RWL vs FNDX: Holdings Overlap
RWLInvesco S&P 500 Revenue ETF
Invesco · 502 holdings · $9.8B · as of 2026-05-31
FNDXSchwab Fundamental U.S. Large Company ETF
Schwab · 733 holdings · $27.4B · as of 2026-05-31
How similar are RWL and FNDX?
Invesco S&P 500 Revenue ETF (RWL, by Invesco) holds 502 positions; Schwab Fundamental U.S. Large Company ETF (FNDX, by Schwab) holds 733. They have 462 holdings in common, and by portfolio weight the two funds are 67.4% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 67.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 462RWL holds 502 · FNDX holds 733
- Weight in Shared Holdings
- RWL 98%·FNDX 91%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in RWL
40 of 502 positions (1.8% of the fund) are not held by FNDX. Showing the top 30 by weight.
Sector Breakdown
| Sector | RWL | FNDX |
|---|---|---|
| Information Technology | 15.4% | 21.4% |
| Health Care | 19.3% | 11.8% |
| Financials | 15.1% | 13.8% |
| Consumer Discretionary | 12.1% | 8.7% |
| Consumer Staples | 10.1% | 7.0% |
| Other Sectors | 27.8% | 37.0% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| RWL | +3.1% | +17.9% | +31.3% | +19.4% | +14.1% | +14.1% | 1.20% |
| FNDX | +3.1% | +19.7% | +33.0% | +20.0% | +14.0% | +14.3% | 1.43% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in RWL vs FNDX →
Shared Holdings(462)
The top 10 shared positions account for 23% of the overlap, led by AAPL, AMZN and MSFT.
 AAPLApple Inc. | 2.55% | 4.63% | 2.55% |
|---|---|---|---|
 AMZNAmazon.com, Inc. | 4.47% | 1.85% | 1.85% |
 MSFTMicrosoft Corp. | 1.66% | 2.32% | 1.66% |
 XOMExxon Mobil Corp. | 1.52% | 2.28% | 1.52% |
 BRK-BBerkshire Hathaway Inc., Class B | 1.75% | 1.41% | 1.41% |
 JPMJPMorgan Chase & Co. | 1.43% | 1.38% | 1.38% |
 UNHUnitedHealth Group Inc. | 2.92% | 1.37% | 1.37% |
 GOOGLAlphabet Inc., Class A | 1.22% | 2.38% | 1.22% |
 GOOGAlphabet Inc., Class C | 1.20% | 1.89% | 1.20% |
 WMTWalmart Inc. | 3.27% | 1.01% | 1.01% |
 METAMeta Platforms, Inc., Class A | 0.95% | 1.24% | 0.95% |
 CVSCVS Health Corp. | 2.37% | 0.91% | 0.91% |
 BACBank of America Corp. | 1.02% | 0.87% | 0.87% |
 CVXChevron Corp. | 0.86% | 1.48% | 0.86% |
 CCitigroup Inc. | 0.96% | 0.85% | 0.85% |
 GMGeneral Motors Co. | 1.01% | 0.74% | 0.74% |
 VZVerizon Communications Inc. | 0.64% | 0.99% | 0.64% |
 VLOValero Energy Corp. | 0.64% | 0.71% | 0.64% |
 MPCMarathon Petroleum Corp. | 0.71% | 0.63% | 0.63% |
 INTCIntel Corp. | 0.62% | 2.57% | 0.62% |
 WFCWells Fargo & Co. | 0.61% | 0.67% | 0.61% |
 FFord Motor Co. | 1.32% | 0.60% | 0.60% |
 GSGoldman Sachs Group, Inc. (The) | 0.77% | 0.58% | 0.58% |
 TAT&T Inc. | 0.56% | 0.81% | 0.56% |
 NVDANVIDIA Corp. | 1.20% | 0.55% | 0.55% |
Showing the top 250 of 462 shared holdings by overlap weight.
Frequently Asked Questions
How much do RWL and FNDX overlap?
RWL and FNDX overlap by 67.4% of portfolio weight. They share 462 holdings (RWL holds 502 positions and FNDX holds 733), based on each fund's latest SEC-reported holdings.
Is it redundant to own both RWL and FNDX?
The two portfolios are 67.4% identical by weight. Owning both mostly doubles down on the shared core rather than diversifying: the same large positions drive both funds.
What are the biggest shared holdings of RWL and FNDX?
The largest positions held by both funds are AAPL, AMZN, MSFT, XOM and BRK-B. Together the top 10 shared positions account for 23% of the total overlap.
What does RWL own that FNDX doesn't?
40 positions (1.8% of RWL) are unique to RWL, led by UAL, LUV and LYV. In the other direction, 271 positions (9.0% of FNDX) are unique to FNDX.