RZG vs VIOG: Grades, Fees and Holdings Compared

Invesco S&P SmallCap 600 Revenue ETF

RZGCNYSE Arca

Vanguard S&P Small-Cap 600 Growth ETF

VIOGBNYSE Arca

Overlap

47.8%by weight

Expense ratio

VIOG −0.25pt a year

RZG0.35%VIOG0.10%

Avg volume · 30D

VIOG 3.4×the volume

RZG11.2KVIOG37.8K

10Y return · a year

VIOG +1.5pt

RZG+9.3%VIOG+10.8%

RZG vs VIOG Performance

Oct 29, 2021 – Oct 30, 2026

+16.7%RZG+27.6%VIOG

Expense ratio: RZG 0.35%; VIOG 0.10%, better
Fund size: RZG $118M; VIOG $1B
1Y total return: RZG +16.2%; VIOG +18.9%, better
Yield (12M): RZG 0.58%; VIOG 0.77%, better
Holdings: RZG 128; VIOG 354
Avg volume (30D): RZG 11.2K sh; VIOG 37.8K sh, better
NAV per share: RZG $62.23; VIOG $141.35
52W range

ETF.net Grade

Pillar letters and Scores for RZG, VIOG, with each pillar’s weight
Pillar	RZG	VIOG
Cost30% weight	F22	A74Higher
Mission25% weight	A94	A100Higher
Risk15% weight	D36	C48Higher
Tradability15% weight	D36Higher	D27
Holdings10% weight	D37	C53Higher
Durability5% weight	D33	B57Higher

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. RZG 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 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 4BVIOGVanguard S&P Small-Cap 600 Growth ETFScore 66
Rank 5BSLYGState Street SPDR S&P 600 Small Cap Growth ETFScore 64
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

VIOGBVanguard S&P Small-Cap 600 Growth 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.

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

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.

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

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

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

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

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 RZG profile⁠

Full VIOG profile⁠

RZG vs VIOG Holdings

How RZG and VIOG differ

Overlap by weight

47.8%

Shared holdings make up 99.9% of RZG and 50.9% of VIOG.

Level by level

Holdings125 in both47.8%
Sector11 Sectors87.6%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in RZG and VIOG, widest gap first
Sector	More in RZGMore in VIOG	RZG	VIOG
Health Care	RZG +7.7 points	23.1%	15.5%
Consumer Staples	RZG +2.9 points	6.4%	3.5%
Technology	VIOG +2.7 points	15.8%	18.5%
Materials	VIOG +2.7 points	0.5%	3.2%
Industrials	VIOG +2.1 points	16.2%	18.3%
Consumer Discretionary	VIOG +1.8 points	8.4%	10.2%
Financials	RZG +1.6 points	15.9%	14.3%
Utilities	VIOG +1.6 points	0.0%	1.6%
Communication	VIOG +1.2 points	1.6%	2.8%
Real Estate	VIOG +0.4 points	6.5%	6.9%
Energy	RZG +0.3 points	5.5%	5.2%

Country, concentration and asset class

Country by domicile

Country weights in RZG and VIOG, widest gap first
Country	More in RZGMore in VIOG	RZG	VIOG
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

