IVOO vs RWK: Grades, Fees and Holdings Compared

Vanguard S&P Mid-Cap 400 ETF

IVOOANYSE Arca

Invesco S&P MidCap 400 Revenue ETF

RWKCNYSE Arca

Overlap

56.0%by weight

Expense ratio

IVOO −0.32pt a year

IVOO0.07%RWK0.39%

Avg volume · 30D

IVOO 4.3×the volume

IVOO82.5KRWK19.3K

10Y return · a year

RWK +2.0pt

IVOO+10.9%RWK+12.9%

IVOO vs RWK Performance

Oct 29, 2021 – Oct 30, 2026

+41.0%IVOO+69.6%RWK

Expense ratio: IVOO 0.07%, better; RWK 0.39%
Fund size: IVOO $5.7B; RWK $1.32B
1Y total return: IVOO +14.3%; RWK +19.1%, better
Yield (12M): IVOO 1.21%, better; RWK 1.05%
Holdings: IVOO 406; RWK 399
Avg volume (30D): IVOO 82.5K sh, better; RWK 19.3K sh
NAV per share: IVOO $124.07; RWK $145.36
52W range

ETF.net Grade

Pillar letters and Scores for IVOO, RWK, with each pillar’s weight
Pillar	IVOO	RWK
Cost30% weight	A78Higher	F14
Mission25% weight	A100Higher	A95
Risk15% weight	C52Higher	C49
Tradability15% weight	D32Higher	D29
Holdings10% weight	A74Higher	D35
Durability5% weight	A70Higher	C41

Rank among S&P MidCap 400 funds

How we build Categories ›

Same Category. IVOO and RWK are both graded against the same 11 S&P MidCap 400 funds, so their Grades compare head to head.

S&P MidCap 400⁠

Category · 11 funds

See all 11 ›

IVOO ranks 3rd and RWK 9th of 11 funds in the S&P MidCap 400 Category.

Rank 1ASPMDState Street SPDR Portfolio S&P 400 Mid Cap ETFScore 85
Rank 2AIJHiShares Core S&P Mid-Cap ETFScore 84
Rank 3AIVOOVanguard S&P Mid-Cap 400 ETFScore 71
Rank 4BMDYState Street SPDR S&P MIDCAP 400 ETF TrustScore 66
Rank 8BIJJiShares S&P Mid-Cap 400 Value ETFScore 58
Rank 9CRWKInvesco S&P MidCap 400 Revenue ETFScore 45
Rank 10CMIDEXtrackers S&P MidCap 400 Scored & Screened ETFScore 40

Our read on each fund

ETF.net Research

IVOOAVanguard S&P Mid-Cap 400 ETF

RWKCInvesco S&P MidCap 400 Revenue ETF

In short

IVOO Four funds chase the S&P MidCap 400; this is the Vanguard one. About 400 mid-sized US companies at 0.07% a year, less than half what the typical fund on this index charges.

RWK Same 400 mid-cap companies as the standard S&P MidCap 400, but position size comes from annual revenue instead of market value. Sales set the weights, not sentiment. Invesco has run this playbook since 2008.

Stated mandate

IVOO The fund seeks to follow the performance of the S&P MidCap 400 Index.

RWK The fund seeks to track the S&P MidCap 400 Revenue-Weighted Index by investing at least 90% of its total assets in securities included in that Index.

Why people hold it

IVOO 0.07% a year, under half the going rate among funds tracking this same index. On a plain-vanilla wrapper, fee is most of the argument.vanguard.com
Holds roughly 400 mid-sized US companies, the tier above small caps and below the mega-cap names. No stock picking, no tilts, no sector bets.vanguard.com
Tracks the S&P MidCap 400 closely and does exactly what its prospectus says, one of the tighter implementations in this peer group.vanguard.com
Trading since 2010, with distributions paid quarterly. A multi-billion-dollar fund with a long track record behind the ticker.

RWK The whole idea in one line: take the S&P MidCap 400 roster and reweight it by revenue. Big top-line companies get bigger slots, expensive-per-dollar-of-sales names get trimmed.spglobal.com
Roughly 400 holdings and a rules-based index behind them, so the portfolio is broad mid-cap rather than a stock-picker's short list.
It sticks close to the index it advertises. Tracking has been one of this fund's strongest attributes, so what you get matches what the fact sheet describes.
Distributions land on a quarterly schedule, and the fund has been through a full market cycle since its 2008 launch.

