RWK vs SPMD: Grades, Fees and Holdings Compared

Invesco S&P MidCap 400 Revenue ETF

RWKCNYSE Arca

State Street SPDR Portfolio S&P 400 Mid Cap ETF

SPMDANYSE Arca

Overlap

57.1%by weight

Expense ratio

SPMD −0.36pt a year

RWK0.39%SPMD0.03%

Avg volume · 30D

SPMD 84.7×the volume

RWK19.3KSPMD1.64M

10Y return · a year

RWK +1.8pt

RWK+12.9%SPMD+11.1%

RWK vs SPMD Performance

Oct 29, 2021 – Oct 30, 2026

+69.6%RWK+41.5%SPMD

Expense ratio: RWK 0.39%; SPMD 0.03%, better
Fund size: RWK $1.32B; SPMD $18.9B
1Y total return: RWK +19.1%, better; SPMD +14.4%
Yield (12M): RWK 1.05%; SPMD 1.31%, better
Holdings: RWK 399; SPMD 402
Avg volume (30D): RWK 19.3K sh; SPMD 1.64M sh, better
NAV per share: RWK $145.36; SPMD $65.00
52W range

ETF.net Grade

Pillar letters and Scores for RWK, SPMD, with each pillar’s weight
Pillar	RWK	SPMD
Cost30% weight	F14	A96Higher
Mission25% weight	A95	A100Higher
Risk15% weight	C49	C52Higher
Tradability15% weight	D29	A78Higher
Holdings10% weight	D35	A83Higher
Durability5% weight	C41	A73Higher

Rank among S&P MidCap 400 funds

How we build Categories ›

Same Category. RWK and SPMD 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 ›

SPMD ranks 1st 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 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

RWKCInvesco S&P MidCap 400 Revenue ETF

SPMDAState Street SPDR Portfolio S&P 400 Mid Cap ETF

In short

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.

SPMD Four ETFs track the S&P MidCap 400. This is the cheapest of them at 0.03%, a fraction of what the priciest wrapper on the identical 400 stocks charges. Same index, smaller toll booth.

Stated mandate

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.

SPMD The fund seeks to track the total return performance of the S&P MidCap 400 Index before fees and expenses, providing exposure to mid-cap U.S. equities.

Why people hold it

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.

SPMD 0.03% a year for the S&P MidCap 400. The other funds tracking that same index charge 0.05% (IJH), 0.07% (IVOO) and 0.23% (MDY).
Boring done well: about 400 mid-cap US stocks, one published S&P index, and tracking measured as among the tightest in its peer group.
A multi-billion-dollar fund that trades actively, so entering and exiting is rarely the hard part.
Stands in the top tier of the S&P MidCap 400 wrappers we grade, driven by fee and tracking rather than any clever twist.

Worth knowing

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

SPMD Mid caps swing harder than mega caps in both directions. Volatility is the softest of this fund's measured marks.
One slice only: US mid-cap equity. No large caps, no small caps, no bonds, nothing overseas.
Cash comes quarterly, not monthly.

Full RWK profile⁠

Full SPMD profile⁠

RWK vs SPMD Holdings

How RWK and SPMD differ

Overlap by weight

57.1%

Shared holdings make up 98.8% of SPMD and 98.4% of RWK.

Level by level

Holdings394 in both57.1%
Sector11 Sectors82.8%
Countryby domicile98.8%
Asset classEquity100%

Sector

Sector weights in RWK and SPMD, widest gap first
Sector	More in RWKMore in SPMD	RWK	SPMD
Consumer Discretionary	RWK +9.2 points	19.5%	10.3%
Consumer Staples	RWK +8.0 points	11.3%	3.3%
Real Estate	SPMD +4.0 points	3.0%	7.0%
Health Care	SPMD +3.6 points	6.8%	10.4%
Financials	SPMD +3.1 points	12.2%	15.3%
Utilities	SPMD +1.7 points	1.5%	3.2%
Industrials	SPMD +1.7 points	21.4%	23.1%
Technology	SPMD +1.3 points	12.9%	14.2%
Materials	SPMD +1.3 points	4.6%	5.9%
Energy	SPMD +0.3 points	5.4%	5.7%
Communication	SPMD +0.2 points	1.4%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in RWK and SPMD, widest gap first
Country	More in RWKMore in SPMD	RWK	SPMD
United Kingdom	SPMD +1.0 points	0.2%	1.2%
United States	RWK +0.9 points	99.1%	98.2%
Other countries (3)	RWK +0.2 points	0.8%	0.6%

Concentration

Weight in the 10 largest Holdings

RWK20.2%
SPMD7.1%

Securities held

RWK398
SPMD400

Asset class

RWK: Equity
SPMD: Equity

Holdings

Only in RWK4
In both394
Only in SPMD6

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%

Only in SPMD

6 securities, 1.1% of SPMD by weight

Cnh Industrial NV0.28%
Corteva Inc0.22%
Formfactor Inc0.22%
Fortune Brands Innovations I0.15%
Gap Inc/The0.14%
Marzetti Company/The0.06%

Weight gaps

The 100 widest of 394 Holdings in both funds.

