RWJ vs VIOG: Grades, Fees and Holdings Compared

Invesco S&P SmallCap 600 Revenue ETF

RWJDNYSE Arca

Vanguard S&P Small-Cap 600 Growth ETF

VIOGBNYSE Arca

Overlap

31.1%by weight

Expense ratio

VIOG −0.29pt a year

RWJ0.39%VIOG0.10%

Avg volume · 30D

RWJ 2.9×the volume

RWJ103KVIOG35.4K

10Y return · a year

RWJ +2.5pt

RWJ+13.1%VIOG+10.6%

RWJ vs VIOG Performance

Nov 9, 2021 – Nov 9, 2026

+46.2%RWJ+22.2%VIOG

Expense ratio: RWJ 0.39%; VIOG 0.10%, better
Fund size: RWJ $2.03B; VIOG $1B
1Y total return: RWJ +27.1%, better; VIOG +20.3%
Yield (12M): RWJ 1.09%, better; VIOG 0.76%
Holdings: RWJ 597; VIOG 356
Avg volume (30D): RWJ 103K sh, better; VIOG 35.4K sh
NAV per share: RWJ $57.89; VIOG $138.77
52W range

ETF.net Grade

Pillar letters and Scores for RWJ, VIOG, with each pillar’s weight
Pillar	RWJ	VIOG
Cost30% weight	F11	A74Higher
Mission25% weight	A70	A100Higher
Risk15% weight	C48Higher	C44
Tradability15% weight	D36Higher	D25
Holdings10% weight	C44	C53Higher
Durability5% weight	C44	C54Higher

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. RWJ and VIOG 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 ›

VIOG ranks 4th and RWJ 11th 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 69
Rank 4BVIOGVanguard S&P Small-Cap 600 Growth ETFScore 65
Rank 5BSLYVState Street SPDR S&P 600 Small Cap Value ETFScore 64
Rank 10CRZGInvesco S&P SmallCap 600 Revenue ETFScore 46
Rank 11DRWJInvesco S&P SmallCap 600 Revenue ETFScore 39
Rank 12DGRPZInvesco S&P SmallCap 600 GARP ETFScore 37

Our read on each fund

ETF.net Research

RWJDInvesco S&P SmallCap 600 Revenue ETF

VIOGBVanguard S&P Small-Cap 600 Growth ETF

In short

RWJ Same 600 small caps as the standard S&P SmallCap 600, sorted by sales instead of market value. Revenue weighting pushes the portfolio toward companies with big top lines rather than big share prices.

VIOG Vanguard's growth slice of the S&P SmallCap 600, running since 2010 at 0.10% a year. Only one other ETF tracks the same index, and it charges more.

Stated mandate

RWJ The fund is based on the S&P SmallCap 600 Revenue-Weighted Index and invests at least 90% of total assets in index securities. It limits each company to a maximum 5% weighting and rebalances quarterly with the index.

VIOG The fund seeks to track the performance of the S&P SmallCap 600 Growth Index, which represents small U.S. growth companies.

Why people hold it

RWJ The index reweights the S&P SmallCap 600 by revenue, caps any company at 5%, and rebalances quarterly. A rules-based tilt, no stock picking.invesco.com
Live since 2008, so this weighting scheme has run through the financial crisis, the 2020 crash and every stretch since.
Holds about 600 names and distributes quarterly; the 5% cap stops one winner from swallowing the portfolio.

VIOG At 0.10%, it undercuts the only other fund on the same index (SLYG at 0.15%) and lands well under its peer group's 0.18% median fee.
One published index, one style slice, no manager discretion. It follows the S&P SmallCap 600 Growth Index closely and stands in the upper half of its S&P 600 peer group.
Live since 2010, with a record across several market cycles, and it spreads across roughly 300 small-cap growth names instead of a short list.
A multi-billion-dollar fund from Vanguard, and it pays out quarterly.

