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RWK vs. RWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWK vs. RWJ

Last updated Aug 2, 2026
Documentation

RWK (Invesco S&P MidCap 400 Revenue ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index, while RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index. Both are passively managed. Over the past 10 years, RWK returned 13.00%/yr vs 13.60%/yr for RWJ. Their correlation of 0.91 means they have usually moved in the same direction. Both charge a 0.39% expense ratio.

Performance

RWK vs. RWJ - 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 S&P SmallCap 600 Revenue ETF (RWJ). 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 18.15% return, which is significantly lower than RWJ's 25.74% return. Both investments have delivered pretty close results over the past 10 years, with RWK having a 13.00% annualized return and RWJ not far ahead at 13.60%.

RWK

1D
-0.70%
1M
1.66%
6M
13.42%
YTD
18.15%
1Y
28.53%
3Y*
15.25%
5Y*
12.08%
10Y*
13.00%
ALL TIME*
11.54%

RWJ

1D
-0.20%
1M
2.40%
6M
17.61%
YTD
25.74%
1Y
43.73%
3Y*
16.07%
5Y*
10.85%
10Y*
13.60%
ALL TIME*
12.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

RWJ

Invesco S&P SmallCap 600 Revenue ETF
$5.35M$5.27M$5.02M

RWK

Invesco S&P MidCap 400 Revenue ETF
$2.23M$2.59M$2.47M

RWK vs. RWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RWK
Invesco S&P MidCap 400 Revenue ETF		18.15%10.27%11.94%23.76%-8.19%34.31%11.06%28.20%-14.65%13.39%
RWJ
Invesco S&P SmallCap 600 Revenue ETF		25.74%7.75%11.81%16.21%-10.97%52.82%20.83%20.29%-16.95%5.30%

Correlation

The correlation between RWK and RWJ is 0.91, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.91

Correlation (3Y)
Balances recent behavior with more history.

0.92

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.94

Correlation (10Y)
Provides a long-term view across more market conditions.

0.92

Correlation (All Time)
Calculated using the full available price history since Feb 22, 2008

0.91

The correlation between RWK and RWJ has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

RWK vs. RWJ - Sectors Allocation Comparison

Sectors
RWK
RWJ

Industrials

23.3%
15.3%

Consumer Cyclical

21.0%
25.4%

Financial Services

13.0%
11.6%

Technology

11.8%
10.3%

Consumer Defensive

11.1%
7.7%

Energy

4.9%
6.5%

Healthcare

4.7%
11.0%

Basic Materials

4.4%
4.7%

Real Estate

2.9%
4.1%

Utilities

1.6%
0.9%

Communication Services

1.4%
2.6%

Industrials

RWK
23.3%
RWJ
15.3%

Consumer Cyclical

RWK
21.0%
RWJ
25.4%

Financial Services

RWK
13.0%
RWJ
11.6%

Technology

RWK
11.8%
RWJ
10.3%

Consumer Defensive

RWK
11.1%
RWJ
7.7%

Energy

RWK
4.9%
RWJ
6.5%

Healthcare

RWK
4.7%
RWJ
11.0%

Basic Materials

RWK
4.4%
RWJ
4.7%

Real Estate

RWK
2.9%
RWJ
4.1%

Utilities

RWK
1.6%
RWJ
0.9%

Communication Services

RWK
1.4%
RWJ
2.6%

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

Invesco S&P SmallCap 600 Revenue ETF

Often compared with RWK:
RWK vs. RFVRWK vs. XMHQRWK vs. XMVMRWK vs. ONEYRWK vs. PRNRWK vs. PRFZRWK vs. BOSOX
Often compared with RWJ:
RWJ vs. AVUVXRWJ vs. XSVMRWJ vs. RZVRWJ vs. CALFRWJ vs. RFVRWJ vs. FSMDRWJ vs. EWMC

