RWK vs. XMVM

Last updated Jun 23, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and XMVM (Invesco S&P MidCap Value with 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 XMVM is a Momentum fund tracking the S&P MidCap 400 High Momentum Value Index. Both are passively managed. Over the past 10 years, RWK returned 13.16%/yr vs 12.10%/yr for XMVM. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.39% expense ratio.

Performance

RWK vs. XMVM - 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 MidCap Value with Momentum ETF (XMVM). 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 higher than XMVM's 10.47% return. Over the past 10 years, RWK has outperformed XMVM with an annualized return of 13.16%, while XMVM has yielded a comparatively lower 12.10% 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%

XMVM

• 1D: 0.97%
• 1M: 2.30%
• YTD: 10.47%
• 6M: 8.53%
• 1Y: 32.24%
• 3Y*: 18.85%
• 5Y*: 11.40%
• 10Y*: 12.10%

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

RWK vs. XMVM - 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%
XMVM Invesco S&P MidCap Value with Momentum ETF	10.47%	18.46%	11.73%	16.31%	-8.21%	35.15%	5.68%	30.38%	-9.62%	2.79%

Correlation

The correlation between RWK and XMVM is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.91
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	0.89

The correlation between RWK and XMVM shifts across timeframes, from 0.83 (1 year) to 0.94 (5 years), reflecting how their relationship changes across market environments.

RWK vs. XMVM - Sectors Allocation Comparison

Sectors	RWK	XMVM
Industrials	22.1%	8.8%
Consumer Cyclical	20.4%	15.0%
Technology	16.1%	4.0%
Financial Services	12.1%	41.9%
Consumer Defensive	10.4%	7.1%
Energy	5.0%	8.0%
Basic Materials	4.9%	0.8%
Healthcare	4.2%	0.7%
Real Estate	2.6%	4.2%
Utilities	1.6%	9.5%
Communication Services	0.7%	0.9%

Return for Risk

RWK vs. XMVM — 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

XMVM

XMVM Risk / Return Rank: 67
XMVM Sharpe Ratio Rank: 67
XMVM Sortino Ratio Rank: 70
XMVM Omega Ratio Rank: 65
XMVM Calmar Ratio Rank: 72
XMVM Martin Ratio Rank: 62

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. XMVM - 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 MidCap Value with Momentum ETF (XMVM). 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	XMVM	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.12	-0.45
Sortino ratio: Return per unit of downside risk	2.51	3.04	-0.53
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.08
Calmar ratio: Return relative to maximum drawdown	2.53	3.53	-1.00
Martin ratio: Return relative to average drawdown	8.11	10.91	-2.80

RWK vs. XMVM - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.67, which is comparable to the XMVM Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of RWK and XMVM, 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. XMVM - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, smaller than the maximum XMVM drawdown of -62.83%. Use the drawdown chart below to compare losses from any high point for RWK and XMVM.

Drawdown Indicators

	RWK	XMVM	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-62.83%	+6.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-9.18%	-1.96%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-24.12%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-24.12%	-0.46%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	-45.07%	-1.13%
Current Drawdown Current decline from peak	-1.45%	-1.49%	+0.04%
Average Drawdown Average peak-to-trough decline	-7.53%	-10.25%	+2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.96%	+0.50%

Volatility

RWK vs. XMVM - Volatility Comparison

Invesco S&P MidCap 400 Revenue ETF (RWK) has a higher volatility of 4.32% compared to Invesco S&P MidCap Value with Momentum ETF (XMVM) at 3.30%. This indicates that RWK's price experiences larger fluctuations and is considered to be riskier than XMVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWK	XMVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	3.30%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	9.65%	+2.46%
Volatility (1Y) Calculated over the trailing 1-year period	16.84%	15.29%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	21.45%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.97%	22.82%	+0.15%

RWK vs. XMVM - Expense Ratio Comparison

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

Dividends

RWK vs. XMVM - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.36%, less than XMVM's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XMVM Invesco S&P MidCap Value with Momentum ETF	2.38%	2.07%	1.43%	1.57%	1.76%	1.10%	1.37%	1.73%	2.87%	2.22%	2.27%	2.58%

Frequently Asked Questions

Can I hold both RWK and XMVM in my portfolio?

RWK and XMVM have a correlation of 0.83, 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 XMVM?

RWK has higher volatility (4.32%) compared to XMVM (3.30%). In terms of maximum drawdown, RWK dropped -56.49% vs XMVM's -62.83%.

Which ETF is better, RWK or XMVM?

On 10-year performance, RWK leads with 13.16% vs 12.10% for XMVM. Both ETFs have the same 0.39% expense ratio. On volatility, XMVM has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWK or XMVM?

Over the 10-year period, RWK has performed better with a 13.16% return vs 12.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or XMVM?

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

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

XMVM has the higher dividend yield at 2.38%, compared with 1.36% for RWK.

What is the main difference between RWK and XMVM?

RWK is categorized as Small Cap Blend Equities, while XMVM is Momentum. RWK tracks S&P MidCap 400 Revenue-Weighted Index, while XMVM tracks S&P MidCap 400 High Momentum Value Index.

Which has better risk-adjusted returns?

XMVM currently has the higher Sharpe Ratio (2.12 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.