Relative Intelligence · US Large-Cap Equity
How Invesco S&P 500 Equal Weight ETF (RSP) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on RSP alone. It places RSP (Invesco S&P 500 Equal Weight ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where RSP stands in the market, and of the alternatives worth a closer look.
Period covered: RSP's full trading record, from May 2003 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 6 months, RSP rose 6.7% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. That said, both RSP and the S&P 500 are within a few percent of a record high. At a glance ↓
- Fund or market?RSP rose 2.0% over the past 3 months, in line with the S&P 500, which rose 3.9%: a market move, not its own.
- Long termRSP turned $10,000 into $31,100 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashThe Covid crash took 39.0% off RSP, against 33.7% for the S&P 500. That was more than VOO (Vanguard S&P 500 ETF, 34.0%) but less than EQAL (Invesco Russell 1000 Equal Weight ETF, 40.2%). RSP fell further than the S&P 500 in two of the last three sell-offs, including the Covid crash (39.0% against 33.7%). Crash tests ↓
- DiversificationAgainst the S&P 500, RSP has a correlation of 0.90 over 5 years, more closely than 82% of ETFs with at least $100 million in assets. Next to an index fund it is more of the same, not a cushion. When the S&P 500 had a down month, RSP usually fell with it (20 of 22 months). By year ↓
- Better options
- Popular alternatives
- QUS (State Street SPDR MSCI USA StrategicFactors ETF), FNDX (Schwab Fundamental U.S. Large Company ETF) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) earned more than RSP with less volatility over the past 5 years. QUS returned 11.1% a year at 14.2% volatility, against 8.2% a year at 16.1%.
- Nearby categories and themes
- MGV (Vanguard Morningstar Mega Cap Value ETF, US large-cap value) earned more than RSP with less volatility over the past 5 years: 12.6% a year at 13.4% volatility, against 8.2% a year at 16.1%.
- Whole market
- 95 of the 3,633 stocks and funds worth at least $500 million earned more than RSP with less volatility over the past 5 years, among them VTV (Vanguard Morningstar Value ETF), VIG (Vanguard Dividend Appreciation ETF) and SCHD (Schwab U.S. Dividend Equity ETF).
How much would $10,000 in RSP have grown?
This chart tracks a hypothetical $10,000 investment in RSP over the past 20 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of RSP over the same span and RSP's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 20 years rather than RSP's full 23 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in RSP at the end of September 2006 would have grown to $68,025 by September 2026, less than the $82,294 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of RSP, and IVW finished highest, at $117,664.
Choose a period
From the end of September 2006 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 578 of the 1,663 stocks and funds worth at least $500 million that traded the whole period ended ahead of RSP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- IVW$117,664+1,077% total · +13.1% a year
- VV$85,028+750% total · +11.3% a year
- SPY (S&P 500)$82,294+723% total · +11.1% a year
- BRK-B$78,440+684% total · +10.8% a year
- SPHQ$74,216+642% total · +10.5% a year
- PRF$73,453+635% total · +10.5% a year
- RSP$68,025+580% total · +10.1% a year
- DIA$67,737+577% total · +10.0% a year
- IJH$63,678+537% total · +9.7% a year
- IWM$50,397+404% total · +8.4% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,544 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of RSP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- FNDX$19,177+91.8% total · +13.9% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- PRF$18,834+88.3% total · +13.5% a year
- VV$18,747+87.5% total · +13.4% a year
- MGV$18,512+85.1% total · +13.1% a year
- SCHX$18,495+84.9% total · +13.1% a year
- QUAL$17,879+78.8% total · +12.3% a year
- QUS$17,183+71.8% total · +11.4% a year
- DIA$16,393+63.9% total · +10.4% a year
- RSP$15,090+50.9% total · +8.6% a year
RSP at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: RSP began trading on May 1, 2003, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- RSP's deepest decline since it began trading in 2003 was 59.9%, from July 2007 to March 2009. It took 23 months from the low to climb back to its old high.
- Over 22 full calendar years, RSP's best was 2009, when it returned 44.7%, and its worst was 2008, when it lost 40.0%. It lost money in four of those years.
- RSP is 2.7% below its all-time high.
The fund
- Issuer
- Invesco
- Began trading
- May 2003
- Expense ratio
- 0.20%per year
- Assets
- $98B
- Category
- Broad Market
Returns
- Past 1 year
- +15.5%total return
- Past 3 years
- +65.4%+18.3% a year
- Past 5 years
- +48.6%+8.2% a year
- Past 10 years
- +211%+12.0% a year
- Best calendar year
- +44.7%2009
- Worst calendar year
- −40.0%2008
- Losing years
- 4 of 22full calendar years
Risk
- Volatility
- 16.1%typical yearly swing, 5 years
- Sharpe ratio
- 0.57return per unit of risk, 5 years
- Worst decline ever
- −59.9%Jul 2007 to Mar 2009
- From its all-time high
- −2.7%below the peak
RSP against the whole market
Where RSP ranks among every stock and fund, and what across the market has done better.
