IJR vs RWJ: Grades, Fees and Holdings Compared

iShares Core S&P Small-Cap ETF

IJRANYSE Arca

Invesco S&P SmallCap 600 Revenue ETF

RWJDNYSE Arca

Overlap

57.6%by weight

Expense ratio

IJR −0.33pt a year

IJR0.06%RWJ0.39%

Avg volume · 30D

IJR 31.4×the volume

IJR3.24MRWJ103K

10Y return · a year

RWJ +2.8pt

IJR+10.3%RWJ+13.1%

IJR vs RWJ Performance

Nov 9, 2021 – Nov 9, 2026

+27.7%IJR+46.2%RWJ

Expense ratio: IJR 0.06%, better; RWJ 0.39%
Fund size: IJR $104B; RWJ $2.03B
1Y total return: IJR +21.7%; RWJ +27.1%, better
Yield (12M): IJR 1.21%, better; RWJ 1.09%
Holdings: IJR 608; RWJ 597
Avg volume (30D): IJR 3.24M sh, better; RWJ 103K sh
NAV per share: IJR $137.67; RWJ $57.89
52W range

ETF.net Grade

Pillar letters and Scores for IJR, RWJ, with each pillar’s weight
Pillar	IJR	RWJ
Cost30% weight	A90Higher	F11
Mission25% weight	A83Higher	A70
Risk15% weight	C52Higher	C48
Tradability15% weight	A74Higher	D36
Holdings10% weight	A86Higher	C44
Durability5% weight	A83Higher	C44

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. IJR and RWJ are both graded against the same 13 S&P SmallCap 600 funds, so their Grades compare head to head.

S&P SmallCap 600⁠

Category · 13 funds

See all 13 ›

IJR ranks 2nd and RWJ 11th of 13 funds in the S&P SmallCap 600 Category.

Rank 1ASPSMState Street SPDR Portfolio S&P 600 Small Cap ETFScore 84
Rank 2AIJRiShares Core S&P Small-Cap ETFScore 79
Rank 3AVIOOVanguard S&P Small-Cap 600 ETFScore 69
Rank 10CRZGInvesco S&P SmallCap 600 Revenue ETFScore 46
Rank 11DRWJInvesco S&P SmallCap 600 Revenue ETFScore 39
Rank 12DGRPZInvesco S&P SmallCap 600 GARP ETFScore 37

Our read on each fund

ETF.net Research

IJRAiShares Core S&P Small-Cap ETF

RWJDInvesco S&P SmallCap 600 Revenue ETF

In short

IJR Small caps, but only the ones making money. IJR tracks the S&P SmallCap 600, an index that screens for positive earnings before a stock gets in, and it has been the big, heavily traded way to own that basket since 2000.

RWJ Same 600 small caps as the standard S&P SmallCap 600, sorted by sales instead of market value. Revenue weighting pushes the portfolio toward companies with big top lines rather than big share prices.

Stated mandate

IJR The fund seeks to track an index representing small-capitalization U.S. equities.

RWJ The fund is based on the S&P SmallCap 600 Revenue-Weighted Index and invests at least 90% of total assets in index securities. It limits each company to a maximum 5% weighting and rebalances quarterly with the index.

Why people hold it

IJR The index runs a profitability screen: no positive earnings, no entry. The money-losing tail of the small-cap market never reaches the portfolio.spglobal.com
0.06% a year, against a 0.18% median for funds wrapping this same index. One of the strongest overall implementations in that peer group.
Trading since 2000 and now one of the largest, most actively traded S&P 600 funds available.
Roughly 700 US small-cap positions, cash paid out quarterly.

RWJ The index reweights the S&P SmallCap 600 by revenue, caps any company at 5%, and rebalances quarterly. A rules-based tilt, no stock picking.invesco.com
Live since 2008, so this weighting scheme has run through the financial crisis, the 2020 crash and every stretch since.
Holds about 600 names and distributes quarterly; the 5% cap stops one winner from swallowing the portfolio.

Worth knowing

IJR Cheaper twins exist on the identical index: SPSM charges 0.03%, VIOO 0.07%. On headline fee alone, IJR is not the low bid.
Small-cap stocks move more sharply than large caps, and this is straight index exposure with no hedge or cushion.ishares.com
The earnings screen cuts both ways. When speculative, unprofitable small caps run, this index simply isn't holding them.spglobal.com

RWJ The 0.39% fee runs roughly double the typical S&P 600 tracker, and cap-weighted versions like SPSM (0.03%) and IJR (0.06%) cost a fraction. That is the price of reweighting.
Ranking by sales favors high-revenue, thin-margin businesses, so sector weights can sit a long way from the cap-weighted S&P SmallCap 600.
Resetting to revenue weights every quarter means more turnover than a set-and-forget cap-weighted fund.

