CZA vs IWR: Grades, Fees and Holdings Compared

Invesco Zacks Mid-Cap ETF

CZACNYSE Arca

iShares Russell Mid-Cap ETF

IWRANYSE Arca

Overlap

11.8%by weight

Expense ratio

IWR −0.51pt a year

CZA0.69%IWR0.18%

Avg volume · 30D

IWR 602.1×the volume

CZA2.97KIWR1.79M

10Y return · a year

IWR +0.9pt

CZA+10.7%IWR+11.6%

CZA vs IWR Performance

Oct 29, 2021 – Oct 30, 2026

+43.5%CZA+42.1%IWR

Expense ratio: CZA 0.69%; IWR 0.18%, better
Fund size: CZA $182M; IWR $58.1B
1Y total return: CZA +17.4%, better; IWR +16.3%
Yield (12M): CZA 1.37%, better; IWR 1.16%
Holdings: CZA 104; IWR 827
Avg volume (30D): CZA 2.97K sh; IWR 1.79M sh, better
NAV per share: CZA $126.16; IWR $110.06
52W range

ETF.net Grade

Pillar letters and Scores for CZA, IWR, with each pillar’s weight
Pillar	CZA	IWR
Cost30% weight	F18	C43Higher
Mission25% weight	A74	A100Higher
Risk15% weight	B65	B68Higher
Tradability15% weight	D36	A93Higher
Holdings10% weight	D35	A83Higher
Durability5% weight	C43	A86Higher

Rank among US Mid-Cap funds

How we build Categories ›

Same Category. CZA and IWR are both graded against the same 13 US Mid-Cap funds, so their Grades compare head to head.

US Mid-Cap⁠

Category · 13 funds

See all 13 ›

IWR ranks 4th and CZA 11th of 13 funds in the US Mid-Cap Category.

Rank 1AIMCBiShares Morningstar Mid-Cap ETFScore 82
Rank 2ASCHMSchwab U.S. Mid-Cap ETFScore 80
Rank 3AVOVanguard Morningstar Mid-Cap ETFScore 79
Rank 4AIWRiShares Russell Mid-Cap ETFScore 74
Rank 5ABKMCBNY Mellon US Mid Cap Core Equity ETFScore 70
Rank 9CFMDEFidelity Enhanced Mid Cap ETFScore 51
Rank 11CCZAInvesco Zacks Mid-Cap ETFScore 44
Rank 12DFNYFirst Trust Mid Cap Growth AlphaDEX FundScore 39

Our read on each fund

ETF.net Research

CZACInvesco Zacks Mid-Cap ETF

IWRAiShares Russell Mid-Cap ETF

In short

CZA A stock picker in index clothing: about 100 mid-caps chosen by a Zacks quant screen instead of the whole segment. Running since 2007, and the 0.69% fee is the price of that opinion.

IWR The Russell mid-cap standard: roughly 800 mid-sized US companies in one ticker, tracked since 2001. Big, heavily traded, and priced a notch above the index-fund floor.

Stated mandate

CZA The fund seeks to track the Zacks Mid-Cap Core Index by investing at least 90% of its assets in securities included in that index.

IWR The fund seeks to track an index composed of mid-sized U.S. companies.

Why people hold it

CZA Rules-based but opinionated. The Zacks Mid-Cap Core Index screens down to roughly 100 names, so the basket genuinely looks different from a cap-weighted mid-cap fund.invesco.com
The mandate is tight: at least 90% of assets sit in the named index, so this is a quant screen in an index wrapper, not open-ended manager discretion.invesco.com
Launched in 2007 under Invesco, it has run the same strategy through the financial crisis and every market since. Long track records are rare among rules-based screens.invesco.com
It stays close to the index it advertises, so what you read in the methodology is broadly what you own.

IWR Has tracked the Russell MidCap Index since 2001 and hews to it about as closely as anything in the mid-cap group.ishares.com
Roughly 800 mid-size US names, so no single stock carries the fund.
A multi-billion-dollar fund that trades actively, which tends to keep bid-ask spreads thin for small and large orders alike.
Plain 1940 Act fund paying quarterly distributions. No leverage, no exotic wrapper to babysit.

Worth knowing

CZA Cost is the headline trade-off. At 0.69%, this sits far above plain mid-cap trackers such as VO and SCHM at 0.03%. That gap comes out of returns every year, screen or no screen.
Thinly traded and modest in size, so bid-ask spreads are a bigger slice of your real cost here than with the giant mid-cap funds.
About 100 holdings means individual names swing the fund more than in a broad index holding several hundred. Concentration cuts both directions.

