RZG vs VIOO: Grades, Fees and Holdings Compared

Invesco S&P SmallCap 600 Revenue ETF

RZGCNYSE Arca

Vanguard S&P Small-Cap 600 ETF

VIOOANYSE Arca

Overlap

24.1%by weight

Expense ratio

VIOO −0.28pt a year

RZG0.35%VIOO0.07%

Avg volume · 30D

VIOO 7.4×the volume

RZG11.2KVIOO82.7K

10Y return · a year

VIOO +1.3pt

RZG+9.3%VIOO+10.6%

RZG vs VIOO Performance

Oct 29, 2021 – Oct 30, 2026

+16.7%RZG+34.5%VIOO

Expense ratio: RZG 0.35%; VIOO 0.07%, better
Fund size: RZG $118M; VIOO $6.1B
1Y total return: RZG +16.2%; VIOO +20.8%, better
Yield (12M): RZG 0.58%; VIOO 1.15%, better
Holdings: RZG 128; VIOO 610
Avg volume (30D): RZG 11.2K sh; VIOO 82.7K sh, better
NAV per share: RZG $62.23; VIOO $130.53
52W range

ETF.net Grade

Pillar letters and Scores for RZG, VIOO, with each pillar’s weight
Pillar	RZG	VIOO
Cost30% weight	F22	A82Higher
Mission25% weight	A94Higher	A83
Risk15% weight	D36	C53Higher
Tradability15% weight	D36Higher	D31
Holdings10% weight	D37	A86Higher
Durability5% weight	D33	A74Higher

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. RZG and VIOO 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 ›

VIOO ranks 3rd 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 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

VIOOAVanguard S&P Small-Cap 600 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.

VIOO Vanguard's version of the S&P SmallCap 600: it owns all of the index's roughly 600 names at index weight, no sampling shortcuts, for 0.07% a year. That is well under half the typical fee among S&P 600 index funds, and it has been running since 2010.

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.

VIOO The fund is a passively managed, full-replication ETF designed to follow the S&P SmallCap 600 Index, which represents small U.S. companies. It holds the index constituents in the same capitalization weights.

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

VIOO Charges 0.07% a year against a peer-group median near 0.18% for funds built on the same small-cap index.
Full replication, not sampling: it holds about 600 index constituents at their index weights, and it tracks the S&P SmallCap 600 very closely.
Trading since 2010 and now a multi-billion-dollar fund, it ranks among the stronger implementations in its S&P 600 peer group.

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

VIOO Two rivals on the identical index undercut it: SPSM at 0.03% and IJR at 0.06%. Thin gaps, but gaps that compound.
Moderately traded rather than the volume leader of the trio, so spreads carry more weight on big or rushed orders.
This is undiluted small-cap equity. The mandate is to mirror that index, bumps included, not to smooth it out.

Full RZG profile⁠

Full VIOO profile⁠

RZG vs VIOO Holdings

How RZG and VIOO differ

Overlap by weight

24.1%

Shared holdings make up 99.9% of RZG and 24.2% of VIOO.

Level by level

Holdings125 in both24.1%
Sector11 Sectors85.3%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in RZG and VIOO, widest gap first
Sector	More in RZGMore in VIOO	RZG	VIOO
Health Care	RZG +12.3 points	23.1%	10.9%
Materials	VIOO +4.1 points	0.5%	4.6%
Consumer Discretionary	VIOO +4.0 points	8.4%	12.4%
Communication	VIOO +1.9 points	1.6%	3.5%
Consumer Staples	RZG +1.8 points	6.4%	4.6%
Utilities	VIOO +1.7 points	0.0%	1.7%
Financials	VIOO +1.2 points	15.9%	17.1%
Energy	VIOO +0.8 points	5.5%	6.3%
Real Estate	VIOO +0.8 points	6.5%	7.3%
Industrials	RZG +0.6 points	16.2%	15.6%
Technology	VIOO +0.2 points	15.8%	16.0%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

