RWK vs. JSMD

Last updated Jul 21, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index, while JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, RWK returned 12.69%/yr vs 12.94%/yr for JSMD. Their correlation of 0.81 suggests significant overlap in exposure. RWK charges 0.39%/yr vs 0.30%/yr for JSMD.

Performance

RWK vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 Revenue ETF (RWK) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with RWK having a 16.44% return and JSMD slightly higher at 16.93%. Both investments have delivered pretty close results over the past 10 years, with RWK having a 12.69% annualized return and JSMD not far ahead at 12.94%.

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%

JSMD

• 1D: -0.37%
• 1M: -2.82%
• 6M: 9.06%
• YTD: 16.93%
• 1Y: 21.86%
• 3Y*: 14.51%
• 5Y*: 7.87%
• 10Y*: 12.94%
• ALL TIME*: 14.08%

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

RWK vs. JSMD - 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%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	16.93%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between RWK and JSMD is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.81

The correlation between RWK and JSMD has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

RWK vs. JSMD - Sectors Allocation Comparison

Sectors	RWK	JSMD
Industrials	23.3%	22.1%
Consumer Cyclical	21.0%	9.0%
Financial Services	13.0%	9.3%
Technology	11.8%	27.7%
Consumer Defensive	11.1%	2.4%
Energy	4.9%	1.0%
Healthcare	4.7%	20.3%
Basic Materials	4.4%	2.6%
Real Estate	2.9%	2.9%
Utilities	1.6%	-
Communication Services	1.4%	2.7%

Return for Risk

RWK vs. JSMD — 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

JSMD

JSMD Risk / Return Rank: 37
JSMD Sharpe Ratio Rank: 36
JSMD Sortino Ratio Rank: 36
JSMD Omega Ratio Rank: 34
JSMD Calmar Ratio Rank: 38
JSMD Martin Ratio Rank: 41

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. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 Revenue ETF (RWK) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). 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	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.99	+0.38
Sortino ratio: Return per unit of downside risk	2.12	1.49	+0.62
Omega ratio: Gain probability vs. loss probability	1.24	1.18	+0.06
Calmar ratio: Return relative to maximum drawdown	2.03	1.48	+0.55
Martin ratio: Return relative to average drawdown	6.54	4.89	+1.65

RWK vs. JSMD - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.37, which is higher than the JSMD Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of RWK and JSMD, 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. JSMD - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, which is greater than JSMD's maximum drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for RWK and JSMD.

Drawdown Indicators

	RWK	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-38.98%	-17.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-14.86%	+3.72%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-24.01%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-32.18%	+7.60%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	-38.98%	-7.22%
Current Drawdown Current decline from peak	-1.68%	-5.98%	+4.30%
Average Drawdown Average peak-to-trough decline	-7.51%	-7.42%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	4.48%	-1.03%

Volatility

RWK vs. JSMD - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 Revenue ETF (RWK) is 3.12%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 5.96%. This indicates that RWK experiences smaller price fluctuations and is considered to be less risky than JSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWK	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	5.96%	-2.84%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	17.45%	-5.49%
Volatility (1Y) Calculated over the trailing 1-year period	16.49%	22.19%	-5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	23.07%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.88%	22.81%	+0.07%

RWK vs. JSMD - Expense Ratio Comparison

RWK has a 0.39% expense ratio, which is higher than JSMD's 0.30% expense ratio.

Dividends

RWK vs. JSMD - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.02%, more than JSMD's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.43%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%	0.00%
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 JSMD in my portfolio?

RWK and JSMD have a correlation of 0.76, 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 JSMD?

JSMD has higher volatility (5.96%) compared to RWK (3.12%). In terms of maximum drawdown, RWK dropped -56.49% vs JSMD's -38.98%.

Which ETF is better, RWK or JSMD?

On 10-year performance, JSMD leads with 12.94% vs 12.69% for RWK. On fees, JSMD is cheaper at 0.30% 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 JSMD?

Over the 10-year period, JSMD has performed better with a 12.94% return vs 12.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or JSMD?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.39% for RWK.

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

RWK has the higher dividend yield at 1.02%, compared with 0.43% for JSMD.

What is the main difference between RWK and JSMD?

RWK is categorized as Small Cap Blend Equities, while JSMD is Mid Cap Growth Equities. RWK tracks S&P MidCap 400 Revenue-Weighted Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.39% for RWK and 0.30% for JSMD.

Which has better risk-adjusted returns?

RWK currently has the higher Sharpe Ratio (1.37 vs 0.99), 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.