RWJ vs VIOO: Grades, Fees and Holdings Compared

Invesco S&P SmallCap 600 Revenue ETF

RWJDNYSE Arca

Vanguard S&P Small-Cap 600 ETF

VIOOANYSE Arca

Overlap

56.3%by weight

Expense ratio

VIOO −0.32pt a year

RWJ0.39%VIOO0.07%

Avg volume · 30D

RWJ 1.3×the volume

RWJ103KVIOO80.1K

10Y return · a year

RWJ +2.7pt

RWJ+13.1%VIOO+10.4%

RWJ vs VIOO Performance

Nov 9, 2021 – Nov 9, 2026

+46.2%RWJ+27.6%VIOO

Expense ratio: RWJ 0.39%; VIOO 0.07%, better
Fund size: RWJ $2.03B; VIOO $4B
1Y total return: RWJ +27.1%, better; VIOO +21.8%
Yield (12M): RWJ 1.09%; VIOO 1.14%, better
Holdings: RWJ 597; VIOO 612
Avg volume (30D): RWJ 103K sh, better; VIOO 80.1K sh
NAV per share: RWJ $57.89; VIOO $128.10
52W range

ETF.net Grade

Pillar letters and Scores for RWJ, VIOO, with each pillar’s weight
Pillar	RWJ	VIOO
Cost30% weight	F11	A82Higher
Mission25% weight	A70	A83Higher
Risk15% weight	C48	C51Higher
Tradability15% weight	D36Higher	D31
Holdings10% weight	C44	A83Higher
Durability5% weight	C44	B69Higher

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. RWJ and VIOO 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 ›

VIOO ranks 3rd 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 4BVIOGVanguard S&P Small-Cap 600 Growth ETFScore 65
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

VIOOAVanguard S&P Small-Cap 600 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.

VIOO Vanguard's version of the S&P SmallCap 600: it owns all of the index's roughly 600 names at index weight, no sampling shortcuts, for 0.07% a year. That is well under half the typical fee among S&P 600 index funds, and it has been running since 2010.

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.

VIOO The fund is a passively managed, full-replication ETF designed to follow the S&P SmallCap 600 Index, which represents small U.S. companies. It holds the index constituents in the same capitalization weights.

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.

VIOO Charges 0.07% a year against a peer-group median near 0.18% for funds built on the same small-cap index.
Full replication, not sampling: it holds about 600 index constituents at their index weights, and it tracks the S&P SmallCap 600 very closely.
Trading since 2010 and now a multi-billion-dollar fund, it ranks among the stronger implementations in its S&P 600 peer group.

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.

VIOO Two rivals on the identical index undercut it: SPSM at 0.03% and IJR at 0.06%. Thin gaps, but gaps that compound.
Moderately traded rather than the volume leader of the trio, so spreads carry more weight on big or rushed orders.
This is undiluted small-cap equity. The mandate is to mirror that index, bumps included, not to smooth it out.

Full RWJ profile⁠

Full VIOO profile⁠

RWJ vs VIOO Holdings

How RWJ and VIOO differ

Overlap by weight

56.3%

Shared holdings make up 97.6% of RWJ and 95.0% of VIOO.

Level by level

Holdings578 in both56.3%
Sector11 Sectors79.1%
Asset classStocks100%
Countryby domicile99.9%

Sector

Sector weights in RWJ and VIOO, widest gap first
Sector	Gap	RWJ	VIOO
Consumer Discretionary	RWJ +13.6 points	26.0%	12.4%
Financials	VIOO +5.8 points	11.3%	17.1%
Technology	VIOO +5.4 points	10.6%	16.0%
Consumer Staples	RWJ +5.2 points	9.8%	4.6%
Health Care	VIOO +4.3 points	6.6%	10.9%
Real Estate	VIOO +3.6 points	3.7%	7.3%
Energy	RWJ +1.2 points	7.5%	6.3%
Communication	VIOO +1.0 points	2.5%	3.5%
Industrials	RWJ +1.0 points	16.6%	15.6%
Utilities	VIOO +0.8 points	0.9%	1.7%
Materials	VIOO +0.1 points	4.5%	4.6%