Worth knowing

IVOO Cheaper wrappers on the identical index exist: SPMD at 0.03% and IJH at 0.05%. Small gap, but it is a gap, and the index inside is the same.
Moderately traded rather than the volume king of the S&P 400 group, so spreads deserve a look on large or hurried orders.
All US, all mid-cap. No mega-cap ballast, no international exposure. This is one slice of a portfolio, not the whole plate.

RWK 0.39% a year is the price of the twist. Plain S&P 400 trackers charge far less (SPMD 0.03%, IJH 0.05%), so the revenue tilt carries a real cost hurdle.
Volume is light next to the mid-cap heavyweights, which tends to mean wider bid-ask spreads on the way in and out.
Revenue weighting favors high-sales, thinner-margin businesses, so sector mix and value tilt drift away from the cap-weighted S&P MidCap 400.spglobal.com

Full IVOO profile⁠

Full RWK profile⁠

IVOO vs RWK Holdings

How IVOO and RWK differ

Overlap by weight

56.0%

Shared holdings make up 98.4% of RWK and 97.4% of IVOO.

Level by level

Holdings394 in both56.0%
Sector11 Sectors82.3%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in IVOO and RWK, widest gap first
Sector	More in IVOOMore in RWK	IVOO	RWK
Consumer Discretionary	RWK +9.4 points	10.1%	19.5%
Consumer Staples	RWK +8.1 points	3.2%	11.3%
Technology	IVOO +5.2 points	18.1%	12.9%
Real Estate	IVOO +4.9 points	7.9%	3.0%
Health Care	IVOO +3.7 points	10.4%	6.8%
Financials	IVOO +1.3 points	13.5%	12.2%
Utilities	IVOO +1.3 points	2.8%	1.5%
Industrials	IVOO +0.8 points	22.2%	21.4%
Materials	IVOO +0.3 points	4.9%	4.6%
Energy	RWK +0.1 points	5.3%	5.4%
Communication	IVOO +0.1 points	1.5%	1.4%

Country, concentration and asset class

Country by domicile

Country weights in IVOO and RWK, widest gap first
Country	More in IVOOMore in RWK	IVOO	RWK
United States	IVOO +0.9 points	100.0%	99.1%
Other countries (4)	RWK +0.9 points	0.0%	0.9%

Concentration

Weight in the 10 largest Holdings

IVOO7.8%
RWK20.2%

Securities held

IVOO401
RWK398

Asset class

IVOO: Equity
RWK: Equity

Holdings

Only in IVOO7
In both394
Only in RWK4

Only in IVOO

7 securities, 2.5% of IVOO by weight

Twilio Inc1.32%
SLCMT11420.47%
CNH Industrial NV0.33%
Gap Inc/The0.15%
Fortune Brands Innovations Inc0.13%
Marzetti Company/The0.06%
Olin Corp0.05%

Only in RWK

4 securities, 1.5% of RWK by weight

Gap Inc/The0.65%
CNH Industrial NV0.59%
Fortune Brands Innovations Inc0.19%
Marzetti Company/The0.08%

Weight gaps

The 100 widest of 394 Holdings in both funds.