RZG17.0%
VIOG9.9%

Securities held

RZG127
VIOG350

Asset class

RZG: Equity
VIOG: Equity

Holdings

Only in RZG2
In both125
Only in VIOG225

Only in RZG

2 securities, 0.1% of RZG by weight

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

Only in VIOG

225 securities, 49.0% of VIOG by weight

FormFactor Inc1.42%
Ryman Hospitality Properties Inc0.99%
Madison Square Garden Sports Corp0.85%
Glaukos Corp0.81%
Enpro Inc0.79%
Qorvo Inc0.72%
Life Time Group Holdings Inc0.66%
Kodiak Gas Services Inc0.65%
Impinj Inc0.63%
Casella Waste Systems Inc0.61%
Terreno Realty Corp0.60%
Arcosa Inc0.56%
Element Solutions Inc0.51%
Ralliant Corp0.48%
Essential Properties Realty Trust Inc0.46%
Gates Industrial Corp Ltd0.44%
Clearway Energy Inc0.43%
Victory Capital Holdings Inc0.43%
Outfront Media Inc0.40%
Macerich Co/The0.40%
MaxLinear Inc0.40%
ACI Worldwide Inc0.40%
RingCentral Inc0.40%
Merit Medical Systems Inc0.39%
RadNet Inc0.38%
MarketAxess Holdings Inc0.38%
Balchem Corp0.38%
Iridium Communications Inc0.38%
Materion Corp0.38%
Plexus Corp0.37%
Box Inc0.37%
Ameris Bancorp0.35%
Noble Corp PLC0.34%
Remitly Global Inc0.34%
Phillips Edison & Co Inc0.34%
Cactus Inc. Class A0.33%
CSW Industrials Inc0.33%
AXT Inc0.33%
Tanger Inc0.32%
Axcelis Technologies Inc0.32%
Oceaneering International Inc0.31%
Cheesecake Factory Inc/The0.31%
BGC Group Inc0.30%
Tutor Perini Corp0.30%
Atmus Filtration Technologies Inc0.30%
Moelis & Co0.30%
Itron Inc0.29%
Piper Sandler Cos0.29%
Lumen Technologies Inc0.29%
Shake Shack Inc0.29%

Weight gaps

The 100 widest of 125 Holdings in both funds.

