RWJ vs SPSM: Grades, Fees and Holdings Compared

Invesco S&P SmallCap 600 Revenue ETF

RWJDNYSE Arca

State Street SPDR Portfolio S&P 600 Small Cap ETF

SPSMANYSE Arca

Overlap

58.1%by weight

Expense ratio

SPSM −0.36pt a year

RWJ0.39%SPSM0.03%

Avg volume · 30D

SPSM 17.0×the volume

RWJ103KSPSM1.75M

10Y return · a year

RWJ +2.7pt

RWJ+13.1%SPSM+10.4%

RWJ vs SPSM Performance

Nov 9, 2021 – Nov 9, 2026

+46.2%RWJ+28.0%SPSM

Expense ratio: RWJ 0.39%; SPSM 0.03%, better
Fund size: RWJ $2.03B; SPSM $15.7B
1Y total return: RWJ +27.1%, better; SPSM +21.7%
Yield (12M): RWJ 1.09%; SPSM 1.49%, better
Holdings: RWJ 597; SPSM 606
Avg volume (30D): RWJ 103K sh; SPSM 1.75M sh, better
NAV per share: RWJ $57.89; SPSM $53.52
52W range

ETF.net Grade

Pillar letters and Scores for RWJ, SPSM, with each pillar’s weight
Pillar	RWJ	SPSM
Cost30% weight	F11	A98Higher
Mission25% weight	A70	A83Higher
Risk15% weight	C48	C51Higher
Tradability15% weight	D36	A93Higher
Holdings10% weight	C44	A87Higher
Durability5% weight	C44	A77Higher

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. RWJ and SPSM 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 ›

SPSM ranks 1st 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 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

RWJDInvesco S&P SmallCap 600 Revenue ETF

SPSMAState Street SPDR Portfolio S&P 600 Small Cap ETF

In short

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.

SPSM The bargain-rack version of a small-cap classic. SPSM tracks the S&P SmallCap 600 for 0.03% a year, one of the thinnest fees in US equities, and holds roughly 600 smaller American companies.

Stated mandate

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.

SPSM The fund seeks to track, before fees and expenses, the total return performance of the S&P SmallCap 600 Index.

Why people hold it

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.

SPSM Three ETFs wrap this same index. SPSM charges 0.03%, IJR 0.06%, VIOO 0.07%. Same basket, thinner fee drag.
Its fee sits far below the typical charge among S&P 600 wrappers, and cost is the one variable an index investor actually controls.
Roughly 600 US small caps in a single line item, held straight to the index. No single name carries the fund.
One of the strongest implementations in its peer group: tight index tracking, active trading, and a multi-billion-dollar asset base behind it.

Worth knowing

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.

SPSM Small-cap prices swing wider than large-cap ones. This fund takes the index as it comes, with no volatility cushion built in.
All US, all stocks. Nothing here diversifies away from the domestic economy.
Income is a byproduct, not the mission: cash goes out quarterly and varies with what the underlying companies pay.

Full RWJ profile⁠

Full SPSM profile⁠

RWJ vs SPSM Holdings

How RWJ and SPSM differ

Overlap by weight

58.1%

Shared holdings make up 97.5% of RWJ and 96.7% of SPSM.

Level by level

Holdings577 in both58.1%
Sector11 Sectors80.5%
Asset classStocks100%
Countryby domicile99.97%