Holding weights in RWK and SPMD, widest gap first
Holding	More in RWKMore in SPMD	RWK	SPMD
Albertsons Cos IncACI	RWK +3.46 points	3.58%	0.12%
Performance Food Group CoPFGC	RWK +2.32 points	2.76%	0.44%
TD SYNNEX CorpSNX	RWK +2.15 points	2.74%	0.59%
American Airlines Group IncAAL	RWK +2.05 points	2.29%	0.24%
Molina Healthcare IncMOH	RWK +1.52 points	1.82%	0.30%
Arrow Electronics IncARW	RWK +1.15 points	1.47%	0.32%
PBF Energy IncPBF	RWK +1.14 points	1.35%	0.21%
Penske Automotive Group IncPAG	RWK +1.12 points	1.23%	0.11%
US Foods Holding CorpUSFD	RWK +1.05 points	1.69%	0.64%
Lithia Motors IncLAD	RWK +1.03 points	1.22%	0.19%
Okta IncOKTA	SPMD +0.90 points	0.16%	1.06%
Avnet IncAVT	RWK +0.89 points	1.11%	0.22%
Macy's IncM	RWK +0.85 points	1.04%	0.19%
HF Sinclair CorpDINO	RWK +0.79 points	1.29%	0.50%
AutoNation IncAN	RWK +0.76 points	0.89%	0.13%
Lear CorpLEA	RWK +0.70 points	0.87%	0.17%
BJ's Wholesale Club Holdings IncBJ	RWK +0.69 points	1.08%	0.39%
Cleveland-Cliffs IncCLF	RWK +0.67 points	0.90%	0.23%
Jones Lang LaSalle IncJLL	RWK +0.65 points	1.12%	0.47%
Pilgrim's Pride CorpPPC	RWK +0.64 points	0.67%	0.03%
Murphy USA IncMUSA	RWK +0.63 points	0.89%	0.26%
Dick's Sporting Goods IncDKS	RWK +0.63 points	0.90%	0.27%
Reinsurance Group of America IncRGA	RWK +0.61 points	1.11%	0.50%
United Therapeutics CorpUTHR	SPMD +0.58 points	0.15%	0.73%
Roivant Sciences LtdROIV	SPMD +0.59 points	<0.01%	0.59%
Entegris IncENTG	SPMD +0.55 points	0.15%	0.70%
Kyndryl Holdings IncKD	RWK +0.55 points	0.64%	0.09%
ATI IncATI	SPMD +0.53 points	0.16%	0.69%
Royal Gold IncRGLD	SPMD +0.52 points	0.06%	0.58%
Corebridge Financial IncCRBG	RWK +0.52 points	0.79%	0.27%
WESCO International IncWCC	RWK +0.51 points	1.03%	0.52%
nVent Electric PLCNVT	SPMD +0.47 points	0.17%	0.64%
MACOM Technology Solutions Holdings IncMTSI	SPMD +0.47 points	0.04%	0.51%
Nutanix IncNTNX	SPMD +0.43 points	0.12%	0.55%
GXO Logistics IncGXO	RWK +0.42 points	0.59%	0.17%
Whirlpool CorpWHR	RWK +0.42 points	0.47%	0.05%
Alaska Air Group IncALK	RWK +0.41 points	0.53%	0.12%
Dynatrace IncDT	SPMD +0.41 points	0.10%	0.51%
TechnipFMC PLCFTI	SPMD +0.41 points	0.35%	0.76%
Curtiss-Wright CorpCW	SPMD +0.40 points	0.13%	0.53%
Lattice Semiconductor CorpLSCC	SPMD +0.40 points	0.02%	0.42%
Roku IncROKU	SPMD +0.39 points	0.21%	0.60%
Woodward IncWWD	SPMD +0.38 points	0.16%	0.54%
Chewy IncCHWY	RWK +0.37 points	0.51%	0.14%
AecomACM	RWK +0.37 points	0.61%	0.24%
RBC Bearings IncRBC	SPMD +0.37 points	0.08%	0.45%
Permian Resources CorpPR	SPMD +0.37 points	0.25%	0.62%
Exelixis IncEXEL	SPMD +0.36 points	0.11%	0.47%
VF CorpVFC	RWK +0.36 points	0.54%	0.18%
WP Carey IncWPC	SPMD +0.36 points	0.07%	0.43%
Omega Healthcare Investors IncOHI	SPMD +0.36 points	0.05%	0.41%
Fluor CorpFLR	RWK +0.36 points	0.54%	0.18%
ARAMARK Holdings CorpARMK	RWK +0.35 points	0.78%	0.43%
Manhattan Associates IncMANH	SPMD +0.35 points	0.05%	0.40%
Westlake CorpWLK	RWK +0.35 points	0.41%	0.06%
Halozyme Therapeutics IncHALO	SPMD +0.35 points	0.08%	0.43%
Carpenter Technology CorpCRS	SPMD +0.35 points	0.08%	0.43%
PVH CorpPVH	RWK +0.34 points	0.46%	0.12%
Semtech CorpSMTC	SPMD +0.34 points	0.04%	0.38%
East West Bancorp IncEWBC	SPMD +0.34 points	0.19%	0.53%
Coeur Mining IncCDE	SPMD +0.34 points	0.08%	0.42%
ITT IncITT	SPMD +0.33 points	0.19%	0.52%
Avis Budget Group IncCAR	RWK +0.33 points	0.38%	0.05%
DT Midstream IncDTM	SPMD +0.32 points	0.05%	0.37%
Guidewire Software IncGWRE	SPMD +0.31 points	0.07%	0.38%
Medpace Holdings IncMEDP	SPMD +0.31 points	0.13%	0.44%
SiTime CorpSITM	SPMD +0.31 points	0.02%	0.33%
Sun Communities IncSUI	SPMD +0.30 points	0.09%	0.39%
Repligen CorpRGEN	SPMD +0.30 points	0.04%	0.34%
Penumbra IncPEN	SPMD +0.31 points	0.06%	0.37%
Neurocrine Biosciences IncNBIX	SPMD +0.30 points	0.13%	0.43%
Lamar Advertising CoLAMR	SPMD +0.30 points	0.10%	0.40%
Thor Industries IncTHO	RWK +0.29 points	0.40%	0.11%
Ally Financial IncALLY	RWK +0.29 points	0.60%	0.31%
MKS IncMKSI	SPMD +0.28 points	0.14%	0.42%
Docusign IncDOCU	SPMD +0.28 points	0.17%	0.45%
EastGroup Properties IncEGP	SPMD +0.28 points	0.03%	0.31%
Onto Innovation IncONTO	SPMD +0.27 points	0.04%	0.31%
XPO IncXPO	SPMD +0.28 points	0.34%	0.62%
Ryder System IncR	RWK +0.28 points	0.59%	0.31%
Equity LifeStyle Properties IncELS	SPMD +0.27 points	0.06%	0.33%
Gaming and Leisure Properties IncGLPI	SPMD +0.27 points	0.06%	0.33%
RB Global IncRBA	SPMD +0.26 points	0.21%	0.47%
BrightSpring Health Services IncBTSG	RWK +0.26 points	0.56%	0.30%
Lincoln Electric Holdings IncLECO	SPMD +0.26 points	0.19%	0.45%
Fidelity National Financial IncFNF	RWK +0.25 points	0.55%	0.30%
Rambus IncRMBS	SPMD +0.25 points	0.03%	0.28%
DigitalOcean Holdings IncDOCN	SPMD +0.25 points	0.03%	0.28%
Cytokinetics IncCYTK	SPMD +0.25 points	<0.01%	0.25%
Post Holdings IncPOST	RWK +0.25 points	0.34%	0.09%
Essential Utilities IncWTRG	SPMD +0.25 points	0.10%	0.35%
Tenet Healthcare CorpTHC	RWK +0.24 points	0.87%	0.63%
Cognex CorpCGNX	SPMD +0.25 points	0.04%	0.29%
Talen Energy CorpTLN	SPMD +0.25 points	0.20%	0.45%
Graphic Packaging Holding CoGPK	RWK +0.25 points	0.32%	0.07%
BWX Technologies IncBWXT	SPMD +0.24 points	0.12%	0.36%
Graco IncGGG	SPMD +0.24 points	0.08%	0.32%
Bath & Body Works IncBBWI	RWK +0.24 points	0.37%	0.13%
Hecla Mining CoHL	SPMD +0.24 points	0.04%	0.28%
American Healthcare REIT IncAHR	SPMD +0.23 points	0.10%	0.33%