IWR 0.18% a year, versus 0.03% for mid-cap rivals like VO and SCHM. Same aisle, different sticker.
Different yardstick than several rivals: Russell MidCap rather than a Morningstar mid-cap index, so the holdings and the size cutoffs differ.
All equity, all US. Nothing here (bonds, cash, foreign stocks) cushions a domestic stock selloff.

Full CZA profile⁠

Full IWR profile⁠

CZA vs IWR Holdings

How CZA and IWR differ

Overlap by weight

11.8%

Shared holdings make up 81.8% of CZA and 11.8% of IWR.

Level by level

Holdings80 in both11.8%
Sector11 Sectors79.6%
Countryby domicile91.1%
Asset classEquity100%

Sector

Sector weights in CZA and IWR, widest gap first
Sector	More in CZAMore in IWR	CZA	IWR
Financials	CZA +11.5 points	25.4%	13.9%
Technology	IWR +8.3 points	7.7%	16.0%
Health Care	CZA +3.9 points	16.7%	12.8%
Energy	IWR +3.6 points	3.5%	7.1%
Consumer Discretionary	IWR +3.3 points	5.5%	8.8%
Industrials	CZA +3.0 points	19.9%	16.9%
Consumer Staples	IWR +2.5 points	2.6%	5.2%
Communication	IWR +2.5 points	0.0%	2.5%
Real Estate	CZA +1.5 points	7.9%	6.4%
Materials	CZA +0.4 points	5.2%	4.8%
Utilities	IWR +0.2 points	5.5%	5.7%

Country, concentration and asset class

Country by domicile

Country weights in CZA and IWR, widest gap first
Country	More in CZAMore in IWR	CZA	IWR
United States	IWR +7.8 points	90.6%	98.4%
Canada	CZA +3.8 points	4.0%	0.2%
China	CZA +2.4 points	2.4%	0.0%
Peru	CZA +1.9 points	1.9%	0.0%
Switzerland	CZA +0.7 points	1.1%	0.4%
Other countries (9)	IWR +1.1 points	0.0%	1.1%

Concentration

Weight in the 10 largest Holdings

CZA19.7%
IWR6.5%

Securities held

CZA102
IWR823

Asset class

CZA: Equity
IWR: Equity

Holdings

Only in CZA22
In both80
Only in IWR743

Only in CZA

22 securities, 18.2% of CZA by weight

Waste Connections Inc2.15%
Venture Global Inc1.77%
Credicorp Ltd1.63%
Nutrien Ltd1.60%
Trip.com Group Ltd1.22%
AerCap Holdings NV1.21%
Fiserv Inc1.20%
Amrize Ltd1.11%
Western Midstream Partners LP0.90%
Plains All American Pipeline LP0.90%
Ball Corp0.85%
Yum China Holdings Inc0.75%
Levi Strauss & Co0.42%
Full Truck Alliance Co Ltd0.41%
Ryman Hospitality Properties Inc0.40%
PACS Group Inc0.37%
Zurn Elkay Water Solutions Corp0.35%
Enact Holdings Inc0.32%
Triple Flag Precious Metals Corp0.30%
Intercorp Financial Services Inc0.25%
Invesco Government & Agency Portfolio0.06%
Securities Lending - Bnym0.00%

Only in IWR

743 securities, 88.0% of IWR by weight

Marathon Petroleum0.96%
Phillips 660.83%
Snowflake0.75%
Cloudflare Class A0.66%
Moderna0.59%
Datadog Inc Class A0.57%
Royal Caribbean Group0.57%
United Rentals0.53%
Hewlett Packard Enterprise0.53%
Simon Property Group Reit Inc0.51%
Cheniere Energy0.51%
Digital Realty Trust Reit0.49%
Targa Resources0.49%
Allstate Corp0.49%
Robinhood Markets Class A0.48%
Kinder Morgan0.48%
Lumentum Holdings0.48%
Cencora0.45%
Oneok0.44%
Nucor0.44%
Fastenal0.44%
Ww Grainger Inc0.43%
Devon Energy0.43%
Cardinal Health0.43%
Natera0.41%
Ametek Inc0.40%
Baker Hughes Class A0.40%
Becton Dickinson0.40%
Realty Income Reit0.39%
Autodesk0.39%
Keysight Technologies0.38%
Edwards Lifesciences0.38%
L3HARRIS Technologies0.38%
Entergy Corp0.38%
Xcel Energy Inc0.36%
Humana0.36%
Agilent Technologies Inc0.36%
Delta Air Lines0.36%
Rockwell Automation Inc0.36%
Ebay0.36%
Fifth Third Bancorp0.36%
Vylor0.36%
PayPal Holdings0.36%
Ford Motor Co0.35%
Exelon Corp0.35%
Westinghouse Air Brake Technologie0.35%
Vivmark Residential0.34%
Nasdaq Inc0.34%
Veeva Systems Class A0.34%
Vistra0.34%

Weight gaps

All 80 Holdings in both funds, largest gap first.

