For investors seeking momentum, Vanguard S&P Small-Cap 600 Growth ETF (VIOG Quick QuoteVIOG - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 46% from its 52-week low of $169.66 per share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed.

VIOG in Focus

This fund targets the small-cap growth segment of the broad U.S. equity market with key holdings in information technology, healthcare, industrials, consumer discretionary and financials. It charges 15 basis points in annual fees (see: all the Small-Cap Growth ETFs here).

Why the Move?

The small-cap corner of the broad U.S. stock market has been an area to watch lately given its outperformance over the past month. Hiring picked up in October following a summer slowdown and new treatment to protect against COVID-19 has reduced the risk of hospitalization and deaths substantially. All these suggest that the U.S. economy has regained momentum. As small-cap companies are more domestically tied, these are poised to outperform when the economy improves. Further, upbeat corporate earnings are providing strength.

More Gains Ahead?

Currently, VIOG has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. However, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.