Return for Risk

RWK vs. RWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
RWK
RWK Risk / Return Rank: 6969
Overall Rank
RWK Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
RWK Sortino Ratio Rank: 7575
Sortino Ratio Rank
RWK Omega Ratio Rank: 6767
Omega Ratio Rank
RWK Calmar Ratio Rank: 6868
Calmar Ratio Rank
RWK Martin Ratio Rank: 6464
Martin Ratio Rank
RWJ
RWJ Risk / Return Rank: 8888
Overall Rank
RWJ Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
RWJ Sortino Ratio Rank: 9090
Sortino Ratio Rank
RWJ Omega Ratio Rank: 8686
Omega Ratio Rank
RWJ Calmar Ratio Rank: 8888
Calmar Ratio Rank
RWJ Martin Ratio Rank: 8585
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RWK vs. RWJ - 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 S&P SmallCap 600 Revenue ETF (RWJ). 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.

RWKRWJDifference
Sharpe ratioReturn per unit of total volatility
1.59
2.16

-0.57

Sortino ratioReturn per unit of downside risk
2.41
3.12

-0.71

Omega ratioGain probability vs. loss probability

1.28

1.37

-0.09

Calmar ratioReturn relative to maximum drawdown

2.34

3.57

-1.22

Martin ratioReturn relative to average drawdown

7.78

11.98

-4.20

RWK vs. RWJ - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.59, which is comparable to the RWJ Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of RWK and RWJ, 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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Drawdowns

RWK vs. RWJ - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, roughly equal to the maximum RWJ drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for RWK and RWJ.

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Drawdown Indicators

RWKRWJDifference

Max Drawdown

Largest peak-to-trough decline

-56.49%

-55.97%

-0.52%

Max Drawdown (1Y)

Largest decline over 1 year

-11.14%

-11.31%

+0.17%

Max Drawdown (3Y)

Largest decline over 3 years

-24.58%

-29.29%

+4.71%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-29.29%

+4.71%

Max Drawdown (10Y)

Largest decline over 10 years

-46.20%

-51.33%

+5.13%

Current Drawdown

Current decline from peak

-1.30%

-1.74%

+0.44%

Average Drawdown

Average peak-to-trough decline

-7.49%

-9.16%

+1.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

3.36%

-0.01%

Volatility

RWK vs. RWJ - Volatility Comparison

Invesco S&P MidCap 400 Revenue ETF (RWK) and Invesco S&P SmallCap 600 Revenue ETF (RWJ) have volatilities of 4.08% and 4.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RWKRWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.08%

4.09%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

11.96%

12.15%

-0.19%

Volatility (1Y)

Calculated over the trailing 1-year period

16.49%

18.69%

-2.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.94%

23.49%

-2.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.88%

26.06%

-3.18%

RWK vs. RWJ - Expense Ratio Comparison

Both RWK and RWJ have an expense ratio of 0.39%.

Dividends

RWK vs. RWJ - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.00%, which matches RWJ's 1.00% yield.

PositionTTM20252024202320222021202020192018201720162015
RWJ
Invesco S&P SmallCap 600 Revenue ETF		1.00%1.11%1.15%1.34%1.02%0.61%0.89%1.22%1.44%1.11%0.60%0.74%
RWK
Invesco S&P MidCap 400 Revenue ETF		1.00%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

With a correlation of 0.91, RWK and RWJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

RWJ has higher volatility (4.09%) compared to RWK (4.08%). In terms of maximum drawdown, RWK dropped -56.49% vs RWJ's -55.97%.

On 10-year performance, RWJ leads with 13.60% vs 13.00% for RWK. Both ETFs have the same 0.39% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RWJ has performed better with a 13.60% return vs 13.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RWK and RWJ have the same expense ratio: 0.39% per year.

RWK and RWJ have nearly identical dividend yields, around 1.00%.

RWK is categorized as Small Cap Blend Equities, while RWJ is Small Cap Value Equities. RWK tracks S&P MidCap 400 Revenue-Weighted Index, while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index.

RWJ currently has the higher Sharpe Ratio (2.16 vs 1.59), 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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