RWL vs VOOV: Grades, Fees and Holdings Compared

Invesco S&P 500 Revenue ETF

RWLBNYSE Arca

Vanguard S&P 500 Value ETF

VOOVANYSE Arca

Overlap

57.5%by weight

Expense ratio

VOOV −0.32pt a year

RWL0.39%VOOV0.07%

Avg volume · 30D

RWL 4.0×the volume

RWL280KVOOV69.9K

10Y return · a year

RWL +2.5pt

RWL+14.5%VOOV+12.0%

RWL vs VOOV Performance

Nov 9, 2021 – Nov 9, 2026

+86.6%RWL+71.5%VOOV

Expense ratio: RWL 0.39%; VOOV 0.07%, better
Fund size: RWL $10.3B; VOOV $6.6B
1Y total return: RWL +23.0%, better; VOOV +17.6%
Yield (12M): RWL 1.18%; VOOV 1.61%, better
Holdings: RWL 503; VOOV 452
Avg volume (30D): RWL 280K sh, better; VOOV 69.9K sh
NAV per share: RWL $133.48; VOOV $227.43
52W range

ETF.net Grade

Pillar letters and Scores for RWL, VOOV, with each pillar’s weight
Pillar	RWL	VOOV
Cost30% weight	D37	A88Higher
Mission25% weight	Not scored	A88
Risk15% weight	A96Higher	A84
Tradability15% weight	A90Higher	C52
Holdings10% weight	A71Higher	A70
Durability5% weight	A81	A84Higher

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. RWL and VOOV 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 ›

VOOV ranks 4th 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 4AVOOVVanguard S&P 500 Value ETFScore 80
Rank 5AVOTETCW Transform 500 ETFScore 79
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

VOOVAVanguard 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.

VOOV Vanguard takes the S&P 500, sorts it by value traits, and hands you the cheap half: roughly 400 familiar large caps, one published index, seven basis points. A value tilt without leaving the blue-chip universe.

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.

VOOV The fund seeks to track the performance 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.

VOOV Charges 0.07% a year against a 0.45% median for its index-tracker peer group. The value tilt arrives without the usual factor-fund markup.
No manager discretion. It follows one published benchmark, the S&P 500 Value Index, holding roughly 400 large-cap names most investors already know.vanguard.com
Running since 2010 and now a multi-billion-dollar fund, it sits among the strongest implementations in its peer group of plain index wrappers.

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

VOOV SPYV tracks the same S&P 500 Value Index for 0.04%. Same benchmark, thinner fee.
You own one side of the index. When the growth half of the S&P 500 leads, this fund's path diverges from the headline benchmark.
Volume is moderate rather than heavy, so spreads can run wider than the busiest large-cap ETFs. Cash comes back quarterly, not monthly.

Full RWL profile⁠

Full VOOV profile⁠

RWL vs VOOV Holdings

How RWL and VOOV differ

Overlap by weight

57.5%

Shared holdings make up 98.3% of VOOV and 83.8% of RWL.

Level by level

Holdings425 in both57.5%
Sector11 Sectors83.0%
Countryby domicile99.1%
Asset classStocks100%

Sector

Sector weights in RWL and VOOV, widest gap first
Sector	Gap	RWL	VOOV
Technology	VOOV +9.6 points	13.1%	22.7%
Health Care	RWL +6.9 points	20.1%	13.2%
Communication	RWL +3.9 points	6.9%	3.0%
Consumer Staples	RWL +3.5 points	12.1%	8.6%
Consumer Discretionary	RWL +2.7 points	12.6%	9.9%
Real Estate	VOOV +2.2 points	0.9%	3.1%
Utilities	VOOV +1.4 points	2.5%	3.9%
Industrials	VOOV +1.4 points	8.7%	10.1%
Materials	VOOV +1.2 points	1.9%	3.1%
Energy	VOOV +1.2 points	6.5%	7.7%
Financials	VOOV +0.1 points	14.6%	14.7%