Sector

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

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

RWJ14.2%
SPSM5.1%

Securities held

RWJ596
SPSM605

Asset class

RWJ: Stocks
SPSM: Stocks

Holdings

Only in RWJ19
In both577
Only in SPSM28

Only in RWJ

19 securities, 2.4% of RWJ by weight

Upbound Group Inc0.41%
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%

Only in SPSM

28 securities, 3.2% of SPSM by weight

Supernus Inc0.32%
Msg Knickerbockers Corp0.31%
Csw Industrials Inc0.26%
Workiva Inc0.22%
Mcgrath Rentcorp0.18%
Freshworks Inc Class A0.16%
Loar Holdings Inc0.16%
Callaway Golf Company0.15%
Avepoint Inc0.15%
Huron Consulting Group Inc0.14%
Howard Hughes Holdings Inc0.14%
Olin Corp0.12%
Wiley (John) & Sons Class A0.12%
Azenta Inc0.09%
Ziff Davis Inc0.09%
Astrana Health Inc0.08%
Triumph Financial Inc0.08%
Ncr Voyix Corp0.08%
Upbound Group Inc0.08%
Medical Properties Trust Inc0.05%
Del Monte Corp0.05%
Zoominfo Technologies Inc0.05%
Hornbeck Offshore Services I0.04%
United Parks & Resorts Inc0.04%
Metallus Inc0.03%
Agnt Inc0.02%
Contra Apellis Pharmac<0.01%
Tobira Therapeutics In0.00%

Weight gaps

The 100 widest of 577 Holdings in both funds.

