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RWK vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWK vs. IEFA

Last updated Jun 9, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, RWK returned 12.66%/yr vs 9.37%/yr for IEFA. A 0.72 correlation means they provide meaningful diversification when combined. RWK charges 0.39%/yr vs 0.07%/yr for IEFA.

Performance

RWK vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 Revenue ETF (RWK) and iShares Core MSCI EAFE ETF (IEFA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RWK achieves a 12.60% return, which is significantly higher than IEFA's 7.49% return. Over the past 10 years, RWK has outperformed IEFA with an annualized return of 12.66%, while IEFA has yielded a comparatively lower 9.37% annualized return.

RWK

1D
0.33%
1M
1.42%
YTD
12.60%
6M
12.51%
1Y
26.47%
3Y*
16.89%
5Y*
10.58%
10Y*
12.66%

IEFA

1D
0.63%
1M
-1.17%
YTD
7.49%
6M
10.04%
1Y
19.61%
3Y*
16.13%
5Y*
7.82%
10Y*
9.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RWK vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RWK
Invesco S&P MidCap 400 Revenue ETF		12.60%10.27%11.94%23.76%-8.19%34.31%11.06%28.20%-14.65%13.39%
IEFA
iShares Core MSCI EAFE ETF		7.49%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%

Correlation

The correlation between RWK and IEFA is 0.65, 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

0.65

Correlation (3Y)
Calculated over the trailing 3-year period

0.68

Correlation (5Y)
Calculated over the trailing 5-year period

0.72

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2012

0.72

The correlation between RWK and IEFA has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

RWK vs. IEFA - Sectors Allocation Comparison

Sectors
RWK
IEFA

Industrials

21.8%
20.1%

Consumer Cyclical

20.7%
8.0%

Technology

14.0%
10.8%

Financial Services

13.1%
22.5%

Consumer Defensive

11.3%
6.6%

Energy

5.3%
3.8%

Basic Materials

4.7%
7.0%

Healthcare

4.0%
9.5%

Real Estate

2.8%
3.0%

Utilities

1.6%
3.6%

Communication Services

0.7%
4.4%

Industrials

RWK
21.8%
IEFA
20.1%

Consumer Cyclical

RWK
20.7%
IEFA
8.0%

Technology

RWK
14.0%
IEFA
10.8%

Financial Services

RWK
13.1%
IEFA
22.5%

Consumer Defensive

RWK
11.3%
IEFA
6.6%

Energy

RWK
5.3%
IEFA
3.8%

Basic Materials

RWK
4.7%
IEFA
7.0%

Healthcare

RWK
4.0%
IEFA
9.5%

Real Estate

RWK
2.8%
IEFA
3.0%

Utilities

RWK
1.6%
IEFA
3.6%

Communication Services

RWK
0.7%
IEFA
4.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P MidCap 400 Revenue ETF

iShares Core MSCI EAFE ETF

Often compared with RWK:
RWK vs. RWJRWK vs. RFVRWK vs. XMHQRWK vs. XMVMRWK vs. ONEYRWK vs. PRNRWK vs. PRFZ
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

RWK vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RWK
RWK Risk / Return Rank: 5252
Overall Rank
RWK Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
RWK Sortino Ratio Rank: 5656
Sortino Ratio Rank
RWK Omega Ratio Rank: 4949
Omega Ratio Rank
RWK Calmar Ratio Rank: 5353
Calmar Ratio Rank
RWK Martin Ratio Rank: 5050
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4040
Overall Rank
IEFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4040
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4040
Omega Ratio Rank
IEFA Calmar Ratio Rank: 3838
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4343
Martin Ratio Rank
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. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 Revenue ETF (RWK) and iShares Core MSCI EAFE ETF (IEFA). 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.

RWKIEFADifference
Sharpe ratioReturn per unit of total volatility
1.60
1.30

+0.30

Sortino ratioReturn per unit of downside risk
2.41
1.88

+0.53

Omega ratioGain probability vs. loss probability

1.28

1.24

+0.04

Calmar ratioReturn relative to maximum drawdown

2.39

1.71

+0.67

Martin ratioReturn relative to average drawdown

7.67

6.52

+1.15

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWK vs. IEFA - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.60, which is comparable to the IEFA Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of RWK and IEFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

RWKIEFADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.60

1.30

+0.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

0.47

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.54

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.48

0.50

-0.03

Drawdowns

RWK vs. IEFA - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, which is greater than IEFA's maximum drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for RWK and IEFA.

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Drawdown Indicators

RWKIEFADifference

Max Drawdown

Largest peak-to-trough decline

-56.49%

-34.78%

-21.71%

Max Drawdown (1Y)

Largest decline over 1 year

-11.14%

-11.50%

+0.36%

Max Drawdown (3Y)

Largest decline over 3 years

-24.58%

-13.76%

-10.82%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-30.41%

+5.83%

Max Drawdown (10Y)

Largest decline over 10 years

-46.20%

-34.78%

-11.42%

Current Drawdown

Current decline from peak

-0.99%

-2.44%

+1.45%

Average Drawdown

Average peak-to-trough decline

-7.55%

-6.69%

-0.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.46%

3.02%

+0.44%

Volatility

RWK vs. IEFA - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 Revenue ETF (RWK) is 4.08%, while iShares Core MSCI EAFE ETF (IEFA) has a volatility of 4.54%. This indicates that RWK experiences smaller price fluctuations and is considered to be less risky than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RWKIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.08%

4.54%

-0.46%

Volatility (6M)

Calculated over the trailing 6-month period

11.88%

12.74%

-0.86%

Volatility (1Y)

Calculated over the trailing 1-year period

16.67%

15.22%

+1.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.13%

16.55%

+4.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.95%

17.32%

+5.63%

RWK vs. IEFA - Expense Ratio Comparison

RWK has a 0.39% expense ratio, which is higher than IEFA's 0.07% expense ratio.

Dividends

RWK vs. IEFA - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.13%, less than IEFA's 3.30% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.30%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%
RWK
Invesco S&P MidCap 400 Revenue ETF		1.13%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

RWK and IEFA have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEFA has higher volatility (4.54%) compared to RWK (4.08%). In terms of maximum drawdown, RWK dropped -56.49% vs IEFA's -34.78%.

On 10-year performance, RWK leads with 12.66% vs 9.37% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, RWK has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RWK has performed better with a 12.66% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.39% for RWK.

IEFA has the higher dividend yield at 3.30%, compared with 1.13% for RWK.

RWK is categorized as Small Cap Blend Equities, while IEFA is Foreign Large Cap Equities. RWK tracks S&P MidCap 400 Revenue-Weighted Index, while IEFA tracks MSCI EAFE IMI Index (Net). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for RWK and 0.07% for IEFA.

RWK currently has the higher Sharpe Ratio (1.60 vs 1.30), 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.

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