Holding weights in IVOO and RWK, widest gap first
Holding	More in IVOOMore in RWK	IVOO	RWK
Albertsons Cos IncACI	RWK +3.47 points	0.11%	3.58%
Performance Food Group CoPFGC	RWK +2.34 points	0.42%	2.76%
TD SYNNEX CorpSNX	RWK +2.14 points	0.60%	2.74%
American Airlines Group IncAAL	RWK +2.03 points	0.26%	2.29%
Molina Healthcare IncMOH	RWK +1.53 points	0.29%	1.82%
Arrow Electronics IncARW	RWK +1.13 points	0.34%	1.47%
PBF Energy IncPBF	RWK +1.13 points	0.22%	1.35%
Penske Automotive Group IncPAG	RWK +1.13 points	0.10%	1.23%
US Foods Holding CorpUSFD	RWK +1.10 points	0.59%	1.69%
Lithia Motors IncLAD	RWK +1.03 points	0.19%	1.22%
Avnet IncAVT	RWK +0.87 points	0.24%	1.11%
Macy's IncM	RWK +0.86 points	0.18%	1.04%
Okta IncOKTA	IVOO +0.86 points	1.02%	0.16%
HF Sinclair CorpDINO	RWK +0.80 points	0.49%	1.29%
AutoNation IncAN	RWK +0.77 points	0.12%	0.89%
BJ's Wholesale Club Holdings IncBJ	RWK +0.74 points	0.34%	1.08%
Cleveland-Cliffs IncCLF	RWK +0.72 points	0.18%	0.90%
Jones Lang LaSalle IncJLL	RWK +0.71 points	0.41%	1.12%
Lear CorpLEA	RWK +0.70 points	0.17%	0.87%
Murphy USA IncMUSA	RWK +0.64 points	0.25%	0.89%
Reinsurance Group of America IncRGA	RWK +0.64 points	0.47%	1.11%
Dick's Sporting Goods IncDKS	RWK +0.64 points	0.26%	0.90%
Pilgrim's Pride CorpPPC	RWK +0.64 points	0.03%	0.67%
ATI IncATI	IVOO +0.60 points	0.76%	0.16%
nVent Electric PLCNVT	IVOO +0.59 points	0.76%	0.17%
Roivant Sciences LtdROIV	IVOO +0.58 points	0.58%	<0.01%
Kyndryl Holdings IncKD	RWK +0.57 points	0.07%	0.64%
Entegris IncENTG	IVOO +0.54 points	0.69%	0.15%
MACOM Technology Solutions Holdings IncMTSI	IVOO +0.54 points	0.58%	0.04%
United Therapeutics CorpUTHR	IVOO +0.53 points	0.68%	0.15%
Royal Gold IncRGLD	IVOO +0.53 points	0.59%	0.06%
Corebridge Financial IncCRBG	RWK +0.53 points	0.26%	0.79%
WESCO International IncWCC	RWK +0.52 points	0.51%	1.03%
Lattice Semiconductor CorpLSCC	IVOO +0.50 points	0.52%	0.02%
Carpenter Technology CorpCRS	IVOO +0.49 points	0.57%	0.08%
Curtiss-Wright CorpCW	IVOO +0.46 points	0.59%	0.13%
Semtech CorpSMTC	IVOO +0.45 points	0.49%	0.04%
Coeur Mining IncCDE	IVOO +0.45 points	0.53%	0.08%
Nutanix IncNTNX	IVOO +0.44 points	0.56%	0.12%
GXO Logistics IncGXO	RWK +0.44 points	0.15%	0.59%
SiTime CorpSITM	IVOO +0.42 points	0.44%	0.02%
TechnipFMC PLCFTI	IVOO +0.43 points	0.78%	0.35%
Whirlpool CorpWHR	RWK +0.41 points	0.06%	0.47%
Woodward IncWWD	IVOO +0.41 points	0.57%	0.16%
Onto Innovation IncONTO	IVOO +0.40 points	0.44%	0.04%
Alaska Air Group IncALK	RWK +0.40 points	0.13%	0.53%
VF CorpVFC	RWK +0.40 points	0.14%	0.54%
Dynatrace IncDT	IVOO +0.39 points	0.49%	0.10%
Chewy IncCHWY	RWK +0.39 points	0.12%	0.51%
MKS IncMKSI	IVOO +0.39 points	0.53%	0.14%
AecomACM	RWK +0.39 points	0.22%	0.61%
RBC Bearings IncRBC	IVOO +0.38 points	0.46%	0.08%
Roku IncROKU	IVOO +0.38 points	0.59%	0.21%
WP Carey IncWPC	IVOO +0.36 points	0.43%	0.07%
AramarkARMK	RWK +0.37 points	0.41%	0.78%
Omega Healthcare Investors IncOHI	IVOO +0.36 points	0.41%	0.05%
PVH CorpPVH	RWK +0.36 points	0.10%	0.46%
Westlake CorpWLK	RWK +0.35 points	0.06%	0.41%
DigitalOcean Holdings IncDOCN	IVOO +0.35 points	0.38%	0.03%
Fluor CorpFLR	RWK +0.35 points	0.19%	0.54%
Sterling Infrastructure IncSTRL	IVOO +0.34 points	0.44%	0.10%
ITT IncITT	IVOO +0.34 points	0.53%	0.19%
Ryder System IncR	RWK +0.33 points	0.26%	0.59%
Avis Budget Group IncCAR	RWK +0.33 points	0.05%	0.38%
Exelixis IncEXEL	IVOO +0.32 points	0.42%	0.11%
Sun Communities IncSUI	IVOO +0.31 points	0.40%	0.09%
Rambus IncRMBS	IVOO +0.31 points	0.34%	0.03%
Penumbra IncPEN	IVOO +0.31 points	0.37%	0.06%
DT Midstream IncDTM	IVOO +0.31 points	0.36%	0.05%
East West Bancorp IncEWBC	IVOO +0.31 points	0.50%	0.19%
Corcept Therapeutics IncCORT	IVOO +0.30 points	0.32%	0.02%
Neurocrine Biosciences IncNBIX	IVOO +0.29 points	0.42%	0.13%
Thor Industries IncTHO	RWK +0.29 points	0.11%	0.40%
Ally Financial IncALLY	RWK +0.30 points	0.30%	0.60%
FabrinetFN	IVOO +0.30 points	0.45%	0.15%
Hecla Mining CoHL	IVOO +0.30 points	0.34%	0.04%
Manhattan Associates IncMANH	IVOO +0.29 points	0.34%	0.05%
Halozyme Therapeutics IncHALO	IVOO +0.29 points	0.37%	0.08%
Medpace Holdings IncMEDP	IVOO +0.28 points	0.41%	0.13%
TTM Technologies IncTTMI	IVOO +0.29 points	0.38%	0.09%
Graco IncGGG	IVOO +0.29 points	0.37%	0.08%
Jazz Pharmaceuticals PLCJAZZ	IVOO +0.28 points	0.44%	0.16%
Repligen CorpRGEN	IVOO +0.28 points	0.32%	0.04%
Guidewire Software IncGWRE	IVOO +0.28 points	0.35%	0.07%
EastGroup Properties IncEGP	IVOO +0.28 points	0.31%	0.03%
Bath & Body Works IncBBWI	RWK +0.28 points	0.09%	0.37%
BrightSpring Health Services IncBTSG	RWK +0.28 points	0.28%	0.56%
Equity LifeStyle Properties IncELS	IVOO +0.27 points	0.33%	0.06%
Permian Resources CorpPR	IVOO +0.27 points	0.52%	0.25%
Booz Allen Hamilton Holding CorpBAH	RWK +0.27 points	0.25%	0.52%
Lamar Advertising CoLAMR	IVOO +0.27 points	0.37%	0.10%
Tenet Healthcare CorpTHC	RWK +0.27 points	0.60%	0.87%
Cytokinetics IncCYTK	IVOO +0.27 points	0.27%	<0.01%
XPO IncXPO	IVOO +0.27 points	0.60%	0.34%
Fidelity National Financial IncFNF	RWK +0.26 points	0.29%	0.55%
Advanced Energy Industries IncAEIS	IVOO +0.26 points	0.33%	0.07%
Gaming and Leisure Properties IncGLPI	IVOO +0.26 points	0.32%	0.06%
Cognex CorpCGNX	IVOO +0.26 points	0.30%	0.04%
Post Holdings IncPOST	RWK +0.26 points	0.08%	0.34%
Viavi Solutions IncVIAV	IVOO +0.25 points	0.30%	0.05%

