Investors choosing between Invesco S&P SmallCap 600 Revenue ETF (RZG 0.91%) and Vanguard S&P 500 Growth ETF (VOOG 1.00%) must weigh the higher historical returns of large-cap growth against the recent momentum of small-cap revenue-weighted stocks.Both funds target growth, but they look for it in very different corners of the market. While RZG uses a revenue-weighted strategy to filter the small-cap universe, VOOG tracks the growth-oriented subset of the S&P 500, offering a traditional large-cap growth profile.Snapshot (cost & size)MetricRZGVOOGIssuerInvescoVanguardShare price (as of June 30, 2026)$72.69$82.62Expense ratio0.35%0.07%1-yr return (as of June 30, 2026)44.5%25.7%Dividend yield0.40%0.50%Beta1.121.17AUM$142.9 million$26.5 billionBeta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.The Vanguard fund is more affordable, with an expense ratio of 0.07% compared to 0.35% for the Invesco ETF. VOOG also offers a slightly higher trailing-12-month dividend yield.Performance & risk comparisonMetricRZGVOOGMax drawdown (5 yr)(38.3%)(32.7%)Growth of $1,000 over 5 years (total return)$1,401$1,954What’s insideThe Vanguard ETF provides concentrated exposure to large-cap leaders, with technology making up 53%, communication services at 17%, and consumer cyclical at 9% of the portfolio. Its largest positions include Nvidia (NVDA 1.39%) at 14.27%, Microsoft (MSFT +1.69%) at 9.3%, and Apple (AAPL +4.88%) at 6.37%. The fund holds 146 stocks and was launched in 2010. It has paid $0.37 per share over the trailing 12 months, which on its recent ~$83 share price works out to a 0.50% yield.Invesco’s fund takes a different path by weighting 125 small-cap stocks by revenue. Sector exposure is more balanced, with healthcare at 23%, technology at 17%, and industrials at 17%. Its largest positions include ACM Research (ACMR 16.55%) at 3.29%, Powell Industries (POWL 7.00%) at 2.13%, and StoneX Group (SNEX 2.58%) at 1.95%. It was launched in 2006. The fund has paid $0.30 per share over the trailing 12 months, which on its recent ~$73 share price works out to a 0.40% yield.For more guidance on ETF investing, check out the full guide at this link.What this means for investorsI think VOOG looks more attractive here. The Vanguard fund has a lower expense ratio, higher dividend yield, and more stocks than the Invesco ETF. I will concede VOOG’s portfolio, despite the greater number of equities, is pretty concentrated. Nvidia, Apple, and Microsoft make up nearly one-third of the fund. In contrast, no position in RZG exceeds 4%. But VOOG has a better long-term return than RZG.Finally, the Vanguard fund absolutely dwarfs RZG in terms of assets under management. As a result, VOOG has far greater average trading volume — by orders of magnitude. This increased liquidity may be attractive to some investors.