Country, concentration and asset class

Country by domicile

Country weights in RWJ and VIOO, widest gap first
Country	Gap	RWJ	VIOO
United States	VIOO +0.1 points	99.9%	100.0%
Singapore	Same weight	0.0%	0.0%
Hong Kong	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

RWJ14.2%
VIOO5.3%

Securities held

RWJ596
VIOO605

Asset class

RWJ: Stocks
VIOO: Stocks

Holdings

Only in RWJ18
In both578
Only in VIOO27

Only in RWJ

18 securities, 2.3% 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%
Azenta Inc0.05%
Hornbeck Offshore Services Inc0.05%
Triumph Financial Inc0.03%
Medical Properties Trust Inc0.03%
MSG Rangers Corp0.02%

Only in VIOO

27 securities, 4.6% of VIOO by weight

FormFactor Inc0.67%
Glaukos Corp0.56%
Qorvo Inc0.54%
SLCMT11420.43%
Arcosa Inc0.42%
CSW Industrials Inc0.27%
LXP Industrial Trust0.21%
Supernus Pharmaceuticals Inc0.14%
LiveRamp Holdings Inc0.13%
Callaway Golf Co0.13%
John Wiley & Sons Inc0.11%
Ziff Davis Inc0.10%
Medical Properties Trust Inc0.10%
BioLife Solutions Inc0.10%
Astrana Health Inc0.09%
Azenta Inc0.08%
Triumph Financial Inc0.08%
Hornbeck Offshore Services Inc0.06%
Del Monte Corp0.06%
NCR Voyix Corp0.05%
ZoomInfo Technologies Inc0.05%
TRS:ALKERMES PLC USD 2026-Aug-310.05%
Upbound Group Inc0.05%
Arbor Realty Trust Inc0.04%
Metallus Inc0.04%
United Parks & Resorts Inc0.03%
AGNT Inc0.02%

Weight gaps

The 100 widest of 578 Holdings in both funds.

