VIOG vs. RZG

Last updated Jun 24, 2026

VIOG (Vanguard S&P Small-Cap 600 Growth ETF) and RZG (Invesco S&P SmallCap 600® Pure Growth ETF) are both Small Cap Growth Equities funds - VIOG tracks the S&P SmallCap 600 Growth Index while RZG tracks the S&P Small Cap 600 Pure Growth. Both are passively managed. Over the past 10 years, VIOG returned 11.67%/yr vs 10.90%/yr for RZG. Their correlation of 0.93 suggests significant overlap in exposure. VIOG charges 0.15%/yr vs 0.35%/yr for RZG.

Performance

VIOG vs. RZG - 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® Pure Growth ETF (RZG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOG achieves a 21.22% return, which is significantly lower than RZG's 27.46% return. Over the past 10 years, VIOG has outperformed RZG with an annualized return of 11.67%, while RZG has yielded a comparatively lower 10.90% annualized return.

VIOG

• 1D: -0.43%
• 1M: 5.48%
• YTD: 21.22%
• 6M: 17.74%
• 1Y: 31.94%
• 3Y*: 16.72%
• 5Y*: 6.20%
• 10Y*: 11.67%

RZG

• 1D: -0.21%
• 1M: 8.64%
• YTD: 27.46%
• 6M: 23.58%
• 1Y: 40.75%
• 3Y*: 20.36%
• 5Y*: 5.97%
• 10Y*: 10.90%

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

VIOG vs. RZG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOG Vanguard S&P Small-Cap 600 Growth ETF	21.22%	5.40%	9.23%	16.92%	-21.14%	22.49%	19.68%	21.16%	-4.57%	14.70%
RZG Invesco S&P SmallCap 600® Pure Growth ETF	27.46%	10.22%	9.84%	19.15%	-29.00%	21.01%	17.76%	14.25%	-8.70%	19.18%

Correlation

The correlation between VIOG and RZG is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.93

The correlation between VIOG and RZG has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

VIOG vs. RZG - Sectors Allocation Comparison

Sectors	VIOG	RZG
Technology	19.7%	18.4%
Industrials	19.5%	16.8%
Healthcare	14.6%	22.7%
Financial Services	13.7%	15.4%
Consumer Cyclical	10.9%	9.1%
Real Estate	6.6%	5.5%
Energy	4.1%	2.7%
Consumer Defensive	3.3%	5.4%
Basic Materials	3.1%	0.4%
Communication Services	2.7%	3.5%
Utilities	1.7%	0.4%

Return for Risk

VIOG vs. RZG — Risk / Return Rank

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

VIOG

VIOG Risk / Return Rank: 61
VIOG Sharpe Ratio Rank: 55
VIOG Sortino Ratio Rank: 58
VIOG Omega Ratio Rank: 51
VIOG Calmar Ratio Rank: 73
VIOG Martin Ratio Rank: 69

RZG

RZG Risk / Return Rank: 77
RZG Sharpe Ratio Rank: 72
RZG Sortino Ratio Rank: 76
RZG Omega Ratio Rank: 66
RZG Calmar Ratio Rank: 88
RZG Martin Ratio Rank: 84

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. RZG - 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® Pure Growth ETF (RZG). 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	RZG	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.16	-0.37
Sortino ratio: Return per unit of downside risk	2.64	3.15	-0.51
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	3.55	4.75	-1.19
Martin ratio: Return relative to average drawdown	12.24	16.04	-3.79

VIOG vs. RZG - Sharpe Ratio Comparison

The current VIOG Sharpe Ratio is 1.79, which is comparable to the RZG Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of VIOG and RZG, 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. RZG - Drawdown Comparison

The maximum VIOG drawdown since its inception was -41.73%, smaller than the maximum RZG drawdown of -58.52%. Use the drawdown chart below to compare losses from any high point for VIOG and RZG.

Drawdown Indicators

	VIOG	RZG	Difference
Max Drawdown Largest peak-to-trough decline	-41.73%	-58.52%	+16.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-8.63%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-27.35%	-25.73%	-1.62%
Max Drawdown (5Y) Largest decline over 5 years	-29.15%	-38.33%	+9.18%
Max Drawdown (10Y) Largest decline over 10 years	-41.73%	-54.02%	+12.29%
Current Drawdown Current decline from peak	-0.43%	-0.21%	-0.22%
Average Drawdown Average peak-to-trough decline	-7.60%	-12.09%	+4.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	2.55%	+0.07%

Volatility

VIOG vs. RZG - Volatility Comparison

Vanguard S&P Small-Cap 600 Growth ETF (VIOG) and Invesco S&P SmallCap 600® Pure Growth ETF (RZG) have volatilities of 5.47% and 5.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOG	RZG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	5.43%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	14.15%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.92%	18.98%	-1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	23.04%	-1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.86%	24.65%	-1.79%

VIOG vs. RZG - Expense Ratio Comparison

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

Dividends

VIOG vs. RZG - Dividend Comparison

VIOG's dividend yield for the trailing twelve months is around 0.80%, more than RZG's 0.44% 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%
VIOG Vanguard S&P Small-Cap 600 Growth ETF	0.80%	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 RZG in my portfolio?

With a correlation of 0.97, VIOG and RZG 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 RZG?

VIOG has higher volatility (5.47%) compared to RZG (5.43%). In terms of maximum drawdown, VIOG dropped -41.73% vs RZG's -58.52%.

Which ETF is better, VIOG or RZG?

On 10-year performance, VIOG leads with 11.67% vs 10.90% for RZG. On fees, VIOG is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOG or RZG?

Over the 10-year period, VIOG has performed better with a 11.67% return vs 10.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOG or RZG?

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

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

VIOG has the higher dividend yield at 0.80%, compared with 0.44% for RZG.

What is the main difference between VIOG and RZG?

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

Which has better risk-adjusted returns?

RZG currently has the higher Sharpe Ratio (2.16 vs 1.79), 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.