RWL vs SCHK: Grades, Fees and Holdings Compared

Invesco S&P 500 Revenue ETF

RWLBNYSE Arca

Schwab 1000 Index ETF

SCHKANYSE Arca

Overlap

55.2%by weight

Expense ratio

SCHK −0.36pt a year

RWL0.39%SCHK0.03%

Avg volume · 30D

SCHK 4.9×the volume

RWL280KSCHK1.38M

5Y return · a year

RWL +2.5pt

RWL+13.3%SCHK+10.8%

RWL vs SCHK Performance

Nov 9, 2021 – Nov 9, 2026

+86.6%RWL+66.8%SCHK

Expense ratio: RWL 0.39%; SCHK 0.03%, better
Fund size: RWL $10.3B; SCHK $5.53B
1Y total return: RWL +23.0%, better; SCHK +13.3%
Yield (12M): RWL 1.18%, better; SCHK 1.06%
Holdings: RWL 503; SCHK 998
Avg volume (30D): RWL 280K sh; SCHK 1.38M sh, better
NAV per share: RWL $133.48; SCHK $35.34
52W range

ETF.net Grade

Pillar letters and Scores for RWL, SCHK, with each pillar’s weight
Pillar	RWL	SCHK
Cost30% weight	D37	A98Higher
Mission25% weight	Not scored	A100
Risk15% weight	A96Higher	B65
Tradability15% weight	A90	A90
Holdings10% weight	A71Higher	B58
Durability5% weight	A81Higher	B68

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. RWL and SCHK are both graded against the same 41 Other Major Indexes funds, so their Grades compare head to head.

Other Major Indexes⁠

Category · 41 funds

See all 41 ›

SCHK ranks 2nd and RWL 14th of 41 funds in the Other Major Indexes Category.

Rank 1ASPYVState Street SPDR Portfolio S&P 500 Value ETFScore 89
Rank 2ASCHKSchwab 1000 Index ETFScore 86
Rank 3APBUSInvesco MSCI USA ETFScore 83
Rank 13BIVOVVanguard S&P Mid-Cap 400 Value ETFScore 68
Rank 14BRWLInvesco S&P 500 Revenue ETFScore 66
Rank 14BXJRiShares ESG Select Screened S&P Small-Cap ETFScore 66

Our read on each fund

ETF.net Research

RWLBInvesco S&P 500 Revenue ETF

SCHKASchwab 1000 Index ETF

In short

RWL Same 500 companies as the S&P 500, sized by sales instead of share price. Revenue weighting with a 5% cap per name shifts weight toward the biggest top lines and away from the crowd sitting at the top of the cap-weighted index.

SCHK Schwab's house-built alternative to the S&P 500: the 1,000 largest US companies in one passive wrapper, reaching past the mega-caps into mid-cap turf, priced at three basis points.

Stated mandate

RWL The Fund is based on the S&P 500 Revenue-Weighted Index and uses revenue-based constituent weighting. It invests at least 90% of total assets in securities comprising the Index.

SCHK The fund seeks to track the total return of the Schwab 1000 Index before fees and expenses.

Why people hold it

RWL Reweights the S&P 500 by company revenue and caps any single name at 5% at each quarterly rebalance, a different concentration profile than the cap-weighted original.invesco.com
Costs 0.39% a year, below the median fee in its index-wrapper peer group, and keeps at least 90% of assets in the index's own constituents.
Live since 2008 and now a multi-billion-dollar fund holding roughly 500 stocks, paying quarterly. That is a long runway for a rules-based tilt.
Sits in the upper tier of the plain index wrappers we track, helped by a steady risk profile and easy trading.

SCHK 0.03% a year, the lowest fee among the top-scoring funds in its index-wrapper group and a small fraction of what the typical fund there charges.
About 1,000 stocks covering roughly 90% or more of US stock market value: the S&P 500 names plus a layer of mid caps most large-blend funds skip.schwabassetmanagement.com
Tracks its stated index tightly and stands among the strongest implementations in its peer group of plain index wrappers.
A multi-billion-dollar fund that trades actively and pays distributions quarterly.

Worth knowing

RWL 0.39% is a real step up from bare-bones S&P 500 trackers like SPYV at 0.04% or SCHK at 0.03%. That gap is what the reweighting costs.
Revenue sets the weights, so a high-sales, thin-margin business can outrank a far more profitable one. A genuine departure from the benchmark most people watch.invesco.com
Snapping back to revenue weights every quarter means more portfolio turnover than a set-and-forget cap-weighted fund.invesco.com

SCHK Weighted by market value, so the biggest US companies drive the bulk of results. Those extra 500 names carry less weight than the headcount suggests.schwabassetmanagement.com
All-US, all-equity by mandate: no bonds, no foreign stocks, and it rides the full swings of the US market.
The benchmark is Schwab's own proprietary index, so there is no rival fund on the identical yardstick for a side-by-side comparison.

