RWL vs SPYV: Grades, Fees and Holdings Compared

Invesco S&P 500 Revenue ETF

RWLBNYSE Arca

State Street SPDR Portfolio S&P 500 Value ETF

SPYVANYSE Arca

Overlap

58.5%by weight

Expense ratio

SPYV −0.35pt a year

RWL0.39%SPYV0.04%

Avg volume · 30D

SPYV 8.2×the volume

RWL280KSPYV2.29M

10Y return · a year

RWL +2.4pt

RWL+14.5%SPYV+12.1%

RWL vs SPYV Performance

Nov 9, 2021 – Nov 9, 2026

+86.6%RWL+71.8%SPYV

Expense ratio: RWL 0.39%; SPYV 0.04%, better
Fund size: RWL $10.3B; SPYV $37.9B
1Y total return: RWL +23.0%, better; SPYV +17.6%
Yield (12M): RWL 1.18%; SPYV 1.64%, better
Holdings: RWL 503; SPYV 436
Avg volume (30D): RWL 280K sh; SPYV 2.29M sh, better
NAV per share: RWL $133.48; SPYV $63.09
52W range

ETF.net Grade

Pillar letters and Scores for RWL, SPYV, with each pillar’s weight
Pillar	RWL	SPYV
Cost30% weight	D37	A98Higher
Mission25% weight	Not scored	A87
Risk15% weight	A96Higher	A84
Tradability15% weight	A90	A97Higher
Holdings10% weight	A71	A72Higher
Durability5% weight	A81	A86Higher

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. RWL and SPYV 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 ›

SPYV ranks 1st 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 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

SPYVAState Street SPDR Portfolio S&P 500 Value 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.

SPYV The value side of the S&P 500, tracked since 2000 for four basis points. It does one thing: hold the index names that screen cheap, and charge close to nothing for the privilege.

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.

SPYV The fund seeks to track, before fees and expenses, the total return of the S&P 500 Value Index.

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.

SPYV 0.04% a year. VOOV tracks the identical S&P 500 Value Index and charges 0.07%, so this is the same exposure at a lower fee.
Trading since 2000 and now a multi-billion-dollar fund that changes hands actively, so the plumbing is well worn.
No stock picking, no factor secret sauce: it aims to match the S&P 500 Value Index before fees, and it is one of the cleaner implementations in its peer group.ssga.com

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

SPYV This is one style slice, roughly 400 value-screened names, not the whole S&P 500. It will move differently from the full index.
Value goes through long stretches in and out of favor. The fund follows the index rules either way, with no manager stepping in.
Distributions land quarterly, not monthly.

Full RWL profile⁠

Full SPYV profile⁠

RWL vs SPYV Holdings

How RWL and SPYV differ

Overlap by weight

58.5%

Shared holdings make up 99.1% of SPYV and 83.9% of RWL.

Level by level

Holdings426 in both58.5%
Sector11 Sectors84.6%
Asset classStocks100%
Countryby domicile99.7%

Sector

Sector weights in RWL and SPYV, widest gap first
Sector	Gap	RWL	SPYV
Health Care	RWL +6.3 points	20.1%	13.8%
Technology	SPYV +5.7 points	13.1%	18.8%
Communication	RWL +4.2 points	6.9%	2.7%
Consumer Staples	RWL +2.5 points	12.1%	9.6%
Consumer Discretionary	RWL +2.5 points	12.6%	10.1%
Real Estate	SPYV +2.3 points	0.9%	3.2%
Industrials	SPYV +2.2 points	8.7%	10.9%
Utilities	SPYV +1.7 points	2.5%	4.2%
Materials	SPYV +1.5 points	1.9%	3.4%
Financials	SPYV +1.1 points	14.6%	15.7%
Energy	SPYV +1.0 points	6.5%	7.5%

Country, concentration and asset class

Country by domicile

Country weights in RWL and SPYV, widest gap first
Country	Gap	RWL	SPYV
United States	SPYV +0.1 points	99.1%	99.2%
Switzerland	SPYV +0.2 points	0.4%	0.6%
Ireland	RWL +0.1 points	0.2%	0.1%
United Kingdom	Same weight	0.1%	0.1%
China	Same weight	0.1%	0.1%
Mexico	RWL +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