RZG17.0%
VIOO5.3%

Securities held

RZG127
VIOO604

Asset class

RZG: Equity
VIOO: Equity

Holdings

Only in RZG2
In both125
Only in VIOO479

Only in RZG

2 securities, 0.1% of RZG by weight

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

Only in VIOO

479 securities, 75.6% of VIOO by weight

FormFactor Inc0.68%
Glaukos Corp0.56%
Qorvo Inc0.54%
Match Group Inc0.53%
Paycom Software Inc0.49%
Element Solutions Inc0.48%
Ryman Hospitality Properties Inc0.47%
Jackson Financial Inc0.47%
SM Energy Co0.47%
CarMax Inc0.45%
Ralliant Corp0.44%
MaxLinear Inc0.44%
Life Time Group Holdings Inc0.44%
SLCMT11420.43%
Eastman Chemical Co0.43%
Arcosa Inc0.42%
Terreno Realty Corp0.41%
Victoria's Secret & Co0.41%
Madison Square Garden Sports Corp0.40%
Plexus Corp0.40%
Lincoln National Corp0.40%
Gates Industrial Corp Ltd0.38%
Matson Inc0.38%
Enpro Inc0.38%
Conagra Brands Inc0.37%
Macerich Co/The0.37%
Mohawk Industries Inc0.37%
Builders FirstSource Inc0.36%
Caesars Entertainment Inc0.35%
Pool Corp0.34%
Molson Coors Beverage Co0.34%
LKQ Corp0.33%
MarketAxess Holdings Inc0.33%
Lamb Weston Holdings Inc0.33%
Materion Corp0.33%
EPAM Systems Inc0.32%
Essential Properties Realty Trust Inc0.32%
Magnolia Oil & Gas Corp0.32%
RingCentral Inc0.32%
Victory Capital Holdings Inc0.32%
Atlantic Union Bankshares Corp0.31%
Kodiak Gas Services Inc0.31%
Noble Corp PLC0.31%
Lumen Technologies Inc0.31%
Teleflex Inc0.31%
Balchem Corp0.30%
Impinj Inc0.30%
Trade Desk Inc/The0.30%
Merit Medical Systems Inc0.30%
Iridium Communications Inc0.29%

Weight gaps

The 100 widest of 125 Holdings in both funds.

