RWK vs. HFXI

Last updated Jul 21, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and HFXI (IQ 50 Percent Hedged FTSE International ETF) are both exchange-traded funds - RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index, while HFXI is a Foreign Large Cap Equities fund tracking the FTSE Developed ex North America 50% Hedged to USD Index. Both are passively managed. Over the past 10 years, RWK returned 12.69%/yr vs 11.03%/yr for HFXI. A 0.69 correlation means they provide meaningful diversification when combined. RWK charges 0.39%/yr vs 0.20%/yr for HFXI.

Performance

RWK vs. HFXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 Revenue ETF (RWK) and IQ 50 Percent Hedged FTSE International ETF (HFXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWK achieves a 16.44% return, which is significantly higher than HFXI's 13.95% return. Over the past 10 years, RWK has outperformed HFXI with an annualized return of 12.69%, while HFXI has yielded a comparatively lower 11.03% annualized return.

RWK

• 1D: -0.93%
• 1M: 1.82%
• 6M: 10.32%
• YTD: 16.44%
• 1Y: 22.46%
• 3Y*: 15.35%
• 5Y*: 12.20%
• 10Y*: 12.69%
• ALL TIME*: 11.47%

HFXI

• 1D: -0.49%
• 1M: -5.10%
• 6M: 8.59%
• YTD: 13.95%
• 1Y: 29.40%
• 3Y*: 18.31%
• 5Y*: 11.89%
• 10Y*: 11.03%
• ALL TIME*: 9.15%

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

RWK vs. HFXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWK Invesco S&P MidCap 400 Revenue ETF	16.44%	10.27%	11.94%	23.76%	-8.19%	34.31%	11.06%	28.20%	-14.65%	13.39%
HFXI IQ 50 Percent Hedged FTSE International ETF	13.95%	30.10%	7.58%	19.56%	-10.71%	13.96%	6.88%	23.67%	-12.69%	22.68%

Correlation

The correlation between RWK and HFXI is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jul 22, 2015	0.69

The correlation between RWK and HFXI shifts across timeframes, from 0.62 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

RWK vs. HFXI - Sectors Allocation Comparison

Sectors	RWK	HFXI
Industrials	23.3%	19.2%
Consumer Cyclical	21.0%	7.9%
Financial Services	13.0%	21.9%
Technology	11.8%	17.9%
Consumer Defensive	11.1%	6.0%
Energy	4.9%	3.2%
Healthcare	4.7%	9.0%
Basic Materials	4.4%	6.0%
Real Estate	2.9%	2.3%
Utilities	1.6%	3.2%
Communication Services	1.4%	3.5%

Return for Risk

RWK vs. HFXI — Risk / Return Rank

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

RWK

RWK Risk / Return Rank: 54
RWK Sharpe Ratio Rank: 53
RWK Sortino Ratio Rank: 59
RWK Omega Ratio Rank: 51
RWK Calmar Ratio Rank: 53
RWK Martin Ratio Rank: 52

HFXI

HFXI Risk / Return Rank: 75
HFXI Sharpe Ratio Rank: 76
HFXI Sortino Ratio Rank: 73
HFXI Omega Ratio Rank: 77
HFXI Calmar Ratio Rank: 73
HFXI Martin Ratio Rank: 75

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. HFXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 Revenue ETF (RWK) and IQ 50 Percent Hedged FTSE International ETF (HFXI). 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	HFXI	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.81	-0.44
Sortino ratio: Return per unit of downside risk	2.12	2.49	-0.37
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	2.03	2.72	-0.70
Martin ratio: Return relative to average drawdown	6.54	10.22	-3.68

RWK vs. HFXI - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.37, which is comparable to the HFXI Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of RWK and HFXI, 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. HFXI - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, which is greater than HFXI's maximum drawdown of -32.42%. Use the drawdown chart below to compare losses from any high point for RWK and HFXI.

Drawdown Indicators

	RWK	HFXI	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-32.42%	-24.07%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-10.84%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-13.52%	-11.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-22.35%	-2.23%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	-32.42%	-13.78%
Current Drawdown Current decline from peak	-1.68%	-5.17%	+3.49%
Average Drawdown Average peak-to-trough decline	-7.51%	-5.42%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	2.88%	+0.57%

Volatility

RWK vs. HFXI - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 Revenue ETF (RWK) is 3.12%, while IQ 50 Percent Hedged FTSE International ETF (HFXI) has a volatility of 5.93%. This indicates that RWK experiences smaller price fluctuations and is considered to be less risky than HFXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWK	HFXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	5.93%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	14.58%	-2.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.49%	16.37%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	15.16%	+5.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.88%	16.57%	+6.31%

RWK vs. HFXI - Expense Ratio Comparison

RWK has a 0.39% expense ratio, which is higher than HFXI's 0.20% expense ratio.

Dividends

RWK vs. HFXI - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.02%, less than HFXI's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFXI IQ 50 Percent Hedged FTSE International ETF	3.40%	4.19%	2.68%	2.49%	4.65%	3.10%	2.00%	3.19%	4.33%	2.56%	2.71%	0.78%
RWK Invesco S&P MidCap 400 Revenue ETF	1.02%	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 HFXI in my portfolio?

RWK and HFXI have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWK or HFXI?

HFXI has higher volatility (5.93%) compared to RWK (3.12%). In terms of maximum drawdown, RWK dropped -56.49% vs HFXI's -32.42%.

Which ETF is better, RWK or HFXI?

On 10-year performance, RWK leads with 12.69% vs 11.03% for HFXI. On fees, HFXI is cheaper at 0.20% per year. On volatility, RWK has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWK or HFXI?

Over the 10-year period, RWK has performed better with a 12.69% return vs 11.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or HFXI?

HFXI is cheaper with a 0.20% expense ratio, compared with 0.39% for RWK.

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

HFXI has the higher dividend yield at 3.40%, compared with 1.02% for RWK.

What is the main difference between RWK and HFXI?

RWK is categorized as Small Cap Blend Equities, while HFXI is Foreign Large Cap Equities. RWK tracks S&P MidCap 400 Revenue-Weighted Index, while HFXI tracks FTSE Developed ex North America 50% Hedged to USD Index. They also come from different issuers: Invesco and New York Life. Their fees differ too: 0.39% for RWK and 0.20% for HFXI.

Which has better risk-adjusted returns?

HFXI currently has the higher Sharpe Ratio (1.81 vs 1.37), 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.