RWJ vs SPY
Invesco S&P SmallCap 600 Revenue ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. RWJ delivered stronger 1-year returns. RWJ offers more diversification with 586 holdings.
Side-by-Side Comparison
| Metric | RWJ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 0.09% | |
| AUM | $2.1B | $789.1B | |
| Dividend Yield | 1.02% | 1.01% | |
| Holdings | 597 | 505 | |
| YTD Return | +26.42% | +13.68% | |
| 1Y Return | +37.10% | +21.53% | |
| 3Y Return (annualized) | +17.40% | +21.44% | |
| 5Y Return (annualized) | +10.66% | +13.18% | |
| Volatility (annualized) | 24.9% | 15.3% | |
| Max Drawdown | -56.3% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 19, 2008 | Jan 22, 1993 |
RWJ vs SPY Performance
Invesco S&P SmallCap 600 Revenue ETF (RWJ) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year RWJ returned +37.10% while SPY returned +21.53%. Year to date, RWJ is up 26.42% versus a gain of 13.68% for SPY.
Over three years, RWJ compounded at +17.40% per year against +21.44% for SPY; over five years the annualized figures are +10.66% and +13.18% respectively. Across the full 19-year window we track, RWJ has the edge at +11.91% annualized vs +8.85%. 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 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 1.02% against 1.01% for SPY.
Holdings Overlap
RWJ and SPY share 0 holdings out of 1089 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $30 per year of difference.
Which performed better, RWJ or SPY?
Over the past year RWJ returned +37.10% vs +21.53% for SPY, so RWJ leads on 1-year performance. Over the longest common window we track (19 years), RWJ annualized +11.91% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, RWJ or SPY?
RWJ has been the more volatile fund at 24.9% annualized versus 15.3% for SPY. Worst drawdown: RWJ -56.3% vs SPY -56.5%.
Should I hold both RWJ and SPY?
RWJ and SPY have a monthly-return correlation of 0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RWJ and SPY?
RWJ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1089 unique securities.
Which pays a higher dividend, RWJ or SPY?
RWJ yields 1.02% while SPY yields 1.01%, so RWJ currently pays the higher dividend yield.
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