VIOG vs. GRPZ

Last updated Jul 17, 2026

VIOG (Vanguard S&P Small-Cap 600 Growth ETF) and GRPZ (Invesco S&P Smallcap 600 GARP ETF) are both Small Cap Growth Equities funds - VIOG tracks the S&P SmallCap 600 Growth Index while GRPZ tracks the S&P SmallCap 600 GARP Index. Both are passively managed. Over the past year, VIOG returned 29.95% vs 30.97% for GRPZ. Their correlation of 0.92 suggests significant overlap in exposure. VIOG charges 0.15%/yr vs 0.35%/yr for GRPZ.

Performance

VIOG vs. GRPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Growth ETF (VIOG) and Invesco S&P Smallcap 600 GARP ETF (GRPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VIOG having a 23.76% return and GRPZ slightly higher at 23.85%.

VIOG

• 1D: 0.01%
• 1M: 3.07%
• 6M: 15.82%
• YTD: 23.76%
• 1Y: 29.95%
• 3Y*: 14.94%
• 5Y*: 7.74%
• 10Y*: 11.11%

GRPZ

• 1D: 0.92%
• 1M: 7.28%
• 6M: 16.11%
• YTD: 23.85%
• 1Y: 30.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VIOG vs. GRPZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VIOG Vanguard S&P Small-Cap 600 Growth ETF	23.76%	5.40%	7.09%
GRPZ Invesco S&P Smallcap 600 GARP ETF	23.85%	3.09%	4.27%

Correlation

The correlation between VIOG and GRPZ is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024	0.92

The correlation between VIOG and GRPZ has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

VIOG vs. GRPZ - Sectors Allocation Comparison

Sectors	VIOG	GRPZ
Technology	21.2%	7.6%
Industrials	18.7%	16.1%
Healthcare	14.7%	15.8%
Financial Services	13.4%	28.3%
Consumer Cyclical	10.7%	11.8%
Real Estate	6.5%	-
Energy	3.8%	12.2%
Consumer Defensive	3.4%	5.3%
Basic Materials	3.0%	2.3%
Communication Services	2.9%	0.8%
Utilities	1.7%	-

Return for Risk

VIOG vs. GRPZ — Risk / Return Rank

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

VIOG

VIOG Risk / Return Rank: 70
VIOG Sharpe Ratio Rank: 65
VIOG Sortino Ratio Rank: 70
VIOG Omega Ratio Rank: 60
VIOG Calmar Ratio Rank: 80
VIOG Martin Ratio Rank: 77

GRPZ

GRPZ Risk / Return Rank: 70
GRPZ Sharpe Ratio Rank: 69
GRPZ Sortino Ratio Rank: 75
GRPZ Omega Ratio Rank: 62
GRPZ Calmar Ratio Rank: 79
GRPZ Martin Ratio Rank: 66

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.

VIOG vs. GRPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Growth ETF (VIOG) and Invesco S&P Smallcap 600 GARP ETF (GRPZ). 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.

	VIOG	GRPZ	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.77	-0.08
Sortino ratio: Return per unit of downside risk	2.54	2.70	-0.16
Omega ratio: Gain probability vs. loss probability	1.30	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	3.33	3.27	+0.07
Martin ratio: Return relative to average drawdown	11.38	9.39	+1.99

VIOG vs. GRPZ - Sharpe Ratio Comparison

The current VIOG Sharpe Ratio is 1.70, which is comparable to the GRPZ Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of VIOG and GRPZ, 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

VIOG vs. GRPZ - Drawdown Comparison

The maximum VIOG drawdown since its inception was -41.73%, which is greater than GRPZ's maximum drawdown of -27.87%. Use the drawdown chart below to compare losses from any high point for VIOG and GRPZ.

Drawdown Indicators

	VIOG	GRPZ	Difference
Max Drawdown Largest peak-to-trough decline	-41.73%	-27.87%	-13.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-9.53%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-27.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.73%	—	—
Current Drawdown Current decline from peak	-2.49%	0.00%	-2.49%
Average Drawdown Average peak-to-trough decline	-7.57%	-6.68%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	3.31%	-0.67%

Volatility

VIOG vs. GRPZ - Volatility Comparison

Vanguard S&P Small-Cap 600 Growth ETF (VIOG) has a higher volatility of 4.34% compared to Invesco S&P Smallcap 600 GARP ETF (GRPZ) at 3.78%. This indicates that VIOG's price experiences larger fluctuations and is considered to be riskier than GRPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOG	GRPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	3.78%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	11.77%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	17.76%	17.53%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.51%	20.87%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.81%	20.87%	+1.94%

VIOG vs. GRPZ - Expense Ratio Comparison

VIOG has a 0.15% expense ratio, which is lower than GRPZ's 0.35% expense ratio.

Dividends

VIOG vs. GRPZ - Dividend Comparison

VIOG's dividend yield for the trailing twelve months is around 0.76%, less than GRPZ's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRPZ Invesco S&P Smallcap 600 GARP ETF	0.87%	0.97%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIOG Vanguard S&P Small-Cap 600 Growth ETF	0.76%	1.04%	1.03%	1.15%	1.17%	0.69%	0.68%	1.09%	0.76%	0.87%	0.92%	1.04%

Frequently Asked Questions

Can I hold both VIOG and GRPZ in my portfolio?

With a correlation of 0.91, VIOG and GRPZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VIOG or GRPZ?

VIOG has higher volatility (4.34%) compared to GRPZ (3.78%). In terms of maximum drawdown, VIOG dropped -41.73% vs GRPZ's -27.87%.

Which ETF is better, VIOG or GRPZ?

On 1-year performance, GRPZ leads with 30.97% vs 29.95% for VIOG. On fees, VIOG is cheaper at 0.15% per year. On volatility, GRPZ has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOG or GRPZ?

Over the 1-year period, GRPZ has performed better with a 30.97% return vs 29.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOG or GRPZ?

VIOG is cheaper with a 0.15% expense ratio, compared with 0.35% for GRPZ.

Which ETF pays a higher dividend yield, VIOG or GRPZ?

GRPZ has the higher dividend yield at 0.87%, compared with 0.76% for VIOG.

What is the main difference between VIOG and GRPZ?

VIOG tracks S&P SmallCap 600 Growth Index, while GRPZ tracks S&P SmallCap 600 GARP Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.15% for VIOG and 0.35% for GRPZ.

Which has better risk-adjusted returns?

GRPZ currently has the higher Sharpe Ratio (1.77 vs 1.70), 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.