IJR vs RZG: Grades, Fees and Holdings Compared

iShares Core S&P Small-Cap ETF

IJRANYSE Arca

Invesco S&P SmallCap 600 Revenue ETF

RZGCNYSE Arca

Overlap

24.0%by weight

Expense ratio

IJR −0.29pt a year

IJR0.06%RZG0.35%

Avg volume · 30D

IJR 288.7×the volume

IJR3.24MRZG11.2K

10Y return · a year

IJR +1.3pt

IJR+10.6%RZG+9.3%

IJR vs RZG Performance

Oct 29, 2021 – Oct 30, 2026

+34.3%IJR+16.7%RZG

Expense ratio: IJR 0.06%, better; RZG 0.35%
Fund size: IJR $106B; RZG $118M
1Y total return: IJR +20.6%, better; RZG +16.2%
Yield (12M): IJR 1.22%, better; RZG 0.58%
Holdings: IJR 609; RZG 128
Avg volume (30D): IJR 3.24M sh, better; RZG 11.2K sh
NAV per share: IJR $140.29; RZG $62.23
52W range

ETF.net Grade

Pillar letters and Scores for IJR, RZG, with each pillar’s weight
Pillar	IJR	RZG
Cost30% weight	A90Higher	F22
Mission25% weight	A83	A94Higher
Risk15% weight	C53Higher	D36
Tradability15% weight	A76Higher	D36
Holdings10% weight	A85Higher	D37
Durability5% weight	A82Higher	D33

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. IJR and RZG are both graded against the same 13 S&P SmallCap 600 funds, so their Grades compare head to head.

S&P SmallCap 600⁠

Category · 13 funds

See all 13 ›

IJR ranks 2nd and RZG 10th of 13 funds in the S&P SmallCap 600 Category.

Rank 1ASPSMState Street SPDR Portfolio S&P 600 Small Cap ETFScore 84
Rank 2AIJRiShares Core S&P Small-Cap ETFScore 79
Rank 3AVIOOVanguard S&P Small-Cap 600 ETFScore 70
Rank 9BIJSiShares S&P Small-Cap 600 Value ETFScore 57
Rank 10CRZGInvesco S&P SmallCap 600 Revenue ETFScore 46
Rank 11DRWJInvesco S&P SmallCap 600 Revenue ETFScore 40

Our read on each fund

ETF.net Research

IJRAiShares Core S&P Small-Cap ETF

RZGCInvesco S&P SmallCap 600 Revenue ETF

In short

IJR Small caps, but only the ones making money. IJR tracks the S&P SmallCap 600, an index that screens for positive earnings before a stock gets in, and it has been the big, heavily traded way to own that basket since 2000.

RZG Small-cap growth with no fence-sitters: RZG holds only the S&P 600 names that score strongest on growth, about 130 of them, weighted by growth score instead of size. A 2006-vintage purist in a cap-weighted world.

Stated mandate

IJR The fund seeks to track an index representing small-capitalization U.S. equities.

RZG The Fund is based on the S&P SmallCap 600 Revenue-Weighted Index and invests at least 90% of total assets in securities using a rules-based approach, with no company exceeding a 5% weighting.

Why people hold it

IJR The index runs a profitability screen: no positive earnings, no entry. The money-losing tail of the small-cap market never reaches the portfolio.spglobal.com
0.06% a year, against a 0.18% median for funds wrapping this same index. One of the strongest overall implementations in that peer group.
Trading since 2000 and now one of the largest, most actively traded S&P 600 funds available.
Roughly 700 US small-cap positions, cash paid out quarterly.

RZG Pure means pure. S&P splits the 600 into growth and value with no overlap, so this owns the strongest growth scorers rather than a blend of both.invesco.com spglobal.com
Position sizes track growth scores, not market caps, so the stocks that rate highest on sales growth, earnings-to-price change and momentum carry the most weight.invesco.com
Rules-based, fully replicated and rebalanced once a year. No manager discretion, no constant reshuffling, and a live record going back to 2006.invesco.com

Worth knowing

IJR Cheaper twins exist on the identical index: SPSM charges 0.03%, VIOO 0.07%. On headline fee alone, IJR is not the low bid.
Small-cap stocks move more sharply than large caps, and this is straight index exposure with no hedge or cushion.ishares.com
The earnings screen cuts both ways. When speculative, unprofitable small caps run, this index simply isn't holding them.spglobal.com

RZG The 0.35% fee runs well above the typical S&P 600 tracker and far above core options like SPSM at 0.03% and IJR at 0.06%.
Thinly traded and modest in size, so spreads can run wider than on the core small-cap names, especially in fast markets.
About 130 stocks and one rebalance a year make for concentrated, style-tilted exposure that can wander a long way from the broad 600.invesco.com

Full IJR profile⁠

Full RZG profile⁠

IJR vs RZG Holdings

How IJR and RZG differ

Overlap by weight

24.0%

Shared holdings make up 99.9% of RZG and 24.1% of IJR.

