RZG vs SPSM: Grades, Fees and Holdings Compared

Invesco S&P SmallCap 600 Revenue ETF

RZGCNYSE Arca

State Street SPDR Portfolio S&P 600 Small Cap ETF

SPSMANYSE Arca

Overlap

24.3%by weight

Expense ratio

SPSM −0.32pt a year

RZG0.35%SPSM0.03%

Avg volume · 30D

SPSM 153.2×the volume

RZG11.2KSPSM1.72M

10Y return · a year

SPSM +1.3pt

RZG+9.3%SPSM+10.6%

RZG vs SPSM Performance

Oct 29, 2021 – Oct 30, 2026

+16.7%RZG+34.7%SPSM

Expense ratio: RZG 0.35%; SPSM 0.03%, better
Fund size: RZG $118M; SPSM $16.2B
1Y total return: RZG +16.2%; SPSM +20.7%, better
Yield (12M): RZG 0.58%; SPSM 1.51%, better
Holdings: RZG 128; SPSM 607
Avg volume (30D): RZG 11.2K sh; SPSM 1.72M sh, better
NAV per share: RZG $62.23; SPSM $55.20
52W range

ETF.net Grade

Pillar letters and Scores for RZG, SPSM, with each pillar’s weight
Pillar	RZG	SPSM
Cost30% weight	F22	A98Higher
Mission25% weight	A94Higher	A84
Risk15% weight	D36	C50Higher
Tradability15% weight	D36	A93Higher
Holdings10% weight	D37	A86Higher
Durability5% weight	D33	A77Higher

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. RZG and SPSM 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 ›

SPSM ranks 1st 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 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

RZGCInvesco S&P SmallCap 600 Revenue ETF

SPSMAState Street SPDR Portfolio S&P 600 Small Cap ETF

In short

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.

SPSM The bargain-rack version of a small-cap classic. SPSM tracks the S&P SmallCap 600 for 0.03% a year, one of the thinnest fees in US equities, and holds roughly 600 smaller American companies.

Stated mandate

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.

SPSM The fund seeks to track, before fees and expenses, the total return performance of the S&P SmallCap 600 Index.

Why people hold it

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

SPSM Three ETFs wrap this same index. SPSM charges 0.03%, IJR 0.06%, VIOO 0.07%. Same basket, thinner fee drag.
Its fee sits far below the typical charge among S&P 600 wrappers, and cost is the one variable an index investor actually controls.
Roughly 600 US small caps in a single line item, held straight to the index. No single name carries the fund.
One of the strongest implementations in its peer group: tight index tracking, active trading, and a multi-billion-dollar asset base behind it.

Worth knowing

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

SPSM Small-cap prices swing wider than large-cap ones. This fund takes the index as it comes, with no volatility cushion built in.
All US, all stocks. Nothing here diversifies away from the domestic economy.
Income is a byproduct, not the mission: cash goes out quarterly and varies with what the underlying companies pay.

Full RZG profile⁠

Full SPSM profile⁠

RZG vs SPSM Holdings

How RZG and SPSM differ

Overlap by weight

24.3%

Shared holdings make up 99.9% of RZG and 24.3% of SPSM.

Level by level

Holdings125 in both24.3%
Sector11 Sectors82.8%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in RZG and SPSM, widest gap first
Sector	More in RZGMore in SPSM	RZG	SPSM
Health Care	RZG +12.0 points	23.1%	11.2%
Consumer Discretionary	SPSM +4.8 points	8.4%	13.2%
Materials	SPSM +3.7 points	0.5%	4.2%
Technology	RZG +2.8 points	15.8%	13.0%
Financials	SPSM +2.6 points	15.9%	18.5%
Consumer Staples	RZG +2.5 points	6.4%	3.9%
Utilities	SPSM +2.0 points	0.0%	2.0%
Communication	SPSM +1.9 points	1.6%	3.5%
Energy	SPSM +1.2 points	5.5%	6.7%
Industrials	SPSM +1.0 points	16.2%	17.2%
Real Estate	SPSM +0.1 points	6.5%	6.6%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

