RWK vs. QQQ

Last updated Jun 3, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, RWK returned 12.83%/yr vs 21.97%/yr for QQQ. A 0.69 correlation means they provide meaningful diversification when combined. RWK charges 0.39%/yr vs 0.18%/yr for QQQ.

Performance

RWK vs. QQQ - 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 QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWK achieves a 13.73% return, which is significantly lower than QQQ's 21.62% return. Over the past 10 years, RWK has underperformed QQQ with an annualized return of 12.83%, while QQQ has yielded a comparatively higher 21.97% annualized return.

RWK

• 1D: 1.10%
• 1M: 3.22%
• YTD: 13.73%
• 6M: 14.17%
• 1Y: 30.18%
• 3Y*: 18.14%
• 5Y*: 10.78%
• 10Y*: 12.83%

QQQ

• 1D: 0.46%
• 1M: 10.68%
• YTD: 21.62%
• 6M: 20.27%
• 1Y: 43.30%
• 3Y*: 28.89%
• 5Y*: 18.43%
• 10Y*: 21.97%

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

RWK vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWK Invesco S&P MidCap 400 Revenue ETF	13.73%	10.27%	11.94%	23.76%	-8.19%	34.31%	11.06%	28.20%	-14.65%	13.39%
QQQ Invesco QQQ ETF	21.62%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between RWK and QQQ is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 25, 2008	0.69

The correlation between RWK and QQQ shifts across timeframes, from 0.54 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

RWK vs. QQQ - Sectors Allocation Comparison

Sectors	RWK	QQQ
Industrials	21.8%	2.8%
Consumer Cyclical	20.7%	12.3%
Technology	14.0%	53.8%
Financial Services	13.1%	0.2%
Consumer Defensive	11.3%	7.7%
Energy	5.3%	0.6%
Basic Materials	4.7%	1.1%
Healthcare	4.0%	4.2%
Real Estate	2.8%	0.1%
Utilities	1.6%	1.4%
Communication Services	0.7%	15.8%

Return for Risk

RWK vs. QQQ — Risk / Return Rank

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

RWK

RWK Risk / Return Rank: 52
RWK Sharpe Ratio Rank: 52
RWK Sortino Ratio Rank: 56
RWK Omega Ratio Rank: 50
RWK Calmar Ratio Rank: 52
RWK Martin Ratio Rank: 49

QQQ

QQQ Risk / Return Rank: 77
QQQ Sharpe Ratio Rank: 83
QQQ Sortino Ratio Rank: 78
QQQ Omega Ratio Rank: 77
QQQ Calmar Ratio Rank: 73
QQQ Martin Ratio Rank: 74

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. QQQ - 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 QQQ ETF (QQQ). 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.

	RWK	QQQ	Difference
Sharpe ratio Return per unit of total volatility	1.82	2.73	-0.91
Sortino ratio Return per unit of downside risk	2.70	3.55	-0.85
Omega ratio Gain probability vs. loss probability	1.31	1.47	-0.15
Calmar ratio Return relative to maximum drawdown	2.62	3.71	-1.09
Martin ratio Return relative to average drawdown	8.44	14.30	-5.86
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. QQQ - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.82, which is lower than the QQQ Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of RWK and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RWK	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.73	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.83	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.99	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.41	+0.07

Drawdowns

RWK vs. QQQ - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for RWK and QQQ.

Drawdown Indicators

	RWK	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-82.97%	+26.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-11.96%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-22.77%	-1.81%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-35.12%	+10.54%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	-35.12%	-11.08%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.56%	-32.79%	+25.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	3.11%	+0.35%

Volatility

RWK vs. QQQ - Volatility Comparison

Invesco S&P MidCap 400 Revenue ETF (RWK) has a higher volatility of 4.93% compared to Invesco QQQ ETF (QQQ) at 4.48%. This indicates that RWK's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWK	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	4.48%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	12.11%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	15.95%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.13%	22.39%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.96%	22.30%	+0.66%

RWK vs. QQQ - Expense Ratio Comparison

RWK has a 0.39% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

RWK vs. QQQ - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.12%, more than QQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
RWK Invesco S&P MidCap 400 Revenue ETF	1.12%	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 QQQ in my portfolio?

RWK and QQQ have a correlation of 0.54, 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 QQQ?

RWK has higher volatility (4.93%) compared to QQQ (4.48%). In terms of maximum drawdown, RWK dropped -56.49% vs QQQ's -82.97%.

Which ETF is better, RWK or QQQ?

On 10-year performance, QQQ leads with 21.97% vs 12.83% for RWK. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWK or QQQ?

Over the 10-year period, QQQ has performed better with a 21.97% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.39% for RWK.

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

RWK has the higher dividend yield at 1.12%, compared with 0.38% for QQQ.

What is the main difference between RWK and QQQ?

RWK is categorized as Small Cap Blend Equities, while QQQ is Nasdaq-100. RWK tracks S&P MidCap 400 Revenue-Weighted Index, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.39% for RWK and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.73 vs 1.82), 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.