RWK vs. PRN

Last updated Jun 23, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and PRN (Invesco DWA Industrials Momentum ETF) are both exchange-traded funds - RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index, while PRN is a Momentum fund tracking the DWA Industrials Technical Leaders Index. Both are passively managed. Over the past 10 years, RWK returned 13.16%/yr vs 19.46%/yr for PRN. Their correlation of 0.80 suggests significant overlap in exposure. RWK charges 0.39%/yr vs 0.60%/yr for PRN.

Performance

RWK vs. PRN - Performance Comparison

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

Returns By Period

In the year-to-date period, RWK achieves a 14.32% return, which is significantly lower than PRN's 50.44% return. Over the past 10 years, RWK has underperformed PRN with an annualized return of 13.16%, while PRN has yielded a comparatively higher 19.46% annualized return.

RWK

• 1D: -0.04%
• 1M: 3.93%
• YTD: 14.32%
• 6M: 11.91%
• 1Y: 28.00%
• 3Y*: 17.62%
• 5Y*: 11.68%
• 10Y*: 13.16%

PRN

• 1D: 2.86%
• 1M: 10.92%
• YTD: 50.44%
• 6M: 44.68%
• 1Y: 74.79%
• 3Y*: 37.93%
• 5Y*: 21.85%
• 10Y*: 19.46%

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

RWK vs. PRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWK Invesco S&P MidCap 400 Revenue ETF	14.32%	10.27%	11.94%	23.76%	-8.19%	34.31%	11.06%	28.20%	-14.65%	13.39%
PRN Invesco DWA Industrials Momentum ETF	50.44%	13.74%	30.35%	37.96%	-25.09%	25.21%	36.39%	34.52%	-16.19%	22.82%

Correlation

The correlation between RWK and PRN is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 22, 2008	0.80

The correlation between RWK and PRN shifts across timeframes, from 0.61 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

RWK vs. PRN - Sectors Allocation Comparison

Sectors	RWK	PRN
Industrials	22.1%	78.2%
Consumer Cyclical	20.4%	1.2%
Technology	16.1%	20.4%
Financial Services	12.1%	0.1%
Consumer Defensive	10.4%	-
Energy	5.0%	1.6%
Basic Materials	4.9%	1.8%
Healthcare	4.2%	-
Real Estate	2.6%	-
Utilities	1.6%	-
Communication Services	0.7%	-

Return for Risk

RWK vs. PRN — Risk / Return Rank

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

RWK

RWK Risk / Return Rank: 50
RWK Sharpe Ratio Rank: 50
RWK Sortino Ratio Rank: 54
RWK Omega Ratio Rank: 47
RWK Calmar Ratio Rank: 52
RWK Martin Ratio Rank: 49

PRN

PRN Risk / Return Rank: 79
PRN Sharpe Ratio Rank: 81
PRN Sortino Ratio Rank: 69
PRN Omega Ratio Rank: 69
PRN Calmar Ratio Rank: 90
PRN Martin Ratio Rank: 86

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. PRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 Revenue ETF (RWK) and Invesco DWA Industrials Momentum ETF (PRN). 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	PRN	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.49	-0.81
Sortino ratio: Return per unit of downside risk	2.51	3.03	-0.51
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	2.53	5.31	-2.79
Martin ratio: Return relative to average drawdown	8.11	17.44	-9.33

RWK vs. PRN - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.67, which is lower than the PRN Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of RWK and PRN, 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. PRN - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, smaller than the maximum PRN drawdown of -59.88%. Use the drawdown chart below to compare losses from any high point for RWK and PRN.

Drawdown Indicators

	RWK	PRN	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-59.88%	+3.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-14.15%	+3.01%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-30.78%	+6.20%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-34.84%	+10.26%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	-36.27%	-9.93%
Current Drawdown Current decline from peak	-1.45%	0.00%	-1.45%
Average Drawdown Average peak-to-trough decline	-7.53%	-10.82%	+3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	4.30%	-0.84%

Volatility

RWK vs. PRN - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 Revenue ETF (RWK) is 4.32%, while Invesco DWA Industrials Momentum ETF (PRN) has a volatility of 11.27%. This indicates that RWK experiences smaller price fluctuations and is considered to be less risky than PRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWK	PRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	11.27%	-6.95%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	24.13%	-12.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.84%	30.29%	-13.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	25.36%	-4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.97%	24.37%	-1.40%

RWK vs. PRN - Expense Ratio Comparison

RWK has a 0.39% expense ratio, which is lower than PRN's 0.60% expense ratio.

Dividends

RWK vs. PRN - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.36%, more than PRN's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRN Invesco DWA Industrials Momentum ETF	0.11%	0.17%	0.39%	0.52%	0.82%	0.11%	0.10%	0.42%	0.29%	0.60%	0.57%	0.44%
RWK Invesco S&P MidCap 400 Revenue ETF	1.36%	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 PRN in my portfolio?

RWK and PRN have a correlation of 0.61, 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 PRN?

PRN has higher volatility (11.27%) compared to RWK (4.32%). In terms of maximum drawdown, RWK dropped -56.49% vs PRN's -59.88%.

Which ETF is better, RWK or PRN?

On 10-year performance, PRN leads with 19.46% vs 13.16% for RWK. On fees, RWK is cheaper at 0.39% per year. On volatility, RWK has been the lower-risk option at 4.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWK or PRN?

Over the 10-year period, PRN has performed better with a 19.46% return vs 13.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or PRN?

RWK is cheaper with a 0.39% expense ratio, compared with 0.60% for PRN.

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

RWK has the higher dividend yield at 1.36%, compared with 0.11% for PRN.

What is the main difference between RWK and PRN?

RWK is categorized as Small Cap Blend Equities, while PRN is Momentum. RWK tracks S&P MidCap 400 Revenue-Weighted Index, while PRN tracks DWA Industrials Technical Leaders Index. Their fees differ too: 0.39% for RWK and 0.60% for PRN.

Which has better risk-adjusted returns?

PRN currently has the higher Sharpe Ratio (2.49 vs 1.67), 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.