RPV vs SPY
Invesco S&P 500 Pure Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RPV or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. RPV led over 1Y, SPY over 3Y, 5Y and the full window. RPV is less concentrated, with 20.2% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | RPV | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $1.7B | $804.7B |
| Dividend Yield | 2.24% | 0.98% |
| Holdings | 126 | 505 |
| YTD Return | +17.36%Best | +11.52% |
| 1Y Return | +27.70%Best | +17.48% |
| 3Y Return (annualized) | +19.53% | +20.62%Best |
| 5Y Return (annualized) | +12.51% | +12.73%Best |
| Volatility (annualized) | 22.1% | 15.2%Best |
| Max Drawdown | -76.8% | -56.5%Best |
| $10,000 over 5 years | $18,028 | $18,205Best |
| Top 10 Weight | 20.2%Best | 38.0% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Mar 1, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 7, 2006 to Sep 10, 2026 (20.5 years).
RPV vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 20.5 years both funds cover.
RPV vs SPY Performance
Invesco S&P 500 Pure Value ETF (RPV) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year RPV returned +27.70% while SPY returned +17.48%. Year to date, RPV is up 17.36% versus a gain of 11.52% for SPY.
Over three years, RPV compounded at +19.53% per year against +20.62% for SPY; over five years the annualized figures are +12.51% and +12.73% respectively. Across the full 21-year window we track, SPY has the edge at +9.45% annualized vs +7.80%.
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 15.2% 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 what each fund did in the worst stretch of the window measured above.
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 2.24% against 0.98% for SPY.
Holdings Overlap
98.1% of RPV's money is in holdings SPY also owns. 10.5% of SPY's money is in holdings RPV also owns.
Most of RPV is already inside SPY. Owning both mostly buys the same companies twice.
118 positions in common, counted across the 120 positions we hold weights for in RPV and 504 in SPY, against full books of 126 and 505.
What only one of them owns
Our book lists 379 positions for SPY that do not appear in our book for RPV (89.0% of the fund), and 2 for RPV that do not appear in SPY (1.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in RPV | Weight in SPY | Difference |
|---|---|---|---|
| CNCCentene Corp. | 2.58% | 0.05% | 2.53% |
| ADMArcher-Daniels-Midland Co. | 2.18% | 0.06% | 2.12% |
| CVSCvs Health Corp. | 2.04% | 0.20% | 1.84% |
| HUMHumana Inc. | 2.13% | 0.07% | 2.06% |
| BGBunge Global Sa Common Shares | 2.08% | 0.02% | 2.06% |
| FFord Motor Co. | 1.94% | 0.08% | 1.86% |
| GMGeneral Motors Co. | 1.85% | 0.12% | 1.73% |
| DOWDow Inc. | 1.87% | 0.03% | 1.84% |
| HPEHewlett Packard Enterprise Co. | 1.79% | 0.10% | 1.69% |
| TGTTarget Corp. | 1.78% | 0.10% | 1.68% |
98.1% of RPV is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $26 a year on a $10,000 investment.
Which performed better, RPV or SPY?
Over the past year RPV returned +27.70% vs +17.48% for SPY, so RPV leads on 1-year performance. Over the longest common window we track (21 years), RPV annualized +7.80% vs +9.45% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RPV or SPY?
RPV has been the more volatile fund at 22.1% annualized versus 15.2% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between RPV and SPY?
98.1% of RPV's money is in holdings SPY also owns. 10.5% of SPY's is in holdings RPV also owns. They hold 118 positions in common, counted across the 120 positions we hold weights for in RPV and 504 in SPY.
Which pays a higher dividend, RPV or SPY?
RPV yields 2.24% while SPY yields 0.98%, so RPV currently pays the higher dividend yield.
Is SPY better than RPV?
SPY has a lower expense ratio. RPV led over 1Y, SPY over 3Y, 5Y and the full window. RPV is less concentrated, with 20.2% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.