RWJ vs SPY
Invesco S&P SmallCap 600 Revenue ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RWJ or SPY?
Small Cap Value against Large Cap Blend.
SPY has a lower expense ratio. RWJ led over 1Y and the full window, SPY over 3Y and 5Y. RWJ is less concentrated, with 15.6% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | RWJ | SPY |
|---|---|---|
| Expense Ratio | 0.39% | 0.09%Best |
| AUM | $2.0B | $804.7B |
| Dividend Yield | 1.00% | 0.98% |
| Holdings | 606 | 505 |
| YTD Return | +17.87%Best | +12.99% |
| 1Y Return | +20.33%Best | +16.73% |
| 3Y Return (annualized) | +17.49% | +22.52%Best |
| 5Y Return (annualized) | +9.30% | +13.07%Best |
| Volatility (annualized) | 24.9% | 15.7%Best |
| Max Drawdown | -56.3% | -52.4%Best |
| $10,000 over 5 years | $15,599 | $18,481Best |
| Top 10 Weight | 15.6%Best | 37.8% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Value | Large Cap Blend |
| Inception | Feb 19, 2008 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 22, 2008 to Sep 23, 2026 (18.6 years).
RWJ vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 18.6 years both funds cover.
RWJ vs SPY Performance
Invesco S&P SmallCap 600 Revenue ETF (RWJ) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year RWJ returned +20.33% while SPY returned +16.73%. Year to date, RWJ is up 17.87% versus a gain of 12.99% for SPY.
Over three years, RWJ compounded at +17.49% per year against +22.52% for SPY; over five years the annualized figures are +9.30% and +13.07% respectively. Across the full 19-year window we track, RWJ has the edge at +11.41% annualized vs +10.22%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RWJ has been the more volatile fund, with annualized monthly volatility of 24.9% compared with 15.7% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.3% for RWJ and -52.4% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RWJ charges 0.39% per year while SPY charges 0.09%. On a $10,000 position that is $39 vs $9 annually, a gap of $30 per year that compounds over a long holding period. On income, RWJ currently yields 1.00% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 571 holdings in RWJ and 504 in SPY, totalling 98.8% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 571 positions we hold weights for in RWJ and 504 in SPY, against full books of 606 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for RWJ (99.3% of the fund), and 558 for RWJ that do not appear in SPY (97.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of RWJ and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, RWJ or SPY?
RWJ has an expense ratio of 0.39% while SPY charges 0.09%. SPY is the cheaper option, by $30 a year on a $10,000 investment.
Which performed better, RWJ or SPY?
Over the past year RWJ returned +20.33% vs +16.73% for SPY, so RWJ leads on 1-year performance. Over the longest common window we track (19 years), RWJ annualized +11.41% vs +10.22% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RWJ or SPY?
RWJ has been the more volatile fund at 24.9% annualized versus 15.7% for SPY. Worst drawdown: RWJ -56.3% vs SPY -52.4%.
Should I hold both RWJ and SPY?
RWJ and SPY have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, RWJ or SPY?
RWJ yields 1.00% while SPY yields 0.98%, so RWJ currently pays the higher dividend yield.
Is SPY better than RWJ?
SPY has a lower expense ratio. RWJ led over 1Y and the full window, SPY over 3Y and 5Y. RWJ is less concentrated, with 15.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.