RZG vs. SPHQ

Last updated Jun 25, 2026

RZG (Invesco S&P SmallCap 600® Pure Growth ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - RZG is a Small Cap Growth Equities fund tracking the S&P Small Cap 600 Pure Growth, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, RZG returned 11.02%/yr vs 15.47%/yr for SPHQ. A 0.73 correlation means they provide meaningful diversification when combined. RZG charges 0.35%/yr vs 0.15%/yr for SPHQ.

Performance

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

Returns By Period

In the year-to-date period, RZG achieves a 28.86% return, which is significantly higher than SPHQ's 16.64% return. Over the past 10 years, RZG has underperformed SPHQ with an annualized return of 11.02%, while SPHQ has yielded a comparatively higher 15.47% annualized return.

RZG

• 1D: 1.10%
• 1M: 9.84%
• YTD: 28.86%
• 6M: 24.63%
• 1Y: 40.41%
• 3Y*: 20.79%
• 5Y*: 6.19%
• 10Y*: 11.02%

SPHQ

• 1D: 0.09%
• 1M: 3.04%
• YTD: 16.64%
• 6M: 14.67%
• 1Y: 24.86%
• 3Y*: 22.38%
• 5Y*: 14.00%
• 10Y*: 15.47%

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

RZG vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RZG Invesco S&P SmallCap 600® Pure Growth ETF	28.86%	10.22%	9.84%	19.15%	-29.00%	21.01%	17.76%	14.25%	-8.70%	19.18%
SPHQ Invesco S&P 500 Quality ETF	16.64%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%

Correlation

The correlation between RZG and SPHQ is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 7, 2006	0.73

The correlation between RZG and SPHQ has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

RZG vs. SPHQ - Sectors Allocation Comparison

Sectors	RZG	SPHQ
Healthcare	22.7%	8.0%
Technology	18.4%	32.0%
Industrials	16.8%	22.7%
Financial Services	15.4%	12.4%
Consumer Cyclical	9.1%	4.4%
Real Estate	5.5%	-
Consumer Defensive	5.4%	14.4%
Communication Services	3.5%	2.5%
Energy	2.7%	0.6%
Basic Materials	0.4%	2.1%
Utilities	0.4%	0.9%

Return for Risk

RZG vs. SPHQ — Risk / Return Rank

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

RZG

RZG Risk / Return Rank: 80
RZG Sharpe Ratio Rank: 76
RZG Sortino Ratio Rank: 80
RZG Omega Ratio Rank: 69
RZG Calmar Ratio Rank: 89
RZG Martin Ratio Rank: 86

SPHQ

SPHQ Risk / Return Rank: 64
SPHQ Sharpe Ratio Rank: 63
SPHQ Sortino Ratio Rank: 64
SPHQ Omega Ratio Rank: 59
SPHQ Calmar Ratio Rank: 63
SPHQ Martin Ratio Rank: 72

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. SPHQ - 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 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.

	RZG	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.87	+0.28
Sortino ratio: Return per unit of downside risk	3.13	2.65	+0.48
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.04
Calmar ratio: Return relative to maximum drawdown	4.71	2.81	+1.90
Martin ratio: Return relative to average drawdown	15.91	11.97	+3.93

RZG vs. SPHQ - Sharpe Ratio Comparison

The current RZG Sharpe Ratio is 2.14, which is comparable to the SPHQ Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of RZG 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

RZG vs. SPHQ - Drawdown Comparison

The maximum RZG drawdown since its inception was -58.52%, roughly equal to the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for RZG and SPHQ.

Drawdown Indicators

	RZG	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-58.52%	-57.83%	-0.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.63%	-8.90%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-25.73%	-16.57%	-9.16%
Max Drawdown (5Y) Largest decline over 5 years	-38.33%	-25.04%	-13.29%
Max Drawdown (10Y) Largest decline over 10 years	-54.02%	-31.60%	-22.42%
Current Drawdown Current decline from peak	0.00%	-2.84%	+2.84%
Average Drawdown Average peak-to-trough decline	-12.09%	-10.67%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	2.08%	+0.47%

Volatility

RZG vs. SPHQ - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600® Pure Growth ETF (RZG) is 5.47%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 5.80%. This indicates that RZG experiences smaller price fluctuations and is considered to be less risky than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RZG	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	5.80%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	14.17%	11.30%	+2.87%
Volatility (1Y) Calculated over the trailing 1-year period	18.97%	13.41%	+5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.04%	16.59%	+6.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.65%	17.91%	+6.74%

RZG vs. SPHQ - Expense Ratio Comparison

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

Dividends

RZG vs. SPHQ - Dividend Comparison

RZG's dividend yield for the trailing twelve months is around 0.44%, less than SPHQ's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RZG Invesco S&P SmallCap 600® Pure Growth ETF	0.44%	0.37%	0.95%	1.43%	1.59%	0.22%	0.49%	0.70%	0.46%	0.44%	0.65%	0.70%
SPHQ Invesco S&P 500 Quality ETF	1.07%	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 RZG and SPHQ in my portfolio?

RZG and SPHQ have a correlation of 0.79, 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 SPHQ?

SPHQ has higher volatility (5.80%) compared to RZG (5.47%). In terms of maximum drawdown, RZG dropped -58.52% vs SPHQ's -57.83%.

Which ETF is better, RZG or SPHQ?

On 10-year performance, SPHQ leads with 15.47% vs 11.02% for RZG. On fees, SPHQ is cheaper at 0.15% per year. On volatility, RZG has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RZG or SPHQ?

Over the 10-year period, SPHQ has performed better with a 15.47% return vs 11.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RZG or SPHQ?

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

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

SPHQ has the higher dividend yield at 1.07%, compared with 0.44% for RZG.

What is the main difference between RZG and SPHQ?

RZG is categorized as Small Cap Growth Equities, while SPHQ is S&P 500. RZG tracks S&P Small Cap 600 Pure Growth, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.35% for RZG and 0.15% for SPHQ.

Which has better risk-adjusted returns?

RZG currently has the higher Sharpe Ratio (2.14 vs 1.87), 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.