Level by level

Holdings125 in both24.0%
Sector11 Sectors82.6%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in IJR and RZG, widest gap first
Sector	More in IJRMore in RZG	IJR	RZG
Health Care	RZG +11.9 points	11.3%	23.1%
Consumer Discretionary	IJR +5.1 points	13.5%	8.4%
Materials	IJR +3.7 points	4.2%	0.5%
Technology	RZG +3.0 points	12.8%	15.8%
Consumer Staples	RZG +2.5 points	3.9%	6.4%
Financials	IJR +2.5 points	18.4%	15.9%
Utilities	IJR +2.0 points	2.0%	0.0%
Communication	IJR +1.8 points	3.4%	1.6%
Energy	IJR +1.1 points	6.6%	5.5%
Industrials	IJR +1.1 points	17.3%	16.2%
Real Estate	IJR +0.1 points	6.6%	6.5%

Country, concentration and asset class

Country by domicile

Country weights in IJR and RZG, widest gap first
Country	More in IJRMore in RZG	IJR	RZG
United States	RZG +0.1 points	99.9%	100.0%
Singapore	IJR +0.1 points	0.1%	0.0%
Hong Kong	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IJR6.3%
RZG17.0%

Securities held

IJR603
RZG127

Asset class

IJR: Equity
RZG: Equity

Holdings

Only in IJR478
In both125
Only in RZG2

Only in IJR

478 securities, 74.6% of IJR by weight

Glaukos0.80%
Paycom Software0.58%
Sm Energy0.55%
Match Group Inc0.54%
Ryman Hospitality Properties Reit0.52%
Life Time Group Holdings0.49%
Jackson Financial Class A0.48%
Carmax Inc0.45%
Element Solutions Inc0.45%
Victoria’s Secret0.44%
Eastman Chemical0.43%
Pool0.43%
Ralliant0.42%
Lamb Weston Holdings0.42%
Epam Systems0.41%
Terreno Realty Reit0.41%
Mohawk Industries0.40%
Builders Firstsource Inc0.40%
Conagra Brands0.40%
Macerich Reit0.39%
Matson Inc0.38%
Molson Coors Brewing Class B0.36%
Magnolia Oil Gas Corp Class A0.36%
Noble Corporation PLC0.36%
Gates Industrial PLC0.34%
Box Inc Class A0.34%
Ringcentral Class A0.34%
Caesars Entertainment Inc0.34%
Teleflex0.34%
Casella Waste Systems Class A0.33%
Lincoln National Corp0.33%
Essential Properties Realty Trust0.33%
Enpro0.33%
Marketaxess Holdings0.33%
Maxlinear0.32%
Aci Worldwide0.32%
Outfront Media0.32%
Tenable Holdings Inc0.32%
Mobility Global Inc0.32%
Atlantic Union Bankshares0.32%
Plexus Corp0.32%
Victory Capital Holdings Class A0.31%
Balchem0.31%
Msg Knickerbockers Class A0.31%
Adt Inc0.30%
Trade Desk Class A0.30%
Impinj0.30%
Rithm Capital0.30%
Cheesecake Factory Inc0.29%
Ameris Bancorp0.29%

Only in RZG

2 securities, 0.1% of RZG by weight

Invesco Government & Agency Portfolio0.06%
Securities Lending - Bnym0.00%

Weight gaps

The 100 widest of 125 Holdings in both funds.

