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RWK vs. RWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWK vs. RWJ

Last updated Jun 24, 2026

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 13.12%/yr vs 13.63%/yr for RWJ. Their correlation of 0.91 suggests significant overlap in exposure. 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 13.93% return, which is significantly lower than RWJ's 19.01% return. Both investments have delivered pretty close results over the past 10 years, with RWK having a 13.12% annualized return and RWJ not far ahead at 13.63%.

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%

RWJ

1D
-0.17%
1M
4.67%
YTD
19.01%
6M
17.54%
1Y
37.61%
3Y*
18.15%
5Y*
8.58%
10Y*
13.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RWK vs. RWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
RWJ
Invesco S&P SmallCap 600 Revenue ETF		19.01%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 0.92, 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

0.92

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

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

22.1%
16.0%

Consumer Cyclical

20.4%
23.9%

Technology

16.1%
11.2%

Financial Services

12.1%
10.7%

Consumer Defensive

10.4%
6.8%

Energy

5.0%
7.2%

Basic Materials

4.9%
5.0%

Healthcare

4.2%
11.0%

Real Estate

2.6%
3.9%

Utilities

1.6%
0.8%

Communication Services

0.7%
3.5%

Industrials

RWK
22.1%
RWJ
16.0%

Consumer Cyclical

RWK
20.4%
RWJ
23.9%

Technology

RWK
16.1%
RWJ
11.2%

Financial Services

RWK
12.1%
RWJ
10.7%

Consumer Defensive

RWK
10.4%
RWJ
6.8%

Energy

RWK
5.0%
RWJ
7.2%

Basic Materials

RWK
4.9%
RWJ
5.0%

Healthcare

RWK
4.2%
RWJ
11.0%

Real Estate

RWK
2.6%
RWJ
3.9%

Utilities

RWK
1.6%
RWJ
0.8%

Communication Services

RWK
0.7%
RWJ
3.5%

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. PRNRWK vs. ONEYRWK 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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RWK
RWK Risk / Return Rank: 4848
Overall Rank
RWK Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
RWK Sortino Ratio Rank: 5151
Sortino Ratio Rank
RWK Omega Ratio Rank: 4444
Omega Ratio Rank
RWK Calmar Ratio Rank: 5151
Calmar Ratio Rank
RWK Martin Ratio Rank: 4848
Martin Ratio Rank
RWJ
RWJ Risk / Return Rank: 6363
Overall Rank
RWJ Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
RWJ Sortino Ratio Rank: 6464
Sortino Ratio Rank
RWJ Omega Ratio Rank: 5757
Omega Ratio Rank
RWJ Calmar Ratio Rank: 7070
Calmar Ratio Rank
RWJ Martin Ratio Rank: 6262
Martin Ratio Rank
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. 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
1.58
1.95

-0.37

Sortino ratioReturn per unit of downside risk
2.39
2.83

-0.44

Omega ratioGain probability vs. loss probability

1.28

1.34

-0.06

Calmar ratioReturn relative to maximum drawdown

2.38

3.34

-0.96

Martin ratioReturn relative to average drawdown

7.64

10.72

-3.08

RWK vs. RWJ - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.58, which is comparable to the RWJ Sharpe Ratio of 1.95. 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

-1.79%

-1.68%

-0.11%

Average Drawdown

Average peak-to-trough decline

-7.53%

-9.21%

+1.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.46%

3.52%

-0.06%

Volatility

RWK vs. RWJ - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 Revenue ETF (RWK) is 4.36%, while Invesco S&P SmallCap 600 Revenue ETF (RWJ) has a volatility of 4.65%. This indicates that RWK experiences smaller price fluctuations and is considered to be less risky than RWJ based on this measure. 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

4.36%

4.65%

-0.29%

Volatility (6M)

Calculated over the trailing 6-month period

12.12%

12.61%

-0.49%

Volatility (1Y)

Calculated over the trailing 1-year period

16.82%

19.39%

-2.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.09%

23.66%

-2.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.93%

26.12%

-3.19%

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 1.04%, which matches RWJ's 1.05% yield.

PositionTTM20252024202320222021202020192018201720162015
RWJ
Invesco S&P SmallCap 600 Revenue ETF		1.05%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		1.04%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

With a correlation of 0.92, 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 (4.65%) compared to RWK (4.36%). In terms of maximum drawdown, RWK dropped -56.49% vs RWJ's -55.97%.

On 10-year performance, RWJ leads with 13.63% vs 13.12% for RWK. Both ETFs have the same 0.39% expense ratio. On volatility, RWK has been the lower-risk option at 4.36%. 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 13.63% return vs 13.12%. 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.

RWJ has the higher dividend yield at 1.05%, compared with 1.04% for RWK.

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 (1.95 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.

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