RWL vs SPY
Invesco S&P 500 Revenue ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RWL or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. RWL led over 1Y and 5Y, SPY over 3Y and the full window. The two have moved almost in lockstep, correlation 0.95. RWL is less concentrated, with 23.3% 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 | RWL | SPY |
|---|---|---|
| Expense Ratio | 0.39% | 0.09%Best |
| AUM | $10.0B | $804.7B |
| Dividend Yield | 1.20% | 0.98% |
| Holdings | 507 | 505 |
| YTD Return | +16.91%Best | +11.97% |
| 1Y Return | +23.90%Best | +16.40% |
| 3Y Return (annualized) | +19.99% | +21.10%Best |
| 5Y Return (annualized) | +14.20%Best | +12.88% |
| Volatility (annualized) | 16.5% | 15.7%Best |
| Max Drawdown | -55.3% | -52.4%Best |
| $10,000 over 5 years | $19,424Best | $18,327 |
| Top 10 Weight | 23.3%Best | 37.8% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large 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 14, 2026 (18.6 years).
RWL 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.
RWL vs SPY Performance
Invesco S&P 500 Revenue ETF (RWL) 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 RWL returned +23.90% while SPY returned +16.40%. Year to date, RWL is up 16.91% versus a gain of 11.97% for SPY.
Over three years, RWL compounded at +19.99% per year against +21.10% for SPY; over five years the annualized figures are +14.20% and +12.88% respectively. Across the full 19-year window we track, SPY has the edge at +10.18% annualized vs +10.02%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RWL has been the more volatile fund, with annualized monthly volatility of 16.5% 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 -55.3% for RWL 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 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
RWL 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, RWL currently yields 1.20% against 0.98% for SPY.
Holdings Overlap
98.6% of RWL's money is in holdings SPY also owns. 97.5% of SPY's money is in holdings RWL also owns.
Most of RWL is already inside SPY. Owning both mostly buys the same companies twice.
491 positions in common, counted across the 496 positions we hold weights for in RWL and 504 in SPY, against full books of 507 and 505.
What only one of them owns
Our book lists 10 positions for SPY that do not appear in our book for RWL (2.0% of the fund), and 3 for RWL that do not appear in SPY (0.7%).
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.
Top Shared Holdings
| Stock | Weight in RWL | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 2.41% | 7.26% | 4.85% |
| NVDANvidia Corp | 1.37% | 8.01% | 6.64% |
| AMZNAmazon.Com Inc | 3.98% | 3.79% | 0.19% |
| MSFTMicrosoft Corp | 2.00% | 5.66% | 3.66% |
| GOOGLAlphabet Inc,class A | 0.99% | 2.99% | 2.00% |
| WMTWalmart, Inc. | 3.11% | 0.71% | 2.40% |
| GOOGAlphabet Inc | 0.99% | 2.39% | 1.40% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.92% | 1.40% | 0.52% |
| JPMJpmorgan Chase | 1.61% | 1.45% | 0.16% |
| AVGOBroadcom Inc | 0.37% | 2.66% | 2.29% |
98.6% of RWL is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, RWL or SPY?
RWL 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, RWL or SPY?
Over the past year RWL returned +23.90% vs +16.40% for SPY, so RWL leads on 1-year performance. Over the longest common window we track (19 years), RWL annualized +10.02% vs +10.18% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RWL or SPY?
RWL has been the more volatile fund at 16.5% annualized versus 15.7% for SPY. Worst drawdown: RWL -55.3% vs SPY -52.4%.
Should I hold both RWL and SPY?
RWL and SPY have a monthly-return correlation of 0.95, 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.
What is the holdings overlap between RWL and SPY?
98.6% of RWL's money is in holdings SPY also owns. 97.5% of SPY's is in holdings RWL also owns. They hold 491 positions in common, counted across the 496 positions we hold weights for in RWL and 504 in SPY.
Which pays a higher dividend, RWL or SPY?
RWL yields 1.20% while SPY yields 0.98%, so RWL currently pays the higher dividend yield.
Is SPY better than RWL?
SPY has a lower expense ratio. RWL led over 1Y and 5Y, SPY over 3Y and the full window. The two have moved almost in lockstep, correlation 0.95. RWL is less concentrated, with 23.3% 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.