Holding weights in CZA and IWR, widest gap first
Holding	More in CZAMore in IWR	CZA	IWR
Waters CorpWAT	CZA +1.84 points	2.17%	0.33%
MSCI IncMSCI	CZA +1.78 points	2.10%	0.32%
American International Group IncAIG	CZA +1.71 points	2.03%	0.32%
Consolidated Edison IncED	CZA +1.71 points	2.02%	0.31%
Chipotle Mexican Grill IncCMG	CZA +1.65 points	1.94%	0.29%
Royalty Pharma PLCRPRX	CZA +1.59 points	1.79%	0.20%
Sysco CorpSYY	CZA +1.57 points	1.86%	0.29%
Prudential Financial IncPRU	CZA +1.56 points	1.86%	0.30%
Public Service Enterprise Group IncPEG	CZA +1.51 points	1.78%	0.27%
Archer-Daniels-Midland CoADM	CZA +1.48 points	1.75%	0.27%
Hartford Insurance Group Inc/TheHIG	CZA +1.48 points	1.74%	0.26%
GE HealthCare Technologies IncGEHC	CZA +1.36 points	1.61%	0.25%
Zoetis IncZTS	CZA +1.32 points	1.57%	0.25%
Huntington Bancshares Inc/OHHBAN	CZA +1.29 points	1.52%	0.23%
Extra Space Storage IncEXR	CZA +1.27 points	1.50%	0.23%
Teledyne Technologies IncTDY	CZA +1.25 points	1.47%	0.22%
Northern Trust CorpNTRS	CZA +1.24 points	1.46%	0.22%
Willis Towers Watson PLCWTW	CZA +1.21 points	1.43%	0.22%
Labcorp Holdings IncLH	CZA +1.20 points	1.42%	0.22%
Tradeweb Markets IncTW	CZA +1.19 points	1.29%	0.10%
Zoom Communications IncZM	CZA +1.17 points	1.36%	0.19%
DTE Energy CoDTE	CZA +1.15 points	1.36%	0.21%
Atmos Energy CorpATO	CZA +1.15 points	1.36%	0.21%
Cincinnati Financial CorpCINF	CZA +1.14 points	1.34%	0.20%
Las Vegas Sands CorpLVS	CZA +1.08 points	1.15%	0.07%
Eversource EnergyES	CZA +1.07 points	1.26%	0.19%
PPG Industries IncPPG	CZA +1.06 points	1.26%	0.20%
Corpay IncCPAY	CZA +1.03 points	1.21%	0.18%
Expeditors International of Washington IncEXPD	CZA +1.02 points	1.21%	0.19%
Verisk Analytics IncVRSK	CZA +1.00 points	1.19%	0.19%
Veralto CorpVLTO	CZA +0.97 points	1.17%	0.20%
Packaging Corp of AmericaPKG	CZA +0.91 points	1.07%	0.16%
TD SYNNEX CorpSNX	CZA +0.90 points	1.03%	0.13%
Reliance IncRS	CZA +0.89 points	1.05%	0.16%
Tenet Healthcare CorpTHC	CZA +0.87 points	1.03%	0.16%
NiSource IncNI	CZA +0.86 points	1.02%	0.16%
TPG IncTPG	CZA +0.84 points	0.89%	0.05%
Viatris IncVTRS	CZA +0.84 points	1.00%	0.16%
Tyson Foods IncTSN	CZA +0.84 points	0.95%	0.11%
SBA Communications CorpSBAC	CZA +0.84 points	0.98%	0.14%
Royal Gold IncRGLD	CZA +0.82 points	0.96%	0.14%
Rollins IncROL	CZA +0.78 points	0.86%	0.08%
DuPont de Nemours IncDD	CZA +0.75 points	0.89%	0.14%
Franklin Templeton IncBEN	CZA +0.72 points	0.78%	0.06%
WESCO International IncWCC	CZA +0.71 points	0.83%	0.12%
Leidos Holdings IncLDOS	CZA +0.70 points	0.83%	0.13%
IDEX CorpIEX	CZA +0.68 points	0.81%	0.13%
Hasbro IncHAS	CZA +0.66 points	0.78%	0.12%
Corebridge Financial IncCRBG	CZA +0.65 points	0.72%	0.07%
Invitation Homes IncINVH	CZA +0.64 points	0.76%	0.12%
CNA Financial CorpCNA	CZA +0.63 points	0.64%	<0.01%
Performance Food Group CoPFGC	CZA +0.62 points	0.73%	0.11%
CH Robinson Worldwide IncCHRW	CZA +0.60 points	0.71%	0.11%
Lincoln Electric Holdings IncLECO	CZA +0.60 points	0.71%	0.11%
Unum GroupUNM	CZA +0.58 points	0.69%	0.11%
Annaly Capital Management IncNLY	CZA +0.58 points	0.68%	0.10%
Solventum CorpSOLV	CZA +0.57 points	0.66%	0.09%
RenaissanceRe Holdings LtdRNR	CZA +0.56 points	0.66%	0.10%
Sun Communities IncSUI	CZA +0.55 points	0.65%	0.10%
Regency Centers CorpREG	CZA +0.55 points	0.65%	0.10%
Healthpeak Properties IncDOC	CZA +0.52 points	0.62%	0.10%
Crown Holdings IncCCK	CZA +0.52 points	0.61%	0.09%
Huntington Ingalls Industries IncHII	CZA +0.51 points	0.60%	0.09%
Leonardo DRS IncDRS	CZA +0.48 points	0.50%	0.02%
Watts Water Technologies IncWTS	CZA +0.48 points	0.55%	0.07%
Crane CoCR	CZA +0.47 points	0.54%	0.07%
Sterling Infrastructure IncSTRL	CZA +0.46 points	0.54%	0.08%
First Horizon CorpFHN	CZA +0.45 points	0.53%	0.08%
Ensign Group Inc/TheENSG	CZA +0.43 points	0.51%	0.08%
Applied Industrial Technologies IncAIT	CZA +0.44 points	0.52%	0.08%
Service Corp International/USSCI	CZA +0.41 points	0.48%	0.07%
Houlihan Lokey IncHLI	CZA +0.40 points	0.46%	0.06%
Affiliated Managers Group IncAMG	CZA +0.40 points	0.47%	0.07%
Oshkosh CorpOSK	CZA +0.35 points	0.41%	0.06%
Valmont Industries IncVMI	CZA +0.33 points	0.39%	0.06%
AptarGroup IncATR	CZA +0.34 points	0.40%	0.06%
Kirby CorpKEX	CZA +0.31 points	0.37%	0.06%
Axis Capital Holdings LtdAXS	CZA +0.31 points	0.36%	0.05%
Ralliant CorpRAL	CZA +0.31 points	0.36%	0.05%
Armstrong World Industries IncAWI	CZA +0.28 points	0.33%	0.05%

