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XLV vs. RWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLV vs. RWJ

Last updated Jun 13, 2026

XLV (State Street Health Care Select Sector SPDR ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - XLV is a Health & Biotech Equities fund tracking the Health Care 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, XLV returned 9.81%/yr vs 13.64%/yr for RWJ. A 0.54 correlation means they provide meaningful diversification when combined. XLV charges 0.08%/yr vs 0.39%/yr for RWJ.

Performance

XLV vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Health Care Select Sector SPDR ETF (XLV) 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, XLV achieves a -0.23% return, which is significantly lower than RWJ's 21.05% return. Over the past 10 years, XLV has underperformed RWJ with an annualized return of 9.81%, while RWJ has yielded a comparatively higher 13.64% annualized return.

XLV

1D
-0.18%
1M
4.90%
YTD
-0.23%
6M
0.67%
1Y
15.00%
3Y*
7.12%
5Y*
6.00%
10Y*
9.81%

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)

XLV vs. RWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLV
State Street Health Care Select Sector SPDR ETF		-0.23%14.50%2.47%2.07%-2.08%26.04%13.30%20.45%6.28%21.77%
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 XLV and RWJ is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

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

0.43

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

0.46

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

0.46

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

0.54

The correlation between XLV and RWJ shifts across timeframes, from 0.43 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

XLV vs. RWJ - Sectors Allocation Comparison

Sectors
XLV
RWJ

Healthcare

100.0%
11.2%

Basic Materials

-

5.2%

Communication Services

-

3.3%

Consumer Cyclical

-

23.9%

Consumer Defensive

-

6.9%

Energy

-

7.4%

Financial Services

-

11.0%

Industrials

-

16.2%

Real Estate

-

4.0%

Technology

-

9.9%

Utilities

-

0.9%

Healthcare

XLV
100.0%
RWJ
11.2%

Basic Materials

XLV

-

RWJ
5.2%

Communication Services

XLV

-

RWJ
3.3%

Consumer Cyclical

XLV

-

RWJ
23.9%

Consumer Defensive

XLV

-

RWJ
6.9%

Energy

XLV

-

RWJ
7.4%

Financial Services

XLV

-

RWJ
11.0%

Industrials

XLV

-

RWJ
16.2%

Real Estate

XLV

-

RWJ
4.0%

Technology

XLV

-

RWJ
9.9%

Utilities

XLV

-

RWJ
0.9%

Compare stocks, funds, or ETFs

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

State Street Health Care Select Sector SPDR ETF

Invesco S&P SmallCap 600 Revenue ETF

Often compared with XLV:
XLV vs. VHTXLV vs. SPYXLV vs. XLFXLV vs. IXJXLV vs. VOOXLV vs. FHLCXLV vs. IHI
Often compared with RWJ:
RWJ vs. AVUVXRWJ vs. XSVMRWJ vs. RZVRWJ vs. RWKRWJ vs. CALFRWJ vs. RFVRWJ vs. FSMD

Return for Risk

XLV vs. RWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLV
XLV Risk / Return Rank: 3030
Overall Rank
XLV Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
XLV Sortino Ratio Rank: 3333
Sortino Ratio Rank
XLV Omega Ratio Rank: 2828
Omega Ratio Rank
XLV Calmar Ratio Rank: 3232
Calmar Ratio Rank
XLV Martin Ratio Rank: 2727
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.

XLV vs. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Health Care Select Sector SPDR ETF (XLV) 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.

XLVRWJDifference
Sharpe ratioReturn per unit of total volatility
0.97
2.07

-1.10

Sortino ratioReturn per unit of downside risk
1.55
2.95

-1.40

Omega ratioGain probability vs. loss probability

1.17

1.35

-0.18

Calmar ratioReturn relative to maximum drawdown

1.38

3.56

-2.17

Martin ratioReturn relative to average drawdown

3.31

11.43

-8.11

XLV vs. RWJ - Sharpe Ratio Comparison

The current XLV Sharpe Ratio is 0.97, which is lower than the RWJ Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of XLV 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

XLV vs. RWJ - Drawdown Comparison

The maximum XLV drawdown since its inception was -39.17%, smaller than the maximum RWJ drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for XLV and RWJ.

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Drawdown Indicators

XLVRWJDifference

Max Drawdown

Largest peak-to-trough decline

-39.17%

-55.97%

+16.80%

Max Drawdown (1Y)

Largest decline over 1 year

-10.47%

-11.31%

+0.84%

Max Drawdown (3Y)

Largest decline over 3 years

-17.11%

-29.29%

+12.18%

Max Drawdown (5Y)

Largest decline over 5 years

-17.11%

-29.29%

+12.18%

Max Drawdown (10Y)

Largest decline over 10 years

-28.40%

-51.33%

+22.93%

Current Drawdown

Current decline from peak

-3.59%

0.00%

-3.59%

Average Drawdown

Average peak-to-trough decline

-7.12%

-9.22%

+2.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.37%

3.52%

+0.85%

Volatility

XLV vs. RWJ - Volatility Comparison

State Street Health Care Select Sector SPDR ETF (XLV) and Invesco S&P SmallCap 600 Revenue ETF (RWJ) have volatilities of 4.90% and 4.67%, 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.

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Volatility by Period

XLVRWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.90%

4.67%

+0.23%

Volatility (6M)

Calculated over the trailing 6-month period

10.60%

12.46%

-1.86%

Volatility (1Y)

Calculated over the trailing 1-year period

15.03%

19.48%

-4.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.75%

23.71%

-8.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.58%

26.14%

-9.56%

XLV vs. RWJ - Expense Ratio Comparison

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

Dividends

XLV vs. RWJ - Dividend Comparison

XLV's dividend yield for the trailing twelve months is around 1.63%, 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%
XLV
State Street Health Care Select Sector SPDR ETF		1.63%1.60%1.67%1.59%1.47%1.33%1.49%2.17%1.57%1.47%1.60%1.43%

Frequently Asked Questions

XLV and RWJ have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XLV has higher volatility (4.90%) compared to RWJ (4.67%). In terms of maximum drawdown, XLV dropped -39.17% vs RWJ's -55.97%.

On 10-year performance, RWJ leads with 13.64% vs 9.81% for XLV. On fees, XLV 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, RWJ has performed better with a 13.64% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

XLV has the higher dividend yield at 1.63%, compared with 0.97% for RWJ.

XLV is categorized as Health & Biotech Equities, while RWJ is Small Cap Value Equities. XLV tracks Health Care 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 XLV and 0.39% for RWJ.

RWJ currently has the higher Sharpe Ratio (2.07 vs 0.97), 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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