RWK vs. IMCV

Last updated Jun 24, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and IMCV (iShares Morningstar Mid-Cap ETF) are both exchange-traded funds - RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index, while IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, RWK returned 13.12%/yr vs 10.80%/yr for IMCV. Their correlation of 0.89 suggests significant overlap in exposure. RWK charges 0.39%/yr vs 0.06%/yr for IMCV.

Performance

RWK vs. IMCV - 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 Morningstar Mid-Cap ETF (IMCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWK achieves a 13.93% return, which is significantly higher than IMCV's 11.06% return. Over the past 10 years, RWK has outperformed IMCV with an annualized return of 13.12%, while IMCV has yielded a comparatively lower 10.80% annualized return.

RWK

• 1D: -0.34%
• 1M: 3.57%
• YTD: 13.93%
• 6M: 12.02%
• 1Y: 26.41%
• 3Y*: 17.49%
• 5Y*: 11.36%
• 10Y*: 13.12%

IMCV

• 1D: 0.58%
• 1M: 1.64%
• YTD: 11.06%
• 6M: 10.33%
• 1Y: 23.30%
• 3Y*: 16.54%
• 5Y*: 9.60%
• 10Y*: 10.80%

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

RWK vs. IMCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWK Invesco S&P MidCap 400 Revenue ETF	13.93%	10.27%	11.94%	23.76%	-8.19%	34.31%	11.06%	28.20%	-14.65%	13.39%
IMCV iShares Morningstar Mid-Cap ETF	11.06%	13.52%	12.28%	11.89%	-6.98%	33.56%	-4.11%	24.72%	-10.93%	12.60%

Correlation

The correlation between RWK and IMCV is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 22, 2008	0.89

The correlation between RWK and IMCV has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

RWK vs. IMCV - Sectors Allocation Comparison

Sectors	RWK	IMCV
Industrials	22.1%	11.8%
Consumer Cyclical	20.4%	9.1%
Technology	16.1%	10.3%
Financial Services	12.1%	15.2%
Consumer Defensive	10.4%	9.0%
Energy	5.0%	11.9%
Basic Materials	4.9%	6.4%
Healthcare	4.2%	8.7%
Real Estate	2.6%	5.5%
Utilities	1.6%	9.6%
Communication Services	0.7%	2.5%

Return for Risk

RWK vs. IMCV — Risk / Return Rank

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

RWK

RWK Risk / Return Rank: 48
RWK Sharpe Ratio Rank: 48
RWK Sortino Ratio Rank: 51
RWK Omega Ratio Rank: 44
RWK Calmar Ratio Rank: 51
RWK Martin Ratio Rank: 48

IMCV

IMCV Risk / Return Rank: 67
IMCV Sharpe Ratio Rank: 64
IMCV Sortino Ratio Rank: 67
IMCV Omega Ratio Rank: 61
IMCV Calmar Ratio Rank: 71
IMCV Martin Ratio Rank: 72

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. IMCV - 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 Morningstar Mid-Cap ETF (IMCV). 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	IMCV	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.99	-0.41
Sortino ratio: Return per unit of downside risk	2.39	2.89	-0.50
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.08
Calmar ratio: Return relative to maximum drawdown	2.38	3.39	-1.01
Martin ratio: Return relative to average drawdown	7.64	12.59	-4.95

RWK vs. IMCV - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.58, which is comparable to the IMCV Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of RWK and IMCV, 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. IMCV - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, smaller than the maximum IMCV drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for RWK and IMCV.

Drawdown Indicators

	RWK	IMCV	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-64.74%	+8.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-6.90%	-4.24%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-18.63%	-5.95%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-19.87%	-4.71%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	-46.33%	+0.13%
Current Drawdown Current decline from peak	-1.79%	-0.88%	-0.91%
Average Drawdown Average peak-to-trough decline	-7.53%	-8.40%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	1.86%	+1.60%

Volatility

RWK vs. IMCV - Volatility Comparison

Invesco S&P MidCap 400 Revenue ETF (RWK) has a higher volatility of 4.36% compared to iShares Morningstar Mid-Cap ETF (IMCV) at 3.11%. This indicates that RWK's price experiences larger fluctuations and is considered to be riskier than IMCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWK	IMCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	3.11%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	8.12%	+4.00%
Volatility (1Y) Calculated over the trailing 1-year period	16.82%	11.75%	+5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	16.62%	+4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.93%	19.61%	+3.32%

RWK vs. IMCV - Expense Ratio Comparison

RWK has a 0.39% expense ratio, which is higher than IMCV's 0.06% expense ratio.

Dividends

RWK vs. IMCV - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.04%, less than IMCV's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.91%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
RWK Invesco S&P MidCap 400 Revenue ETF	1.04%	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 IMCV in my portfolio?

RWK and IMCV have a correlation of 0.87, 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 IMCV?

RWK has higher volatility (4.36%) compared to IMCV (3.11%). In terms of maximum drawdown, RWK dropped -56.49% vs IMCV's -64.74%.

Which ETF is better, RWK or IMCV?

On 10-year performance, RWK leads with 13.12% vs 10.80% for IMCV. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 3.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWK or IMCV?

Over the 10-year period, RWK has performed better with a 13.12% return vs 10.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or IMCV?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.39% for RWK.

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

IMCV has the higher dividend yield at 1.91%, compared with 1.04% for RWK.

What is the main difference between RWK and IMCV?

RWK is categorized as Small Cap Blend Equities, while IMCV is Mid Cap Value Equities. RWK tracks S&P MidCap 400 Revenue-Weighted Index, while IMCV tracks Morningstar US Mid Cap Broad Value Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for RWK and 0.06% for IMCV.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (1.99 vs 1.58), 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.