RWL24.8%
SPYV24.4%

Securities held

RWL502
SPYV434

Asset class

RWL: Stocks
SPYV: Stocks

Holdings

Only in RWL76
In both426
Only in SPYV8

Only in RWL

76 securities, 16.1% of RWL by weight

Berkshire Hathaway Inc2.16%
Microsoft Corp1.79%
NVIDIA Corp1.26%
Elevance Health Inc1.08%
Meta Platforms Inc1.06%
Alphabet Inc0.96%
Alphabet Inc0.96%
Eli Lilly & Co0.48%
HCA Healthcare Inc0.46%
RTX Corp0.45%
Broadcom Inc0.36%
Micron Technology Inc0.30%
Uber Technologies Inc0.27%
Caterpillar Inc0.26%
Netflix Inc0.20%
Carnival Corp Ltd0.18%
Advanced Micro Devices Inc0.18%
Marriott International Inc/MD0.17%
GE Vernova Inc0.17%
Quanta Services Inc0.14%
Fiserv Inc0.13%
Block Inc0.13%
Amphenol Corp0.13%
Booking Holdings Inc0.13%
Newmont Corp0.12%
Royal Caribbean Cruises Ltd0.12%
Skydance Corp0.11%
Applied Materials Inc0.11%
O'Reilly Automotive Inc0.10%
Casey's General Stores Inc0.10%
Everest Group Ltd0.09%
Flex Ltd0.09%
Ball Corp0.08%
Ulta Beauty Inc0.08%
EchoStar Corp0.08%
EMCOR Group Inc0.08%
Hilton Worldwide Holdings Inc0.07%
Expedia Group Inc0.07%
Lam Research Corp0.07%
Vistra Corp0.07%
DoorDash Inc0.07%
Intuitive Surgical Inc0.07%
Welltower Inc0.07%
Las Vegas Sands Corp0.06%
TransDigm Group Inc0.05%
KLA Corp0.05%
Monster Beverage Corp0.05%
Sandisk Corp0.05%
Interactive Brokers Group Inc0.05%
Ralph Lauren Corp0.05%

Only in SPYV

8 securities, 0.9% of SPYV by weight

Elevance Health Inc0.31%
Vivmark Residential0.16%
Block Inc0.15%
Fiserv Inc0.11%
Ball Corp0.06%
Everest Group Ltd0.05%
Skydance Corp0.01%
Contra Hologic Incorpo0.00%

Weight gaps

The 100 widest of 426 Holdings in both funds.

