RFV vs. SMIG

Last updated Jun 4, 2026

RFV (Invesco S&P MidCap 400® Pure Value ETF) and SMIG (Bahl & Gaynor Small/Mid Cap Income Growth ETF) are both Small Cap Value Equities funds. RFV is passively managed, while SMIG is actively managed. Over the past 3 years, RFV returned 16.77%/yr vs 13.09%/yr for SMIG. Their correlation of 0.87 suggests significant overlap in exposure. RFV charges 0.35%/yr vs 0.60%/yr for SMIG.

Performance

RFV vs. SMIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400® Pure Value ETF (RFV) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFV achieves a 13.04% return, which is significantly higher than SMIG's 10.18% return.

RFV

• 1D: -0.36%
• 1M: 3.75%
• YTD: 13.04%
• 6M: 10.71%
• 1Y: 25.06%
• 3Y*: 16.77%
• 5Y*: 10.00%
• 10Y*: 12.53%

SMIG

• 1D: -0.28%
• 1M: 1.31%
• YTD: 10.18%
• 6M: 11.46%
• 1Y: 11.81%
• 3Y*: 13.09%
• 5Y*: —
• 10Y*: —

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

RFV vs. SMIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RFV Invesco S&P MidCap 400® Pure Value ETF	13.04%	7.66%	5.63%	30.26%	-3.99%	3.91%
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	10.18%	0.78%	17.63%	13.62%	-11.83%	5.51%

Correlation

The correlation between RFV and SMIG is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.87

The correlation between RFV and SMIG has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.

RFV vs. SMIG - Sectors Allocation Comparison

Sectors	RFV	SMIG
Consumer Cyclical	24.4%	17.2%
Financial Services	17.5%	14.2%
Energy	12.9%	12.8%
Technology	12.9%	19.8%
Industrials	11.4%	13.9%
Consumer Defensive	9.1%	2.4%
Basic Materials	7.6%	7.9%
Real Estate	3.5%	6.9%
Healthcare	0.7%	10.1%
Communication Services	-	2.2%
Utilities	-	5.4%

Return for Risk

RFV vs. SMIG — Risk / Return Rank

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

RFV

RFV Risk / Return Rank: 39
RFV Sharpe Ratio Rank: 38
RFV Sortino Ratio Rank: 42
RFV Omega Ratio Rank: 37
RFV Calmar Ratio Rank: 40
RFV Martin Ratio Rank: 38

SMIG

SMIG Risk / Return Rank: 27
SMIG Sharpe Ratio Rank: 27
SMIG Sortino Ratio Rank: 28
SMIG Omega Ratio Rank: 26
SMIG Calmar Ratio Rank: 29
SMIG Martin Ratio Rank: 27

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.

RFV vs. SMIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® Pure Value ETF (RFV) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). 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.

	RFV	SMIG	Difference
Sharpe ratio: Return per unit of total volatility	1.39	0.99	+0.40
Sortino ratio: Return per unit of downside risk	2.13	1.53	+0.60
Omega ratio: Gain probability vs. loss probability	1.25	1.18	+0.07
Calmar ratio: Return relative to maximum drawdown	2.01	1.39	+0.62
Martin ratio: Return relative to average drawdown	5.94	3.62	+2.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFV vs. SMIG - Sharpe Ratio Comparison

The current RFV Sharpe Ratio is 1.39, which is higher than the SMIG Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of RFV and SMIG, 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

	RFV	SMIG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	0.99	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.43	-0.06

Drawdowns

RFV vs. SMIG - Drawdown Comparison

The maximum RFV drawdown since its inception was -71.82%, which is greater than SMIG's maximum drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for RFV and SMIG.

Drawdown Indicators

	RFV	SMIG	Difference
Max Drawdown Largest peak-to-trough decline	-71.82%	-19.65%	-52.17%
Max Drawdown (1Y) Largest decline over 1 year	-12.51%	-8.52%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	-24.65%	-19.23%	-5.42%
Max Drawdown (5Y) Largest decline over 5 years	-24.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.24%	—	—
Current Drawdown Current decline from peak	-0.36%	-1.79%	+1.43%
Average Drawdown Average peak-to-trough decline	-9.79%	-6.55%	-3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	3.27%	+0.96%

Volatility

RFV vs. SMIG - Volatility Comparison

Invesco S&P MidCap 400® Pure Value ETF (RFV) has a higher volatility of 4.60% compared to Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) at 3.65%. This indicates that RFV's price experiences larger fluctuations and is considered to be riskier than SMIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFV	SMIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	3.65%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	8.43%	+3.43%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	11.98%	+6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.08%	16.20%	+5.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.99%	16.20%	+8.79%

RFV vs. SMIG - Expense Ratio Comparison

RFV has a 0.35% expense ratio, which is lower than SMIG's 0.60% expense ratio.

Dividends

RFV vs. SMIG - Dividend Comparison

RFV's dividend yield for the trailing twelve months is around 1.84%, more than SMIG's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFV Invesco S&P MidCap 400® Pure Value ETF	1.84%	2.07%	1.31%	1.27%	2.05%	1.60%	1.52%	1.71%	1.39%	1.36%	0.88%	1.79%
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	1.75%	1.82%	1.75%	1.91%	2.00%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFV and SMIG in my portfolio?

RFV and SMIG have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFV or SMIG?

RFV has higher volatility (4.60%) compared to SMIG (3.65%). In terms of maximum drawdown, RFV dropped -71.82% vs SMIG's -19.65%.

Which ETF is better, RFV or SMIG?

On 3-year performance, RFV leads with 16.77% vs 13.09% for SMIG. On fees, RFV is cheaper at 0.35% per year. On volatility, SMIG has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFV or SMIG?

Over the 3-year period, RFV has performed better with a 16.77% return vs 13.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFV or SMIG?

RFV is cheaper with a 0.35% expense ratio, compared with 0.60% for SMIG.

Which ETF pays a higher dividend yield, RFV or SMIG?

RFV has the higher dividend yield at 1.84%, compared with 1.75% for SMIG.

What is the main difference between RFV and SMIG?

They also come from different issuers: Invesco and Bahl & Gaynor. Their fees differ too: 0.35% for RFV and 0.60% for SMIG.

Which has better risk-adjusted returns?

RFV currently has the higher Sharpe Ratio (1.39 vs 0.99), 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.