Holding weights in IJR and RZG, widest gap first
Holding	More in IJRMore in RZG	IJR	RZG
Arcutis BiotherapeuticsARQT	RZG +1.85 points	0.21%	2.06%
Acadian Asset ManagementAAMI	RZG +1.79 points	0.15%	1.94%
Dave Class ADAVE	RZG +1.65 points	0.18%	1.83%
Protagonist TherapeuticsPTGX	RZG +1.53 points	0.53%	2.06%
Dxp EnterprisesDXPE	RZG +1.48 points	0.13%	1.61%
Acm Research Class AACMR	RZG +1.47 points	0.15%	1.62%
Chefs Warehouse IncCHEF	RZG +1.36 points	0.22%	1.58%
ProgynyPGNY	RZG +1.32 points	0.13%	1.45%
SiriuspointSPNT	RZG +1.27 points	0.13%	1.40%
Ezcorp Non Voting Inc Class AEZPW	RZG +1.19 points	0.09%	1.28%
Liquidity Services IncLQDT	RZG +1.16 points	0.06%	1.22%
Clear Secure Class AYOU	RZG +1.16 points	0.25%	1.41%
AdamasADAM	RZG +1.15 points	0.03%	1.18%
International SeawaysINSW	RZG +1.09 points	0.27%	1.36%
Sezzle IncSEZL	RZG +1.09 points	0.13%	1.22%
Powell Industries IncPOWL	RZG +1.07 points	0.26%	1.32%
Solaris Energy Infrastructure IncSEI	RZG +1.06 points	0.27%	1.33%
Karman Holdings IncKRMN	RZG +1.01 points	0.28%	1.29%
TidewaterTDW	RZG +1.00 points	0.23%	1.23%
Ligand PharmaceuticalsLGND	RZG +0.99 points	0.37%	1.36%
National Presto Industries IncNPK	RZG +0.98 points	0.04%	1.02%
Enova InternationalENVA	RZG +0.97 points	0.25%	1.22%
AdeiaADEA	RZG +0.97 points	0.13%	1.10%
LIFE360LIF	RZG +0.95 points	0.21%	1.16%
Phibro Animal Health Corp Class APAHC	RZG +0.95 points	0.05%	1.00%
Sphere Entertainment Class ASPHR	RZG +0.95 points	0.17%	1.12%
Ani PharmaceuticalsANIP	RZG +0.95 points	0.08%	1.03%
Ptc TherapeuticsPTCT	RZG +0.95 points	0.28%	1.23%
Stonex Group IncSNEX	RZG +0.94 points	0.33%	1.27%
Tg TherapeuticsTGTX	RZG +0.92 points	0.49%	1.41%
Laureate EducationLAUR	RZG +0.88 points	0.24%	1.12%
Mercury GeneralMCY	RZG +0.85 points	0.16%	1.01%
Hci Group IncHCI	RZG +0.84 points	0.12%	0.96%
St JoeJOE	RZG +0.85 points	0.15%	1.00%
Acadia PharmaceuticalsACAD	RZG +0.84 points	0.15%	0.99%
Armour Residential ReitARR	RZG +0.83 points	0.10%	0.93%
Indivior Pharmaceuticals IncINDV	RZG +0.81 points	0.24%	1.05%
Onespaworld Holdings LtdOSW	RZG +0.81 points	0.17%	0.98%
Palomar HoldingsPLMR	RZG +0.78 points	0.21%	0.99%
LiquidiaLQDA	RZG +0.75 points	0.19%	0.94%
ArganAGX	RZG +0.73 points	0.27%	1.00%
Urban OutfittersURBN	RZG +0.72 points	0.30%	1.02%
Ellington FinancialEFC	RZG +0.71 points	0.08%	0.79%
Viasat IncVSAT	RZG +0.71 points	0.60%	1.31%
Pediatrix Medical Group IncMD	RZG +0.71 points	0.13%	0.84%
Healthcare Services GroupHCSG	RZG +0.69 points	0.10%	0.79%
AarAIR	RZG +0.68 points	0.23%	0.91%
Curbline PropertiesCURB	RZG +0.68 points	0.17%	0.85%
Centrus Energy Class ALEU	RZG +0.68 points	0.08%	0.76%
Uniti Group IncUNIT	RZG +0.68 points	0.05%	0.73%
Myr Group IncMYRG	RZG +0.67 points	0.25%	0.92%
CovistaCVSA	RZG +0.66 points	0.24%	0.90%
Osi SystemsOSIS	RZG +0.65 points	0.18%	0.83%
Pacira BiosciencesPCRX	RZG +0.64 points	0.08%	0.72%
PricesmartPSMT	RZG +0.64 points	0.24%	0.88%
Azz IncAZZ	RZG +0.62 points	0.23%	0.85%
WisdomtreeWT	RZG +0.61 points	0.16%	0.77%
The Vita Coco CompanyCOCO	RZG +0.60 points	0.17%	0.77%
National Healthcare CorpNHC	RZG +0.61 points	0.15%	0.76%
OpenlaneOPLN	RZG +0.59 points	0.25%	0.84%
VeracyteVCYT	RZG +0.57 points	0.23%	0.80%
Harmony Biosciences HldgHRMY	RZG +0.57 points	0.11%	0.68%
Collegium PharmaceuticalCOLL	RZG +0.57 points	0.04%	0.61%
Proto LabsPRLB	RZG +0.54 points	0.09%	0.63%
Transmedics GroupTMDX	RZG +0.53 points	0.13%	0.66%
Alignment HealthcareALHC	RZG +0.49 points	0.08%	0.57%
Esco TechnologiesESE	RZG +0.49 points	0.35%	0.84%
Bancorp IncTBBK	RZG +0.49 points	0.10%	0.59%
Everus Construction GroupECG	RZG +0.48 points	0.30%	0.78%
Primoris ServicesPRIM	RZG +0.47 points	0.22%	0.69%
Construction Partners Class AROAD	RZG +0.46 points	0.25%	0.71%
Virtu Financial Inc Class AVIRT	RZG +0.46 points	0.26%	0.72%
Pathward Financial IncCASH	RZG +0.46 points	0.09%	0.55%
Axos FinancialAX	RZG +0.45 points	0.29%	0.74%
Ufp Technologies IncUFPT	RZG +0.45 points	0.13%	0.58%
Pennymac Mortgage Investment TrustPMT	RZG +0.41 points	0.04%	0.45%
AtricureATRC	RZG +0.41 points	0.18%	0.59%
Digi InternationalDGII	RZG +0.40 points	0.16%	0.56%
XpelXPEL	RZG +0.39 points	0.07%	0.46%
Calix NetworksCALX	RZG +0.37 points	0.12%	0.49%
Liveramp Holdings IncRAMP	RZG +0.37 points	0.13%	0.50%
Acushnet Holdings CorpGOLF	RZG +0.37 points	0.13%	0.50%
ArtivionAORT	RZG +0.37 points	0.06%	0.43%
Preferred BankPFBC	RZG +0.36 points	0.05%	0.41%
Pdf SolutionsPDFS	RZG +0.35 points	0.09%	0.44%
Privia Health Group IncPRVA	RZG +0.34 points	0.16%	0.50%
Lyft Class ALYFT	RZG +0.34 points	0.35%	0.69%
EtsyETSY	RZG +0.34 points	0.43%	0.77%
Cal Maine FoodsCALM	RZG +0.33 points	0.16%	0.49%
ArchrockAROC	RZG +0.32 points	0.32%	0.64%
Monarch Casino and ResortMCRI	RZG +0.30 points	0.08%	0.38%
Federal Signal CorpFSS	RZG +0.30 points	0.39%	0.69%
Evertec IncEVTC	RZG +0.29 points	0.11%	0.40%
Mercury Systems IncMRCY	RZG +0.29 points	0.25%	0.54%
Tootsie Roll IndustriesTR	RZG +0.29 points	0.04%	0.33%
Nmi HoldingsNMIH	RZG +0.29 points	0.18%	0.47%
Sprinklr Class ACXM	RZG +0.25 points	0.05%	0.30%
Waystar HoldingWAY	RZG +0.25 points	0.19%	0.44%
National Vision HoldingsEYE	RZG +0.25 points	0.07%	0.32%
Mirion Technologies Class AMIR	RZG +0.23 points	0.25%	0.48%