Holding weights in RWJ and SPSM, widest gap first
Holding	Gap	RWJ	SPSM
World Kinect CorpWKC	RWJ +2.57 points	2.68%	0.11%
United Natural Foods IncUNFI	RWJ +1.87 points	2.03%	0.16%
Kohl's CorpKSS	RWJ +1.15 points	1.30%	0.15%
CarMax IncKMX	RWJ +1.11 points	1.54%	0.43%
Group 1 Automotive IncGPI	RWJ +1.11 points	1.29%	0.18%
DXC Technology CoDXC	RWJ +0.94 points	1.08%	0.14%
Asbury Automotive Group IncABG	RWJ +0.89 points	1.10%	0.21%
ManpowerGroup IncMAN	RWJ +0.82 points	0.94%	0.12%
Lincoln National CorpLNC	RWJ +0.82 points	1.22%	0.40%
Amentum Holdings IncAMTM	RWJ +0.80 points	0.99%	0.19%
Adient PLCADNT	RWJ +0.79 points	0.86%	0.07%
Goodyear Tire & Rubber Co/TheGT	RWJ +0.79 points	0.86%	0.07%
Sonic Automotive IncSAH	RWJ +0.76 points	0.80%	0.04%
Concentrix CorpCNXC	RWJ +0.63 points	0.72%	0.09%
Builders FirstSource IncBLDR	RWJ +0.55 points	0.94%	0.39%
Cushman & Wakefield LtdCWK	RWJ +0.54 points	0.73%	0.19%
Protagonist Therapeutics IncPTGX	SPSM +0.48 points	0.02%	0.50%
Coty IncCOTY	RWJ +0.47 points	0.56%	0.09%
JetBlue Airways CorpJBLU	RWJ +0.44 points	0.51%	0.07%
TG Therapeutics IncTGTX	SPSM +0.44 points	0.06%	0.50%
ABM Industries IncABM	RWJ +0.44 points	0.62%	0.18%
Andersons Inc/TheANDE	RWJ +0.43 points	0.54%	0.11%
LKQ CorpLKQ	RWJ +0.43 points	0.73%	0.30%
Delek US Holdings IncDK	RWJ +0.43 points	0.66%	0.23%
Advance Auto Parts IncAAP	RWJ +0.42 points	0.58%	0.16%
Campbell's Company/TheCPB	RWJ +0.40 points	0.66%	0.26%
Mohawk Industries IncMHK	RWJ +0.39 points	0.84%	0.45%
Terreno Realty CorpTRNO	SPSM +0.39 points	0.03%	0.42%
Caesars Entertainment IncCZR	RWJ +0.38 points	0.73%	0.35%
Paycom Software IncPAYC	SPSM +0.39 points	0.15%	0.54%
Celanese CorpCE	RWJ +0.37 points	0.65%	0.28%
Molson Coors Beverage CoTAP	RWJ +0.36 points	0.74%	0.38%
Versigent PLCVGNT	RWJ +0.36 points	0.53%	0.17%
Resideo Technologies IncREZI	RWJ +0.35 points	0.50%	0.15%
CVR Energy IncCVI	RWJ +0.34 points	0.43%	0.09%
Alkermes PLCALKS	SPSM +0.34 points	0.11%	0.45%
Macerich Co/TheMAC	SPSM +0.34 points	0.07%	0.41%
Ligand Pharmaceuticals IncLGND	SPSM +0.34 points	0.02%	0.36%
Ryman Hospitality Properties IncRHP	SPSM +0.34 points	0.19%	0.53%
Penn Entertainment IncPENN	RWJ +0.34 points	0.47%	0.13%
Insperity IncNSP	RWJ +0.34 points	0.44%	0.10%
F&G Annuities & Life IncFG	RWJ +0.33 points	0.38%	0.05%
Essential Properties Realty Trust IncEPRT	SPSM +0.31 points	0.04%	0.35%
Armstrong World Industries IncAWI	SPSM +0.31 points	0.11%	0.42%
Match Group IncMTCH	SPSM +0.31 points	0.21%	0.52%
Conagra Brands IncCAG	RWJ +0.30 points	0.73%	0.43%
Ralliant CorpRAL	SPSM +0.30 points	0.14%	0.44%
Life Time Group Holdings IncLTH	SPSM +0.29 points	0.23%	0.52%
Dauch CorpDCH	RWJ +0.29 points	0.35%	0.06%
Newell Brands IncNWL	RWJ +0.28 points	0.42%	0.14%
MarketAxess Holdings IncMKTX	SPSM +0.28 points	0.06%	0.34%
Karman Holdings IncKRMN	SPSM +0.28 points	0.05%	0.33%
Insight Enterprises IncNSIT	RWJ +0.29 points	0.56%	0.27%
ESCO Technologies IncESE	SPSM +0.28 points	0.07%	0.35%
Flowers Foods IncFLO	RWJ +0.28 points	0.36%	0.08%
Grocery Outlet Holding CorpGO	RWJ +0.28 points	0.35%	0.07%
Academy Sports & Outdoors IncASO	RWJ +0.27 points	0.52%	0.24%
O-I Glass IncOI	RWJ +0.27 points	0.32%	0.05%
Zurn Elkay Water Solutions CorpZWS	SPSM +0.27 points	0.11%	0.38%
RXO IncRXO	RWJ +0.27 points	0.54%	0.27%
Impinj IncPI	SPSM +0.27 points	0.02%	0.29%
HA Sustainable Infrastructure Capital IncHASI	SPSM +0.26 points	0.03%	0.29%
PTC Therapeutics IncPTCT	SPSM +0.26 points	0.06%	0.32%
Phillips Edison & Co IncPECO	SPSM +0.26 points	0.05%	0.31%
Balchem CorpBCPC	SPSM +0.26 points	0.07%	0.33%
Viasat IncVSAT	SPSM +0.26 points	0.26%	0.52%
Federal Signal CorpFSS	SPSM +0.26 points	0.15%	0.41%
Mobility Global IncMBGL	SPSM +0.25 points	0.09%	0.34%
Enpro IncNPO	SPSM +0.25 points	0.07%	0.32%
Par Pacific Holdings IncPARR	RWJ +0.25 points	0.45%	0.20%
Magnolia Oil & Gas CorpMGY	SPSM +0.25 points	0.08%	0.33%
American Eagle Outfitters IncAEO	RWJ +0.24 points	0.42%	0.18%
Kemper CorpKMPR	RWJ +0.24 points	0.36%	0.12%
Element Solutions IncESI	SPSM +0.24 points	0.18%	0.42%
Box IncBOX	SPSM +0.24 points	0.10%	0.34%
Boise Cascade CoBCC	RWJ +0.24 points	0.38%	0.14%
Victory Capital Holdings IncVCTR	SPSM +0.23 points	0.11%	0.34%
Dream Finders Homes IncDFH	RWJ +0.23 points	0.25%	0.02%
Clear Secure IncYOU	SPSM +0.23 points	0.08%	0.31%
Signet Jewelers LtdSIG	RWJ +0.23 points	0.50%	0.27%
Rush Enterprises IncRUSHB	RWJ +0.23 points	0.27%	0.04%
Casella Waste Systems IncCWST	SPSM +0.23 points	0.13%	0.36%
Schneider National IncSNDR	RWJ +0.23 points	0.31%	0.08%
Frontdoor IncFTDR	SPSM +0.22 points	0.17%	0.39%
Lumen Technologies IncLUMN	RWJ +0.22 points	0.44%	0.22%
Iridium Communications IncIRDM	SPSM +0.22 points	0.05%	0.27%
ACI Worldwide IncACIW	SPSM +0.23 points	0.13%	0.36%
Capri Holdings LtdCPRI	RWJ +0.22 points	0.36%	0.14%
Etsy IncETSY	SPSM +0.22 points	0.23%	0.45%
AdaptHealth CorpAHCO	RWJ +0.22 points	0.27%	0.05%
MaxLinear IncMXL	SPSM +0.22 points	0.02%	0.24%
Tanger IncSKT	SPSM +0.22 points	0.04%	0.26%
Dana IncDAN	RWJ +0.22 points	0.35%	0.13%
VSE CorpVSEC	SPSM +0.20 points	0.08%	0.28%
Primoris Services CorpPRIM	RWJ +0.20 points	0.41%	0.21%
Merit Medical Systems IncMMSI	SPSM +0.21 points	0.10%	0.31%
Mercury General CorpMCY	RWJ +0.20 points	0.33%	0.13%
Q2 Holdings IncQTWO	SPSM +0.20 points	0.07%	0.27%
Archrock IncAROC	SPSM +0.20 points	0.08%	0.28%
Everforth IncEFOR	RWJ +0.20 points	0.28%	0.08%

