RZG vs. FSGS

Last updated Jun 4, 2026

RZG (Invesco S&P SmallCap 600® Pure Growth ETF) and FSGS (First Trust SMID Growth Strength ETF) are both Small Cap Growth Equities funds - RZG tracks the S&P Small Cap 600 Pure Growth while FSGS tracks the SMID Growth Strength Index. Both are passively managed. Over the past 5 years, RZG returned 4.85%/yr vs 2.19%/yr for FSGS. Their correlation of 0.81 suggests significant overlap in exposure. RZG charges 0.35%/yr vs 0.60%/yr for FSGS.

Performance

RZG vs. FSGS - Performance Comparison

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

Returns By Period

In the year-to-date period, RZG achieves a 18.15% return, which is significantly higher than FSGS's 1.27% return.

RZG

• 1D: -0.14%
• 1M: -0.10%
• YTD: 18.15%
• 6M: 16.98%
• 1Y: 30.70%
• 3Y*: 17.12%
• 5Y*: 4.85%
• 10Y*: 9.65%

FSGS

• 1D: -0.37%
• 1M: 0.83%
• YTD: 1.27%
• 6M: 0.20%
• 1Y: 4.81%
• 3Y*: 7.06%
• 5Y*: 2.19%
• 10Y*: —

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

RZG vs. FSGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RZG Invesco S&P SmallCap 600® Pure Growth ETF	18.15%	10.22%	9.84%	19.15%	-29.00%	21.01%	17.76%	14.25%	-8.70%	12.05%
FSGS First Trust SMID Growth Strength ETF	1.27%	2.41%	6.38%	15.98%	-13.17%	25.56%	10.26%	21.31%	-11.92%	10.39%

Correlation

The correlation between RZG and FSGS 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	0.87
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.81

The correlation between RZG and FSGS has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

RZG vs. FSGS - Sectors Allocation Comparison

Sectors	RZG	FSGS
Healthcare	22.0%	16.7%
Industrials	18.2%	22.0%
Technology	16.8%	18.8%
Financial Services	15.0%	19.5%
Consumer Cyclical	8.8%	8.0%
Real Estate	7.6%	0.9%
Consumer Defensive	5.9%	5.0%
Energy	3.0%	4.2%
Communication Services	1.9%	3.1%
Basic Materials	0.4%	1.7%
Utilities	0.4%	-

Return for Risk

RZG vs. FSGS — Risk / Return Rank

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

RZG

RZG Risk / Return Rank: 56
RZG Sharpe Ratio Rank: 48
RZG Sortino Ratio Rank: 51
RZG Omega Ratio Rank: 45
RZG Calmar Ratio Rank: 72
RZG Martin Ratio Rank: 65

FSGS

FSGS Risk / Return Rank: 14
FSGS Sharpe Ratio Rank: 14
FSGS Sortino Ratio Rank: 13
FSGS Omega Ratio Rank: 13
FSGS Calmar Ratio Rank: 14
FSGS Martin Ratio Rank: 15

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.

RZG vs. FSGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600® Pure Growth ETF (RZG) and First Trust SMID Growth Strength ETF (FSGS). 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.

	RZG	FSGS	Difference
Sharpe ratio: Return per unit of total volatility	1.66	0.32	+1.35
Sortino ratio: Return per unit of downside risk	2.48	0.57	+1.91
Omega ratio: Gain probability vs. loss probability	1.29	1.06	+0.22
Calmar ratio: Return relative to maximum drawdown	3.58	0.43	+3.15
Martin ratio: Return relative to average drawdown	11.94	1.21	+10.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RZG vs. FSGS - Sharpe Ratio Comparison

The current RZG Sharpe Ratio is 1.66, which is higher than the FSGS Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of RZG and FSGS, 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

	RZG	FSGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	0.32	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.11	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.30	+0.07

Drawdowns

RZG vs. FSGS - Drawdown Comparison

The maximum RZG drawdown since its inception was -58.52%, which is greater than FSGS's maximum drawdown of -43.26%. Use the drawdown chart below to compare losses from any high point for RZG and FSGS.

Drawdown Indicators

	RZG	FSGS	Difference
Max Drawdown Largest peak-to-trough decline	-58.52%	-43.26%	-15.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.63%	-11.31%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	-25.73%	-24.08%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-38.33%	-24.08%	-14.25%
Max Drawdown (10Y) Largest decline over 10 years	-54.02%	—	—
Current Drawdown Current decline from peak	-1.92%	-4.73%	+2.81%
Average Drawdown Average peak-to-trough decline	-12.13%	-8.03%	-4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	3.97%	-1.39%

Volatility

RZG vs. FSGS - Volatility Comparison

Invesco S&P SmallCap 600® Pure Growth ETF (RZG) has a higher volatility of 4.68% compared to First Trust SMID Growth Strength ETF (FSGS) at 3.74%. This indicates that RZG's price experiences larger fluctuations and is considered to be riskier than FSGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RZG	FSGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	3.74%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	10.73%	+2.84%
Volatility (1Y) Calculated over the trailing 1-year period	18.57%	15.24%	+3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.97%	20.14%	+2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.64%	22.81%	+1.83%

RZG vs. FSGS - Expense Ratio Comparison

RZG has a 0.35% expense ratio, which is lower than FSGS's 0.60% expense ratio.

Dividends

RZG vs. FSGS - Dividend Comparison

RZG's dividend yield for the trailing twelve months is around 0.42%, while FSGS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSGS First Trust SMID Growth Strength ETF	0.00%	0.00%	2.71%	2.29%	1.95%	1.35%	1.32%	1.77%	2.13%	1.15%	0.00%	0.00%
RZG Invesco S&P SmallCap 600® Pure Growth ETF	0.42%	0.37%	0.95%	1.43%	1.59%	0.22%	0.49%	0.70%	0.46%	0.44%	0.65%	0.70%

Frequently Asked Questions

Can I hold both RZG and FSGS in my portfolio?

RZG and FSGS 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, RZG or FSGS?

RZG has higher volatility (4.68%) compared to FSGS (3.74%). In terms of maximum drawdown, RZG dropped -58.52% vs FSGS's -43.26%.

Which ETF is better, RZG or FSGS?

On 5-year performance, RZG leads with 4.85% vs 2.19% for FSGS. On fees, RZG is cheaper at 0.35% per year. On volatility, FSGS has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RZG or FSGS?

Over the 5-year period, RZG has performed better with a 4.85% return vs 2.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RZG or FSGS?

RZG is cheaper with a 0.35% expense ratio, compared with 0.60% for FSGS.

Which ETF pays a higher dividend yield, RZG or FSGS?

RZG has the higher dividend yield at 0.42%, compared with 0.00% for FSGS.

What is the main difference between RZG and FSGS?

RZG tracks S&P Small Cap 600 Pure Growth, while FSGS tracks SMID Growth Strength Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.35% for RZG and 0.60% for FSGS.

Which has better risk-adjusted returns?

RZG currently has the higher Sharpe Ratio (1.66 vs 0.32), 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.