RFG vs. IVOG
RFG (Invesco S&P MidCap 400® Pure Growth ETF) and IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) are both Small Cap Growth Equities funds - RFG tracks the S&P Mid Cap 400 Pure Growth while IVOG tracks the S&P MidCap 400 Growth Index. Both are passively managed. Over the past 10 years, RFG returned 11.19%/yr vs 12.09%/yr for IVOG. With a 0.95 correlation, they move nearly in lockstep. RFG charges 0.35%/yr vs 0.15%/yr for IVOG.
Performance
RFG vs. IVOG - Performance Comparison
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Returns By Period
In the year-to-date period, RFG achieves a 23.21% return, which is significantly higher than IVOG's 20.66% return. Over the past 10 years, RFG has underperformed IVOG with an annualized return of 11.19%, while IVOG has yielded a comparatively higher 12.09% annualized return.
RFG
- 1D
- 0.77%
- 1M
- 4.83%
- YTD
- 23.21%
- 6M
- 20.38%
- 1Y
- 35.48%
- 3Y*
- 20.42%
- 5Y*
- 8.35%
- 10Y*
- 11.19%
IVOG
- 1D
- 0.63%
- 1M
- 4.20%
- YTD
- 20.66%
- 6M
- 17.87%
- 1Y
- 32.69%
- 3Y*
- 18.41%
- 5Y*
- 8.84%
- 10Y*
- 12.09%
RFG vs. IVOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RFG Invesco S&P MidCap 400® Pure Growth ETF | 23.21% | 8.80% | 17.80% | 16.42% | -21.70% | 13.81% | 32.86% | 17.09% | -13.98% | 20.46% |
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 20.66% | 7.34% | 15.62% | 17.36% | -19.08% | 18.85% | 22.60% | 26.13% | -10.58% | 19.90% |
Correlation
The correlation between RFG and IVOG is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.95 |
The correlation between RFG and IVOG has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
RFG vs. IVOG — Risk / Return Rank
RFG
IVOG
RFG vs. IVOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® Pure Growth ETF (RFG) and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| RFG | IVOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.33 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.43 | 3.39 | +0.04 |
| Martin ratioReturn relative to average drawdown | 13.82 | 13.20 | +0.61 |
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Drawdowns
RFG vs. IVOG - Drawdown Comparison
The maximum RFG drawdown since its inception was -51.93%, which is greater than IVOG's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for RFG and IVOG.
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Drawdown Indicators
| RFG | IVOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.93% | -39.32% | -12.61% |
Max Drawdown (1Y)Largest decline over 1 year | -10.41% | -9.69% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -26.71% | -25.61% | -1.10% |
Max Drawdown (5Y)Largest decline over 5 years | -35.16% | -29.31% | -5.85% |
Max Drawdown (10Y)Largest decline over 10 years | -42.92% | -39.32% | -3.60% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.95% | -5.87% | -3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 2.48% | +0.09% |
Volatility
RFG vs. IVOG - Volatility Comparison
Invesco S&P MidCap 400® Pure Growth ETF (RFG) has a higher volatility of 6.28% compared to Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) at 5.53%. This indicates that RFG's price experiences larger fluctuations and is considered to be riskier than IVOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFG | IVOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.28% | 5.53% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 15.49% | 13.79% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.18% | 17.64% | +1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.91% | 20.69% | +2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.10% | 20.64% | +2.46% |
RFG vs. IVOG - Expense Ratio Comparison
RFG has a 0.35% expense ratio, which is higher than IVOG's 0.15% expense ratio.
Dividends
RFG vs. IVOG - Dividend Comparison
RFG's dividend yield for the trailing twelve months is around 0.32%, less than IVOG's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.53% | 0.64% | 0.79% | 1.15% | 1.05% | 0.47% | 0.74% | 1.17% | 1.01% | 0.93% | 1.11% | 1.04% |
RFG Invesco S&P MidCap 400® Pure Growth ETF | 0.32% | 0.43% | 0.38% | 0.99% | 0.78% | 0.05% | 0.27% | 0.64% | 0.76% | 0.66% | 0.35% | 0.61% |
Frequently Asked Questions
With a correlation of 0.96, RFG and IVOG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
RFG has higher volatility (6.28%) compared to IVOG (5.53%). In terms of maximum drawdown, RFG dropped -51.93% vs IVOG's -39.32%.
On 10-year performance, IVOG leads with 12.09% vs 11.19% for RFG. On fees, IVOG is cheaper at 0.15% per year. On volatility, IVOG has been the lower-risk option at 5.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IVOG has performed better with a 12.09% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOG is cheaper with a 0.15% expense ratio, compared with 0.35% for RFG.
IVOG has the higher dividend yield at 0.53%, compared with 0.32% for RFG.
RFG tracks S&P Mid Cap 400 Pure Growth, while IVOG tracks S&P MidCap 400 Growth Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.35% for RFG and 0.15% for IVOG.
IVOG currently has the higher Sharpe Ratio (1.86 vs 1.86), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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