All 401 IVOO holdings⁠All 398 RWK 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.

IVOO vs RWK Cost

Overpaying RWK vs IVOO

$6,418

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

IVOO 0.07%
$1,480
RWK 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

IVOO 0.07%
RWK 0.39%
Overpaying

Year by year

Year	IVOO	RWK	Overpaying
10	$128	$705	$577
20	$503	$2,725	$2,222
30	$1,480	$7,898	$6,418

Expense ratio

0.07%IVOO, cheaper
0.39%RWK

IVOO0.07%RWK0.39%

0.03%0.49%

Middle half of S&P MidCap 400 funds
Median 0.15%

IVOO 3rd cheapest of 11 funds

RWK 10th cheapest of 11 funds

IVOO vs RWK Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVOO 1.21%, better; RWK 1.05%
Payout (12M): IVOO $1.50; RWK $1.52
Last payment: IVOO $0.37; RWK $0.41
Ex-dividend: IVOO Sep 23, 2026; RWK Sep 21, 2026
Paid on: IVOO Sep 25, 2026; RWK Sep 25, 2026
Frequency: IVOO Quarterly; RWK Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IVOOQuarterly · 39 paymentsAll IVOO payments⁠

RWKQuarterly · 38 paymentsAll RWK payments⁠

IVOO vs RWK Risk

Fall from peak · 5 years

IVOO
RWK

Risk facts

VolatilityStd dev, 3 years: IVOO 15.2%, betterRWK 16.4%
Return per unit of riskSharpe ratio, 3 years: IVOO 0.84RWK 0.89, better
Worst fallMax drawdown, 5 years: IVOO −24.2%, betterRWK −24.6%
Market sensitivityBeta, 5 years: IVOO 1.03RWK 1.04; Market = 1

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