RZG vs. PBW

Last updated Aug 5, 2026

RZG (Invesco S&P SmallCap 600® Pure Growth ETF) and PBW (Invesco WilderHill Clean Energy ETF) are both exchange-traded funds - RZG is a Small Cap Growth Equities fund tracking the S&P Small Cap 600 Pure Growth, while PBW is a Alternative Energy Equities fund tracking the The WilderHill Clean Energy Index (AMEX). Both are passively managed. Over the past 10 years, RZG returned 10.25%/yr vs 7.79%/yr for PBW. Their 0.70 correlation means they have sometimes moved together and sometimes differently. RZG charges 0.35%/yr vs 0.61%/yr for PBW.

Performance

RZG vs. PBW - 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 Invesco WilderHill Clean Energy ETF (PBW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RZG achieves a 31.95% return, which is significantly higher than PBW's 14.20% return. Over the past 10 years, RZG has outperformed PBW with an annualized return of 10.25%, while PBW has yielded a comparatively lower 7.79% annualized return.

RZG

• 1D: 2.48%
• 1M: -0.04%
• 6M: 24.01%
• YTD: 31.95%
• 1Y: 40.91%
• 3Y*: 19.09%
• 5Y*: 6.47%
• 10Y*: 10.25%
• ALL TIME*: 9.44%

PBW

• 1D: 5.03%
• 1M: -5.30%
• 6M: 0.42%
• YTD: 14.20%
• 1Y: 53.31%
• 3Y*: -3.13%
• 5Y*: -14.01%
• 10Y*: 7.79%
• ALL TIME*: -2.23%

*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)
PBW Invesco WilderHill Clean Energy ETF	$38.06M	$31.70M	$36.29M
RZG Invesco S&P SmallCap 600® Pure Growth ETF	$1.33M	$1.65M	$1.06M

RZG vs. PBW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RZG Invesco S&P SmallCap 600® Pure Growth ETF	31.95%	10.22%	9.84%	19.15%	-29.00%	21.01%	17.76%	14.25%	-8.70%	19.18%
PBW Invesco WilderHill Clean Energy ETF	14.20%	53.96%	-30.77%	-20.03%	-44.55%	-29.86%	204.82%	62.58%	-14.11%	39.92%

Correlation

The correlation between RZG and PBW is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Mar 7, 2006	0.70

The correlation between RZG and PBW has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

RZG vs. PBW - Sectors Allocation Comparison

Sectors	RZG	PBW
Healthcare	25.1%	-
Technology	17.3%	23.6%
Industrials	16.4%	25.7%
Financial Services	15.1%	1.4%
Consumer Cyclical	9.1%	15.3%
Real Estate	6.8%	-
Consumer Defensive	5.6%	2.1%
Energy	2.4%	3.9%
Communication Services	1.7%	-
Basic Materials	0.4%	16.3%
Utilities	0.4%	9.1%

Return for Risk

RZG vs. PBW — Risk / Return Rank

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

RZG

RZG Risk / Return Rank: 85
RZG Sharpe Ratio Rank: 82
RZG Sortino Ratio Rank: 86
RZG Omega Ratio Rank: 76
RZG Calmar Ratio Rank: 93
RZG Martin Ratio Rank: 88

PBW

PBW Risk / Return Rank: 40
PBW Sharpe Ratio Rank: 43
PBW Sortino Ratio Rank: 42
PBW Omega Ratio Rank: 39
PBW Calmar Ratio Rank: 38
PBW Martin Ratio Rank: 38

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.

RZG vs. PBW - 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 Invesco WilderHill Clean Energy ETF (PBW). 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.

	RZG	PBW	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.21	+0.91
Sortino ratio: Return per unit of downside risk	3.13	1.73	+1.40
Omega ratio: Gain probability vs. loss probability	1.36	1.21	+0.15
Calmar ratio: Return relative to maximum drawdown	4.77	1.48	+3.28
Martin ratio: Return relative to average drawdown	14.75	4.43	+10.32

RZG vs. PBW - Sharpe Ratio Comparison

The current RZG Sharpe Ratio is 2.12, which is higher than the PBW Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of RZG and PBW, 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

RZG vs. PBW - Drawdown Comparison

The maximum RZG drawdown since its inception was -58.52%, smaller than the maximum PBW drawdown of -89.02%. Use the drawdown chart below to compare losses from any high point for RZG and PBW.

Drawdown Indicators

	RZG	PBW	Difference
Max Drawdown Largest peak-to-trough decline	-58.52%	-89.02%	+30.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.63%	-36.09%	+27.46%
Max Drawdown (3Y) Largest decline over 3 years	-25.73%	-65.32%	+39.59%
Max Drawdown (5Y) Largest decline over 5 years	-38.33%	-84.50%	+46.17%
Max Drawdown (10Y) Largest decline over 10 years	-54.02%	-89.02%	+35.00%
Current Drawdown Current decline from peak	-1.62%	-71.22%	+69.60%
Average Drawdown Average peak-to-trough decline	-12.04%	-62.95%	+50.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	12.07%	-9.29%

Volatility

RZG vs. PBW - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600® Pure Growth ETF (RZG) is 6.56%, while Invesco WilderHill Clean Energy ETF (PBW) has a volatility of 15.55%. This indicates that RZG experiences smaller price fluctuations and is considered to be less risky than PBW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RZG	PBW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	15.55%	-8.99%
Volatility (6M) Calculated over the trailing 6-month period	14.93%	33.71%	-18.78%
Volatility (1Y) Calculated over the trailing 1-year period	19.42%	44.39%	-24.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.07%	43.70%	-20.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.67%	39.30%	-14.63%

RZG vs. PBW - Expense Ratio Comparison

RZG has a 0.35% expense ratio, which is lower than PBW's 0.61% expense ratio.

Dividends

RZG vs. PBW - Dividend Comparison

RZG's dividend yield for the trailing twelve months is around 0.43%, less than PBW's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBW Invesco WilderHill Clean Energy ETF	1.36%	0.79%	2.84%	3.68%	4.21%	1.71%	0.44%	1.45%	2.04%	1.28%	2.68%	1.53%
RZG Invesco S&P SmallCap 600® Pure Growth ETF	0.43%	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 PBW in my portfolio?

RZG and PBW have a correlation of 0.64, 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 PBW?

PBW has higher volatility (15.55%) compared to RZG (6.56%). In terms of maximum drawdown, RZG dropped -58.52% vs PBW's -89.02%.

Which ETF is better, RZG or PBW?

On 10-year performance, RZG leads with 10.25% vs 7.79% for PBW. On fees, RZG is cheaper at 0.35% per year. On volatility, RZG has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RZG or PBW?

Over the 10-year period, RZG has performed better with a 10.25% return vs 7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RZG or PBW?

RZG is cheaper with a 0.35% expense ratio, compared with 0.61% for PBW.

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

PBW has the higher dividend yield at 1.36%, compared with 0.43% for RZG.

What is the main difference between RZG and PBW?

RZG is categorized as Small Cap Growth Equities, while PBW is Alternative Energy Equities. RZG tracks S&P Small Cap 600 Pure Growth, while PBW tracks The WilderHill Clean Energy Index (AMEX). Their fees differ too: 0.35% for RZG and 0.61% for PBW.

Which has better risk-adjusted returns?

RZG currently has the higher Sharpe Ratio (2.12 vs 1.21), 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.