RWL vs. RWJ

Last updated Jun 23, 2026

RWL (Invesco S&P 500 Revenue ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - RWL is a S&P 500 fund tracking the S&P 500 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, RWL returned 14.31%/yr vs 13.65%/yr for RWJ. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.39% expense ratio.

Performance

RWL vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Revenue ETF (RWL) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). 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 lower than RWJ's 19.22% return. Both investments have delivered pretty close results over the past 10 years, with RWL having a 14.31% annualized return and RWJ not far behind at 13.65%.

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%

RWJ

• 1D: -0.70%
• 1M: 4.86%
• YTD: 19.22%
• 6M: 17.01%
• 1Y: 39.78%
• 3Y*: 18.22%
• 5Y*: 8.90%
• 10Y*: 13.65%

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

RWL vs. RWJ - 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%
RWJ Invesco S&P SmallCap 600 Revenue ETF	19.22%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%

Correlation

The correlation between RWL and RWJ is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 22, 2008	0.82

The correlation between RWL and RWJ has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

RWL vs. RWJ - Sectors Allocation Comparison

Sectors	RWL	RWJ
Healthcare	19.4%	11.0%
Technology	16.3%	11.2%
Financial Services	14.8%	10.7%
Consumer Cyclical	12.6%	23.9%
Consumer Defensive	10.2%	6.8%
Industrials	8.3%	16.0%
Communication Services	7.2%	3.5%
Energy	6.1%	7.2%
Utilities	2.2%	0.8%
Basic Materials	2.0%	5.0%
Real Estate	0.9%	3.9%

Return for Risk

RWL vs. RWJ — 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

RWJ

RWJ Risk / Return Rank: 66
RWJ Sharpe Ratio Rank: 65
RWJ Sortino Ratio Rank: 67
RWJ Omega Ratio Rank: 59
RWJ Calmar Ratio Rank: 72
RWJ Martin Ratio Rank: 64

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. RWJ - Risk-Adjusted Trends Comparison

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

	RWL	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.06	+0.55
Sortino ratio: Return per unit of downside risk	3.61	2.96	+0.65
Omega ratio: Gain probability vs. loss probability	1.46	1.35	+0.11
Calmar ratio: Return relative to maximum drawdown	4.01	3.53	+0.47
Martin ratio: Return relative to average drawdown	16.81	11.35	+5.46

RWL vs. RWJ - Sharpe Ratio Comparison

The current RWL Sharpe Ratio is 2.61, which is comparable to the RWJ Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of RWL 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.

Drawdowns

RWL vs. RWJ - Drawdown Comparison

The maximum RWL drawdown since its inception was -54.83%, roughly equal to the maximum RWJ drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for RWL and RWJ.

Drawdown Indicators

	RWL	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-54.83%	-55.97%	+1.14%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-11.31%	+4.67%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-29.29%	+14.90%
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	-29.29%	+11.80%
Max Drawdown (10Y) Largest decline over 10 years	-36.04%	-51.33%	+15.29%
Current Drawdown Current decline from peak	-1.66%	-1.51%	-0.15%
Average Drawdown Average peak-to-trough decline	-6.43%	-9.21%	+2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	3.52%	-1.94%

Volatility

RWL vs. RWJ - Volatility Comparison

The current volatility for Invesco S&P 500 Revenue ETF (RWL) is 3.16%, while Invesco S&P SmallCap 600 Revenue ETF (RWJ) has a volatility of 4.66%. This indicates that RWL 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.

Volatility by Period

	RWL	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	4.66%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	12.61%	-5.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.22%	19.43%	-9.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	23.66%	-9.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	26.16%	-9.28%

RWL vs. RWJ - Expense Ratio Comparison

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

Dividends

RWL vs. RWJ - Dividend Comparison

RWL's dividend yield for the trailing twelve months is around 1.55%, more than RWJ's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.25%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%
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 RWJ in my portfolio?

RWL and RWJ have a correlation of 0.82, 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 RWJ?

RWJ has higher volatility (4.66%) compared to RWL (3.16%). In terms of maximum drawdown, RWL dropped -54.83% vs RWJ's -55.97%.

Which ETF is better, RWL or RWJ?

On 10-year performance, RWL leads with 14.31% vs 13.65% for RWJ. Both ETFs have the same 0.39% expense ratio. 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 RWJ?

Over the 10-year period, RWL has performed better with a 14.31% return vs 13.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWL or RWJ?

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

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

RWL has the higher dividend yield at 1.55%, compared with 1.25% for RWJ.

What is the main difference between RWL and RWJ?

RWL is categorized as S&P 500, while RWJ is Small Cap Value Equities. RWL tracks S&P 500 Revenue-Weighted Index, while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index.

Which has better risk-adjusted returns?

RWL currently has the higher Sharpe Ratio (2.61 vs 2.06), 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.