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RFG vs. RZG
Performance
Return for Risk
Dividends
Drawdowns
Volatility

RFG vs. RZG

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco S&P MidCap 400® Pure Growth ETF (RFG) and Invesco S&P SmallCap 600® Pure Growth ETF (RZG).

RFG and RZG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RFG is a passively managed fund by Invesco that tracks the performance of the S&P Mid Cap 400 Pure Growth. It was launched on Mar 1, 2006. RZG is a passively managed fund by Invesco that tracks the performance of the S&P Small Cap 600 Pure Growth. It was launched on Mar 1, 2006. Both RFG and RZG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

RFG vs. RZG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400® Pure Growth ETF (RFG) and Invesco S&P SmallCap 600® Pure Growth ETF (RZG). The values are adjusted to include any dividend payments, if applicable.

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RFG vs. RZG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RFG
Invesco S&P MidCap 400® Pure Growth ETF		5.89%8.80%17.80%16.42%-21.70%13.81%32.86%17.09%-13.98%20.46%
RZG
Invesco S&P SmallCap 600® Pure Growth ETF		6.17%10.22%9.84%19.15%-29.00%21.01%17.76%14.25%-8.70%19.18%

Returns By Period

The year-to-date returns for both investments are quite close, with RFG having a 5.89% return and RZG slightly higher at 6.17%. Both investments have delivered pretty close results over the past 10 years, with RFG having a 9.17% annualized return and RZG not far behind at 8.94%.

RFG

1D
1.27%
1M
-5.93%
YTD
5.89%
6M
8.54%
1Y
26.07%
3Y*
15.48%
5Y*
5.10%
10Y*
9.17%

RZG

1D
1.15%
1M
-2.97%
YTD
6.17%
6M
6.39%
1Y
23.98%
3Y*
14.53%
5Y*
2.54%
10Y*
8.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P MidCap 400® Pure Growth ETF

Invesco S&P SmallCap 600® Pure Growth ETF

Often compared with RFG:
RFG vs. RFVRFG vs. IVOGRFG vs. SPMDRFG vs. FRTYRFG vs. FDISRFG vs. IMCGRFG vs. VOT
Often compared with RZG:
RZG vs. VBKRZG vs. QQQRZG vs. ^GSPCRZG vs. FDGRZG vs. IWCRZG vs. IJRRZG vs. TNA

RFG vs. RZG - Expense Ratio Comparison

Both RFG and RZG have an expense ratio of 0.35%.

RFG
Invesco S&P MidCap 400® Pure Growth ETF
RZG
Invesco S&P SmallCap 600® Pure Growth ETF

Return for Risk

RFG vs. RZG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RFG
RFG Risk / Return Rank: 6767
Overall Rank
RFG Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
RFG Sortino Ratio Rank: 6565
Sortino Ratio Rank
RFG Omega Ratio Rank: 5959
Omega Ratio Rank
RFG Calmar Ratio Rank: 7373
Calmar Ratio Rank
RFG Martin Ratio Rank: 7676
Martin Ratio Rank
RZG
RZG Risk / Return Rank: 6161
Overall Rank
RZG Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
RZG Sortino Ratio Rank: 6161
Sortino Ratio Rank
RZG Omega Ratio Rank: 5353
Omega Ratio Rank
RZG Calmar Ratio Rank: 6565
Calmar Ratio Rank
RZG Martin Ratio Rank: 6868
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RFG vs. RZG - 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 Invesco S&P SmallCap 600® Pure Growth ETF (RZG). 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.

RFGRZGDifference

Sharpe ratio

Return per unit of total volatility

1.13

1.06

+0.06

Sortino ratio

Return per unit of downside risk

1.71

1.64

+0.08

Omega ratio

Gain probability vs. loss probability

1.23

1.21

+0.02

Calmar ratio

Return relative to maximum drawdown

2.02

1.78

+0.25

Martin ratio

Return relative to average drawdown

8.69

7.41

+1.28

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFG vs. RZG - Sharpe Ratio Comparison

The current RFG Sharpe Ratio is 1.13, which is comparable to the RZG Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of RFG and RZG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

RFGRZGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.13

1.06

+0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

0.11

+0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

0.36

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.35

+0.05

Correlation

The correlation between RFG and RZG is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

RFG vs. RZG - Dividend Comparison

RFG's dividend yield for the trailing twelve months is around 0.36%, less than RZG's 0.46% yield.

TTM20252024202320222021202020192018201720162015
RFG
Invesco S&P MidCap 400® Pure Growth ETF		0.36%0.43%0.38%0.99%0.78%0.05%0.27%0.64%0.76%0.66%0.35%0.61%
RZG
Invesco S&P SmallCap 600® Pure Growth ETF		0.46%0.37%0.95%1.43%1.59%0.22%0.49%0.70%0.46%0.44%0.65%0.70%

Drawdowns

RFG vs. RZG - Drawdown Comparison

The maximum RFG drawdown since its inception was -51.93%, smaller than the maximum RZG drawdown of -58.52%. Use the drawdown chart below to compare losses from any high point for RFG and RZG.

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Drawdown Indicators

RFGRZGDifference

Max Drawdown

Largest peak-to-trough decline

-51.93%

-58.52%

+6.59%

Max Drawdown (1Y)

Largest decline over 1 year

-13.44%

-13.42%

-0.02%

Max Drawdown (5Y)

Largest decline over 5 years

-35.16%

-38.33%

+3.17%

Max Drawdown (10Y)

Largest decline over 10 years

-42.92%

-54.02%

+11.10%

Current Drawdown

Current decline from peak

-5.93%

-3.61%

-2.32%

Average Drawdown

Average peak-to-trough decline

-9.03%

-12.22%

+3.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.13%

3.22%

-0.09%

Volatility

RFG vs. RZG - Volatility Comparison

Invesco S&P MidCap 400® Pure Growth ETF (RFG) and Invesco S&P SmallCap 600® Pure Growth ETF (RZG) have volatilities of 8.51% and 8.32%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RFGRZGDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.51%

8.32%

+0.19%

Volatility (6M)

Calculated over the trailing 6-month period

14.24%

14.08%

+0.16%

Volatility (1Y)

Calculated over the trailing 1-year period

23.28%

22.71%

+0.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.73%

23.08%

-0.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.98%

24.61%

-1.63%