Holding weights in RWJ and VIOO, widest gap first
Holding	Gap	RWJ	VIOO
World Kinect CorpWKC	RWJ +2.58 points	2.68%	0.10%
United Natural Foods IncUNFI	RWJ +1.87 points	2.03%	0.16%
Kohl's CorpKSS	RWJ +1.18 points	1.30%	0.12%
Group 1 Automotive IncGPI	RWJ +1.13 points	1.29%	0.16%
CarMax IncKMX	RWJ +1.09 points	1.54%	0.45%
DXC Technology CoDXC	RWJ +0.98 points	1.08%	0.10%
Asbury Automotive Group IncABG	RWJ +0.92 points	1.10%	0.18%
Amentum Holdings IncAMTM	RWJ +0.83 points	0.99%	0.16%
Lincoln National CorpLNC	RWJ +0.82 points	1.22%	0.40%
ManpowerGroup IncMAN	RWJ +0.79 points	0.94%	0.15%
Adient PLCADNT	RWJ +0.79 points	0.86%	0.07%
Goodyear Tire & Rubber Co/TheGT	RWJ +0.78 points	0.86%	0.08%
Sonic Automotive IncSAH	RWJ +0.76 points	0.80%	0.04%
Concentrix CorpCNXC	RWJ +0.65 points	0.72%	0.07%
Builders FirstSource IncBLDR	RWJ +0.59 points	0.94%	0.35%
Cushman & Wakefield LtdCWK	RWJ +0.57 points	0.73%	0.16%
Protagonist Therapeutics IncPTGX	VIOO +0.51 points	0.02%	0.53%
Coty IncCOTY	RWJ +0.50 points	0.56%	0.06%
Mohawk Industries IncMHK	RWJ +0.47 points	0.84%	0.37%
ABM Industries IncABM	RWJ +0.46 points	0.62%	0.16%
Advance Auto Parts IncAAP	RWJ +0.44 points	0.58%	0.14%
Campbell's Company/TheCPB	RWJ +0.44 points	0.66%	0.22%
JetBlue Airways CorpJBLU	RWJ +0.43 points	0.51%	0.08%
MaxLinear IncMXL	VIOO +0.42 points	0.02%	0.44%
Andersons Inc/TheANDE	RWJ +0.41 points	0.54%	0.13%
Molson Coors Beverage CoTAP	RWJ +0.40 points	0.74%	0.34%
Delek US Holdings IncDK	RWJ +0.41 points	0.66%	0.25%
TG Therapeutics IncTGTX	VIOO +0.40 points	0.06%	0.46%
LKQ CorpLKQ	RWJ +0.40 points	0.73%	0.33%
Celanese CorpCE	RWJ +0.39 points	0.65%	0.26%
Caesars Entertainment IncCZR	RWJ +0.38 points	0.73%	0.35%
Terreno Realty CorpTRNO	VIOO +0.38 points	0.03%	0.41%
Resideo Technologies IncREZI	RWJ +0.36 points	0.50%	0.14%
Penn Entertainment IncPENN	RWJ +0.36 points	0.47%	0.11%
Conagra Brands IncCAG	RWJ +0.36 points	0.73%	0.37%
CVR Energy IncCVI	RWJ +0.34 points	0.43%	0.09%
MSG Knickerbockers CorpMSGS	VIOO +0.34 points	0.06%	0.40%
Academy Sports & Outdoors IncASO	RWJ +0.35 points	0.52%	0.17%
RXO IncRXO	RWJ +0.34 points	0.54%	0.20%
Ligand Pharmaceuticals IncLGND	VIOO +0.34 points	0.02%	0.36%
Versigent PLCVGNT	RWJ +0.35 points	0.53%	0.18%
Insperity IncNSP	RWJ +0.34 points	0.44%	0.10%
F&G Annuities & Life IncFG	RWJ +0.34 points	0.38%	0.04%
Paycom Software IncPAYC	VIOO +0.34 points	0.15%	0.48%
ESCO Technologies IncESE	VIOO +0.33 points	0.07%	0.40%
Match Group IncMTCH	VIOO +0.32 points	0.21%	0.53%
Enpro IncNPO	VIOO +0.31 points	0.07%	0.38%
Element Solutions IncESI	VIOO +0.30 points	0.18%	0.48%
Ralliant CorpRAL	VIOO +0.30 points	0.14%	0.44%
Viasat IncVSAT	VIOO +0.30 points	0.26%	0.56%
Macerich Co/TheMAC	VIOO +0.30 points	0.07%	0.37%
Flowers Foods IncFLO	RWJ +0.29 points	0.36%	0.07%
Newell Brands IncNWL	RWJ +0.29 points	0.42%	0.13%
Insight Enterprises IncNSIT	RWJ +0.29 points	0.56%	0.27%
Zurn Elkay Water Solutions CorpZWS	VIOO +0.29 points	0.11%	0.40%
Essential Properties Realty Trust IncEPRT	VIOO +0.28 points	0.04%	0.32%
Armstrong World Industries IncAWI	VIOO +0.29 points	0.11%	0.40%
Grocery Outlet Holding CorpGO	RWJ +0.29 points	0.35%	0.06%
AXT IncAXTI	VIOO +0.29 points	<0.01%	0.29%
Dauch CorpDCH	RWJ +0.28 points	0.35%	0.07%
Ryman Hospitality Properties IncRHP	VIOO +0.28 points	0.19%	0.47%
MarketAxess Holdings IncMKTX	VIOO +0.27 points	0.06%	0.33%
Kemper CorpKMPR	RWJ +0.27 points	0.36%	0.09%
Impinj IncPI	VIOO +0.28 points	0.02%	0.30%
ADT IncADT	RWJ +0.27 points	0.46%	0.19%
Signet Jewelers LtdSIG	RWJ +0.27 points	0.50%	0.23%
O-I Glass IncOI	RWJ +0.27 points	0.32%	0.05%
American Eagle Outfitters IncAEO	RWJ +0.26 points	0.42%	0.16%
Capri Holdings LtdCPRI	RWJ +0.27 points	0.36%	0.09%
Argan IncAGX	VIOO +0.26 points	0.05%	0.31%
Powell Industries IncPOWL	VIOO +0.26 points	0.05%	0.31%
Kodiak Gas Services IncKGS	VIOO +0.25 points	0.06%	0.31%
StoneX Group IncSNEX	VIOO +0.26 points	0.15%	0.41%
PTC Therapeutics IncPTCT	VIOO +0.25 points	0.06%	0.31%
Magnolia Oil & Gas CorpMGY	VIOO +0.24 points	0.08%	0.32%
Iridium Communications IncIRDM	VIOO +0.24 points	0.05%	0.29%
Federal Signal CorpFSS	VIOO +0.24 points	0.15%	0.39%
Rush Enterprises IncRUSHB	RWJ +0.24 points	0.27%	0.03%
Kulicke & Soffa Industries IncKLIC	VIOO +0.23 points	0.05%	0.28%
Dream Finders Homes IncDFH	RWJ +0.23 points	0.25%	0.02%
ACM Research IncACMR	VIOO +0.24 points	0.04%	0.28%
HA Sustainable Infrastructure Capital IncHASI	VIOO +0.24 points	0.03%	0.27%
Alkermes PLCALKS	VIOO +0.23 points	0.11%	0.34%
Boise Cascade CoBCC	RWJ +0.23 points	0.38%	0.15%
Balchem CorpBCPC	VIOO +0.23 points	0.07%	0.30%
AdaptHealth CorpAHCO	RWJ +0.24 points	0.27%	0.03%
Solaris Energy Infrastructure IncSEI	VIOO +0.23 points	0.04%	0.27%
Phillips Edison & Co IncPECO	VIOO +0.23 points	0.05%	0.28%
Archrock IncAROC	VIOO +0.23 points	0.08%	0.31%
Materion CorpMTRN	VIOO +0.22 points	0.10%	0.32%
MARA Holdings IncMARA	VIOO +0.22 points	0.03%	0.25%
Victoria's Secret & CoVSXY	RWJ +0.22 points	0.63%	0.41%
Sensient Technologies CorpSXT	VIOO +0.22 points	0.10%	0.32%
Schneider National IncSNDR	RWJ +0.22 points	0.31%	0.09%
Par Pacific Holdings IncPARR	RWJ +0.21 points	0.45%	0.24%
Mercury Systems IncMRCY	VIOO +0.21 points	0.06%	0.27%
Victory Capital Holdings IncVCTR	VIOO +0.20 points	0.11%	0.31%
Life Time Group Holdings IncLTH	VIOO +0.21 points	0.23%	0.44%
Everforth IncEFOR	RWJ +0.20 points	0.28%	0.08%
Mobility Global IncMBGL	VIOO +0.20 points	0.09%	0.29%