RZG17.0%
SPSM5.5%

Securities held

RZG127
SPSM605

Asset class

RZG: Equity
SPSM: Equity

Holdings

Only in RZG2
In both125
Only in SPSM480

Only in RZG

2 securities, 0.1% of RZG by weight

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

Only in SPSM

480 securities, 75.5% of SPSM by weight

Glaukos Corp0.81%
Paycom Software Inc0.57%
Match Group Inc0.55%
Sm Energy Co0.53%
Ryman Hospitality Properties0.52%
Life Time Group Holdings Inc0.49%
Jackson Financial Inc A0.48%
Element Solutions Inc0.46%
Carmax Inc0.45%
Victoria’s Secret & Co0.44%
Ralliant Corp0.44%
Eastman Chemical Co0.44%
Pool Corp0.42%
Lamb Weston Holdings Inc0.41%
Terreno Realty Corp0.40%
Lincoln National Corp0.40%
Epam Systems Inc0.39%
Macerich Co/The0.39%
Builders Firstsource Inc0.38%
Matson Inc0.38%
Conagra Brands Inc0.38%
Gates Industrial Corp Ltd0.38%
Mohawk Industries Inc0.37%
Molson Coors Beverage Co B0.35%
Magnolia Oil & Gas Corp A0.35%
Ringcentral Inc Class A0.35%
Noble Corp PLC0.34%
Maxlinear Inc0.34%
Enpro Inc0.34%
Box Inc Class A0.34%
Teleflex Inc0.34%
Caesars Entertainment Inc0.33%
Marketaxess Holdings Inc0.33%
Essential Properties Realty0.33%
Plexus Corp0.33%
Outfront Media Inc0.32%
Tenable Holdings Inc0.32%
Casella Waste Systems Inc A0.32%
Atlantic Union Bankshares Co0.32%
Aci Worldwide Inc0.32%
Victory Capital Holding A0.32%
Mobility Global Inc0.31%
Merit Medical Systems Inc0.31%
Trade Desk Inc/The Class A0.31%
Balchem Corp0.31%
Herc Holdings Inc0.30%
Msg Knickerbockers Corp0.30%
Impinj Inc0.30%
Rithm Capital Corp0.30%
Adt Inc0.30%

Weight gaps

The 100 widest of 125 Holdings in both funds.