Worth knowing

RWJ The 0.39% fee runs roughly double the typical S&P 600 tracker, and cap-weighted versions like SPSM (0.03%) and IJR (0.06%) cost a fraction. That is the price of reweighting.
Ranking by sales favors high-revenue, thin-margin businesses, so sector weights can sit a long way from the cap-weighted S&P SmallCap 600.
Resetting to revenue weights every quarter means more turnover than a set-and-forget cap-weighted fund.

VIOG Thinly traded next to the S&P 600's core giants, so the bid-ask spread is a bigger slice of your real cost than the expense ratio suggests.
Style slicing carries a surcharge: whole-index cousins like SPSM (0.03%) and VIOO (0.07%) cost less than owning just the growth half.
Narrow by design. The growth half of a small-cap index moves more sharply than a broad US stock fund.

Full RWJ profile⁠

Full VIOG profile⁠

RWJ vs VIOG Holdings

How RWJ and VIOG differ

Overlap by weight

31.1%

Shared holdings make up 94.5% of VIOG and 34.7% of RWJ.

Level by level

Holdings334 in both31.1%
Sector11 Sectors74.4%
Asset classStocks100%
Countryby domicile99.9%

Sector

Sector weights in RWJ and VIOG, widest gap first
Sector	Gap	RWJ	VIOG
Consumer Discretionary	RWJ +15.8 points	26.0%	10.2%
Health Care	VIOG +8.9 points	6.6%	15.5%
Technology	VIOG +7.9 points	10.6%	18.5%
Consumer Staples	RWJ +6.3 points	9.8%	3.5%
Real Estate	VIOG +3.2 points	3.7%	6.9%
Financials	VIOG +3.0 points	11.3%	14.3%
Energy	RWJ +2.3 points	7.5%	5.2%
Industrials	VIOG +1.7 points	16.6%	18.3%
Materials	RWJ +1.3 points	4.5%	3.2%
Utilities	VIOG +0.7 points	0.9%	1.6%
Communication	VIOG +0.3 points	2.5%	2.8%

Country, concentration and asset class

Country by domicile

Country weights in RWJ and VIOG, widest gap first
Country	Gap	RWJ	VIOG
United States	VIOG +0.1 points	99.9%	100.0%
Singapore	Same weight	0.0%	0.0%
Hong Kong	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

RWJ14.2%
VIOG9.8%

Securities held

RWJ596
VIOG351

Asset class

RWJ: Stocks
VIOG: Stocks

Holdings

Only in RWJ262
In both334
Only in VIOG17

Only in RWJ

262 securities, 65.3% of RWJ by weight

World Kinect Corp2.68%
United Natural Foods Inc2.03%
CarMax Inc1.54%
Kohl's Corp1.30%
Group 1 Automotive Inc1.29%
Lincoln National Corp1.22%
Asbury Automotive Group Inc1.10%
DXC Technology Co1.08%
Amentum Holdings Inc0.99%
Builders FirstSource Inc0.94%
ManpowerGroup Inc0.94%
Adient PLC0.86%
Goodyear Tire & Rubber Co/The0.86%
Mohawk Industries Inc0.84%
Sonic Automotive Inc0.80%
Molson Coors Beverage Co0.74%
Caesars Entertainment Inc0.73%
Cushman & Wakefield Ltd0.73%
Conagra Brands Inc0.73%
LKQ Corp0.73%
Concentrix Corp0.72%
Campbell's Company/The0.66%
Delek US Holdings Inc0.66%
Celanese Corp0.65%
Victoria's Secret & Co0.63%
ABM Industries Inc0.62%
Advance Auto Parts Inc0.58%
Coty Inc0.56%
Insight Enterprises Inc0.56%
Andersons Inc/The0.54%
RXO Inc0.54%
Eastman Chemical Co0.54%
Versigent PLC0.53%
Academy Sports & Outdoors Inc0.52%
JetBlue Airways Corp0.51%
Signet Jewelers Ltd0.50%
EPAM Systems Inc0.50%
Lamb Weston Holdings Inc0.49%
Penn Entertainment Inc0.47%
Insperity Inc0.44%
Newell Brands Inc0.42%
Pool Corp0.41%
Upbound Group Inc0.41%
Organon & Co0.40%
Jackson Financial Inc0.40%
Versant Media Group Inc0.38%
Boise Cascade Co0.38%
F&G Annuities & Life Inc0.38%
Genworth Financial Inc0.37%
Meritage Homes Corp0.37%