Full RWL profile⁠

Full SCHK profile⁠

RWL vs SCHK Holdings

How RWL and SCHK differ

Overlap by weight

55.2%

Shared holdings make up 98.2% of RWL and 91.9% of SCHK.

Level by level

Holdings492 in both55.2%
Sector11 Sectors74.9%
Asset classStocks100%
Countryby domicile99.7%

Sector

Sector weights in RWL and SCHK, widest gap first
Sector	Gap	RWL	SCHK
Technology	SCHK +22.4 points	13.1%	35.5%
Health Care	RWL +9.2 points	20.1%	10.8%
Consumer Staples	RWL +7.2 points	12.1%	4.9%
Consumer Discretionary	RWL +3.0 points	12.6%	9.6%
Energy	RWL +2.8 points	6.5%	3.7%
Financials	RWL +2.0 points	14.6%	12.6%
Communication	SCHK +1.5 points	6.9%	8.4%
Real Estate	SCHK +1.3 points	0.9%	2.2%
Utilities	RWL +0.4 points	2.5%	2.1%
Industrials	RWL +0.2 points	8.7%	8.5%
Materials	Same weight	1.9%	1.9%

Country, concentration and asset class

Country by domicile

Country weights in RWL and SCHK, widest gap first
Country	Gap	RWL	SCHK
United States	SCHK +0.3 points	99.1%	99.4%
Switzerland	RWL +0.1 points	0.4%	0.3%
Ireland	RWL +0.2 points	0.2%	0.0%
United Kingdom	Same weight	0.1%	0.1%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Sweden	Same weight	0.0%	0.0%
India	Same weight	0.0%	0.0%
Brazil	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

RWL24.8%
SCHK34.7%

Securities held

RWL502
SCHK997

Asset class

RWL: Stocks
SCHK: Stocks

Holdings

Only in RWL10
In both492
Only in SCHK505

Only in RWL

10 securities, 1.7% of RWL by weight

Elevance Health Inc1.08%
Fiserv Inc0.13%
Block Inc0.13%
Skydance Corp0.11%
Everest Group Ltd0.09%
Ball Corp0.08%
Fox Corp0.04%
News Corp0.02%
Vivmark Residential0.02%
Invesco Government & Agency Portfolio<0.01%

Only in SCHK

505 securities, 8.1% of SCHK by weight

Space Exploration Technologies Cor0.27%
Snowflake0.14%
Elevance Health Inc0.13%
Cloudflare Class A0.13%
Cheniere Energy0.08%
Ishares Russell Etf0.07%
Vivmark Residential0.07%
Strategy Inc Class A0.07%
Block Class A0.07%
Natera0.06%
Anglogold Ashanti PLC0.06%
Revolution Medicines0.06%
Fiserv Inc0.05%
Roblox Class A0.05%
Heico0.05%
Sunbelt Rentals Holdings Inc0.05%
Twilio Class A0.05%
Royalty Pharma PLC Class A0.04%
Astera Labs0.04%
Rocket Lab Corp0.04%
Okta Class A0.04%
Mongodb Class A0.04%
Technipfmc PLC0.04%
Insmed0.04%
Atlassian Corp Class A0.04%
Liberty Media Series C0.04%
United Therapeutics0.04%
Zoom Communications Class A0.04%
Markel Group0.03%
Ati0.03%
Ssc Government Mm Gvmxx0.03%
Lpl Financial Holdings0.03%
Us Foods Holding0.03%
Tenet Healthcare Corp0.03%
Royal Gold0.03%
Coupang Class A0.03%
Roku Class A0.03%
Amrize AG0.03%
Reliance0.03%
Roivant Sciences Ltd0.03%
Alnylam Pharmaceuticals0.03%
Zscaler0.03%
Sofi Technologies0.03%
Xpo0.03%
Credo Technology Group Holding Ltd0.03%
Guardant Health0.03%
First Citizens Bancshares Class A0.03%
Affirm Holdings Class A0.03%
Medline Class A0.03%
Entegris Inc0.03%

Weight gaps

The 100 widest of 492 Holdings in both funds.