Holding weights in RZG and SPSM, widest gap first
Holding	More in RZGMore in SPSM	RZG	SPSM
Arcutis Biotherapeutics IncARQT	RZG +1.85 points	2.06%	0.21%
Acadian Asset Management IncAAMI	RZG +1.79 points	1.94%	0.15%
Dave IncDAVE	RZG +1.64 points	1.83%	0.19%
Protagonist Therapeutics IncPTGX	RZG +1.53 points	2.06%	0.53%
DXP Enterprises Inc/TXDXPE	RZG +1.48 points	1.61%	0.13%
ACM Research IncACMR	RZG +1.46 points	1.62%	0.16%
Chefs' Warehouse Inc/TheCHEF	RZG +1.37 points	1.58%	0.21%
Progyny IncPGNY	RZG +1.33 points	1.45%	0.12%
SiriusPoint LtdSPNT	RZG +1.25 points	1.40%	0.15%
EZCORP IncEZPW	RZG +1.18 points	1.28%	0.10%
Liquidity Services IncLQDT	RZG +1.16 points	1.22%	0.06%
Clear Secure IncYOU	RZG +1.16 points	1.41%	0.25%
Adamas Trust IncADAM	RZG +1.15 points	1.18%	0.03%
International Seaways IncINSW	RZG +1.09 points	1.36%	0.27%
Sezzle IncSEZL	RZG +1.09 points	1.22%	0.13%
Solaris Energy Infrastructure IncSEI	RZG +1.07 points	1.33%	0.26%
Powell Industries IncPOWL	RZG +1.06 points	1.32%	0.27%
Tidewater IncTDW	RZG +1.01 points	1.23%	0.22%
Ligand Pharmaceuticals IncLGND	RZG +1.00 points	1.36%	0.36%
Karman Holdings IncKRMN	RZG +1.00 points	1.29%	0.29%
National Presto Industries IncNPK	RZG +0.98 points	1.02%	0.04%
Enova International IncENVA	RZG +0.97 points	1.22%	0.25%
Adeia IncADEA	RZG +0.96 points	1.10%	0.14%
Life360 IncLIF	RZG +0.95 points	1.16%	0.21%
Phibro Animal Health CorpPAHC	RZG +0.95 points	1.00%	0.05%
TG Therapeutics IncTGTX	RZG +0.95 points	1.41%	0.46%
Sphere Entertainment CoSPHR	RZG +0.95 points	1.12%	0.17%
ANI Pharmaceuticals IncANIP	RZG +0.95 points	1.03%	0.08%
StoneX Group IncSNEX	RZG +0.93 points	1.27%	0.34%
PTC Therapeutics IncPTCT	RZG +0.93 points	1.23%	0.30%
Laureate Education IncLAUR	RZG +0.86 points	1.12%	0.26%
Mercury General CorpMCY	RZG +0.86 points	1.01%	0.15%
HCI Group IncHCI	RZG +0.84 points	0.96%	0.12%
ACADIA Pharmaceuticals IncACAD	RZG +0.84 points	0.99%	0.15%
St Joe Co/TheJOE	RZG +0.85 points	1.00%	0.15%
ARMOUR Residential REIT IncARR	RZG +0.83 points	0.93%	0.10%
Indivior Pharmaceuticals IncINDV	RZG +0.82 points	1.05%	0.23%
OneSpaWorld Holdings LtdOSW	RZG +0.81 points	0.98%	0.17%
Palomar Holdings IncPLMR	RZG +0.79 points	0.99%	0.20%
Liquidia CorpLQDA	RZG +0.75 points	0.94%	0.19%
Argan IncAGX	RZG +0.72 points	1.00%	0.28%
Urban Outfitters IncURBN	RZG +0.72 points	1.02%	0.30%
Ellington Financial IncEFC	RZG +0.71 points	0.79%	0.08%
Pediatrix Medical Group IncMD	RZG +0.71 points	0.84%	0.13%
Viasat IncVSAT	RZG +0.70 points	1.31%	0.61%
Healthcare Services Group IncHCSG	RZG +0.69 points	0.79%	0.10%
Curbline Properties CorpCURB	RZG +0.68 points	0.85%	0.17%
AAR CorpAIR	RZG +0.68 points	0.91%	0.23%
Uniti Group IncUNIT	RZG +0.68 points	0.73%	0.05%
MYR Group IncMYRG	RZG +0.67 points	0.92%	0.25%
Covista IncCVSA	RZG +0.65 points	0.90%	0.25%
OSI Systems IncOSIS	RZG +0.65 points	0.83%	0.18%
Centrus Energy CorpLEU	RZG +0.64 points	0.76%	0.12%
PriceSmart IncPSMT	RZG +0.64 points	0.88%	0.24%
Pacira BioSciences IncPCRX	RZG +0.64 points	0.72%	0.08%
Vita Coco Co Inc/TheCOCO	RZG +0.61 points	0.77%	0.16%
AZZ IncAZZ	RZG +0.62 points	0.85%	0.23%
WisdomTree IncWT	RZG +0.61 points	0.77%	0.16%
National HealthCare CorpNHC	RZG +0.61 points	0.76%	0.15%
OPENLANE IncOPLN	RZG +0.60 points	0.84%	0.24%
Harmony Biosciences Holdings IncHRMY	RZG +0.57 points	0.68%	0.11%
Veracyte IncVCYT	RZG +0.56 points	0.80%	0.24%
Collegium Pharmaceutical IncCOLL	RZG +0.57 points	0.61%	0.04%
TransMedics Group IncTMDX	RZG +0.53 points	0.66%	0.13%
Proto Labs IncPRLB	RZG +0.53 points	0.63%	0.10%
Alignment Healthcare IncALHC	RZG +0.49 points	0.57%	0.08%
ESCO Technologies IncESE	RZG +0.48 points	0.84%	0.36%
Bancorp Inc/TheTBBK	RZG +0.48 points	0.59%	0.11%
Everus Construction Group IncECG	RZG +0.47 points	0.78%	0.31%
Construction Partners IncROAD	RZG +0.46 points	0.71%	0.25%
Virtu Financial IncVIRT	RZG +0.46 points	0.72%	0.26%
Primoris Services CorpPRIM	RZG +0.46 points	0.69%	0.23%
Pathward Financial IncCASH	RZG +0.46 points	0.55%	0.09%
UFP Technologies IncUFPT	RZG +0.45 points	0.58%	0.13%
Axos Financial IncAX	RZG +0.44 points	0.74%	0.30%
PennyMac Mortgage Investment TrustPMT	RZG +0.41 points	0.45%	0.04%
AtriCure IncATRC	RZG +0.41 points	0.59%	0.18%
Digi International IncDGII	RZG +0.39 points	0.56%	0.17%
XPEL IncXPEL	RZG +0.40 points	0.46%	0.06%
Calix IncCALX	RZG +0.37 points	0.49%	0.12%
LiveRamp Holdings IncRAMP	RZG +0.37 points	0.50%	0.13%
Acushnet Holdings CorpGOLF	RZG +0.37 points	0.50%	0.13%
Artivion IncAORT	RZG +0.37 points	0.43%	0.06%
Privia Health Group IncPRVA	RZG +0.34 points	0.50%	0.16%
PDF Solutions IncPDFS	RZG +0.34 points	0.44%	0.10%
Preferred Bank/Los Angeles CAPFBC	RZG +0.34 points	0.41%	0.07%
Cal-Maine Foods IncCALM	RZG +0.34 points	0.49%	0.15%
Lyft IncLYFT	RZG +0.34 points	0.69%	0.35%
Archrock IncAROC	RZG +0.32 points	0.64%	0.32%
Etsy IncETSY	RZG +0.33 points	0.77%	0.44%
Monarch Casino & Resort IncMCRI	RZG +0.30 points	0.38%	0.08%
EVERTEC IncEVTC	RZG +0.30 points	0.40%	0.10%
Federal Signal CorpFSS	RZG +0.29 points	0.69%	0.40%
Tootsie Roll Industries IncTR	RZG +0.29 points	0.33%	0.04%
NMI Holdings IncNMIH	RZG +0.29 points	0.47%	0.18%
Mercury Systems IncMRCY	RZG +0.28 points	0.54%	0.26%
Sprinklr IncCXM	RZG +0.25 points	0.30%	0.05%
Waystar Holding CorpWAY	RZG +0.25 points	0.44%	0.19%
National Vision Holdings IncEYE	RZG +0.25 points	0.32%	0.07%
Mirion Technologies IncMIR	RZG +0.22 points	0.48%	0.26%