All 596 RWJ holdings⁠All 605 VIOO 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 VIOO Cost

Overpaying RWJ vs VIOO

$6,418

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

RWJ 0.39%
$7,898
VIOO 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

RWJ 0.39%
VIOO 0.07%
Overpaying

Year by year

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

Expense ratio

0.39%RWJ
0.07%VIOO, cheaper

VIOO0.07%RWJ0.39%

0.03%0.59%

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

VIOO 3rd cheapest of 13 funds

RWJ 12th cheapest of 13 funds

RWJ vs VIOO Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RWJ 1.09%; VIOO 1.14%, better
Payout (12M): RWJ $0.65; VIOO $1.51
Last payment: RWJ $0.19; VIOO $1.51
Ex-dividend: RWJ Sep 21, 2026; VIOO Dec 22, 2025
Paid on: RWJ Sep 25, 2026; VIOO Dec 24, 2025
Frequency: RWJ Quarterly; VIOO Annual

Distribution history

Per share, 2017 to 2026, same scale for both

RWJQuarterly · 39 paymentsAll RWJ payments⁠

VIOOAnnual · 9 paymentsAll VIOO payments⁠

RWJ vs VIOO Risk

Fall from peak · 5 years

RWJ
VIOO

Risk facts

VolatilityStd dev, 3 years: RWJ 20.4%VIOO 18.8%, better
Return per unit of riskSharpe ratio, 3 years: RWJ 0.84, betterVIOO 0.75
Worst fallMax drawdown, 5 years: RWJ −29.3%VIOO −27.9%, better
Market sensitivityBeta, 5 years: RWJ 1.12VIOO 1.05; Market = 1

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