RFG vs. SPHQ

Last updated Aug 2, 2026

RFG (Invesco S&P MidCap 400® Pure Growth ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - RFG is a Small Cap Growth Equities fund tracking the S&P Mid Cap 400 Pure Growth, while SPHQ is a Quality Factor fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, RFG returned 9.64%/yr vs 14.60%/yr for SPHQ. Their correlation of 0.80 means they have usually moved in the same direction. RFG charges 0.35%/yr vs 0.15%/yr for SPHQ.

Performance

RFG vs. SPHQ - 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 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with RFG having a 13.90% return and SPHQ slightly lower at 13.51%. Over the past 10 years, RFG has underperformed SPHQ with an annualized return of 9.64%, while SPHQ has yielded a comparatively higher 14.60% annualized return.

RFG

• 1D: 0.12%
• 1M: -4.54%
• 6M: 8.66%
• YTD: 13.90%
• 1Y: 19.95%
• 3Y*: 14.10%
• 5Y*: 6.33%
• 10Y*: 9.64%
• ALL TIME*: 9.54%

SPHQ

• 1D: -0.47%
• 1M: -3.64%
• 6M: 10.07%
• YTD: 13.51%
• 1Y: 21.02%
• 3Y*: 18.91%
• 5Y*: 12.73%
• 10Y*: 14.60%
• ALL TIME*: 10.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RFG Invesco S&P MidCap 400® Pure Growth ETF	$240.77K	$300.86K	$394.29K
SPHQ Invesco S&P 500 Quality ETF	$119.48M	$136.23M	$143.26M

RFG vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RFG Invesco S&P MidCap 400® Pure Growth ETF	13.90%	8.80%	17.80%	16.42%	-21.70%	13.81%	32.86%	17.09%	-13.98%	20.46%
SPHQ Invesco S&P 500 Quality ETF	13.51%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%

Correlation

The correlation between RFG and SPHQ is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Mar 7, 2006	0.80

The correlation between RFG and SPHQ has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

RFG vs. SPHQ - Sectors Allocation Comparison

Sectors	RFG	SPHQ
Industrials	31.6%	17.7%
Technology	23.3%	41.2%
Healthcare	19.3%	3.2%
Consumer Cyclical	6.7%	5.3%
Energy	4.0%	1.0%
Basic Materials	3.6%	2.5%
Financial Services	3.4%	15.2%
Consumer Defensive	2.4%	7.5%
Utilities	2.2%	4.5%
Real Estate	1.9%	-
Communication Services	1.6%	6.4%

Return for Risk

RFG vs. SPHQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RFG

RFG Risk / Return Rank: 43
RFG Sharpe Ratio Rank: 38
RFG Sortino Ratio Rank: 39
RFG Omega Ratio Rank: 36
RFG Calmar Ratio Rank: 51
RFG Martin Ratio Rank: 53

SPHQ

SPHQ Risk / Return Rank: 62
SPHQ Sharpe Ratio Rank: 59
SPHQ Sortino Ratio Rank: 61
SPHQ Omega Ratio Rank: 56
SPHQ Calmar Ratio Rank: 66
SPHQ Martin Ratio Rank: 67

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RFG vs. SPHQ - 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 500 Quality ETF (SPHQ). 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	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.39	-0.44
Sortino ratio: Return per unit of downside risk	1.46	2.02	-0.56
Omega ratio: Gain probability vs. loss probability	1.17	1.24	-0.07
Calmar ratio: Return relative to maximum drawdown	1.81	2.26	-0.45
Martin ratio: Return relative to average drawdown	6.13	8.07	-1.94

RFG vs. SPHQ - Sharpe Ratio Comparison

The current RFG Sharpe Ratio is 0.95, which is lower than the SPHQ Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of RFG and SPHQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RFG vs. SPHQ - Drawdown Comparison

The maximum RFG drawdown since its inception was -51.93%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for RFG and SPHQ.

Drawdown Indicators

	RFG	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-51.93%	-57.83%	+5.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-8.90%	-1.51%
Max Drawdown (3Y) Largest decline over 3 years	-26.71%	-16.57%	-10.14%
Max Drawdown (5Y) Largest decline over 5 years	-35.16%	-25.04%	-10.12%
Max Drawdown (10Y) Largest decline over 10 years	-42.92%	-31.60%	-11.32%
Current Drawdown Current decline from peak	-7.56%	-6.03%	-1.53%
Average Drawdown Average peak-to-trough decline	-8.93%	-10.64%	+1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.49%	+0.58%

Volatility

RFG vs. SPHQ - Volatility Comparison

Invesco S&P MidCap 400® Pure Growth ETF (RFG) has a higher volatility of 6.10% compared to Invesco S&P 500 Quality ETF (SPHQ) at 4.84%. This indicates that RFG's price experiences larger fluctuations and is considered to be riskier than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFG	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	4.84%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	16.32%	12.44%	+3.88%
Volatility (1Y) Calculated over the trailing 1-year period	19.84%	14.53%	+5.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.99%	16.74%	+6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	17.97%	+5.13%

RFG vs. SPHQ - Expense Ratio Comparison

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

Dividends

RFG vs. SPHQ - Dividend Comparison

RFG's dividend yield for the trailing twelve months is around 0.15%, less than SPHQ's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFG Invesco S&P MidCap 400® Pure Growth ETF	0.15%	0.43%	0.38%	0.99%	0.78%	0.05%	0.27%	0.64%	0.76%	0.66%	0.35%	0.61%
SPHQ Invesco S&P 500 Quality ETF	1.10%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both RFG and SPHQ in my portfolio?

RFG and SPHQ have a correlation of 0.82, 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 SPHQ?

RFG has higher volatility (6.10%) compared to SPHQ (4.84%). In terms of maximum drawdown, RFG dropped -51.93% vs SPHQ's -57.83%.

Which ETF is better, RFG or SPHQ?

On 10-year performance, SPHQ leads with 14.60% vs 9.64% for RFG. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 4.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFG or SPHQ?

Over the 10-year period, SPHQ has performed better with a 14.60% return vs 9.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFG or SPHQ?

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

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

SPHQ has the higher dividend yield at 1.10%, compared with 0.15% for RFG.

What is the main difference between RFG and SPHQ?

RFG is categorized as Small Cap Growth Equities, while SPHQ is Quality Factor. RFG tracks S&P Mid Cap 400 Pure Growth, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.35% for RFG and 0.15% for SPHQ.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.39 vs 0.95), 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.