Key Points

Vanguard S&P 500 Growth ETF provides a notably lower expense ratio than Invesco S&P SmallCap 600 Revenue ETF.
Invesco's ETF has posted stronger one-year total returns yet weaker five-year growth compared to the Vanguard fund.
Vanguard's ETF focuses heavily on large-cap technology holdings, whereas the Invesco fund emphasizes the small-cap segment.
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Investors deciding between Invesco S&P SmallCap 600 Revenue ETF (NYSEMKT:RZG) and Vanguard S&P 500 Growth ETF (NYSEMKT:VOOG) need to balance the strong historical performance of large-cap growth with the recent strength shown by small-cap revenue-weighted stocks.

Both funds pursue growth but target distinct areas of the market. RZG applies a revenue-weighted approach across the small-cap space, while VOOG follows the growth portion of the S&P 500 for a classic large-cap growth exposure.

Snapshot (cost & size)

Metric	RZG	VOOG
Issuer	Invesco	Vanguard
Share price (as of June 30, 2026)	$72.69	$82.62
Expense ratio	0.35%	0.07%
1-yr return (as of June 30, 2026)	44.5%	25.7%
Dividend yield	0.40%	0.50%
Beta	1.12	1.17
AUM	$142.9 million	$26.5 billion

Beta 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 costs less to hold, featuring an expense ratio of 0.07% versus 0.35% for the Invesco ETF. VOOG also delivers a modestly higher trailing-12-month dividend yield.

Performance & risk comparison

Metric	RZG	VOOG
Max drawdown (5 yr)	(38.3%)	(32.7%)
Growth of $1,000 over 5 years (total return)	$1,401	$1,954

What's inside

The Vanguard ETF delivers focused exposure to large-cap leaders, with technology comprising 53%, communication services at 17%, and consumer cyclical at 9% of holdings. Top positions feature Nvidia (NASDAQ:NVDA) at 14.27%, Microsoft (NASDAQ:MSFT) at 9.3%, and Apple (NASDAQ:AAPL) at 6.37%. The fund contains 146 stocks and launched in 2010. It has distributed $0.37 per share over the trailing 12 months, equating to a 0.50% yield on its recent share price near $83.

Invesco’s fund follows another route by weighting 125 small-cap stocks according to revenue. Sector allocations appear more even, with healthcare at 23%, technology at 17%, and industrials at 17%. Leading holdings include ACM Research (NASDAQ:ACMR) at 3.29%, Powell Industries (NASDAQ:POWL) at 2.13%, and StoneX Group (NASDAQ:SNEX) at 1.95%. It launched in 2006. The fund has distributed $0.30 per share over the trailing 12 months, equating to a 0.40% yield on its recent share price near $73.

For more guidance on ETF investing, review the complete guide.

What this means for investors

I believe VOOG appears more appealing in this matchup. The Vanguard fund carries a lower expense ratio, higher dividend yield, and holds more stocks than the Invesco ETF. I acknowledge that VOOG's portfolio, even with the larger number of equities, remains fairly concentrated. Nvidia, Apple, and Microsoft account for nearly one-third of the fund. By comparison, no single holding in RZG exceeds 4%. Yet VOOG has generated superior long-term returns versus RZG.

Finally, the Vanguard fund far exceeds RZG in assets under management. Consequently, VOOG enjoys substantially higher average trading volume by a wide margin. This greater liquidity could appeal to certain investors.

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Erin Kennedy has positions in Apple. The Motley Fool has positions in and recommends Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.