%	20.17%	+5.97%

RWJ vs. UTES - Expense Ratio Comparison

RWJ has a 0.39% expense ratio, which is lower than UTES's 0.49% expense ratio.

Dividends

RWJ vs. UTES - Dividend Comparison

RWJ's dividend yield for the trailing twelve months is around 0.97%, less than UTES's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RWJ Invesco S&P SmallCap 600 Revenue ETF	0.97%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%
UTES Virtus Reaves Utilities ETF	1.49%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%

Frequently Asked Questions

Can I hold both RWJ and UTES in my portfolio?

RWJ and UTES have a correlation of 0.27, 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 UTES?

UTES has higher volatility (7.23%) compared to RWJ (4.67%). In terms of maximum drawdown, RWJ dropped -55.97% vs UTES's -35.39%.

Which ETF is better, RWJ or UTES?

On 10-year performance, RWJ leads with 13.64% vs 12.27% for UTES. On fees, RWJ is cheaper at 0.39% per year. On volatility, RWJ has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWJ or UTES?

Over the 10-year period, RWJ has performed better with a 13.64% return vs 12.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWJ or UTES?

RWJ is cheaper with a 0.39% expense ratio, compared with 0.49% for UTES.

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

UTES has the higher dividend yield at 1.49%, compared with 0.97% for RWJ.

What is the main difference between RWJ and UTES?

RWJ is categorized as Small Cap Value Equities, while UTES is Utilities Equities. They also come from different issuers: Invesco and Virtus Investment Partners. Their fees differ too: 0.39% for RWJ and 0.49% for UTES.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (2.07 vs 0.39), 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.