Only in VIOG

17 securities, 5.3% of VIOG by weight

FormFactor Inc1.42%
Glaukos Corp0.81%
Qorvo Inc0.72%
Arcosa Inc0.56%
CSW Industrials Inc0.33%
LiveRamp Holdings Inc0.28%
LXP Industrial Trust0.23%
Supernus Pharmaceuticals Inc0.21%
Callaway Golf Co0.17%
SLCMT11420.14%
TRS:MARA HOLDINGS INC USD 2027-Jan-290.11%
BioLife Solutions Inc0.10%
Azenta Inc0.10%
ZoomInfo Technologies Inc0.06%
United Parks & Resorts Inc0.04%
Omniab Inc - 15 Earnout0.00%
Omniab Inc - 12.5 Earnout0.00%

Weight gaps

The 100 widest of 334 Holdings in both funds.

Holding weights in RWJ and VIOG, widest gap first
Holding	Gap	RWJ	VIOG
Protagonist Therapeutics IncPTGX	VIOG +1.09 points	0.02%	1.11%
Viasat IncVSAT	VIOG +0.92 points	0.26%	1.18%
TG Therapeutics IncTGTX	VIOG +0.90 points	0.06%	0.96%
Ryman Hospitality Properties IncRHP	VIOG +0.80 points	0.19%	0.99%
MSG Knickerbockers CorpMSGS	VIOG +0.79 points	0.06%	0.85%
ESCO Technologies IncESE	VIOG +0.76 points	0.07%	0.83%
Ligand Pharmaceuticals IncLGND	VIOG +0.74 points	0.02%	0.76%
Zurn Elkay Water Solutions CorpZWS	VIOG +0.72 points	0.11%	0.83%
Armstrong World Industries IncAWI	VIOG +0.72 points	0.11%	0.83%
Enpro IncNPO	VIOG +0.72 points	0.07%	0.79%
Alkermes PLCALKS	VIOG +0.72 points	0.11%	0.83%
StoneX Group IncSNEX	VIOG +0.70 points	0.15%	0.85%
Federal Signal CorpFSS	VIOG +0.67 points	0.15%	0.82%
Impinj IncPI	VIOG +0.61 points	0.02%	0.63%
PTC Therapeutics IncPTCT	VIOG +0.60 points	0.06%	0.66%
Kodiak Gas Services IncKGS	VIOG +0.59 points	0.06%	0.65%
Argan IncAGX	VIOG +0.59 points	0.05%	0.64%
Powell Industries IncPOWL	VIOG +0.59 points	0.05%	0.64%
Sensient Technologies CorpSXT	VIOG +0.58 points	0.10%	0.68%
Terreno Realty CorpTRNO	VIOG +0.57 points	0.03%	0.60%
Archrock IncAROC	VIOG +0.56 points	0.08%	0.64%
Everus Construction Group IncECG	VIOG +0.55 points	0.18%	0.73%
ACM Research IncACMR	VIOG +0.54 points	0.04%	0.58%
Solaris Energy Infrastructure IncSEI	VIOG +0.53 points	0.04%	0.57%
Etsy IncETSY	VIOG +0.51 points	0.23%	0.74%
Mercury Systems IncMRCY	VIOG +0.50 points	0.06%	0.56%
VSE CorpVSEC	VIOG +0.48 points	0.08%	0.56%
International Seaways IncINSW	VIOG +0.48 points	0.08%	0.56%
Laureate Education IncLAUR	VIOG +0.48 points	0.11%	0.59%
Casella Waste Systems IncCWST	VIOG +0.48 points	0.13%	0.61%
Axos Financial IncAX	VIOG +0.46 points	0.14%	0.60%
Supernus IncINDV	VIOG +0.45 points	0.06%	0.51%
Frontdoor IncFTDR	VIOG +0.44 points	0.17%	0.61%
Karman Holdings IncKRMN	VIOG +0.44 points	0.05%	0.49%
Life Time Group Holdings IncLTH	VIOG +0.43 points	0.23%	0.66%
Veracyte IncVCYT	VIOG +0.43 points	0.02%	0.45%
Essential Properties Realty Trust IncEPRT	VIOG +0.41 points	0.04%	0.45%
Clear Secure IncYOU	VIOG +0.41 points	0.08%	0.49%
Covista IncCVSA	VIOG +0.40 points	0.11%	0.51%
AZZ IncAZZ	VIOG +0.39 points	0.10%	0.49%
Tidewater IncTDW	VIOG +0.39 points	0.07%	0.46%
JBT Marel CorpJBTM	VIOG +0.39 points	0.28%	0.67%
MaxLinear IncMXL	VIOG +0.38 points	0.02%	0.40%
Sphere Entertainment CoSPHR	VIOG +0.37 points	0.07%	0.44%
