XSLV vs. RWJ

Last updated Jun 4, 2026

XSLV (Invesco S&P SmallCap Low Volatility ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - XSLV is a Volatility Hedged Equity fund tracking the S&P SmallCap 600 Low Volatility 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, XSLV returned 5.44%/yr vs 13.02%/yr for RWJ. Their correlation of 0.85 suggests significant overlap in exposure. XSLV charges 0.25%/yr vs 0.39%/yr for RWJ.

Performance

XSLV vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Low Volatility ETF (XSLV) 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, XSLV achieves a 6.15% return, which is significantly lower than RWJ's 15.88% return. Over the past 10 years, XSLV has underperformed RWJ with an annualized return of 5.44%, while RWJ has yielded a comparatively higher 13.02% annualized return.

XSLV

• 1D: -1.47%
• 1M: -1.16%
• YTD: 6.15%
• 6M: 6.31%
• 1Y: 9.97%
• 3Y*: 8.56%
• 5Y*: 2.94%
• 10Y*: 5.44%

RWJ

• 1D: -1.07%
• 1M: 1.90%
• YTD: 15.88%
• 6M: 14.97%
• 1Y: 36.55%
• 3Y*: 16.43%
• 5Y*: 7.73%
• 10Y*: 13.02%

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

XSLV vs. RWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSLV Invesco S&P SmallCap Low Volatility ETF	6.15%	0.31%	9.81%	1.34%	-11.83%	29.34%	-17.40%	22.35%	-5.41%	8.57%
RWJ Invesco S&P SmallCap 600 Revenue ETF	15.88%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%

Correlation

The correlation between XSLV and RWJ is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 19, 2013	0.85

The correlation between XSLV and RWJ has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

XSLV vs. RWJ - Sectors Allocation Comparison

Sectors	XSLV	RWJ
Financial Services	37.1%	11.0%
Real Estate	27.5%	4.0%
Utilities	10.6%	0.9%
Industrials	8.3%	16.2%
Consumer Defensive	4.2%	6.9%
Healthcare	3.7%	11.2%
Technology	3.1%	9.9%
Basic Materials	2.3%	5.2%
Consumer Cyclical	1.3%	23.9%
Communication Services	1.1%	3.3%
Energy	0.7%	7.4%

Return for Risk

XSLV vs. RWJ — Risk / Return Rank

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

XSLV

XSLV Risk / Return Rank: 24
XSLV Sharpe Ratio Rank: 22
XSLV Sortino Ratio Rank: 22
XSLV Omega Ratio Rank: 20
XSLV Calmar Ratio Rank: 28
XSLV Martin Ratio Rank: 27

RWJ

RWJ Risk / Return Rank: 57
RWJ Sharpe Ratio Rank: 55
RWJ Sortino Ratio Rank: 57
RWJ Omega Ratio Rank: 52
RWJ Calmar Ratio Rank: 65
RWJ Martin Ratio Rank: 58

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.

XSLV vs. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Low Volatility ETF (XSLV) 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.

	XSLV	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.90	-1.14
Sortino ratio: Return per unit of downside risk	1.21	2.75	-1.54
Omega ratio: Gain probability vs. loss probability	1.13	1.33	-0.19
Calmar ratio: Return relative to maximum drawdown	1.34	3.25	-1.90
Martin ratio: Return relative to average drawdown	3.80	10.39	-6.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSLV vs. RWJ - Sharpe Ratio Comparison

The current XSLV Sharpe Ratio is 0.76, which is lower than the RWJ Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of XSLV 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.

Sharpe Ratios by Period

	XSLV	RWJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	1.90	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.33	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.50	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.46	-0.05

Drawdowns

XSLV vs. RWJ - Drawdown Comparison

The maximum XSLV drawdown since its inception was -44.34%, smaller than the maximum RWJ drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for XSLV and RWJ.

Drawdown Indicators

	XSLV	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-44.34%	-55.97%	+11.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-11.31%	+3.85%
Max Drawdown (3Y) Largest decline over 3 years	-18.35%	-29.29%	+10.94%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-29.29%	+4.57%
Max Drawdown (10Y) Largest decline over 10 years	-44.34%	-51.33%	+6.99%
Current Drawdown Current decline from peak	-2.77%	-1.07%	-1.70%
Average Drawdown Average peak-to-trough decline	-7.29%	-9.24%	+1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	3.53%	-0.90%

Volatility

XSLV vs. RWJ - Volatility Comparison

The current volatility for Invesco S&P SmallCap Low Volatility ETF (XSLV) is 3.92%, while Invesco S&P SmallCap 600 Revenue ETF (RWJ) has a volatility of 4.64%. This indicates that XSLV 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

	XSLV	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	4.64%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	8.94%	12.29%	-3.35%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	19.40%	-6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	23.71%	-7.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.93%	26.14%	-6.21%

XSLV vs. RWJ - Expense Ratio Comparison

XSLV has a 0.25% expense ratio, which is lower than RWJ's 0.39% expense ratio.

Dividends

XSLV vs. RWJ - Dividend Comparison

XSLV's dividend yield for the trailing twelve months is around 2.61%, more than RWJ's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.01%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%
XSLV Invesco S&P SmallCap Low Volatility ETF	2.61%	2.14%	2.55%	2.35%	2.78%	1.05%	2.49%	2.43%	2.75%	1.87%	1.96%	2.20%

Frequently Asked Questions

Can I hold both XSLV and RWJ in my portfolio?

XSLV and RWJ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSLV or RWJ?

RWJ has higher volatility (4.64%) compared to XSLV (3.92%). In terms of maximum drawdown, XSLV dropped -44.34% vs RWJ's -55.97%.

Which ETF is better, XSLV or RWJ?

On 10-year performance, RWJ leads with 13.02% vs 5.44% for XSLV. On fees, XSLV is cheaper at 0.25% per year. On volatility, XSLV has been the lower-risk option at 3.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSLV or RWJ?

Over the 10-year period, RWJ has performed better with a 13.02% return vs 5.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSLV or RWJ?

XSLV is cheaper with a 0.25% expense ratio, compared with 0.39% for RWJ.

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

XSLV has the higher dividend yield at 2.61%, compared with 1.01% for RWJ.

What is the main difference between XSLV and RWJ?

XSLV is categorized as Volatility Hedged Equity, while RWJ is Small Cap Value Equities. XSLV tracks S&P SmallCap 600 Low Volatility Index, while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index. Their fees differ too: 0.25% for XSLV and 0.39% for RWJ.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (1.90 vs 0.76), 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.