RWK vs. FSMD

Last updated Jun 14, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, RWK returned 11.10%/yr vs 10.00%/yr for FSMD. Their correlation of 0.93 suggests significant overlap in exposure. RWK charges 0.39%/yr vs 0.29%/yr for FSMD.

Performance

RWK vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 Revenue ETF (RWK) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWK achieves a 16.00% return, which is significantly lower than FSMD's 17.58% return.

RWK

• 1D: 0.81%
• 1M: 7.49%
• YTD: 16.00%
• 6M: 13.49%
• 1Y: 31.27%
• 3Y*: 17.33%
• 5Y*: 11.10%
• 10Y*: 13.21%

FSMD

• 1D: 1.00%
• 1M: 6.31%
• YTD: 17.58%
• 6M: 15.58%
• 1Y: 29.65%
• 3Y*: 17.46%
• 5Y*: 10.00%
• 10Y*: —

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

RWK vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RWK Invesco S&P MidCap 400 Revenue ETF	16.00%	10.27%	11.94%	23.76%	-8.19%	34.31%	11.06%	8.15%
FSMD Fidelity Small-Mid Multifactor ETF	17.58%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between RWK and FSMD is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.93

The correlation between RWK and FSMD has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

RWK vs. FSMD - Sectors Allocation Comparison

Sectors	RWK	FSMD
Industrials	22.0%	20.1%
Consumer Cyclical	20.3%	10.6%
Technology	16.0%	20.5%
Financial Services	12.7%	14.8%
Consumer Defensive	10.3%	3.1%
Energy	5.0%	4.1%
Basic Materials	4.9%	4.0%
Healthcare	4.1%	11.7%
Real Estate	2.6%	6.2%
Utilities	1.5%	2.1%
Communication Services	0.7%	2.9%

Return for Risk

RWK vs. FSMD — Risk / Return Rank

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

RWK

RWK Risk / Return Rank: 60
RWK Sharpe Ratio Rank: 60
RWK Sortino Ratio Rank: 66
RWK Omega Ratio Rank: 56
RWK Calmar Ratio Rank: 61
RWK Martin Ratio Rank: 56

FSMD

FSMD Risk / Return Rank: 66
FSMD Sharpe Ratio Rank: 61
FSMD Sortino Ratio Rank: 64
FSMD Omega Ratio Rank: 58
FSMD Calmar Ratio Rank: 74
FSMD Martin Ratio Rank: 73

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.

RWK vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 Revenue ETF (RWK) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

	RWK	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.78	-0.02
Sortino ratio: Return per unit of downside risk	2.63	2.58	+0.05
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio: Return relative to maximum drawdown	2.66	3.30	-0.64
Martin ratio: Return relative to average drawdown	8.56	11.89	-3.33

RWK vs. FSMD - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.76, which is comparable to the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of RWK and FSMD, 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

RWK vs. FSMD - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for RWK and FSMD.

Drawdown Indicators

	RWK	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-40.67%	-15.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-8.44%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-22.16%	-2.42%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-22.16%	-2.42%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.54%	-5.98%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.34%	+1.12%

Volatility

RWK vs. FSMD - Volatility Comparison

Invesco S&P MidCap 400 Revenue ETF (RWK) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 4.89% and 5.14%, 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

	RWK	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	5.14%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	11.85%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	15.69%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	18.55%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.96%	21.43%	+1.53%

RWK vs. FSMD - Expense Ratio Comparison

RWK has a 0.39% expense ratio, which is higher than FSMD's 0.29% expense ratio.

Dividends

RWK vs. FSMD - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.10%, less than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%
RWK Invesco S&P MidCap 400 Revenue ETF	1.10%	1.25%	1.11%	1.05%	1.18%	0.85%	0.96%	1.09%	1.22%	0.99%	1.30%	0.92%

Frequently Asked Questions

Can I hold both RWK and FSMD in my portfolio?

With a correlation of 0.91, RWK and FSMD 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, RWK or FSMD?

FSMD has higher volatility (5.14%) compared to RWK (4.89%). In terms of maximum drawdown, RWK dropped -56.49% vs FSMD's -40.67%.

Which ETF is better, RWK or FSMD?

On 5-year performance, RWK leads with 11.10% vs 10.00% for FSMD. On fees, FSMD is cheaper at 0.29% per year. On volatility, RWK has been the lower-risk option at 4.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWK or FSMD?

Over the 5-year period, RWK has performed better with a 11.10% return vs 10.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or FSMD?

FSMD is cheaper with a 0.29% expense ratio, compared with 0.39% for RWK.

Which ETF pays a higher dividend yield, RWK or FSMD?

FSMD has the higher dividend yield at 1.18%, compared with 1.10% for RWK.

What is the main difference between RWK and FSMD?

RWK is categorized as Small Cap Blend Equities, while FSMD is Small Cap Growth Equities. RWK tracks S&P MidCap 400 Revenue-Weighted Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.39% for RWK and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.78 vs 1.76), 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.