Full IJR profile⁠

Full RWJ profile⁠

IJR vs RWJ Holdings

How IJR and RWJ differ

Overlap by weight

57.6%

Shared holdings make up 97.2% of RWJ and 95.3% of IJR.

Level by level

Holdings576 in both57.6%
Sector11 Sectors80.5%
Asset classStocks100%
Countryby domicile99.96%

Sector

Sector weights in IJR and RWJ, widest gap first
Sector	Gap	IJR	RWJ
Consumer Discretionary	RWJ +11.7 points	14.3%	26.0%
Financials	IJR +7.7 points	19.0%	11.3%
Consumer Staples	RWJ +5.5 points	4.3%	9.8%
Health Care	IJR +4.1 points	10.7%	6.6%
Real Estate	IJR +3.1 points	6.8%	3.7%
Energy	RWJ +1.9 points	5.6%	7.5%
Technology	IJR +1.2 points	11.8%	10.6%
Utilities	IJR +1.2 points	2.1%	0.9%
Industrials	IJR +1.1 points	17.7%	16.6%
Communication	IJR +1.1 points	3.6%	2.5%
Materials	RWJ +0.4 points	4.1%	4.5%

Country, concentration and asset class

Country by domicile

Country weights in IJR and RWJ, widest gap first
Country	Gap	IJR	RWJ
United States	Same weight	99.9%	99.9%
Singapore	IJR +0.1 points	0.1%	0.0%
Hong Kong	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IJR5.9%
RWJ14.2%

Securities held

IJR602
RWJ596

Asset class

IJR: Stocks
RWJ: Stocks

Holdings

Only in IJR26
In both576
Only in RWJ20

Only in IJR

26 securities, 3.2% of IJR by weight

Supernus0.32%
Msg Knickerbockers Class A0.31%
Csw Industrials0.26%
Workiva Class A0.22%
Mcgrath Rent0.18%
Loar Holdings0.16%
Freshworks Class A0.16%
Callaway Golf Company0.15%
Avepoint Class A0.15%
Huron Consulting Group0.14%
Howard Hughes Holdings Inc0.14%
John Wiley and Sons Class A0.12%
Olin Corp0.12%
Azenta0.09%
Ziff Davis Inc0.09%
Astrana Health0.08%
Triumph Financial0.08%
Ncr Voyix0.08%
Upbound Group0.08%
Medical Properties Trust Reit0.05%
Del Monte0.05%
Zoominfo Technologies0.05%
Hornbeck Offshore Services0.04%
United Parks and Resorts0.04%
Metallus Inc0.03%
Agnt0.02%

Only in RWJ

20 securities, 2.8% of RWJ by weight

Upbound Group Inc0.41%
F&G Annuities & Life Inc0.38%
AGNT Inc0.27%
Del Monte Corp0.23%
Astrana Health Inc0.22%
NCR Voyix Corp0.19%
Callaway Golf Co0.18%
Invesco Government & Agency Portfolio0.15%
John Wiley & Sons Inc0.11%
United Parks & Resorts Inc0.11%
Ziff Davis Inc0.08%
ZoomInfo Technologies Inc0.08%
CSW Industrials Inc0.07%
Metallus Inc0.07%
Supernus Inc0.06%
MSG Knickerbockers Corp0.06%
Azenta Inc0.05%
Hornbeck Offshore Services Inc0.05%
Triumph Financial Inc0.03%
Medical Properties Trust Inc0.03%

Weight gaps

The 100 widest of 576 Holdings in both funds.