Badger Meter IncBMI	VIOG +0.36 points	0.07%	0.43%
Dave IncDAVE	VIOG +0.36 points	0.03%	0.39%
WisdomTree IncWT	VIOG +0.36 points	0.03%	0.39%
Life360 IncLIF	VIOG +0.36 points	0.04%	0.40%
Virtu Financial IncVIRT	VIOG +0.35 points	0.21%	0.56%
Standex International CorpSXI	VIOG +0.35 points	0.05%	0.40%
Construction Partners IncROAD	VIOG +0.36 points	0.17%	0.53%
Cavco Industries IncCVCO	VIOG +0.35 points	0.17%	0.52%
Mirion Technologies IncMIR	VIOG +0.35 points	0.07%	0.42%
CVR Energy IncCVI	RWJ +0.34 points	0.43%	0.09%
Brady CorpBRC	VIOG +0.34 points	0.10%	0.44%
Curbline Properties CorpCURB	VIOG +0.35 points	0.01%	0.36%
PJT Partners IncPJT	VIOG +0.34 points	0.10%	0.44%
Ralliant CorpRAL	VIOG +0.34 points	0.14%	0.48%
Resideo Technologies IncREZI	RWJ +0.34 points	0.50%	0.16%
Enova International IncENVA	VIOG +0.34 points	0.17%	0.51%
OPENLANE IncOPLN	VIOG +0.34 points	0.13%	0.47%
Arcutis Biotherapeutics IncARQT	VIOG +0.34 points	0.03%	0.37%
ADT IncADT	RWJ +0.33 points	0.46%	0.13%
Installed Building Products IncIBP	VIOG +0.33 points	0.20%	0.53%
Macerich Co/TheMAC	VIOG +0.33 points	0.07%	0.40%
Element Solutions IncESI	VIOG +0.32 points	0.18%	0.50%
Clearway Energy IncCWEN	VIOG +0.33 points	0.10%	0.43%
Adeia IncADEA	VIOG +0.32 points	0.02%	0.34%
Iridium Communications IncIRDM	VIOG +0.33 points	0.05%	0.38%
Victory Capital Holdings IncVCTR	VIOG +0.32 points	0.11%	0.43%
Digi International IncDGII	VIOG +0.32 points	0.03%	0.35%
MarketAxess Holdings IncMKTX	VIOG +0.32 points	0.06%	0.38%
AXT IncAXTI	VIOG +0.33 points	<0.01%	0.33%
MYR Group IncMYRG	VIOG +0.32 points	0.23%	0.55%
Palomar Holdings IncPLMR	VIOG +0.31 points	0.08%	0.39%
Centrus Energy CorpLEU	VIOG +0.31 points	0.02%	0.33%
StepStone Group IncSTEP	VIOG +0.30 points	0.13%	0.43%
TransMedics Group IncTMDX	VIOG +0.31 points	0.04%	0.35%
AtriCure IncATRC	VIOG +0.31 points	0.04%	0.35%
Boot Barn Holdings IncBOOT	VIOG +0.30 points	0.14%	0.44%
Balchem CorpBCPC	VIOG +0.31 points	0.07%	0.38%
AAR CorpAIR	VIOG +0.30 points	0.19%	0.49%
NMI Holdings IncNMIH	VIOG +0.30 points	0.04%	0.34%
Merit Medical Systems IncMMSI	VIOG +0.29 points	0.10%	0.39%
Vita Coco Co Inc/TheCOCO	VIOG +0.29 points	0.05%	0.34%
Phillips Edison & Co IncPECO	VIOG +0.29 points	0.05%	0.34%
Granite Construction IncGVA	VIOG +0.29 points	0.33%	0.62%
American Eagle Outfitters IncAEO	RWJ +0.28 points	0.42%	0.14%
Acadian Asset Management IncAAMI	VIOG +0.29 points	0.04%	0.33%
Waystar Holding CorpWAY	VIOG +0.28 points	0.09%	0.37%
Agilysys IncAGYS	VIOG +0.28 points	0.02%	0.30%
Materion CorpMTRN	VIOG +0.28 points	0.10%	0.38%
Tanger IncSKT	VIOG +0.28 points	0.04%	0.32%
Outfront Media IncOUT	VIOG +0.27 points	0.13%	0.40%
Box IncBOX	VIOG +0.27 points	0.10%	0.37%
Axcelis Technologies IncACLS	VIOG +0.26 points	0.05%	0.31%
St Joe Co/TheJOE	VIOG +0.26 points	0.04%	0.30%
Capri Holdings LtdCPRI	RWJ +0.27 points	0.36%	0.09%
ACI Worldwide IncACIW	VIOG +0.27 points	0.13%	0.40%
ACADIA Pharmaceuticals IncACAD	VIOG +0.26 points	0.06%	0.32%

