RWL vs. FVAL

Last updated Jun 23, 2026

RWL (Invesco S&P 500 Revenue ETF) and FVAL (Fidelity Value Factor ETF) are both exchange-traded funds - RWL is a S&P 500 fund tracking the S&P 500 Revenue-Weighted Index, while FVAL is a Large Cap Value Equities fund tracking the Fidelity U.S. Value Factor Index. Both are passively managed. Over the past 5 years, RWL returned 13.46%/yr vs 12.31%/yr for FVAL. Their correlation of 0.92 suggests significant overlap in exposure. RWL charges 0.39%/yr vs 0.15%/yr for FVAL.

Performance

RWL vs. FVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Revenue ETF (RWL) and Fidelity Value Factor ETF (FVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWL achieves a 11.62% return, which is significantly higher than FVAL's 8.63% return.

RWL

• 1D: 0.01%
• 1M: 0.79%
• YTD: 11.62%
• 6M: 11.23%
• 1Y: 26.48%
• 3Y*: 19.53%
• 5Y*: 13.46%
• 10Y*: 14.31%

FVAL

• 1D: -0.18%
• 1M: -0.57%
• YTD: 8.63%
• 6M: 7.99%
• 1Y: 27.80%
• 3Y*: 19.58%
• 5Y*: 12.31%
• 10Y*: —

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

RWL vs. FVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWL Invesco S&P 500 Revenue ETF	11.62%	18.65%	16.45%	17.43%	-6.00%	30.29%	9.14%	27.83%	-7.74%	20.34%
FVAL Fidelity Value Factor ETF	8.63%	19.56%	18.05%	23.10%	-14.40%	30.33%	9.08%	30.33%	-7.87%	22.49%

Correlation

The correlation between RWL and FVAL is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.92

The correlation between RWL and FVAL shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

RWL vs. FVAL - Sectors Allocation Comparison

Sectors	RWL	FVAL
Healthcare	19.4%	9.7%
Technology	16.3%	36.1%
Financial Services	14.8%	11.7%
Consumer Cyclical	12.6%	10.6%
Consumer Defensive	10.2%	4.4%
Industrials	8.3%	8.1%
Communication Services	7.2%	9.7%
Energy	6.1%	3.4%
Utilities	2.2%	1.9%
Basic Materials	2.0%	2.0%
Real Estate	0.9%	2.5%

Return for Risk

RWL vs. FVAL — Risk / Return Rank

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

RWL

RWL Risk / Return Rank: 83
RWL Sharpe Ratio Rank: 84
RWL Sortino Ratio Rank: 85
RWL Omega Ratio Rank: 81
RWL Calmar Ratio Rank: 80
RWL Martin Ratio Rank: 85

FVAL

FVAL Risk / Return Rank: 73
FVAL Sharpe Ratio Rank: 76
FVAL Sortino Ratio Rank: 75
FVAL Omega Ratio Rank: 74
FVAL Calmar Ratio Rank: 65
FVAL 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.

RWL vs. FVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Revenue ETF (RWL) and Fidelity Value Factor ETF (FVAL). 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.

	RWL	FVAL	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.33	+0.27
Sortino ratio: Return per unit of downside risk	3.61	3.19	+0.42
Omega ratio: Gain probability vs. loss probability	1.46	1.42	+0.04
Calmar ratio: Return relative to maximum drawdown	4.01	3.13	+0.88
Martin ratio: Return relative to average drawdown	16.81	13.39	+3.42

RWL vs. FVAL - Sharpe Ratio Comparison

The current RWL Sharpe Ratio is 2.61, which is comparable to the FVAL Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of RWL and FVAL, 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

RWL vs. FVAL - Drawdown Comparison

The maximum RWL drawdown since its inception was -54.83%, which is greater than FVAL's maximum drawdown of -37.26%. Use the drawdown chart below to compare losses from any high point for RWL and FVAL.

Drawdown Indicators

	RWL	FVAL	Difference
Max Drawdown Largest peak-to-trough decline	-54.83%	-37.26%	-17.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-8.92%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-18.39%	+4.00%
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	-23.42%	+5.93%
Max Drawdown (10Y) Largest decline over 10 years	-36.04%	—	—
Current Drawdown Current decline from peak	-1.66%	-2.99%	+1.33%
Average Drawdown Average peak-to-trough decline	-6.43%	-4.57%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	2.08%	-0.50%

Volatility

RWL vs. FVAL - Volatility Comparison

The current volatility for Invesco S&P 500 Revenue ETF (RWL) is 3.16%, while Fidelity Value Factor ETF (FVAL) has a volatility of 4.23%. This indicates that RWL experiences smaller price fluctuations and is considered to be less risky than FVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWL	FVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	4.23%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	9.32%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	10.22%	11.99%	-1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	16.53%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	18.10%	-1.22%

RWL vs. FVAL - Expense Ratio Comparison

RWL has a 0.39% expense ratio, which is higher than FVAL's 0.15% expense ratio.

Dividends

RWL vs. FVAL - Dividend Comparison

RWL's dividend yield for the trailing twelve months is around 1.55%, less than FVAL's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVAL Fidelity Value Factor ETF	1.61%	1.61%	1.60%	1.69%	1.79%	1.41%	1.61%	1.77%	2.06%	1.62%	0.45%	0.00%
RWL Invesco S&P 500 Revenue ETF	1.55%	1.35%	1.43%	1.60%	1.62%	1.35%	1.75%	1.87%	1.99%	1.60%	1.71%	1.97%

Frequently Asked Questions

Can I hold both RWL and FVAL in my portfolio?

RWL and FVAL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWL or FVAL?

FVAL has higher volatility (4.23%) compared to RWL (3.16%). In terms of maximum drawdown, RWL dropped -54.83% vs FVAL's -37.26%.

Which ETF is better, RWL or FVAL?

On 5-year performance, RWL leads with 13.46% vs 12.31% for FVAL. On fees, FVAL is cheaper at 0.15% per year. On volatility, RWL has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWL or FVAL?

Over the 5-year period, RWL has performed better with a 13.46% return vs 12.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWL or FVAL?

FVAL is cheaper with a 0.15% expense ratio, compared with 0.39% for RWL.

Which ETF pays a higher dividend yield, RWL or FVAL?

FVAL has the higher dividend yield at 1.61%, compared with 1.55% for RWL.

What is the main difference between RWL and FVAL?

RWL is categorized as S&P 500, while FVAL is Large Cap Value Equities. RWL tracks S&P 500 Revenue-Weighted Index, while FVAL tracks Fidelity U.S. Value Factor Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.39% for RWL and 0.15% for FVAL.

Which has better risk-adjusted returns?

RWL currently has the higher Sharpe Ratio (2.61 vs 2.33), 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.