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VTWV vs. RZV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTWV vs. RZV

Last updated Jun 26, 2026

VTWV (Vanguard Russell 2000 Value ETF) and RZV (Invesco S&P SmallCap 600® Pure Value ETF) are both Small Cap Value Equities funds - VTWV tracks the Russell 2000 Value Index while RZV tracks the S&P Small Cap 600 Pure Value. Both are passively managed. Over the past 10 years, VTWV returned 11.39%/yr vs 11.99%/yr for RZV. Their correlation of 0.89 suggests significant overlap in exposure. VTWV charges 0.10%/yr vs 0.35%/yr for RZV.

Performance

VTWV vs. RZV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 2000 Value ETF (VTWV) and Invesco S&P SmallCap 600® Pure Value ETF (RZV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VTWV achieves a 22.28% return, which is significantly lower than RZV's 24.21% return. Over the past 10 years, VTWV has underperformed RZV with an annualized return of 11.39%, while RZV has yielded a comparatively higher 11.99% annualized return.

VTWV

1D
0.79%
1M
3.02%
YTD
22.28%
6M
19.68%
1Y
44.70%
3Y*
19.71%
5Y*
7.65%
10Y*
11.39%

RZV

1D
1.35%
1M
6.98%
YTD
24.21%
6M
22.68%
1Y
44.77%
3Y*
19.35%
5Y*
10.24%
10Y*
11.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTWV vs. RZV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTWV
Vanguard Russell 2000 Value ETF		22.28%12.72%7.83%14.67%-14.46%27.90%4.88%22.44%-13.34%8.06%
RZV
Invesco S&P SmallCap 600® Pure Value ETF		24.21%8.65%5.06%22.97%-6.80%45.95%-3.88%22.29%-19.66%1.25%

Correlation

The correlation between VTWV and RZV is 0.88, 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

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.93

Correlation (10Y)
Calculated over the trailing 10-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2010

0.89

The correlation between VTWV and RZV has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

VTWV vs. RZV - Sectors Allocation Comparison

Sectors
VTWV
RZV

Financial Services

24.0%
7.4%

Industrials

12.2%
15.9%

Technology

11.6%
10.5%

Real Estate

10.2%
4.8%

Healthcare

10.1%
8.4%

Consumer Cyclical

8.9%
25.9%

Energy

7.8%
8.8%

Basic Materials

5.4%
6.2%

Utilities

5.0%
0.4%

Communication Services

2.7%
4.0%

Consumer Defensive

2.1%
7.6%

Financial Services

VTWV
24.0%
RZV
7.4%

Industrials

VTWV
12.2%
RZV
15.9%

Technology

VTWV
11.6%
RZV
10.5%

Real Estate

VTWV
10.2%
RZV
4.8%

Healthcare

VTWV
10.1%
RZV
8.4%

Consumer Cyclical

VTWV
8.9%
RZV
25.9%

Energy

VTWV
7.8%
RZV
8.8%

Basic Materials

VTWV
5.4%
RZV
6.2%

Utilities

VTWV
5.0%
RZV
0.4%

Communication Services

VTWV
2.7%
RZV
4.0%

Consumer Defensive

VTWV
2.1%
RZV
7.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Russell 2000 Value ETF

Invesco S&P SmallCap 600® Pure Value ETF

Often compared with VTWV:
VTWV vs. VTWOVTWV vs. VBRVTWV vs. VTWGVTWV vs. VIOVVTWV vs. VONGVTWV vs. VTCVTWV vs. VB
Often compared with RZV:
RZV vs. AVUVRZV vs. RWJRZV vs. RPVRZV vs. VBRRZV vs. IJRRZV vs. PSCCRZV vs. SPY

Return for Risk

VTWV vs. RZV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTWV
VTWV Risk / Return Rank: 8787
Overall Rank
VTWV Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
VTWV Sortino Ratio Rank: 8787
Sortino Ratio Rank
VTWV Omega Ratio Rank: 8080
Omega Ratio Rank
VTWV Calmar Ratio Rank: 9292
Calmar Ratio Rank
VTWV Martin Ratio Rank: 9090
Martin Ratio Rank
RZV
RZV Risk / Return Rank: 7575
Overall Rank
RZV Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
RZV Sortino Ratio Rank: 7979
Sortino Ratio Rank
RZV Omega Ratio Rank: 7070
Omega Ratio Rank
RZV Calmar Ratio Rank: 7979
Calmar Ratio Rank
RZV Martin Ratio Rank: 7272
Martin Ratio Rank
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.

