UPGD vs. RWJ

Last updated Aug 2, 2026

UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - UPGD is a Mid Cap Blend Equities fund tracking the Bloomberg ANR Improvers Index - Benchmark TR Gross, 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, UPGD returned 10.04%/yr vs 13.60%/yr for RWJ. Their correlation of 0.86 means they have usually moved in the same direction. UPGD charges 0.40%/yr vs 0.39%/yr for RWJ.

Performance

UPGD vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) 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, UPGD achieves a 10.95% return, which is significantly lower than RWJ's 25.74% return. Over the past 10 years, UPGD has underperformed RWJ with an annualized return of 10.04%, while RWJ has yielded a comparatively higher 13.60% annualized return.

UPGD

• 1D: -0.40%
• 1M: -1.10%
• 6M: 7.04%
• YTD: 10.95%
• 1Y: 17.12%
• 3Y*: 12.19%
• 5Y*: 7.89%
• 10Y*: 10.04%
• ALL TIME*: 8.43%

RWJ

• 1D: -0.20%
• 1M: 2.40%
• 6M: 17.61%
• YTD: 25.74%
• 1Y: 43.73%
• 3Y*: 16.07%
• 5Y*: 10.85%
• 10Y*: 13.60%
• ALL TIME*: 12.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RWJ Invesco S&P SmallCap 600 Revenue ETF	$5.35M	$5.27M	$5.02M
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	$107.99K	$276.67K	$151.22K

UPGD vs. RWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	10.95%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-14.84%	13.31%
RWJ Invesco S&P SmallCap 600 Revenue ETF	25.74%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%

Correlation

The correlation between UPGD and RWJ is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Feb 22, 2008	0.86

The correlation between UPGD and RWJ has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

UPGD vs. RWJ - Sectors Allocation Comparison

Sectors	UPGD	RWJ
Consumer Cyclical	25.1%	25.4%
Industrials	24.4%	15.3%
Consumer Defensive	19.1%	7.7%
Technology	11.8%	10.3%
Utilities	7.9%	0.9%
Healthcare	6.4%	11.0%
Basic Materials	3.7%	4.7%
Communication Services	1.5%	2.6%
Financial Services	0.0%	11.6%
Energy	-	6.5%
Real Estate	-	4.1%

Return for Risk

UPGD vs. RWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPGD

UPGD Risk / Return Rank: 45
UPGD Sharpe Ratio Rank: 45
UPGD Sortino Ratio Rank: 47
UPGD Omega Ratio Rank: 41
UPGD Calmar Ratio Rank: 44
UPGD Martin Ratio Rank: 47

RWJ

RWJ Risk / Return Rank: 88
RWJ Sharpe Ratio Rank: 89
RWJ Sortino Ratio Rank: 90
RWJ Omega Ratio Rank: 86
RWJ Calmar Ratio Rank: 88
RWJ Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPGD vs. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) 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.

	UPGD	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.16	-1.05
Sortino ratio: Return per unit of downside risk	1.71	3.12	-1.42
Omega ratio: Gain probability vs. loss probability	1.20	1.37	-0.18
Calmar ratio: Return relative to maximum drawdown	1.57	3.57	-1.99
Martin ratio: Return relative to average drawdown	5.38	11.98	-6.60

UPGD vs. RWJ - Sharpe Ratio Comparison

The current UPGD Sharpe Ratio is 1.12, which is lower than the RWJ Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of UPGD 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

UPGD vs. RWJ - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, which is greater than RWJ's maximum drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for UPGD and RWJ.

Drawdown Indicators

	UPGD	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-55.97%	-4.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-11.31%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-29.29%	+12.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-29.29%	+4.98%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	-51.33%	+1.13%
Current Drawdown Current decline from peak	-2.60%	-1.74%	-0.86%
Average Drawdown Average peak-to-trough decline	-10.19%	-9.16%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	3.36%	-0.44%

Volatility

UPGD vs. RWJ - Volatility Comparison

Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and Invesco S&P SmallCap 600 Revenue ETF (RWJ) have volatilities of 4.00% and 4.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPGD	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	4.09%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	12.15%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	18.69%	-4.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	23.49%	-4.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.55%	26.06%	-4.51%

UPGD vs. RWJ - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is higher than RWJ's 0.39% expense ratio.

Dividends

UPGD vs. RWJ - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.57%, more than RWJ's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.00%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.57%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%

Frequently Asked Questions

Can I hold both UPGD and RWJ in my portfolio?

UPGD and RWJ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPGD or RWJ?

RWJ has higher volatility (4.09%) compared to UPGD (4.00%). In terms of maximum drawdown, UPGD dropped -60.74% vs RWJ's -55.97%.

Which ETF is better, UPGD or RWJ?

On 10-year performance, RWJ leads with 13.60% vs 10.04% for UPGD. On fees, RWJ is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGD or RWJ?

Over the 10-year period, RWJ has performed better with a 13.60% return vs 10.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGD or RWJ?

RWJ is cheaper with a 0.39% expense ratio, compared with 0.40% for UPGD.

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

UPGD has the higher dividend yield at 1.57%, compared with 1.00% for RWJ.

What is the main difference between UPGD and RWJ?

UPGD is categorized as Mid Cap Blend Equities, while RWJ is Small Cap Value Equities. UPGD tracks Bloomberg ANR Improvers Index - Benchmark TR Gross, while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index. Their fees differ too: 0.40% for UPGD and 0.39% for RWJ.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (2.16 vs 1.12), 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.