All 641 IJR holdings⁠All 126 RZG 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.

IJR vs RZG Cost

Overpaying RZG vs IJR

$5,856

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

IJR 0.06%
$1,270
RZG 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

IJR 0.06%
RZG 0.35%
Overpaying

Year by year

Year	IJR	RZG	Overpaying
10	$110	$634	$524
20	$432	$2,454	$2,022
30	$1,270	$7,126	$5,856

Expense ratio

0.06%IJR, cheaper
0.35%RZG

IJR0.06%RZG0.35%

0.03%0.59%

Middle half of S&P SmallCap 600 funds
Median 0.15%

IJR 2nd cheapest of 13 funds

RZG 10th cheapest of 13 funds

IJR vs RZG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IJR 1.22%, better; RZG 0.58%
Payout (12M): IJR $1.71; RZG $0.36
Last payment: IJR $0.51; RZG $0.11
Ex-dividend: IJR Sep 15, 2026; RZG Sep 21, 2026
Paid on: IJR Sep 18, 2026; RZG Sep 25, 2026
Frequency: IJR Quarterly; RZG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IJRQuarterly · 39 paymentsAll IJR payments⁠

RZGQuarterly · 39 paymentsAll RZG payments⁠

IJR vs RZG Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IJR 18.7%, betterRZG 20.1%
Return per unit of riskSharpe ratio, 3 years: IJR 0.75, betterRZG 0.72
Worst fallMax drawdown, 5 years: IJR −28.0%, betterRZG −38.3%
Market sensitivityBeta, 5 years: IJR 1.04RZG 1.15; Market = 1

IJR and RZG in the news

All news⁠

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Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026IJR
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Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026IJR
News
Independence Realty to take Centerspace in 3.800-share all-stock merger
Sep 9, 2026IJR

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IJR vs RZG

In short

Stated mandate

Why people hold it