Country, concentration and asset class

Country by domicile

Country weights in RWL and VOOV, widest gap first
Country	More in RWLMore in VOOV	Gap	RWL	VOOV
United States		VOOV +0.9 points	99.1%	100.0%
Other countries (5)		RWL +0.9 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

RWL24.8%
VOOV24.7%

Securities held

RWL502
VOOV446

Asset class

RWL: Stocks
VOOV: Stocks

Holdings

Only in RWL77
In both425
Only in VOOV21

Only in RWL

77 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%
Vylor 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%

Only in VOOV

21 securities, 1.5% of VOOV by weight

Elevance Health Inc0.28%
Warner Bros Discovery Inc0.27%
Corteva Inc0.18%
Vivmark Residential0.15%
Block Inc0.14%
Kenvue Inc0.12%
TRS:EMERSON ELECTRIC CO USD 2026-Aug-310.08%
Fiserv Inc0.08%
TRS:PAYPAL HOLDINGS INC USD 2026-Aug-310.06%
Ball Corp0.05%
Everest Group Ltd0.04%
Paramount Skydance Corp0.02%
TRS:GOLDMAN SACHS GROUP INC USD 2027-Aug-310.02%
TRS:ELEVANCE HEALTH INC USD 2027-Jan-29<0.01%
TRS:GOLDMAN SACHS GROUP INC USD 2027-Jan-29<0.01%
TRS:CITIGROUP INC USD 2027-Aug-31<0.01%
TRS:RAYMOND JAMES FINANCIAL INC USD 2027-Jan-29<0.01%
TRS:PAYPAL HOLDINGS INC USD 2027-Jan-29<0.01%
TRS:ELEVANCE HEALTH INC USD 2026-Aug-31<0.01%
SLCMT11420.00%
Hologic Inc - Cvr (April 2026)0.00%

Weight gaps

The 100 widest of 425 Holdings in both funds.

