RPV vs SPY
Invesco S&P 500 Pure Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. RPV delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | RPV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $1.8B | $821.1B | |
| Dividend Yield | 2.27% | 1.01% | |
| Holdings | 126 | 505 | |
| YTD Return | +18.01% | +12.22% | |
| 1Y Return | +30.25% | +20.83% | |
| 3Y Return (annualized) | +19.75% | +21.70% | |
| 5Y Return (annualized) | +12.52% | +12.98% | |
| Volatility (annualized) | 22.1% | 15.3% | |
| Max Drawdown | -76.8% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 1, 2006 | Jan 22, 1993 |
RPV vs SPY Performance
Invesco S&P 500 Pure Value ETF (RPV) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year RPV returned +30.25% while SPY returned +20.83%. Year to date, RPV is up 18.01% versus a gain of 12.22% for SPY.
Over three years, RPV compounded at +19.75% per year against +21.70% for SPY; over five years the annualized figures are +12.52% and +12.98% respectively. Across the full 21-year window we track, SPY has the edge at +8.79% annualized vs +7.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RPV has been the more volatile fund, with annualized monthly volatility of 22.1% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -76.8% for RPV and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RPV charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, RPV currently yields 2.27% against 1.01% for SPY.
Holdings Overlap
RPV and SPY share 116 holdings out of 509 unique holdings combined, representing a 9.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, RPV or SPY?
RPV has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, RPV or SPY?
Over the past year RPV returned +30.25% vs +20.83% for SPY, so RPV leads on 1-year performance. Over the longest common window we track (21 years), RPV annualized +7.85% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, RPV or SPY?
RPV has been the more volatile fund at 22.1% annualized versus 15.3% for SPY. Worst drawdown: RPV -76.8% vs SPY -56.5%.
Should I hold both RPV and SPY?
RPV and SPY have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RPV and SPY?
RPV and SPY share 116 common holdings with a 9.3% weight overlap. Combined, they hold 509 unique securities.
Which pays a higher dividend, RPV or SPY?
RPV yields 2.27% while SPY yields 1.01%, so RPV currently pays the higher dividend yield.
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