Holding weights in RWL and SCHK, widest gap first
Holding	Gap	RWL	SCHK
NVIDIA CorpNVDA	SCHK +5.30 points	1.26%	6.56%
Apple IncAAPL	SCHK +4.72 points	2.53%	7.25%
Microsoft CorpMSFT	SCHK +3.93 points	1.79%	5.72%
Walmart IncWMT	RWL +3.54 points	4.35%	0.81%
McKesson CorpMCK	RWL +2.26 points	2.44%	0.18%
UnitedHealth Group IncUNH	RWL +1.74 points	2.25%	0.51%
Broadcom IncAVGO	SCHK +1.67 points	0.36%	2.03%
CVS Health CorpCVS	RWL +1.66 points	1.82%	0.16%
Cencora IncCOR	RWL +1.62 points	1.71%	0.09%
Alphabet IncGOOGL	SCHK +1.46 points	0.96%	2.42%
Cigna Group/TheCI	RWL +1.38 points	1.49%	0.11%
Cardinal Health IncCAH	RWL +1.35 points	1.44%	0.09%
Eli Lilly & CoLLY	SCHK +1.09 points	0.48%	1.57%
Centene CorpCNC	RWL +1.05 points	1.10%	0.05%
Costco Wholesale CorpCOST	RWL +1.03 points	1.71%	0.68%
Alphabet IncGOOG	SCHK +1.00 points	0.96%	1.96%
Tesla IncTSLA	SCHK +0.97 points	0.50%	1.47%
Meta Platforms IncMETA	SCHK +0.90 points	1.06%	1.96%
Advanced Micro Devices IncAMD	SCHK +0.89 points	0.18%	1.07%
General Motors CoGM	RWL +0.84 points	0.95%	0.11%
ExxonMobil Holdings CorpXOM	RWL +0.84 points	1.83%	0.99%
Kroger Co/TheKR	RWL +0.83 points	0.89%	0.06%
Micron Technology IncMU	SCHK +0.83 points	0.30%	1.13%
Ford Motor CoF	RWL +0.80 points	0.87%	0.07%
Visa IncV	SCHK +0.80 points	0.25%	1.05%
Humana IncHUM	RWL +0.71 points	0.79%	0.08%
Berkshire Hathaway IncBRK.B	RWL +0.61 points	2.16%	1.55%
Phillips 66PSX	RWL +0.58 points	0.72%	0.14%
Mastercard IncMA	SCHK +0.57 points	0.20%	0.77%
Marathon Petroleum CorpMPC	RWL +0.56 points	0.71%	0.15%
Palantir Technologies IncPLTR	SCHK +0.51 points	0.03%	0.54%
Comcast CorpCMCSA	RWL +0.49 points	0.62%	0.13%
Valero Energy CorpVLO	RWL +0.48 points	0.62%	0.14%
Citigroup IncC	RWL +0.47 points	0.76%	0.29%
Johnson & JohnsonJNJ	SCHK +0.47 points	0.50%	0.97%
Chevron CorpCVX	RWL +0.44 points	1.05%	0.61%
Target CorpTGT	RWL +0.44 points	0.54%	0.10%
Home Depot Inc/TheHD	RWL +0.43 points	0.93%	0.50%
AbbVie IncABBV	SCHK +0.38 points	0.37%	0.75%
FedEx CorpFDX	RWL +0.37 points	0.47%	0.10%
United Parcel Service IncUPS	RWL +0.37 points	0.49%	0.12%
Verizon Communications IncVZ	RWL +0.36 points	0.64%	0.28%
HCA Healthcare IncHCA	RWL +0.35 points	0.46%	0.11%
Bunge Global SABG	RWL +0.35 points	0.37%	0.02%
Sysco CorpSYY	RWL +0.35 points	0.40%	0.05%
MetLife IncMET	RWL +0.33 points	0.41%	0.08%
AT&T IncT	RWL +0.33 points	0.55%	0.22%
Lowe's Cos IncLOW	RWL +0.33 points	0.51%	0.18%
Dell Technologies IncDELL	RWL +0.32 points	0.46%	0.14%
Palo Alto Networks IncPANW	SCHK +0.32 points	0.05%	0.37%
Accenture PLCACN	RWL +0.31 points	0.54%	0.23%
T-Mobile US IncTMUS	RWL +0.31 points	0.42%	0.11%
Delta Air Lines IncDAL	RWL +0.30 points	0.38%	0.08%
Bank of America CorpBAC	RWL +0.30 points	0.77%	0.47%
Tyson Foods IncTSN	RWL +0.30 points	0.32%	0.02%
Crowdstrike Holdings IncCRWD	SCHK +0.29 points	0.03%	0.32%
Lam Research CorpLRCX	SCHK +0.29 points	0.07%	0.36%
Progressive Corp/ThePGR	RWL +0.29 points	0.48%	0.19%
Archer-Daniels-Midland CoADM	RWL +0.28 points	0.33%	0.05%
United Airlines Holdings IncUAL	RWL +0.28 points	0.33%	0.05%
Applied Materials IncAMAT	SCHK +0.27 points	0.11%	0.38%
Amazon.com IncAMZN	RWL +0.27 points	3.97%	3.70%
Prudential Financial IncPRU	RWL +0.27 points	0.33%	0.06%
Cisco Systems IncCSCO	SCHK +0.27 points	0.27%	0.54%
Texas Instruments IncTXN	SCHK +0.27 points	0.10%	0.37%
Coca-Cola Co/TheKO	SCHK +0.26 points	0.28%	0.54%
Walt Disney Co/TheDIS	RWL +0.26 points	0.55%	0.29%
Allstate Corp/TheALL	RWL +0.26 points	0.35%	0.09%
Intel CorpINTC	SCHK +0.26 points	0.15%	0.41%
Lockheed Martin CorpLMT	RWL +0.25 points	0.42%	0.17%
General Electric CoGE	SCHK +0.24 points	0.25%	0.49%
Wells Fargo & CoWFC	RWL +0.23 points	0.60%	0.37%
Morgan StanleyMS	RWL +0.23 points	0.54%	0.31%
Philip Morris International IncPM	SCHK +0.22 points	0.23%	0.45%
HP IncHPQ	RWL +0.22 points	0.26%	0.04%
Charter Communications IncCHTR	RWL +0.22 points	0.24%	0.02%
PepsiCo IncPEP	RWL +0.22 points	0.50%	0.28%
Arista Networks IncANET	SCHK +0.21 points	0.05%	0.26%
KLA CorpKLAC	SCHK +0.21 points	0.05%	0.26%
Best Buy Co IncBBY	RWL +0.21 points	0.24%	0.03%
Goldman Sachs Group Inc/TheGS	RWL +0.20 points	0.57%	0.37%
Merck & Co IncMRK	SCHK +0.20 points	0.33%	0.53%
Boeing Co/TheBA	RWL +0.19 points	0.39%	0.20%
Welltower IncWELL	SCHK +0.19 points	0.07%	0.26%
Dollar General CorpDG	RWL +0.19 points	0.23%	0.04%
Analog Devices IncADI	SCHK +0.19 points	0.07%	0.26%
Dow IncDOW	RWL +0.19 points	0.22%	0.03%
Netflix IncNFLX	SCHK +0.18 points	0.20%	0.38%
Capital One Financial CorpCOF	RWL +0.18 points	0.36%	0.18%
American Express CoAXP	RWL +0.17 points	0.42%	0.25%
NIKE IncNKE	RWL +0.17 points	0.24%	0.07%
Intuitive Surgical IncISRG	SCHK +0.16 points	0.07%	0.23%
CBRE Group IncCBRE	RWL +0.15 points	0.21%	0.06%
Lennar CorpLEN	RWL +0.16 points	0.18%	0.02%
Marvell Technology IncMRVL	SCHK +0.15 points	0.03%	0.18%
Linde PLCLIN	SCHK +0.15 points	0.20%	0.35%
Chubb LtdCB	RWL +0.15 points	0.34%	0.19%
Travelers Cos Inc/TheTRV	RWL +0.14 points	0.26%	0.12%
General Dynamics CorpGD	RWL +0.14 points	0.27%	0.13%
Southwest Airlines CoLUV	RWL +0.14 points	0.17%	0.03%