Holding weights in RWL and SPYV, widest gap first
Holding	Gap	RWL	SPYV
Apple IncAAPL	SPYV +5.82 points	2.53%	8.35%
Walmart IncWMT	RWL +2.48 points	4.35%	1.87%
McKesson CorpMCK	RWL +2.03 points	2.44%	0.41%
Cencora IncCOR	RWL +1.50 points	1.71%	0.21%
CVS Health CorpCVS	RWL +1.46 points	1.82%	0.36%
Cigna Group/TheCI	RWL +1.23 points	1.49%	0.26%
Cardinal Health IncCAH	RWL +1.23 points	1.44%	0.21%
UnitedHealth Group IncUNH	RWL +1.07 points	2.25%	1.18%
Centene CorpCNC	RWL +0.98 points	1.10%	0.12%
Merck & Co IncMRK	SPYV +0.88 points	0.33%	1.21%
Visa IncV	SPYV +0.83 points	0.25%	1.08%
Intel CorpINTC	SPYV +0.78 points	0.15%	0.93%
Procter & Gamble Co/ThePG	SPYV +0.78 points	0.50%	1.28%
Tesla IncTSLA	SPYV +0.78 points	0.50%	1.28%
Kroger Co/TheKR	RWL +0.76 points	0.89%	0.13%
Texas Instruments IncTXN	SPYV +0.75 points	0.10%	0.85%
Ford Motor CoF	RWL +0.71 points	0.87%	0.16%
General Motors CoGM	RWL +0.70 points	0.95%	0.25%
Humana IncHUM	RWL +0.62 points	0.79%	0.17%
Linde PLCLIN	SPYV +0.59 points	0.20%	0.79%
Thermo Fisher Scientific IncTMO	SPYV +0.60 points	0.26%	0.86%
AbbVie IncABBV	SPYV +0.56 points	0.37%	0.93%
Analog Devices IncADI	SPYV +0.52 points	0.07%	0.59%
NextEra Energy IncNEE	SPYV +0.46 points	0.15%	0.61%
ExxonMobil Holdings CorpXOM	SPYV +0.45 points	1.83%	2.28%
JPMorgan Chase & CoJPM	RWL +0.45 points	1.40%	0.95%
Union Pacific CorpUNP	SPYV +0.45 points	0.13%	0.58%
Coca-Cola Co/TheKO	SPYV +0.44 points	0.28%	0.72%
Blackrock IncBLK	SPYV +0.42 points	0.15%	0.57%
Johnson & JohnsonJNJ	SPYV +0.41 points	0.50%	0.91%
Vertex Pharmaceuticals IncVRTX	SPYV +0.39 points	0.07%	0.46%
Phillips 66PSX	RWL +0.39 points	0.72%	0.33%
Abbott LaboratoriesABT	SPYV +0.40 points	0.24%	0.64%
Salesforce IncCRM	SPYV +0.39 points	0.19%	0.58%
QUALCOMM IncQCOM	SPYV +0.38 points	0.21%	0.59%
Mastercard IncMA	SPYV +0.38 points	0.20%	0.58%
Charles Schwab Corp/TheSCHW	SPYV +0.37 points	0.13%	0.50%
Marathon Petroleum CorpMPC	RWL +0.36 points	0.71%	0.35%
Prologis IncPLD	SPYV +0.36 points	0.04%	0.40%
Chevron CorpCVX	SPYV +0.35 points	1.05%	1.40%
Danaher CorpDHR	SPYV +0.34 points	0.14%	0.48%
Comcast CorpCMCSA	RWL +0.33 points	0.62%	0.29%
Deere & CoDE	SPYV +0.32 points	0.24%	0.56%
Palo Alto Networks IncPANW	SPYV +0.33 points	0.05%	0.38%
Eaton Corp PLCETN	SPYV +0.32 points	0.12%	0.44%
Bunge Global SABG	RWL +0.32 points	0.37%	0.05%
Altria Group IncMO	SPYV +0.31 points	0.11%	0.42%
Cisco Systems IncCSCO	SPYV +0.31 points	0.27%	0.58%
Bank of America CorpBAC	SPYV +0.30 points	0.77%	1.07%
Target CorpTGT	RWL +0.30 points	0.54%	0.24%
Moderna IncMRNA	SPYV +0.30 points	0.02%	0.32%
Valero Energy CorpVLO	RWL +0.29 points	0.62%	0.33%
General Electric CoGE	SPYV +0.29 points	0.25%	0.54%
Equinix IncEQIX	SPYV +0.28 points	0.05%	0.33%
Progressive Corp/ThePGR	RWL +0.29 points	0.48%	0.19%
Western Digital CorpWDC	SPYV +0.28 points	0.04%	0.32%
Goldman Sachs Group Inc/TheGS	RWL +0.28 points	0.57%	0.29%
Automatic Data Processing IncADP	SPYV +0.27 points	0.13%	0.40%
Sysco CorpSYY	RWL +0.28 points	0.40%	0.12%
Tyson Foods IncTSN	RWL +0.26 points	0.32%	0.06%
Morgan StanleyMS	RWL +0.26 points	0.54%	0.28%
Intercontinental Exchange IncICE	SPYV +0.25 points	0.07%	0.32%
Wells Fargo & CoWFC	SPYV +0.25 points	0.60%	0.85%
FedEx CorpFDX	RWL +0.24 points	0.47%	0.23%
American Express CoAXP	RWL +0.24 points	0.42%	0.18%
American Tower CorpAMT	SPYV +0.23 points	0.06%	0.29%
Synopsys IncSNPS	SPYV +0.24 points	0.05%	0.29%
ConocoPhillipsCOP	SPYV +0.24 points	0.31%	0.55%
MetLife IncMET	RWL +0.23 points	0.41%	0.18%
CSX CorpCSX	SPYV +0.23 points	0.07%	0.30%
Philip Morris International IncPM	SPYV +0.22 points	0.23%	0.45%
Blackstone IncBX	SPYV +0.23 points	0.07%	0.30%
Pfizer IncPFE	SPYV +0.22 points	0.34%	0.56%
Archer-Daniels-Midland CoADM	RWL +0.22 points	0.33%	0.11%
United Parcel Service IncUPS	RWL +0.22 points	0.49%	0.27%
Motorola Solutions IncMSI	SPYV +0.21 points	0.07%	0.28%
McDonald's CorpMCD	SPYV +0.22 points	0.15%	0.37%
Home Depot Inc/TheHD	SPYV +0.21 points	0.93%	1.14%
Williams Cos Inc/TheWMB	SPYV +0.21 points	0.05%	0.26%
Regeneron Pharmaceuticals IncREGN	SPYV +0.21 points	0.09%	0.30%
Medtronic PLCMDT	SPYV +0.21 points	0.21%	0.42%
United Airlines Holdings IncUAL	RWL +0.21 points	0.33%	0.12%
Delta Air Lines IncDAL	RWL +0.21 points	0.38%	0.17%
Emerson Electric CoEMR	SPYV +0.20 points	0.10%	0.30%
Starbucks CorpSBUX	SPYV +0.20 points	0.20%	0.40%
Adobe IncADBE	SPYV +0.20 points	0.12%	0.32%
Southern Co/TheSO	SPYV +0.19 points	0.16%	0.35%
Charter Communications IncCHTR	RWL +0.20 points	0.24%	0.04%
Cintas CorpCTAS	SPYV +0.20 points	0.06%	0.26%
Marvell Technology IncMRVL	SPYV +0.19 points	0.03%	0.22%
Prudential Financial IncPRU	RWL +0.19 points	0.33%	0.14%
Bristol-Myers Squibb CoBMY	SPYV +0.18 points	0.24%	0.42%
Freeport-McMoRan IncFCX	SPYV +0.18 points	0.10%	0.28%
Norfolk Southern CorpNSC	SPYV +0.18 points	0.06%	0.24%
3M CoMMM	SPYV +0.18 points	0.14%	0.32%
S&P Global IncSPGI	SPYV +0.17 points	0.09%	0.26%
Digital Realty Trust IncDLR	SPYV +0.17 points	0.03%	0.20%
HP IncHPQ	RWL +0.17 points	0.26%	0.09%
Best Buy Co IncBBY	RWL +0.17 points	0.24%	0.07%
Marsh & McLennan Cos IncMRSH	SPYV +0.17 points	0.16%	0.33%

