VIOG vs. XSMO

Last updated Jun 23, 2026

VIOG (Vanguard S&P Small-Cap 600 Growth ETF) and XSMO (Invesco S&P SmallCap Momentum ETF) are both exchange-traded funds - VIOG is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Growth Index, while XSMO is a Momentum fund tracking the S&P SmallCap 600 Momentum Index. Both are passively managed. Over the past 10 years, VIOG returned 11.72%/yr vs 15.36%/yr for XSMO. Their correlation of 0.88 suggests significant overlap in exposure. VIOG charges 0.15%/yr vs 0.36%/yr for XSMO.

Performance

VIOG vs. XSMO - 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 Momentum ETF (XSMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOG achieves a 21.75% return, which is significantly lower than XSMO's 25.55% return. Over the past 10 years, VIOG has underperformed XSMO with an annualized return of 11.72%, while XSMO has yielded a comparatively higher 15.36% annualized return.

VIOG

• 1D: 0.24%
• 1M: 5.94%
• YTD: 21.75%
• 6M: 17.76%
• 1Y: 34.28%
• 3Y*: 16.88%
• 5Y*: 6.57%
• 10Y*: 11.72%

XSMO

• 1D: 0.32%
• 1M: 4.89%
• YTD: 25.55%
• 6M: 21.13%
• 1Y: 37.28%
• 3Y*: 25.72%
• 5Y*: 11.94%
• 10Y*: 15.36%

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

VIOG vs. XSMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOG Vanguard S&P Small-Cap 600 Growth ETF	21.75%	5.40%	9.23%	16.92%	-21.14%	22.49%	19.68%	21.16%	-4.57%	14.70%
XSMO Invesco S&P SmallCap Momentum ETF	25.55%	9.80%	17.45%	21.55%	-15.44%	19.24%	21.96%	28.65%	-3.44%	23.95%

Correlation

The correlation between VIOG and XSMO is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.88

The correlation between VIOG and XSMO has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

VIOG vs. XSMO - Sectors Allocation Comparison

Sectors	VIOG	XSMO
Technology	19.7%	22.1%
Industrials	19.5%	18.7%
Healthcare	14.6%	14.3%
Financial Services	13.7%	12.2%
Consumer Cyclical	10.9%	8.6%
Real Estate	6.6%	4.9%
Energy	4.1%	2.9%
Consumer Defensive	3.3%	2.4%
Basic Materials	3.1%	6.0%
Communication Services	2.7%	4.5%
Utilities	1.7%	3.5%

Return for Risk

VIOG vs. XSMO — Risk / Return Rank

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

VIOG

VIOG Risk / Return Rank: 65
VIOG Sharpe Ratio Rank: 59
VIOG Sortino Ratio Rank: 62
VIOG Omega Ratio Rank: 55
VIOG Calmar Ratio Rank: 77
VIOG Martin Ratio Rank: 72

XSMO

XSMO Risk / Return Rank: 67
XSMO Sharpe Ratio Rank: 60
XSMO Sortino Ratio Rank: 61
XSMO Omega Ratio Rank: 54
XSMO Calmar Ratio Rank: 82
XSMO Martin Ratio Rank: 77

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. XSMO - 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 Momentum ETF (XSMO). 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	XSMO	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.93	-0.01
Sortino ratio: Return per unit of downside risk	2.80	2.77	+0.03
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	3.81	4.21	-0.40
Martin ratio: Return relative to average drawdown	13.14	14.23	-1.09

VIOG vs. XSMO - Sharpe Ratio Comparison

The current VIOG Sharpe Ratio is 1.92, which is comparable to the XSMO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of VIOG and XSMO, 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. XSMO - Drawdown Comparison

The maximum VIOG drawdown since its inception was -41.73%, smaller than the maximum XSMO drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for VIOG and XSMO.

Drawdown Indicators

	VIOG	XSMO	Difference
Max Drawdown Largest peak-to-trough decline	-41.73%	-58.06%	+16.33%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-8.89%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-27.35%	-24.76%	-2.59%
Max Drawdown (5Y) Largest decline over 5 years	-29.15%	-29.62%	+0.47%
Max Drawdown (10Y) Largest decline over 10 years	-41.73%	-39.39%	-2.34%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.60%	-11.11%	+3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	2.63%	-0.01%

Volatility

VIOG vs. XSMO - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 Growth ETF (VIOG) is 5.42%, while Invesco S&P SmallCap Momentum ETF (XSMO) has a volatility of 7.19%. This indicates that VIOG experiences smaller price fluctuations and is considered to be less risky than XSMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOG	XSMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	7.19%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	13.01%	14.89%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	17.95%	19.41%	-1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	22.64%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.88%	24.15%	-1.27%

VIOG vs. XSMO - Expense Ratio Comparison

VIOG has a 0.15% expense ratio, which is lower than XSMO's 0.36% expense ratio.

Dividends

VIOG vs. XSMO - Dividend Comparison

VIOG's dividend yield for the trailing twelve months is around 0.79%, more than XSMO's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIOG Vanguard S&P Small-Cap 600 Growth ETF	0.79%	1.04%	1.03%	1.15%	1.17%	0.69%	0.68%	1.09%	0.76%	0.87%	0.92%	1.04%
XSMO Invesco S&P SmallCap Momentum ETF	0.66%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both VIOG and XSMO in my portfolio?

With a correlation of 0.94, VIOG and XSMO 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 XSMO?

XSMO has higher volatility (7.19%) compared to VIOG (5.42%). In terms of maximum drawdown, VIOG dropped -41.73% vs XSMO's -58.06%.

Which ETF is better, VIOG or XSMO?

On 10-year performance, XSMO leads with 15.36% vs 11.72% for VIOG. On fees, VIOG is cheaper at 0.15% per year. On volatility, VIOG has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOG or XSMO?

Over the 10-year period, XSMO has performed better with a 15.36% return vs 11.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOG or XSMO?

VIOG is cheaper with a 0.15% expense ratio, compared with 0.36% for XSMO.

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

VIOG has the higher dividend yield at 0.79%, compared with 0.66% for XSMO.

What is the main difference between VIOG and XSMO?

VIOG is categorized as Small Cap Growth Equities, while XSMO is Momentum. VIOG tracks S&P SmallCap 600 Growth Index, while XSMO tracks S&P SmallCap 600 Momentum Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.15% for VIOG and 0.36% for XSMO.

Which has better risk-adjusted returns?

XSMO currently has the higher Sharpe Ratio (1.93 vs 1.92), 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.