All 596 RWJ holdings⁠All 607 SPSM 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.

RWJ vs SPSM Cost

Overpaying RWJ vs SPSM

$7,260

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

RWJ 0.39%
$7,898
SPSM 0.03%
$638

Amount$10,000

Years30 years

Cost over time

RWJ 0.39%
SPSM 0.03%
Overpaying

Year by year

Year	RWJ	SPSM	Overpaying
10	$705	$55	$650
20	$2,725	$216	$2,509
30	$7,898	$638	$7,260

Expense ratio

0.39%RWJ
0.03%SPSM, cheaper

SPSM0.03%RWJ0.39%

0.03%0.59%

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

SPSM cheapest of 13 funds

RWJ 12th cheapest of 13 funds

RWJ vs SPSM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RWJ 1.09%; SPSM 1.49%, better
Payout (12M): RWJ $0.65; SPSM $0.82
Last payment: RWJ $0.19; SPSM $0.22
Ex-dividend: RWJ Sep 21, 2026; SPSM Sep 21, 2026
Paid on: RWJ Sep 25, 2026; SPSM Sep 23, 2026
Frequency: RWJ Quarterly; SPSM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWJQuarterly · 39 paymentsAll RWJ payments⁠

SPSMQuarterly · 40 paymentsAll SPSM payments⁠

RWJ vs SPSM Risk

Fall from peak · 5 years

RWJ
SPSM

Risk facts

VolatilityStd dev, 3 years: RWJ 20.4%SPSM 18.7%, better
Return per unit of riskSharpe ratio, 3 years: RWJ 0.84, betterSPSM 0.76
Worst fallMax drawdown, 5 years: RWJ −29.3%SPSM −27.9%, better
Market sensitivityBeta, 5 years: RWJ 1.12SPSM 1.05; Market = 1

RWJ and SPSM 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, 2026SPSM
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026SPSM

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RWJ vs SPSM

In short

Stated mandate

Why people hold it

Worth knowing

How RWJ and SPSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in RWJ

Only in SPSM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart

How RWJ and SPSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in RWJ

Only in SPSM

Weight gaps