Holding weights in RZG and VIOO, widest gap first
Holding	More in RZGMore in VIOO	RZG	VIOO
Arcutis Biotherapeutics IncARQT	RZG +1.88 points	2.06%	0.18%
Acadian Asset Management IncAAMI	RZG +1.78 points	1.94%	0.16%
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 +1.47 points	1.61%	0.14%
ACM Research IncACMR	RZG +1.34 points	1.62%	0.28%
Chefs' Warehouse Inc/TheCHEF	RZG +1.34 points	1.58%	0.24%
Progyny IncPGNY	RZG +1.34 points	1.45%	0.11%
SiriusPoint LtdSPNT	RZG +1.26 points	1.40%	0.14%
EZCORP IncEZPW	RZG +1.18 points	1.28%	0.10%
Clear Secure IncYOU	RZG +1.18 points	1.41%	0.23%
Liquidity Services IncLQDT	RZG +1.16 points	1.22%	0.06%
Adamas Trust IncADAM	RZG +1.14 points	1.18%	0.04%
Sezzle IncSEZL	RZG +1.11 points	1.22%	0.11%
International Seaways IncINSW	RZG +1.09 points	1.36%	0.27%
Solaris Energy Infrastructure IncSEI	RZG +1.06 points	1.33%	0.27%
Karman Holdings IncKRMN	RZG +1.06 points	1.29%	0.23%
Powell Industries IncPOWL	RZG +1.02 points	1.32%	0.31%
Tidewater IncTDW	RZG +1.01 points	1.23%	0.22%
Ligand Pharmaceuticals IncLGND	RZG +1.00 points	1.36%	0.36%
National Presto Industries IncNPK	RZG +0.98 points	1.02%	0.04%
Enova International IncENVA	RZG +0.98 points	1.22%	0.24%
Life360 IncLIF	RZG +0.97 points	1.16%	0.19%
TG Therapeutics IncTGTX	RZG +0.95 points	1.41%	0.46%
Phibro Animal Health CorpPAHC	RZG +0.96 points	1.00%	0.04%
ANI Pharmaceuticals IncANIP	RZG +0.94 points	1.03%	0.09%
Adeia IncADEA	RZG +0.94 points	1.10%	0.16%
PTC Therapeutics IncPTCT	RZG +0.92 points	1.23%	0.31%
Sphere Entertainment CoSPHR	RZG +0.91 points	1.12%	0.21%
StoneX Group IncSNEX	RZG +0.86 points	1.27%	0.41%
Mercury General CorpMCY	RZG +0.86 points	1.01%	0.15%
HCI Group IncHCI	RZG +0.85 points	0.96%	0.11%
St Joe Co/TheJOE	RZG +0.85 points	1.00%	0.15%
OneSpaWorld Holdings LtdOSW	RZG +0.85 points	0.98%	0.13%
ACADIA Pharmaceuticals IncACAD	RZG +0.84 points	0.99%	0.15%
Laureate Education IncLAUR	RZG +0.84 points	1.12%	0.28%
ARMOUR Residential REIT IncARR	RZG +0.82 points	0.93%	0.11%
Liquidia CorpLQDA	RZG +0.81 points	0.94%	0.13%
Palomar Holdings IncPLMR	RZG +0.80 points	0.99%	0.19%
Indivior Pharmaceuticals IncINDV	RZG +0.80 points	1.05%	0.25%
Urban Outfitters IncURBN	RZG +0.77 points	1.02%	0.25%
Viasat IncVSAT	RZG +0.75 points	1.31%	0.56%
Pediatrix Medical Group IncMD	RZG +0.72 points	0.84%	0.12%
Healthcare Services Group IncHCSG	RZG +0.71 points	0.79%	0.08%
Ellington Financial IncEFC	RZG +0.70 points	0.79%	0.09%
Argan IncAGX	RZG +0.69 points	1.00%	0.31%
Curbline Properties CorpCURB	RZG +0.68 points	0.85%	0.17%
AAR CorpAIR	RZG +0.68 points	0.91%	0.23%
Covista IncCVSA	RZG +0.66 points	0.90%	0.24%
Pacira BioSciences IncPCRX	RZG +0.66 points	0.72%	0.06%
MYR Group IncMYRG	RZG +0.66 points	0.92%	0.26%
OSI Systems IncOSIS	RZG +0.66 points	0.83%	0.17%
Uniti Group IncUNIT	RZG +0.64 points	0.73%	0.09%
PriceSmart IncPSMT	RZG +0.63 points	0.88%	0.25%
AZZ IncAZZ	RZG +0.62 points	0.85%	0.23%
OPENLANE IncOPLN	RZG +0.62 points	0.84%	0.22%
Vita Coco Co Inc/TheCOCO	RZG +0.61 points	0.77%	0.16%
Centrus Energy CorpLEU	RZG +0.60 points	0.76%	0.16%
National HealthCare CorpNHC	RZG +0.60 points	0.76%	0.16%
Veracyte IncVCYT	RZG +0.59 points	0.80%	0.21%
WisdomTree IncWT	RZG +0.58 points	0.77%	0.19%
Harmony Biosciences Holdings IncHRMY	RZG +0.57 points	0.68%	0.11%
Collegium Pharmaceutical IncCOLL	RZG +0.57 points	0.61%	0.04%
Proto Labs IncPRLB	RZG +0.50 points	0.63%	0.13%
TransMedics Group IncTMDX	RZG +0.49 points	0.66%	0.17%
Bancorp Inc/TheTBBK	RZG +0.48 points	0.59%	0.11%
Alignment Healthcare IncALHC	RZG +0.48 points	0.57%	0.09%
Pathward Financial IncCASH	RZG +0.46 points	0.55%	0.09%
Construction Partners IncROAD	RZG +0.46 points	0.71%	0.25%
Axos Financial IncAX	RZG +0.46 points	0.74%	0.28%
Primoris Services CorpPRIM	RZG +0.46 points	0.69%	0.23%
Virtu Financial IncVIRT	RZG +0.45 points	0.72%	0.27%
UFP Technologies IncUFPT	RZG +0.45 points	0.58%	0.13%
ESCO Technologies IncESE	RZG +0.44 points	0.84%	0.40%
Everus Construction Group IncECG	RZG +0.43 points	0.78%	0.35%
AtriCure IncATRC	RZG +0.42 points	0.59%	0.17%
PennyMac Mortgage Investment TrustPMT	RZG +0.41 points	0.45%	0.04%
Etsy IncETSY	RZG +0.42 points	0.77%	0.35%
Digi International IncDGII	RZG +0.39 points	0.56%	0.17%
XPEL IncXPEL	RZG +0.40 points	0.46%	0.06%
Calix IncCALX	RZG +0.38 points	0.49%	0.11%
Acushnet Holdings CorpGOLF	RZG +0.37 points	0.50%	0.13%
LiveRamp Holdings IncRAMP	RZG +0.37 points	0.50%	0.13%
Artivion IncAORT	RZG +0.37 points	0.43%	0.06%
Privia Health Group IncPRVA	RZG +0.35 points	0.50%	0.15%
Lyft IncLYFT	RZG +0.36 points	0.69%	0.33%
Preferred Bank/Los Angeles CAPFBC	RZG +0.34 points	0.41%	0.07%
Archrock IncAROC	RZG +0.33 points	0.64%	0.31%
PDF Solutions IncPDFS	RZG +0.33 points	0.44%	0.11%
Cal-Maine Foods IncCALM	RZG +0.32 points	0.49%	0.17%
EVERTEC IncEVTC	RZG +0.31 points	0.40%	0.09%
NMI Holdings IncNMIH	RZG +0.31 points	0.47%	0.16%
Federal Signal CorpFSS	RZG +0.30 points	0.69%	0.39%
Monarch Casino & Resort IncMCRI	RZG +0.30 points	0.38%	0.08%
Tootsie Roll Industries IncTR	RZG +0.29 points	0.33%	0.04%
Alkermes PLCALKS	RZG +0.29 points	0.63%	0.34%
Mirion Technologies IncMIR	RZG +0.28 points	0.48%	0.20%
Mercury Systems IncMRCY	RZG +0.27 points	0.54%	0.27%
Sprinklr IncCXM	RZG +0.27 points	0.30%	0.03%
Waystar Holding CorpWAY	RZG +0.26 points	0.44%	0.18%