All 398 RWK holdings⁠All 400 SPMD 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.

RWK vs SPMD Cost

Overpaying RWK vs SPMD

$7,260

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

RWK 0.39%
$7,898
SPMD 0.03%
$638

Amount$10,000

Years30 years

Cost over time

RWK 0.39%
SPMD 0.03%
Overpaying

Year by year

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

Expense ratio

0.39%RWK
0.03%SPMD, cheaper

SPMD0.03%RWK0.39%

0.03%0.49%

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

SPMD cheapest of 11 funds

RWK 10th cheapest of 11 funds

RWK vs SPMD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RWK 1.05%; SPMD 1.31%, better
Payout (12M): RWK $1.52; SPMD $0.84
Last payment: RWK $0.41; SPMD $0.23
Ex-dividend: RWK Sep 21, 2026; SPMD Sep 21, 2026
Paid on: RWK Sep 25, 2026; SPMD Sep 23, 2026
Frequency: RWK Quarterly; SPMD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWKQuarterly · 38 paymentsAll RWK payments⁠

SPMDQuarterly · 39 paymentsAll SPMD payments⁠

RWK vs SPMD Risk

Fall from peak · 5 years

RWK
SPMD

Risk facts

VolatilityStd dev, 3 years: RWK 16.4%SPMD 15.1%, better
Return per unit of riskSharpe ratio, 3 years: RWK 0.89, betterSPMD 0.85
Worst fallMax drawdown, 5 years: RWK −24.6%SPMD −24.1%, better
Market sensitivityBeta, 5 years: RWK 1.04SPMD 1.02; Market = 1

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