RWK vs SPY
Invesco S&P MidCap 400 Revenue ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RWK or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. RWK led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.90. RWK is less concentrated, with 20.1% of the fund in its ten largest positions against 38.0%.
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 | RWK | SPY |
|---|---|---|
| Expense Ratio | 0.39% | 0.09%Best |
| AUM | $1.3B | $804.7B |
| Dividend Yield | 1.01% | 0.98% |
| Holdings | 402 | 505 |
| YTD Return | +14.23%Best | +12.19% |
| 1Y Return | +15.44% | +18.53%Best |
| 3Y Return (annualized) | +16.25% | +20.88%Best |
| 5Y Return (annualized) | +11.53% | +12.69%Best |
| Volatility (annualized) | 21.6% | 15.7%Best |
| Max Drawdown | -56.9% | -52.4%Best |
| $10,000 over 5 years | $17,257 | $18,173Best |
| Top 10 Weight | 20.1%Best | 38.0% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Feb 20, 2008 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 22, 2008 to Sep 9, 2026 (18.5 years).
RWK 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 18.5 years both funds cover.
RWK vs SPY Performance
Invesco S&P MidCap 400 Revenue ETF (RWK) 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 RWK returned +15.44% while SPY returned +18.53%. Year to date, RWK is up 14.23% versus a gain of 12.19% for SPY.
Over three years, RWK compounded at +16.25% per year against +20.88% for SPY; over five years the annualized figures are +11.53% and +12.69% respectively. Across the full 19-year window we track, RWK has the edge at +10.38% annualized vs +10.20%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RWK has been the more volatile fund, with annualized monthly volatility of 21.6% 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 -56.9% for RWK 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 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
RWK 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, RWK currently yields 1.01% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 394 holdings in RWK and 504 in SPY, totalling 99.9% and 100.0% 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 394 positions we hold weights for in RWK and 504 in SPY, against full books of 402 and 505.
What only one of them owns
Our book lists 495 positions for SPY that do not appear in our book for RWK (99.4% of the fund), and 386 for RWK that do not appear in SPY (95.8%).
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 RWK 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, RWK or SPY?
RWK 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, RWK or SPY?
Over the past year RWK returned +15.44% vs +18.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), RWK annualized +10.38% vs +10.20% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RWK or SPY?
RWK has been the more volatile fund at 21.6% annualized versus 15.7% for SPY. Worst drawdown: RWK -56.9% vs SPY -52.4%.
Should I hold both RWK and SPY?
RWK and SPY have a monthly-return correlation of 0.90, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, RWK or SPY?
RWK yields 1.01% while SPY yields 0.98%, so RWK currently pays the higher dividend yield.
Is SPY better than RWK?
SPY has a lower expense ratio. RWK led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.90. RWK is less concentrated, with 20.1% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.