VTWV vs. RZV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 2000 Value ETF (VTWV) and Invesco S&P SmallCap 600® Pure Value ETF (RZV). 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.

VTWVRZVDifference
Sharpe ratioReturn per unit of total volatility
2.45
2.17

+0.28

Sortino ratioReturn per unit of downside risk
3.40
3.04

+0.36

Omega ratioGain probability vs. loss probability

1.41

1.36

+0.05

Calmar ratioReturn relative to maximum drawdown

5.20

3.58

+1.62

Martin ratioReturn relative to average drawdown

17.77

11.63

+6.14

VTWV vs. RZV - Sharpe Ratio Comparison

The current VTWV Sharpe Ratio is 2.45, which is comparable to the RZV Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of VTWV and RZV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VTWV vs. RZV - Drawdown Comparison

The maximum VTWV drawdown since its inception was -45.73%, smaller than the maximum RZV drawdown of -77.11%. Use the drawdown chart below to compare losses from any high point for VTWV and RZV.

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Drawdown Indicators

VTWVRZVDifference

Max Drawdown

Largest peak-to-trough decline

-45.73%

-77.11%

+31.38%

Max Drawdown (1Y)

Largest decline over 1 year

-8.64%

-12.56%

+3.92%

Max Drawdown (3Y)

Largest decline over 3 years

-26.72%

-29.81%

+3.09%

Max Drawdown (5Y)

Largest decline over 5 years

-26.72%

-29.81%

+3.09%

Max Drawdown (10Y)

Largest decline over 10 years

-45.73%

-60.42%

+14.69%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-7.79%

-13.56%

+5.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.52%

3.86%

-1.34%

Volatility

VTWV vs. RZV - Volatility Comparison

Vanguard Russell 2000 Value ETF (VTWV) and Invesco S&P SmallCap 600® Pure Value ETF (RZV) have volatilities of 5.17% and 5.25%, 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.

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Volatility by Period

VTWVRZVDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.17%

5.25%

-0.08%

Volatility (6M)

Calculated over the trailing 6-month period

12.61%

14.17%

-1.56%

Volatility (1Y)

Calculated over the trailing 1-year period

18.38%

20.78%

-2.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.71%

24.33%

-2.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.54%

26.99%

-3.45%

VTWV vs. RZV - Expense Ratio Comparison

VTWV has a 0.10% expense ratio, which is lower than RZV's 0.35% expense ratio.

Dividends

VTWV vs. RZV - Dividend Comparison

VTWV's dividend yield for the trailing twelve months is around 1.61%, more than RZV's 1.42% yield.

PositionTTM20252024202320222021202020192018201720162015
RZV
Invesco S&P SmallCap 600® Pure Value ETF		1.42%1.59%1.14%1.13%1.43%0.86%0.63%1.03%2.03%1.02%0.46%1.24%
VTWV
Vanguard Russell 2000 Value ETF		1.61%1.79%1.78%2.02%2.07%1.60%1.49%1.82%2.04%1.63%1.57%2.03%

Frequently Asked Questions

VTWV and RZV have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RZV has higher volatility (5.25%) compared to VTWV (5.17%). In terms of maximum drawdown, VTWV dropped -45.73% vs RZV's -77.11%.

On 10-year performance, RZV leads with 11.99% vs 11.39% for VTWV. On fees, VTWV is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RZV has performed better with a 11.99% return vs 11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VTWV is cheaper with a 0.10% expense ratio, compared with 0.35% for RZV.

VTWV has the higher dividend yield at 1.61%, compared with 1.42% for RZV.

VTWV tracks Russell 2000 Value Index, while RZV tracks S&P Small Cap 600 Pure Value. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.10% for VTWV and 0.35% for RZV.

VTWV currently has the higher Sharpe Ratio (2.45 vs 2.17), 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.

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