RSP vs SPY
Invesco S&P 500 Equal Weight ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RSP or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. RSP led over 1Y and the full window, SPY over 3Y and 5Y. The two have moved almost in lockstep, correlation 0.95.
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 | RSP | SPY |
|---|---|---|
| Expense Ratio | 0.20% | 0.09%Best |
| AUM | $98.6B | $823.2B |
| Dividend Yield | 1.53% | 0.99% |
| Holdings | 1,533 | 1,515 |
| YTD Return | +17.18%Best | +13.12% |
| 1Y Return | +21.84%Best | +14.79% |
| 3Y Return (annualized) | +18.40% | +22.24%Best |
| 5Y Return (annualized) | +8.61% | +11.92%Best |
| Volatility (annualized) | 16.5% | 14.4%Best |
| Max Drawdown | -60.9% | -56.5%Best |
| $10,000 over 5 years | $15,113 | $17,561Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 24, 2003 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 30, 2003 to Nov 4, 2026 (23.5 years).
RSP 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 23.5 years both funds cover.
RSP vs SPY Performance
Invesco S&P 500 Equal Weight ETF (RSP) 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 RSP returned +21.84% while SPY returned +14.79%. Year to date, RSP is up 17.18% versus a gain of 13.12% for SPY.
Over three years, RSP compounded at +18.40% per year against +22.24% for SPY; over five years the annualized figures are +8.61% and +11.92% respectively. Across the full 24-year window we track, RSP has the edge at +10.08% annualized vs +9.80%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RSP has been the more volatile fund, with annualized monthly volatility of 16.5% compared with 14.4% 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 -60.9% for RSP 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 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
RSP charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, RSP currently yields 1.53% against 0.99% for SPY.
Holdings Overlap
At least 88.0% of SPY's money is in holdings RSP also owns.
Stated as a floor: for RSP, our book for it covers 93.1% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
Most of SPY is already inside RSP. Owning both mostly buys the same companies twice.
463 positions in common, counted across the 472 positions we hold weights for in RSP and 504 in SPY, against full books of 1,533 and 1,515.
Top Shared Holdings
| Stock | Weight in RSP | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 0.21% | 7.78% | 7.57% |
| AAPLApple, Inc | 0.22% | 7.45% | 7.23% |
| MSFTMicrosoft Corp | 0.21% | 5.71% | 5.50% |
| GOOGLAlphabet Inc | 0.12% | 3.12% | 3.00% |
| GOOGAlphabet Inc. C | 0.09% | 2.49% | 2.40% |
| METAMeta Platforms Inc | 0.23% | 2.22% | 1.99% |
| MUMicron Technology, Inc. | 0.21% | 1.59% | 1.38% |
| TSLATesla Inc | 0.21% | 1.54% | 1.33% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 0.20% | 1.44% | 1.24% |
| JPMJpmorgan Chase | 0.19% | 1.43% | 1.24% |
88.0% of SPY is already inside RSP.
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, RSP or SPY?
RSP has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, RSP or SPY?
Over the past year RSP returned +21.84% vs +14.79% for SPY, so RSP leads on 1-year performance. Over the longest common window we track (24 years), RSP annualized +10.08% vs +9.80% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RSP or SPY?
RSP has been the more volatile fund at 16.5% annualized versus 14.4% for SPY. Worst drawdown: RSP -60.9% vs SPY -56.5%.
Should I hold both RSP and SPY?
RSP and SPY have a monthly-return correlation of 0.95, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between RSP and SPY?
At least 88.0% of SPY's money is in holdings RSP also owns. Our book for RSP is partial, so the real figure is this or higher. They hold 463 positions in common, counted across the 472 positions we hold weights for in RSP and 504 in SPY.
Which pays a higher dividend, RSP or SPY?
RSP yields 1.53% while SPY yields 0.99%, so RSP currently pays the higher dividend yield.
Is SPY better than RSP?
SPY has a lower expense ratio. RSP led over 1Y and the full window, SPY over 3Y and 5Y. The two have moved almost in lockstep, correlation 0.95. Which one suits a particular account depends on what it is for. This is information, not a recommendation.