RFG vs. SLYG

Last updated Jun 4, 2026

RFG (Invesco S&P MidCap 400® Pure Growth ETF) and SLYG (SPDR S&P 600 Small Cap Growth ETF) are both Small Cap Growth Equities funds - RFG tracks the S&P Mid Cap 400 Pure Growth while SLYG tracks the S&P SmallCap 600 Growth Index. Both are passively managed. Over the past 10 years, RFG returned 10.49%/yr vs 10.83%/yr for SLYG. Their correlation of 0.89 suggests significant overlap in exposure. RFG charges 0.35%/yr vs 0.15%/yr for SLYG.

Performance

RFG vs. SLYG - 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 SPDR S&P 600 Small Cap Growth ETF (SLYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFG achieves a 22.14% return, which is significantly higher than SLYG's 15.50% return. Both investments have delivered pretty close results over the past 10 years, with RFG having a 10.49% annualized return and SLYG not far ahead at 10.83%.

RFG

• 1D: 0.61%
• 1M: 7.30%
• YTD: 22.14%
• 6M: 21.89%
• 1Y: 32.96%
• 3Y*: 20.57%
• 5Y*: 8.63%
• 10Y*: 10.49%

SLYG

• 1D: -0.58%
• 1M: 0.98%
• YTD: 15.50%
• 6M: 13.61%
• 1Y: 26.20%
• 3Y*: 14.46%
• 5Y*: 5.49%
• 10Y*: 10.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RFG vs. SLYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RFG Invesco S&P MidCap 400® Pure Growth ETF	22.14%	8.80%	17.80%	16.42%	-21.70%	13.81%	32.86%	17.09%	-13.98%	20.46%
SLYG SPDR S&P 600 Small Cap Growth ETF	15.50%	5.20%	9.38%	17.27%	-21.26%	22.42%	19.48%	20.97%	-4.20%	14.62%

Correlation

The correlation between RFG and SLYG is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 8, 2006	0.89

The correlation between RFG and SLYG has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

RFG vs. SLYG - Sectors Allocation Comparison

Sectors	RFG	SLYG
Industrials	31.3%	19.5%
Technology	21.2%	20.1%
Healthcare	19.4%	14.4%
Consumer Cyclical	7.6%	10.4%
Energy	5.4%	5.1%
Financial Services	3.7%	13.9%
Basic Materials	3.3%	2.8%
Consumer Defensive	3.1%	2.8%
Utilities	2.4%	1.9%
Real Estate	2.2%	6.4%
Communication Services	0.6%	2.8%

Return for Risk

RFG vs. SLYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RFG

RFG Risk / Return Rank: 57
RFG Sharpe Ratio Rank: 52
RFG Sortino Ratio Rank: 52
RFG Omega Ratio Rank: 49
RFG Calmar Ratio Rank: 65
RFG Martin Ratio Rank: 69

SLYG

SLYG Risk / Return Rank: 48
SLYG Sharpe Ratio Rank: 42
SLYG Sortino Ratio Rank: 44
SLYG Omega Ratio Rank: 40
SLYG Calmar Ratio Rank: 58
SLYG Martin Ratio Rank: 57

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. SLYG - 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 SPDR S&P 600 Small Cap Growth ETF (SLYG). 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.

	RFG	SLYG	Difference
Sharpe ratio Return per unit of total volatility	1.79	1.50	+0.29
Sortino ratio Return per unit of downside risk	2.55	2.24	+0.32
Omega ratio Gain probability vs. loss probability	1.31	1.26	+0.04
Calmar ratio Return relative to maximum drawdown	3.18	2.89	+0.29
Martin ratio Return relative to average drawdown	12.89	10.11	+2.78
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. SLYG - Sharpe Ratio Comparison

The current RFG Sharpe Ratio is 1.79, which is comparable to the SLYG Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of RFG and SLYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RFG	SLYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.50	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.26	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.48	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.31	+0.12

Drawdowns

RFG vs. SLYG - Drawdown Comparison

The maximum RFG drawdown since its inception was -51.93%, smaller than the maximum SLYG drawdown of -62.15%. Use the drawdown chart below to compare losses from any high point for RFG and SLYG.

Drawdown Indicators

	RFG	SLYG	Difference
Max Drawdown Largest peak-to-trough decline	-51.93%	-62.15%	+10.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-9.10%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-26.71%	-27.39%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	-35.16%	-29.18%	-5.98%
Max Drawdown (10Y) Largest decline over 10 years	-42.92%	-41.86%	-1.06%
Current Drawdown Current decline from peak	0.00%	-1.42%	+1.42%
Average Drawdown Average peak-to-trough decline	-8.97%	-14.55%	+5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	2.60%	-0.04%

Volatility

RFG vs. SLYG - Volatility Comparison

Invesco S&P MidCap 400® Pure Growth ETF (RFG) has a higher volatility of 6.50% compared to SPDR S&P 600 Small Cap Growth ETF (SLYG) at 4.59%. This indicates that RFG's price experiences larger fluctuations and is considered to be riskier than SLYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFG	SLYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	4.59%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	12.47%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	17.57%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.81%	21.51%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.05%	22.74%	+0.31%

RFG vs. SLYG - Expense Ratio Comparison

RFG has a 0.35% expense ratio, which is higher than SLYG's 0.15% expense ratio.

Dividends

RFG vs. SLYG - Dividend Comparison

RFG's dividend yield for the trailing twelve months is around 0.31%, less than SLYG's 0.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFG Invesco S&P MidCap 400® Pure Growth ETF	0.31%	0.43%	0.38%	0.99%	0.78%	0.05%	0.27%	0.64%	0.76%	0.66%	0.35%	0.61%
SLYG SPDR S&P 600 Small Cap Growth ETF	0.71%	0.86%	1.22%	1.18%	1.18%	0.68%	0.71%	1.08%	1.06%	4.74%	1.13%	5.75%

Frequently Asked Questions

Can I hold both RFG and SLYG in my portfolio?

RFG and SLYG have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFG or SLYG?

RFG has higher volatility (6.50%) compared to SLYG (4.59%). In terms of maximum drawdown, RFG dropped -51.93% vs SLYG's -62.15%.

Which ETF is better, RFG or SLYG?

On 10-year performance, SLYG leads with 10.83% vs 10.49% for RFG. On fees, SLYG is cheaper at 0.15% per year. On volatility, SLYG has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFG or SLYG?

Over the 10-year period, SLYG has performed better with a 10.83% return vs 10.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFG or SLYG?

SLYG is cheaper with a 0.15% expense ratio, compared with 0.35% for RFG.

Which ETF pays a higher dividend yield, RFG or SLYG?

SLYG has the higher dividend yield at 0.71%, compared with 0.31% for RFG.

What is the main difference between RFG and SLYG?

RFG tracks S&P Mid Cap 400 Pure Growth, while SLYG tracks S&P SmallCap 600 Growth Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.35% for RFG and 0.15% for SLYG.

Which has better risk-adjusted returns?

RFG currently has the higher Sharpe Ratio (1.79 vs 1.50), 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.