Holding weights in RZG and VIOG, widest gap first
Holding	More in RZGMore in VIOG	RZG	VIOG
Arcutis Biotherapeutics IncARQT	RZG +1.69 points	2.06%	0.37%
Acadian Asset Management IncAAMI	RZG +1.61 points	1.94%	0.33%
Dave IncDAVE	RZG +1.44 points	1.83%	0.39%
DXP Enterprises Inc/TXDXPE	RZG +1.33 points	1.61%	0.28%
Progyny IncPGNY	RZG +1.21 points	1.45%	0.24%
Adamas Trust IncADAM	RZG +1.10 points	1.18%	0.08%
Liquidity Services IncLQDT	RZG +1.10 points	1.22%	0.12%
SiriusPoint LtdSPNT	RZG +1.10 points	1.40%	0.30%
EZCORP IncEZPW	RZG +1.07 points	1.28%	0.21%
Chefs' Warehouse Inc/TheCHEF	RZG +1.07 points	1.58%	0.51%
ACM Research IncACMR	RZG +1.04 points	1.62%	0.58%
Sezzle IncSEZL	RZG +0.99 points	1.22%	0.23%
Protagonist Therapeutics IncPTGX	RZG +0.95 points	2.06%	1.11%
National Presto Industries IncNPK	RZG +0.93 points	1.02%	0.09%
Clear Secure IncYOU	RZG +0.92 points	1.41%	0.49%
Phibro Animal Health CorpPAHC	RZG +0.91 points	1.00%	0.09%
ANI Pharmaceuticals IncANIP	RZG +0.85 points	1.03%	0.18%
Karman Holdings IncKRMN	RZG +0.80 points	1.29%	0.49%
International Seaways IncINSW	RZG +0.80 points	1.36%	0.56%
Tidewater IncTDW	RZG +0.77 points	1.23%	0.46%
Life360 IncLIF	RZG +0.76 points	1.16%	0.40%
Solaris Energy Infrastructure IncSEI	RZG +0.76 points	1.33%	0.57%
Adeia IncADEA	RZG +0.76 points	1.10%	0.34%
HCI Group IncHCI	RZG +0.74 points	0.96%	0.22%
Enova International IncENVA	RZG +0.71 points	1.22%	0.51%
OneSpaWorld Holdings LtdOSW	RZG +0.70 points	0.98%	0.28%
Mercury General CorpMCY	RZG +0.69 points	1.01%	0.32%
St Joe Co/TheJOE	RZG +0.69 points	1.00%	0.31%
ARMOUR Residential REIT IncARR	RZG +0.69 points	0.93%	0.24%
Powell Industries IncPOWL	RZG +0.68 points	1.32%	0.65%
ACADIA Pharmaceuticals IncACAD	RZG +0.67 points	0.99%	0.32%
Sphere Entertainment CoSPHR	RZG +0.68 points	1.12%	0.44%
Liquidia CorpLQDA	RZG +0.67 points	0.94%	0.27%
Healthcare Services Group IncHCSG	RZG +0.62 points	0.79%	0.17%
Ellington Financial IncEFC	RZG +0.60 points	0.79%	0.19%
Ligand Pharmaceuticals IncLGND	RZG +0.60 points	1.36%	0.76%
Pacira BioSciences IncPCRX	RZG +0.60 points	0.72%	0.12%
Palomar Holdings IncPLMR	RZG +0.59 points	0.99%	0.40%
Pediatrix Medical Group IncMD	RZG +0.59 points	0.84%	0.25%
PTC Therapeutics IncPTCT	RZG +0.57 points	1.23%	0.66%
Uniti Group IncUNIT	RZG +0.55 points	0.73%	0.18%
Laureate Education IncLAUR	RZG +0.53 points	1.12%	0.59%
Indivior Pharmaceuticals IncINDV	RZG +0.53 points	1.05%	0.52%
Collegium Pharmaceutical IncCOLL	RZG +0.52 points	0.61%	0.09%
Curbline Properties CorpCURB	RZG +0.49 points	0.85%	0.36%
Zurn Elkay Water Solutions CorpZWS	VIOG +0.50 points	0.34%	0.84%
Urban Outfitters IncURBN	RZG +0.49 points	1.02%	0.53%
OSI Systems IncOSIS	RZG +0.46 points	0.83%	0.37%
TG Therapeutics IncTGTX	RZG +0.45 points	1.41%	0.96%
Harmony Biosciences Holdings IncHRMY	RZG +0.44 points	0.68%	0.24%
Centrus Energy CorpLEU	RZG +0.43 points	0.76%	0.33%
Vita Coco Co Inc/TheCOCO	RZG +0.42 points	0.77%	0.35%
AAR CorpAIR	RZG +0.42 points	0.91%	0.49%
National HealthCare CorpNHC	RZG +0.42 points	0.76%	0.34%
StoneX Group IncSNEX	RZG +0.42 points	1.27%	0.85%
Covista IncCVSA	RZG +0.39 points	0.90%	0.51%
Alignment Healthcare IncALHC	RZG +0.38 points	0.57%	0.19%
WisdomTree IncWT	RZG +0.38 points	0.77%	0.39%
OPENLANE IncOPLN	RZG +0.37 points	0.84%	0.47%
PennyMac Mortgage Investment TrustPMT	RZG +0.37 points	0.45%	0.08%
Pathward Financial IncCASH	RZG +0.37 points	0.55%	0.18%
MYR Group IncMYRG	RZG +0.37 points	0.92%	0.55%
JBT Marel CorpJBTM	VIOG +0.37 points	0.30%	0.67%
Bancorp Inc/TheTBBK	RZG +0.37 points	0.59%	0.22%
AZZ IncAZZ	RZG +0.36 points	0.85%	0.49%
Argan IncAGX	RZG +0.35 points	1.00%	0.65%
Veracyte IncVCYT	RZG +0.35 points	0.80%	0.45%
Proto Labs IncPRLB	RZG +0.35 points	0.63%	0.28%
PriceSmart IncPSMT	RZG +0.35 points	0.88%	0.53%
XPEL IncXPEL	RZG +0.33 points	0.46%	0.13%
TransMedics Group IncTMDX	RZG +0.31 points	0.66%	0.35%
Armstrong World Industries IncAWI	VIOG +0.30 points	0.53%	0.83%
UFP Technologies IncUFPT	RZG +0.30 points	0.58%	0.28%
Artivion IncAORT	RZG +0.29 points	0.43%	0.14%
Preferred Bank/Los Angeles CAPFBC	RZG +0.27 points	0.41%	0.14%
Calix IncCALX	RZG +0.25 points	0.49%	0.24%
Cavco Industries IncCVCO	VIOG +0.25 points	0.27%	0.52%
AtriCure IncATRC	RZG +0.24 points	0.59%	0.35%
Tootsie Roll Industries IncTR	RZG +0.24 points	0.33%	0.09%
Sprinklr IncCXM	RZG +0.23 points	0.30%	0.07%
Acushnet Holdings CorpGOLF	RZG +0.22 points	0.50%	0.28%
LiveRamp Holdings IncRAMP	RZG +0.22 points	0.50%	0.28%
Digi International IncDGII	RZG +0.21 points	0.56%	0.35%
Monarch Casino & Resort IncMCRI	RZG +0.21 points	0.38%	0.17%
Installed Building Products IncIBP	VIOG +0.21 points	0.32%	0.53%
EVERTEC IncEVTC	RZG +0.20 points	0.40%	0.20%
PDF Solutions IncPDFS	RZG +0.21 points	0.44%	0.23%
Primoris Services CorpPRIM	RZG +0.20 points	0.69%	0.49%
Privia Health Group IncPRVA	RZG +0.19 points	0.50%	0.31%
Alkermes PLCALKS	VIOG +0.20 points	0.63%	0.83%
Construction Partners IncROAD	RZG +0.18 points	0.71%	0.53%
Granite Construction IncGVA	VIOG +0.17 points	0.45%	0.62%
Sensient Technologies CorpSXT	VIOG +0.17 points	0.51%	0.68%
TripAdvisor IncTRIP	RZG +0.16 points	0.28%	0.12%
National Vision Holdings IncEYE	RZG +0.16 points	0.32%	0.16%
Virtu Financial IncVIRT	RZG +0.16 points	0.72%	0.56%
Axos Financial IncAX	RZG +0.14 points	0.74%	0.60%
Federal Signal CorpFSS	VIOG +0.13 points	0.69%	0.82%
VSE CorpVSEC	VIOG +0.13 points	0.43%	0.56%
Viasat IncVSAT	RZG +0.13 points	1.31%	1.18%