All 126 RZG holdings⁠All 607 SPSM 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.

RZG vs SPSM Cost

Overpaying RZG vs SPSM

$6,488

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

RZG 0.35%
$7,126
SPSM 0.03%
$638

Amount$10,000

Years30 years

Cost over time

RZG 0.35%
SPSM 0.03%
Overpaying

Year by year

Year	RZG	SPSM	Overpaying
10	$634	$55	$579
20	$2,454	$216	$2,238
30	$7,126	$638	$6,488

Expense ratio

0.35%RZG
0.03%SPSM, cheaper

SPSM0.03%RZG0.35%

0.03%0.59%

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

SPSM cheapest of 13 funds

RZG 10th cheapest of 13 funds

RZG vs SPSM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RZG 0.58%; SPSM 1.51%, better
Payout (12M): RZG $0.36; SPSM $0.82
Last payment: RZG $0.11; SPSM $0.22
Ex-dividend: RZG Sep 21, 2026; SPSM Sep 21, 2026
Paid on: RZG Sep 25, 2026; SPSM Sep 23, 2026
Frequency: RZG Quarterly; SPSM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RZGQuarterly · 39 paymentsAll RZG payments⁠

SPSMQuarterly · 40 paymentsAll SPSM payments⁠

RZG vs SPSM Risk

Fall from peak · 5 years

RZG
SPSM

Risk facts

VolatilityStd dev, 3 years: RZG 20.1%SPSM 18.7%, better
Return per unit of riskSharpe ratio, 3 years: RZG 0.72SPSM 0.76, better
Worst fallMax drawdown, 5 years: RZG −38.3%SPSM −27.9%, better
Market sensitivityBeta, 5 years: RZG 1.15SPSM 1.04; Market = 1

RZG and SPSM in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026SPSM
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026SPSM

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RZG vs SPSM

In short

Stated mandate

Why people hold it

Worth knowing

How RZG and SPSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in RZG

Only in SPSM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart

How RZG and SPSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in RZG

Only in SPSM

Weight gaps