Holding weights in IJR and RWJ, widest gap first
Holding	Gap	IJR	RWJ
World KinectWKC	RWJ +2.57 points	0.11%	2.68%
United Natural Foods IncUNFI	RWJ +1.87 points	0.16%	2.03%
Kohls CorpKSS	RWJ +1.15 points	0.15%	1.30%
Carmax IncKMX	RWJ +1.11 points	0.43%	1.54%
Group Automotive IncGPI	RWJ +1.11 points	0.18%	1.29%
Dxc TechnologyDXC	RWJ +0.94 points	0.14%	1.08%
Lincoln National CorpLNC	RWJ +0.89 points	0.33%	1.22%
Asbury Automotive Group IncABG	RWJ +0.89 points	0.21%	1.10%
ManpowerMAN	RWJ +0.82 points	0.12%	0.94%
Amentum HoldingsAMTM	RWJ +0.80 points	0.19%	0.99%
Adient PLCADNT	RWJ +0.79 points	0.07%	0.86%
Goodyear Tire & RubberGT	RWJ +0.79 points	0.07%	0.86%
Sonic Automotive Inc Class ASAH	RWJ +0.76 points	0.04%	0.80%
ConcentrixCNXC	RWJ +0.63 points	0.09%	0.72%
Builders Firstsource IncBLDR	RWJ +0.55 points	0.39%	0.94%
Cushman and Wakefield LtdCWK	RWJ +0.54 points	0.19%	0.73%
Protagonist TherapeuticsPTGX	IJR +0.48 points	0.50%	0.02%
Coty Class ACOTY	RWJ +0.47 points	0.09%	0.56%
Jetblue AirwaysJBLU	RWJ +0.44 points	0.07%	0.51%
Tg TherapeuticsTGTX	IJR +0.44 points	0.50%	0.06%
Abm Industries IncABM	RWJ +0.44 points	0.18%	0.62%
Andersons IncANDE	RWJ +0.43 points	0.11%	0.54%
Lkq CorpLKQ	RWJ +0.43 points	0.30%	0.73%
Delek Us Holdings IncDK	RWJ +0.43 points	0.23%	0.66%
Advance Auto Parts IncAAP	RWJ +0.42 points	0.16%	0.58%
Campbell SoupCPB	RWJ +0.40 points	0.26%	0.66%
Mohawk IndustriesMHK	RWJ +0.39 points	0.45%	0.84%
Terreno Realty ReitTRNO	IJR +0.39 points	0.42%	0.03%
Caesars Entertainment IncCZR	RWJ +0.38 points	0.35%	0.73%
Paycom SoftwarePAYC	IJR +0.38 points	0.53%	0.15%
Celanese CorpCE	RWJ +0.37 points	0.28%	0.65%
Molson Coors Brewing Class BTAP	RWJ +0.36 points	0.38%	0.74%
Versigent PLCVGNT	RWJ +0.36 points	0.17%	0.53%
Resideo TechnologiesREZI	RWJ +0.35 points	0.15%	0.50%
Cvr Energy IncCVI	RWJ +0.34 points	0.09%	0.43%
Macerich ReitMAC	IJR +0.34 points	0.41%	0.07%
AlkermesALKS	IJR +0.34 points	0.45%	0.11%
Ligand PharmaceuticalsLGND	IJR +0.34 points	0.36%	0.02%
Ryman Hospitality Properties ReitRHP	IJR +0.34 points	0.53%	0.19%
Penn EntertainmentPENN	RWJ +0.34 points	0.13%	0.47%
InsperityNSP	RWJ +0.34 points	0.10%	0.44%
Essential Properties Realty TrustEPRT	IJR +0.31 points	0.35%	0.04%
Armstrong World IndustriesAWI	IJR +0.31 points	0.42%	0.11%
Match Group IncMTCH	IJR +0.31 points	0.52%	0.21%
Conagra BrandsCAG	RWJ +0.30 points	0.43%	0.73%
Par Pacific HoldingsPARR	RWJ +0.30 points	0.15%	0.45%
RalliantRAL	IJR +0.30 points	0.44%	0.14%
Life Time Group HoldingsLTH	IJR +0.29 points	0.52%	0.23%
Dauch CorporationDCH	RWJ +0.29 points	0.06%	0.35%
Newell Brands IncNWL	RWJ +0.28 points	0.14%	0.42%
Insight Enterprises IncNSIT	RWJ +0.29 points	0.27%	0.56%
Karman Holdings IncKRMN	IJR +0.28 points	0.33%	0.05%
Flowers Foods IncFLO	RWJ +0.28 points	0.08%	0.36%
Esco TechnologiesESE	IJR +0.28 points	0.35%	0.07%
Marketaxess HoldingsMKTX	IJR +0.27 points	0.33%	0.06%
Grocery Outlet HoldingGO	RWJ +0.27 points	0.08%	0.35%
Academy Sports and OutdoorsASO	RWJ +0.28 points	0.24%	0.52%
O I GlassOI	RWJ +0.27 points	0.05%	0.32%
Rxo IncRXO	RWJ +0.27 points	0.27%	0.54%
Zurn Elkay Water Solutions CorpZWS	IJR +0.26 points	0.37%	0.11%
ImpinjPI	IJR +0.27 points	0.29%	0.02%
Ha Sustainable Infrastructure CapiHASI	IJR +0.26 points	0.29%	0.03%
Ptc TherapeuticsPTCT	IJR +0.26 points	0.32%	0.06%
Phillips Edison and CompanyPECO	IJR +0.25 points	0.30%	0.05%
BalchemBCPC	IJR +0.25 points	0.32%	0.07%
Viasat IncVSAT	IJR +0.25 points	0.51%	0.26%
Federal Signal CorpFSS	IJR +0.25 points	0.40%	0.15%
Mobility Global IncMBGL	IJR +0.25 points	0.34%	0.09%
EnproNPO	IJR +0.25 points	0.32%	0.07%
KemperKMPR	RWJ +0.25 points	0.11%	0.36%
Magnolia Oil Gas Corp Class AMGY	IJR +0.25 points	0.33%	0.08%
American Eagle OutfittersAEO	RWJ +0.24 points	0.18%	0.42%
Box Inc Class ABOX	IJR +0.24 points	0.34%	0.10%
Element Solutions IncESI	IJR +0.24 points	0.42%	0.18%
Boise CascadeBCC	RWJ +0.24 points	0.14%	0.38%
Victory Capital Holdings Class AVCTR	IJR +0.23 points	0.34%	0.11%
Dream Finders Homes Inc Class ADFH	RWJ +0.23 points	0.02%	0.25%
Signet JewelersSIG	RWJ +0.23 points	0.27%	0.50%
Clear Secure Class AYOU	IJR +0.23 points	0.31%	0.08%
Rush Enterprises Class BRUSHB	RWJ +0.23 points	0.04%	0.27%
Schneider National Class BSNDR	RWJ +0.23 points	0.08%	0.31%
Casella Waste Systems Class ACWST	IJR +0.23 points	0.36%	0.13%
Frontdoor IncFTDR	IJR +0.22 points	0.39%	0.17%
Lumen TechnologiesLUMN	RWJ +0.22 points	0.22%	0.44%
Capri Holdings LtdCPRI	RWJ +0.22 points	0.14%	0.36%
Iridium CommunicationsIRDM	IJR +0.22 points	0.27%	0.05%
AdapthealthAHCO	RWJ +0.22 points	0.05%	0.27%
Aci WorldwideACIW	IJR +0.22 points	0.35%	0.13%
MaxlinearMXL	IJR +0.22 points	0.24%	0.02%
EtsyETSY	IJR +0.22 points	0.45%	0.23%
TangerSKT	IJR +0.22 points	0.26%	0.04%
Dana Incorporated IncDAN	RWJ +0.22 points	0.13%	0.35%
Primoris ServicesPRIM	RWJ +0.20 points	0.21%	0.41%
Vse CorpVSEC	IJR +0.20 points	0.28%	0.08%
Mercury GeneralMCY	RWJ +0.20 points	0.13%	0.33%
Merit Medical Systems IncMMSI	IJR +0.20 points	0.30%	0.10%
ChemoursCC	RWJ +0.20 points	0.11%	0.31%
EverforthEFOR	RWJ +0.20 points	0.08%	0.28%
Q2 Holdings IncQTWO	IJR +0.20 points	0.27%	0.07%
ArchrockAROC	IJR +0.20 points	0.28%	0.08%