All 126 RZG holdings⁠All 341 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.

RZG vs VIOG Cost

Overpaying RZG vs VIOG

$5,020

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

RZG 0.35%
$7,126
VIOG 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

RZG 0.35%
VIOG 0.10%
Overpaying

Year by year

Year	RZG	VIOG	Overpaying
10	$634	$183	$451
20	$2,454	$717	$1,737
30	$7,126	$2,106	$5,020

Expense ratio

0.35%RZG
0.10%VIOG, cheaper

VIOG0.10%RZG0.35%

0.03%0.59%

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

VIOG 4th cheapest of 13 funds

RZG 10th cheapest of 13 funds

RZG vs VIOG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RZG 0.58%; VIOG 0.77%, better
Payout (12M): RZG $0.36; VIOG $1.09
Last payment: RZG $0.11; VIOG $0.26
Ex-dividend: RZG Sep 21, 2026; VIOG Sep 28, 2026
Paid on: RZG Sep 25, 2026; VIOG Sep 30, 2026
Frequency: RZG Quarterly; VIOG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RZGQuarterly · 39 paymentsAll RZG payments⁠

VIOGQuarterly · 39 paymentsAll VIOG payments⁠

RZG vs VIOG Risk

Fall from peak · 5 years

RZG
VIOG

Risk facts

VolatilityStd dev, 3 years: RZG 20.1%VIOG 19.0%, better
Return per unit of riskSharpe ratio, 3 years: RZG 0.72, betterVIOG 0.71
Worst fallMax drawdown, 5 years: RZG −38.3%VIOG −29.2%, better
Market sensitivityBeta, 5 years: RZG 1.15VIOG 1.06; Market = 1

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