All 502 RWL holdings⁠All 434 SPYV 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 SPYV Cost

Overpaying RWL vs SPYV

$7,049

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

RWL 0.39%
$7,898
SPYV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

RWL 0.39%
SPYV 0.04%
Overpaying

Year by year

Year	RWL	SPYV	Overpaying
10	$705	$73	$632
20	$2,725	$288	$2,437
30	$7,898	$849	$7,049

Expense ratio

0.39%RWL
0.04%SPYV, cheaper

SPYV0.04%RWL0.39%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

SPYV 2nd cheapest of 41 funds

RWL 26th cheapest of 41 funds

RWL vs SPYV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RWL 1.18%; SPYV 1.64%, better
Payout (12M): RWL $1.61; SPYV $1.06
Last payment: RWL $0.40; SPYV $0.27
Ex-dividend: RWL Sep 21, 2026; SPYV Sep 21, 2026
Paid on: RWL Sep 25, 2026; SPYV Sep 23, 2026
Frequency: RWL Quarterly; SPYV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWLQuarterly · 39 paymentsAll RWL payments⁠

SPYVQuarterly · 39 paymentsAll SPYV payments⁠

RWL vs SPYV Risk

Fall from peak · 5 years

RWL
SPYV

Risk facts

VolatilityStd dev, 3 years: RWL 11.4%, betterSPYV 11.7%
Return per unit of riskSharpe ratio, 3 years: RWL 1.46, betterSPYV 1.17
Worst fallMax drawdown, 5 years: RWL −17.5%, betterSPYV −17.9%
Market sensitivityBeta, 5 years: RWL 0.78SPYV 0.83; Market = 1

RWL and SPYV in the news

All news⁠

Best ETFs
Best large-cap value ETFs: Vanguard’s VTV at 0.03%, or VONV for the Russell 1000 Value
Updated Nov 3, 2026SPYV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026SPYV

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RWL vs SPYV

In short

Stated mandate

Why people hold it

Worth knowing

How RWL and SPYV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in RWL

Only in SPYV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best large-cap value ETFs: Vanguard’s VTV at 0.03%, or VONV for the Russell 1000 Value

The best value ETF depends on whose list you bought

How RWL and SPYV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in RWL

Only in SPYV

Weight gaps