Holding weights in RWL and VOOV, widest gap first
Holding	Gap	RWL	VOOV
Apple IncAAPL	VOOV +5.80 points	2.53%	8.33%
Walmart IncWMT	RWL +2.76 points	4.35%	1.59%
McKesson CorpMCK	RWL +2.10 points	2.44%	0.34%
Intel CorpINTC	VOOV +1.90 points	0.15%	2.05%
Cencora IncCOR	RWL +1.51 points	1.71%	0.20%
CVS Health CorpCVS	RWL +1.44 points	1.82%	0.38%
Cardinal Health IncCAH	RWL +1.26 points	1.44%	0.18%
Cigna Group/TheCI	RWL +1.24 points	1.49%	0.25%
UnitedHealth Group IncUNH	RWL +1.12 points	2.25%	1.13%
Centene CorpCNC	RWL +0.99 points	1.10%	0.11%
Merck & Co IncMRK	VOOV +0.90 points	0.33%	1.23%
Tesla IncTSLA	VOOV +0.80 points	0.50%	1.30%
Kroger Co/TheKR	RWL +0.78 points	0.89%	0.11%
Texas Instruments IncTXN	VOOV +0.78 points	0.10%	0.88%
General Motors CoGM	RWL +0.72 points	0.95%	0.23%
Ford Motor CoF	RWL +0.71 points	0.87%	0.16%
Visa IncV	VOOV +0.69 points	0.25%	0.94%
Procter & Gamble Co/ThePG	VOOV +0.66 points	0.50%	1.16%
Humana IncHUM	RWL +0.63 points	0.79%	0.16%
Analog Devices IncADI	VOOV +0.59 points	0.07%	0.66%
Thermo Fisher Scientific IncTMO	VOOV +0.60 points	0.26%	0.86%
Linde PLCLIN	VOOV +0.55 points	0.20%	0.75%
Western Digital CorpWDC	VOOV +0.52 points	0.04%	0.56%
AbbVie IncABBV	VOOV +0.49 points	0.37%	0.86%
QUALCOMM IncQCOM	VOOV +0.46 points	0.21%	0.67%
ExxonMobil Holdings CorpXOM	VOOV +0.46 points	1.83%	2.29%
Salesforce IncCRM	VOOV +0.45 points	0.19%	0.64%
Eaton Corp PLCETN	VOOV +0.45 points	0.12%	0.57%
Bank of America CorpBAC	VOOV +0.44 points	0.77%	1.21%
Palo Alto Networks IncPANW	VOOV +0.44 points	0.05%	0.49%
JPMorgan Chase & CoJPM	RWL +0.44 points	1.40%	0.96%
Union Pacific CorpUNP	VOOV +0.42 points	0.13%	0.55%
Charles Schwab Corp/TheSCHW	VOOV +0.41 points	0.13%	0.54%
Cisco Systems IncCSCO	VOOV +0.41 points	0.27%	0.68%
NextEra Energy IncNEE	VOOV +0.39 points	0.15%	0.54%
Marvell Technology IncMRVL	VOOV +0.39 points	0.03%	0.42%
Johnson & JohnsonJNJ	VOOV +0.40 points	0.50%	0.90%
Vertex Pharmaceuticals IncVRTX	VOOV +0.38 points	0.07%	0.45%
Coca-Cola Co/TheKO	VOOV +0.38 points	0.28%	0.66%
Prologis IncPLD	VOOV +0.38 points	0.04%	0.42%
Phillips 66PSX	RWL +0.37 points	0.72%	0.35%
Blackrock IncBLK	VOOV +0.37 points	0.15%	0.52%
Comcast CorpCMCSA	RWL +0.36 points	0.62%	0.26%
Abbott LaboratoriesABT	VOOV +0.35 points	0.24%	0.59%
Deere & CoDE	VOOV +0.34 points	0.24%	0.58%
Chevron CorpCVX	VOOV +0.33 points	1.05%	1.38%
Danaher CorpDHR	VOOV +0.34 points	0.14%	0.48%
Marathon Petroleum CorpMPC	RWL +0.33 points	0.71%	0.38%
Costco Wholesale CorpCOST	RWL +0.33 points	1.71%	1.38%
Bunge Global SABG	RWL +0.31 points	0.37%	0.06%
Mastercard IncMA	VOOV +0.30 points	0.20%	0.50%
Progressive Corp/ThePGR	RWL +0.30 points	0.48%	0.18%
Target CorpTGT	RWL +0.30 points	0.54%	0.24%
Equinix IncEQIX	VOOV +0.29 points	0.05%	0.34%
General Electric CoGE	VOOV +0.28 points	0.25%	0.53%
Goldman Sachs Group Inc/TheGS	RWL +0.28 points	0.57%	0.29%
Tyson Foods IncTSN	RWL +0.27 points	0.32%	0.05%
Altria Group IncMO	VOOV +0.28 points	0.11%	0.39%
Sysco CorpSYY	RWL +0.27 points	0.40%	0.13%
FedEx CorpFDX	RWL +0.25 points	0.47%	0.21%
United Parcel Service IncUPS	RWL +0.25 points	0.49%	0.24%
Freeport-McMoRan IncFCX	VOOV +0.24 points	0.10%	0.34%
American Express CoAXP	RWL +0.24 points	0.42%	0.18%
Morgan StanleyMS	RWL +0.24 points	0.54%	0.30%
Valero Energy CorpVLO	RWL +0.24 points	0.62%	0.38%
MetLife IncMET	RWL +0.24 points	0.41%	0.17%
Williams Cos Inc/TheWMB	VOOV +0.24 points	0.05%	0.29%
Synopsys IncSNPS	VOOV +0.24 points	0.05%	0.29%
Wells Fargo & CoWFC	VOOV +0.23 points	0.60%	0.83%
Seagate Technology Holdings PLCSTX	VOOV +0.23 points	0.03%	0.26%
Automatic Data Processing IncADP	VOOV +0.22 points	0.13%	0.35%
Moderna IncMRNA	VOOV +0.23 points	0.02%	0.25%
Philip Morris International IncPM	VOOV +0.22 points	0.23%	0.45%
CSX CorpCSX	VOOV +0.23 points	0.07%	0.30%
Pfizer IncPFE	VOOV +0.22 points	0.34%	0.56%
Intercontinental Exchange IncICE	VOOV +0.22 points	0.07%	0.29%
Blackstone IncBX	VOOV +0.22 points	0.07%	0.29%
Adobe IncADBE	VOOV +0.21 points	0.12%	0.33%
Delta Air Lines IncDAL	RWL +0.21 points	0.38%	0.17%
United Airlines Holdings IncUAL	RWL +0.21 points	0.33%	0.12%
American Tower CorpAMT	VOOV +0.20 points	0.06%	0.26%
ConocoPhillipsCOP	VOOV +0.21 points	0.31%	0.52%
Bristol-Myers Squibb CoBMY	VOOV +0.20 points	0.24%	0.44%
Archer-Daniels-Midland CoADM	RWL +0.20 points	0.33%	0.13%
Charter Communications IncCHTR	RWL +0.20 points	0.24%	0.04%
Prudential Financial IncPRU	RWL +0.20 points	0.33%	0.13%
Keysight Technologies IncKEYS	VOOV +0.18 points	0.03%	0.21%
Motorola Solutions IncMSI	VOOV +0.18 points	0.07%	0.25%
Digital Realty Trust IncDLR	VOOV +0.18 points	0.03%	0.21%
Best Buy Co IncBBY	RWL +0.18 points	0.24%	0.06%
Norfolk Southern CorpNSC	VOOV +0.18 points	0.06%	0.24%
Medtronic PLCMDT	VOOV +0.17 points	0.21%	0.38%
Southern Co/TheSO	VOOV +0.17 points	0.16%	0.33%
Cintas CorpCTAS	VOOV +0.17 points	0.06%	0.23%
Regeneron Pharmaceuticals IncREGN	VOOV +0.16 points	0.09%	0.25%
Starbucks CorpSBUX	VOOV +0.17 points	0.20%	0.37%
McDonald's CorpMCD	VOOV +0.16 points	0.15%	0.31%
HP IncHPQ	RWL +0.16 points	0.26%	0.10%
Allstate Corp/TheALL	RWL +0.16 points	0.35%	0.19%
AMETEK IncAME	VOOV +0.15 points	0.04%	0.19%

