RWK vs. SCHD

Last updated Jul 21, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, RWK returned 12.69%/yr vs 12.32%/yr for SCHD. Their correlation of 0.81 suggests significant overlap in exposure. RWK charges 0.39%/yr vs 0.06%/yr for SCHD.

Performance

RWK vs. SCHD - Performance Comparison

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

Returns By Period

In the year-to-date period, RWK achieves a 16.44% return, which is significantly lower than SCHD's 21.36% return. Both investments have delivered pretty close results over the past 10 years, with RWK having a 12.69% annualized return and SCHD not far behind at 12.32%.

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%

SCHD

• 1D: -0.49%
• 1M: 3.61%
• 6M: 15.19%
• YTD: 21.36%
• 1Y: 25.66%
• 3Y*: 13.54%
• 5Y*: 9.15%
• 10Y*: 12.32%
• ALL TIME*: 13.25%

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

RWK vs. SCHD - 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%
SCHD Schwab U.S. Dividend Equity ETF	21.36%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between RWK and SCHD 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	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.81

The correlation between RWK and SCHD shifts across timeframes, from 0.61 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

RWK vs. SCHD - Sectors Allocation Comparison

Sectors	RWK	SCHD
Industrials	23.3%	7.8%
Consumer Cyclical	21.0%	7.7%
Financial Services	13.0%	9.9%
Technology	11.8%	12.7%
Consumer Defensive	11.1%	20.6%
Energy	4.9%	14.1%
Healthcare	4.7%	20.8%
Basic Materials	4.4%	1.2%
Real Estate	2.9%	-
Utilities	1.6%	0.1%
Communication Services	1.4%	6.2%

Return for Risk

RWK vs. SCHD — 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

SCHD

SCHD Risk / Return Rank: 91
SCHD Sharpe Ratio Rank: 90
SCHD Sortino Ratio Rank: 93
SCHD Omega Ratio Rank: 88
SCHD Calmar Ratio Rank: 95
SCHD Martin Ratio Rank: 87

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 Revenue ETF (RWK) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.34	-0.97
Sortino ratio: Return per unit of downside risk	2.12	3.63	-1.52
Omega ratio: Gain probability vs. loss probability	1.24	1.42	-0.17
Calmar ratio: Return relative to maximum drawdown	2.03	5.59	-3.56
Martin ratio: Return relative to average drawdown	6.54	13.64	-7.11

RWK vs. SCHD - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.37, which is lower than the SCHD Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of RWK and SCHD, 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. SCHD - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for RWK and SCHD.

Drawdown Indicators

	RWK	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-33.37%	-23.12%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-4.61%	-6.53%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-16.13%	-8.45%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-16.85%	-7.73%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	-33.37%	-12.83%
Current Drawdown Current decline from peak	-1.68%	-0.88%	-0.80%
Average Drawdown Average peak-to-trough decline	-7.51%	-3.30%	-4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	1.89%	+1.56%

Volatility

RWK vs. SCHD - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 Revenue ETF (RWK) is 3.12%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 3.63%. This indicates that RWK experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWK	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	3.63%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	7.97%	+3.99%
Volatility (1Y) Calculated over the trailing 1-year period	16.49%	11.05%	+5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	14.37%	+6.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.88%	16.71%	+6.17%

RWK vs. SCHD - Expense Ratio Comparison

RWK has a 0.39% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

RWK vs. SCHD - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.02%, less than SCHD's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SCHD Schwab U.S. Dividend Equity ETF	3.20%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both RWK and SCHD in my portfolio?

RWK and SCHD 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 SCHD?

SCHD has higher volatility (3.63%) compared to RWK (3.12%). In terms of maximum drawdown, RWK dropped -56.49% vs SCHD's -33.37%.

Which ETF is better, RWK or SCHD?

On 10-year performance, RWK leads with 12.69% vs 12.32% for SCHD. On fees, SCHD is cheaper at 0.06% 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 SCHD?

Over the 10-year period, RWK has performed better with a 12.69% return vs 12.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.39% for RWK.

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

SCHD has the higher dividend yield at 3.20%, compared with 1.02% for RWK.

What is the main difference between RWK and SCHD?

RWK is categorized as Small Cap Blend Equities, while SCHD is Dividend. RWK tracks S&P MidCap 400 Revenue-Weighted Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.39% for RWK and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.34 vs 1.37), 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.