All 659 IJR holdings⁠All 596 RWJ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IJR vs RWJ Cost

Overpaying RWJ vs IJR

$6,628

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IJR 0.06%
$1,270
RWJ 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

IJR 0.06%
RWJ 0.39%
Overpaying

Year by year

Year	IJR	RWJ	Overpaying
10	$110	$705	$595
20	$432	$2,725	$2,293
30	$1,270	$7,898	$6,628

Expense ratio

0.06%IJR, cheaper
0.39%RWJ

IJR0.06%RWJ0.39%

0.03%0.59%

Middle half of S&P SmallCap 600 funds
Median 0.15%

IJR 2nd cheapest of 13 funds

RWJ 12th cheapest of 13 funds

IJR vs RWJ Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IJR 1.21%, better; RWJ 1.09%
Payout (12M): IJR $1.71; RWJ $0.65
Last payment: IJR $0.51; RWJ $0.19
Ex-dividend: IJR Sep 15, 2026; RWJ Sep 21, 2026
Paid on: IJR Sep 18, 2026; RWJ Sep 25, 2026
Frequency: IJR Quarterly; RWJ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IJRQuarterly · 39 paymentsAll IJR payments⁠

RWJQuarterly · 39 paymentsAll RWJ payments⁠

IJR vs RWJ Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IJR 18.7%, betterRWJ 20.4%
Return per unit of riskSharpe ratio, 3 years: IJR 0.75RWJ 0.84, better
Worst fallMax drawdown, 5 years: IJR −28.0%, betterRWJ −29.3%
Market sensitivityBeta, 5 years: IJR 1.05RWJ 1.12; Market = 1

IJR and RWJ in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026IJR
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026IJR
News
Independence Realty to take Centerspace in 3.800-share all-stock merger
Sep 9, 2026IJR

Popular comparisons

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IJR vs RWJ

In short

Stated mandate

Why people hold it