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XLI vs. RWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLI vs. RWJ

Last updated Jun 13, 2026

XLI (Industrial Select Sector SPDR Fund) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial Select Sector 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, XLI returned 14.15%/yr vs 13.64%/yr for RWJ. A 0.78 correlation means they provide meaningful diversification when combined. XLI charges 0.08%/yr vs 0.39%/yr for RWJ.

Performance

XLI vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Industrial Select Sector SPDR Fund (XLI) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XLI achieves a 13.90% return, which is significantly lower than RWJ's 21.05% return. Both investments have delivered pretty close results over the past 10 years, with XLI having a 14.15% annualized return and RWJ not far behind at 13.64%.

XLI

1D
0.59%
1M
0.96%
YTD
13.90%
6M
13.10%
1Y
25.17%
3Y*
20.87%
5Y*
12.93%
10Y*
14.15%

RWJ

1D
1.08%
1M
7.83%
YTD
21.05%
6M
17.99%
1Y
42.98%
3Y*
17.13%
5Y*
8.52%
10Y*
13.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLI vs. RWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLI
Industrial Select Sector SPDR Fund		13.90%19.35%17.31%18.13%-5.57%21.08%10.91%29.08%-13.25%23.98%
RWJ
Invesco S&P SmallCap 600 Revenue ETF		21.05%7.75%11.81%16.21%-10.97%52.82%20.83%20.29%-16.95%5.30%

Correlation

The correlation between XLI and RWJ is 0.73, 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

0.73

Correlation (3Y)
Calculated over the trailing 3-year period

0.77

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Feb 22, 2008

0.78

The correlation between XLI and RWJ has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

XLI vs. RWJ - Sectors Allocation Comparison

Sectors
XLI
RWJ

Industrials

90.7%
16.2%

Utilities

4.8%
0.9%

Technology

4.0%
9.9%

Consumer Cyclical

0.5%
23.9%

Basic Materials

-

5.2%

Communication Services

-

3.3%

Consumer Defensive

-

6.9%

Energy

-

7.4%

Financial Services

-

11.0%

Healthcare

-

11.2%

Real Estate

-

4.0%

Industrials

XLI
90.7%
RWJ
16.2%

Utilities

XLI
4.8%
RWJ
0.9%

Technology

XLI
4.0%
RWJ
9.9%

Consumer Cyclical

XLI
0.5%
RWJ
23.9%

Basic Materials

XLI

-

RWJ
5.2%

Communication Services

XLI

-

RWJ
3.3%

Consumer Defensive

XLI

-

RWJ
6.9%

Energy

XLI

-

RWJ
7.4%

Financial Services

XLI

-

RWJ
11.0%

Healthcare

XLI

-

RWJ
11.2%

Real Estate

XLI

-

RWJ
4.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Industrial Select Sector SPDR Fund

Invesco S&P SmallCap 600 Revenue ETF

Often compared with XLI:
XLI vs. VISXLI vs. PAVEXLI vs. XLKXLI vs. SPYXLI vs. FIDUXLI vs. ITAXLI vs. AIRR
Often compared with RWJ:
RWJ vs. AVUVXRWJ vs. XSVMRWJ vs. RZVRWJ vs. RWKRWJ vs. CALFRWJ vs. RFVRWJ vs. FSMD

Return for Risk

XLI vs. RWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLI
XLI Risk / Return Rank: 4848
Overall Rank
XLI Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
XLI Sortino Ratio Rank: 5050
Sortino Ratio Rank
XLI Omega Ratio Rank: 4646
Omega Ratio Rank
XLI Calmar Ratio Rank: 4545
Calmar Ratio Rank
XLI Martin Ratio Rank: 5252
Martin Ratio Rank
RWJ
RWJ Risk / Return Rank: 7474
Overall Rank
RWJ Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
RWJ Sortino Ratio Rank: 7777
Sortino Ratio Rank
RWJ Omega Ratio Rank: 6969
Omega Ratio Rank
RWJ Calmar Ratio Rank: 7878
Calmar Ratio Rank
RWJ Martin Ratio Rank: 7171
Martin Ratio Rank
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.

XLI vs. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) 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.

XLIRWJDifference
Sharpe ratioReturn per unit of total volatility
1.50
2.07

-0.57

Sortino ratioReturn per unit of downside risk
2.17
2.95

-0.78

Omega ratioGain probability vs. loss probability

1.26

1.35

-0.09

Calmar ratioReturn relative to maximum drawdown

1.98

3.56

-1.57

Martin ratioReturn relative to average drawdown

7.82

11.43

-3.61

XLI vs. RWJ - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.50, which is comparable to the RWJ Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of XLI 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.

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Drawdowns

XLI vs. RWJ - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, which is greater than RWJ's maximum drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for XLI and RWJ.

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Drawdown Indicators

XLIRWJDifference

Max Drawdown

Largest peak-to-trough decline

-62.26%

-55.97%

-6.29%

Max Drawdown (1Y)

Largest decline over 1 year

-12.21%

-11.31%

-0.90%

Max Drawdown (3Y)

Largest decline over 3 years

-18.49%

-29.29%

+10.80%

Max Drawdown (5Y)

Largest decline over 5 years

-21.64%

-29.29%

+7.65%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-51.33%

+9.00%

Current Drawdown

Current decline from peak

-1.24%

0.00%

-1.24%

Average Drawdown

Average peak-to-trough decline

-9.20%

-9.22%

+0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

3.52%

-0.43%

Volatility

XLI vs. RWJ - Volatility Comparison

Industrial Select Sector SPDR Fund (XLI) has a higher volatility of 6.22% compared to Invesco S&P SmallCap 600 Revenue ETF (RWJ) at 4.67%. This indicates that XLI's price experiences larger fluctuations and is considered to be riskier than RWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLIRWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.22%

4.67%

+1.55%

Volatility (6M)

Calculated over the trailing 6-month period

13.59%

12.46%

+1.13%

Volatility (1Y)

Calculated over the trailing 1-year period

16.17%

19.48%

-3.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.55%

23.71%

-6.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.04%

26.14%

-6.10%

XLI vs. RWJ - Expense Ratio Comparison

XLI has a 0.08% expense ratio, which is lower than RWJ's 0.39% expense ratio.

Dividends

XLI vs. RWJ - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.16%, more than RWJ's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
RWJ
Invesco S&P SmallCap 600 Revenue ETF		0.97%1.11%1.15%1.34%1.02%0.61%0.89%1.22%1.44%1.11%0.60%0.74%
XLI
Industrial Select Sector SPDR Fund		1.16%1.29%1.44%1.63%1.63%1.25%1.55%1.94%2.15%1.77%2.07%2.15%

Frequently Asked Questions

XLI and RWJ have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XLI has higher volatility (6.22%) compared to RWJ (4.67%). In terms of maximum drawdown, XLI dropped -62.26% vs RWJ's -55.97%.

On 10-year performance, XLI leads with 14.15% vs 13.64% for RWJ. On fees, XLI is cheaper at 0.08% per year. On volatility, RWJ has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XLI has performed better with a 14.15% return vs 13.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLI is cheaper with a 0.08% expense ratio, compared with 0.39% for RWJ.

XLI has the higher dividend yield at 1.16%, compared with 0.97% for RWJ.

XLI is categorized as Industrials Equities, while RWJ is Small Cap Value Equities. XLI tracks Industrial Select Sector Index, while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.08% for XLI and 0.39% for RWJ.

RWJ currently has the higher Sharpe Ratio (2.07 vs 1.50), 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.

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