All 596 RWJ holdings⁠All 349 VIOG 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.

RWJ vs VIOG Cost

Overpaying RWJ vs VIOG

$5,792

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

RWJ 0.39%
$7,898
VIOG 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

RWJ 0.39%
VIOG 0.10%
Overpaying

Year by year

Year	RWJ	VIOG	Overpaying
10	$705	$183	$522
20	$2,725	$717	$2,008
30	$7,898	$2,106	$5,792

Expense ratio

0.39%RWJ
0.10%VIOG, cheaper

VIOG0.10%RWJ0.39%

0.03%0.59%

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

VIOG 4th cheapest of 13 funds

RWJ 12th cheapest of 13 funds

RWJ vs VIOG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RWJ 1.09%, better; VIOG 0.76%
Payout (12M): RWJ $0.65; VIOG $1.09
Last payment: RWJ $0.19; VIOG $0.26
Ex-dividend: RWJ Sep 21, 2026; VIOG Sep 28, 2026
Paid on: RWJ Sep 25, 2026; VIOG Sep 30, 2026
Frequency: RWJ Quarterly; VIOG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWJQuarterly · 39 paymentsAll RWJ payments⁠

VIOGQuarterly · 39 paymentsAll VIOG payments⁠

RWJ vs VIOG Risk

Fall from peak · 5 years

RWJ
VIOG

Risk facts

VolatilityStd dev, 3 years: RWJ 20.4%VIOG 19.0%, better
Return per unit of riskSharpe ratio, 3 years: RWJ 0.84, betterVIOG 0.71
Worst fallMax drawdown, 5 years: RWJ −29.3%VIOG −29.0%, better
Market sensitivityBeta, 5 years: RWJ 1.12VIOG 1.07; Market = 1

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