All 126 RZG holdings⁠All 604 VIOO 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 VIOO Cost

Overpaying RZG vs VIOO

$5,646

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

RZG 0.35%
$7,126
VIOO 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

RZG 0.35%
VIOO 0.07%
Overpaying

Year by year

Year	RZG	VIOO	Overpaying
10	$634	$128	$506
20	$2,454	$503	$1,951
30	$7,126	$1,480	$5,646

Expense ratio

0.35%RZG
0.07%VIOO, cheaper

VIOO0.07%RZG0.35%

0.03%0.59%

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

VIOO 3rd cheapest of 13 funds

RZG 10th cheapest of 13 funds

RZG vs VIOO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RZG 0.58%; VIOO 1.15%, better
Payout (12M): RZG $0.36; VIOO $1.51
Last payment: RZG $0.11; VIOO $1.51
Ex-dividend: RZG Sep 21, 2026; VIOO Dec 22, 2025
Paid on: RZG Sep 25, 2026; VIOO Dec 24, 2025
Frequency: RZG Quarterly; VIOO Annual

Distribution history

Per share, 2017 to 2026, same scale for both

RZGQuarterly · 39 paymentsAll RZG payments⁠

VIOOAnnual · 9 paymentsAll VIOO payments⁠

RZG vs VIOO Risk

Fall from peak · 5 years

RZG
VIOO

Risk facts

VolatilityStd dev, 3 years: RZG 20.1%VIOO 18.8%, better
Return per unit of riskSharpe ratio, 3 years: RZG 0.72VIOO 0.75, better
Worst fallMax drawdown, 5 years: RZG −38.3%VIOO −27.9%, better
Market sensitivityBeta, 5 years: RZG 1.15VIOO 1.04; Market = 1

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