All 502 RWL holdings⁠All 436 VOOV 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 VOOV Cost

Overpaying RWL vs VOOV

$6,418

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

RWL 0.39%
$7,898
VOOV 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

RWL 0.39%
VOOV 0.07%
Overpaying

Year by year

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

Expense ratio

0.39%RWL
0.07%VOOV, cheaper

VOOV0.07%RWL0.39%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

VOOV 6th cheapest of 41 funds

RWL 26th cheapest of 41 funds

RWL vs VOOV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RWL 1.18%; VOOV 1.61%, better
Payout (12M): RWL $1.61; VOOV $3.75
Last payment: RWL $0.40; VOOV $0.95
Ex-dividend: RWL Sep 21, 2026; VOOV Sep 23, 2026
Paid on: RWL Sep 25, 2026; VOOV Sep 25, 2026
Frequency: RWL Quarterly; VOOV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWLQuarterly · 39 paymentsAll RWL payments⁠

VOOVQuarterly · 39 paymentsAll VOOV payments⁠

RWL vs VOOV Risk

Fall from peak · 5 years

RWL
VOOV

Risk facts

VolatilityStd dev, 3 years: RWL 11.4%, betterVOOV 11.8%
Return per unit of riskSharpe ratio, 3 years: RWL 1.46, betterVOOV 1.15
Worst fallMax drawdown, 5 years: RWL −17.5%, betterVOOV −18.1%
Market sensitivityBeta, 5 years: RWL 0.78VOOV 0.84; Market = 1

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