All 101 CZA holdings⁠All 823 IWR 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.

CZA vs IWR Cost

Overpaying CZA vs IWR

$9,680

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

CZA 0.69%
$13,429
IWR 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

CZA 0.69%
IWR 0.18%
Overpaying

Year by year

Year	CZA	IWR	Overpaying
10	$1,232	$328	$904
20	$4,697	$1,281	$3,416
30	$13,429	$3,749	$9,680

Expense ratio

0.69%CZA
0.18%IWR, cheaper

IWR0.18%CZA0.69%

0.03%0.79%

Middle half of US Mid-Cap funds
Median 0.15%

IWR 8th cheapest of 13 funds

CZA 11th cheapest of 13 funds

CZA vs IWR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CZA 1.37%, better; IWR 1.16%
Payout (12M): CZA $1.73; IWR $1.27
Last payment: CZA $1.73; IWR $0.33
Ex-dividend: CZA Dec 22, 2025; IWR Sep 15, 2026
Paid on: CZA Dec 26, 2025; IWR Sep 18, 2026
Frequency: CZA Annual; IWR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CZAAnnual · 9 paymentsAll CZA payments⁠

IWRQuarterly · 36 paymentsAll IWR payments⁠

CZA vs IWR Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: CZA 13.8%, betterIWR 14.1%
Return per unit of riskSharpe ratio, 3 years: CZA 0.91IWR 1.08, better
Worst fallMax drawdown, 5 years: CZA −18.9%, betterIWR −26.2%
Market sensitivityBeta, 5 years: CZA 0.82IWR 1.01; Market = 1

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