All 502 RWL holdings⁠All 1,000 SCHK 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.

RWL vs SCHK Cost

Overpaying RWL vs SCHK

$7,260

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

RWL 0.39%
$7,898
SCHK 0.03%
$638

Amount$10,000

Years30 years

Cost over time

RWL 0.39%
SCHK 0.03%
Overpaying

Year by year

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

Expense ratio

0.39%RWL
0.03%SCHK, cheaper

SCHK0.03%RWL0.39%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

SCHK cheapest of 41 funds

RWL 26th cheapest of 41 funds

RWL vs SCHK Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RWL 1.18%, better; SCHK 1.06%
Payout (12M): RWL $1.61; SCHK $0.38
Last payment: RWL $0.40; SCHK $0.10
Ex-dividend: RWL Sep 21, 2026; SCHK Sep 23, 2026
Paid on: RWL Sep 25, 2026; SCHK Sep 28, 2026
Frequency: RWL Quarterly; SCHK Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWLQuarterly · 39 paymentsAll RWL payments⁠

SCHKQuarterly · 39 paymentsAll SCHK payments⁠

RWL vs SCHK Risk

Fall from peak · 5 years

RWL
SCHK

Risk facts

VolatilityStd dev, 3 years: RWL 11.4%, betterSCHK 12.6%
Return per unit of riskSharpe ratio, 3 years: RWL 1.46, betterSCHK 1.39
Worst fallMax drawdown, 5 years: RWL −17.5%, betterSCHK −25.4%
Market sensitivityBeta, 5 years: RWL 0.78SCHK 1.02; Market = 1

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