How does RSP rank among all ETFs?
This section ranks RSP on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how RSP stacks up against its peers, these rankings show where it stands in the market as a whole.
- RSP lands in the broad middle of the market on every measure here. RSP's 10-year return ranks in the top 27% of the 958 ETFs with at least $100 million in assets with 10 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | RSP | Rank | Standing |
|---|---|---|---|
| 1-year return | +15.5% | 766 of 2,485 | top 31% |
| 3-year return | +65.4% | 883 of 1,949 | top 45% |
| 5-year return | +48.6% | 702 of 1,560 | top 45% |
| 10-year return | +211% | 255 of 958 | top 27% |
| Volatility, 5 years | 16.1% | 711 of 1,560 | top 46% |
| Sharpe ratio, 5 years | 0.57 | 769 of 1,560 | top 49% |
| Worst decline, past 10 years | −39.0% | 495 of 951 | bottom 49% |
What has beaten RSP on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). RSP sits where the dashed lines cross. Anything in the green box above and to the left earned more than RSP with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 95 ETFs worth at least $500 million sit in the green region: each earned more than RSP over the past 5 years with smaller price swings. That is 3% of the 3,633 screened.
- Among those with at least half RSP's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 31% less than RSP's 16.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.57 for RSP.
- Among RSP's popular alternatives, FNDX, PRF and QUS are in the region. FNDX earned 13.5% a year against 8.2% a year for RSP, at 14.9% volatility, 7% less than RSP's 16.1%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to RSP; faint dots are 41 more of the 95 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than RSP?
Investments that beat RSP over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among RSP's popular alternatives, QUS, FNDX and DIA earned more than RSP with less volatility over the past 5 years. QUS returned 11.1% a year at 14.2% volatility, against 8.2% a year at 16.1%.
- Looking beyond its popular alternatives, MGV (US large-cap value) earned more than RSP with less volatility over the past 5 years: 12.6% a year at 13.4% volatility, against 8.2% a year at 16.1%.
- Across the whole market, 95 of the 3,633 stocks and funds worth at least $500 million earned more than RSP with less volatility over the past 5 years, among them VTV, VIG and SCHD.
How this works
The table below lists investments that beat RSP over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks RSP's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than RSP follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than RSP's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× RSP's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than RSP's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with RSP?lower diversifies more | Expenseper year | |||
| RSPInvesco S&P 500 Equal Weight ETF · this page | +8.2% | 16.1% | 0.57 | −39.0% | +211% | 1.00 | 0.20% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.90 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against RSP. 15 of 21 passed at least one test. | |||||||||
QUSState Street SPDR MSCI USA StrategicFactors ETF · Broad Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.1% | 14.2% | 0.81 | −33.8% | +273% | 0.95 | 0.15% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.90 | 0.03% | |
FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value | Higher return, lower volatilityHigher return in most periods | +13.5% | 14.9% | 0.93 | −37.7% | +291% | 0.97 | 0.25% | |
 QUALiShares MSCI USA Quality Factor ETF · US Quality Equity | Higher return, similar volatilityHigher return in most periods | +11.4% | 17.3% | 0.71 | −34.1% | +293% | 0.90 | 0.15% | |
 DIAState Street SPDR Dow Jones Industrial Average ETF Trust · US Large-Cap Equity | Higher return, lower volatility | +9.9% | 14.8% | 0.72 | −36.7% | +250% | 0.93 | 0.16% | |
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Similar return, lower volatility | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.88 | 0.15% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in US Large-Cap Equity and the categories next to it (US Total Market, US Large-Cap Value, US Large-Cap Growth, US Quality Equity), plus RSP's specific themes. 45 of 50 passed at least one test. | |||||||||
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.94 | 0.05% | |
 DFACDimensional - US Core Equity 2 ETF · US Total Market | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.96 | 0.21% | |
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.92 | 0.12% | |
 IVWiShares S&P 500 Growth ETF · US Large-Cap Growth | Higher Sharpe, smaller worst declineHigher return in most periods | +13.1% | 21.5% | 0.68 | −32.7% | +413% | 0.74 | 0.18% | |
SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Higher return, similar volatilityHigher Sharpe, smaller worst decline | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.89 | 0.20% | |
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Higher return in most periods | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.84 | 0.15% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 293 of 3,562 passed at least one test. | |||||||||
 SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.88 | 0.06% | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.74 | 0.40% | |
 DGROiShares Core Dividend Growth ETF · US Dividend Equity | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +10.9% | 13.7% | 0.83 | −35.1% | +267% | 0.97 | 0.08% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.63 | — | |
SCHYSchwab International Dividend Equity ETF · International | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +9.5% | 13.3% | 0.75 | −24.0% | — | 0.75 | 0.08% | |
 RSGRepublic Services, Inc. · Environmental Services | Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.43 | — | |
IOOiShares Global 100 ETF · Global Equity | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.81 | 0.40% | |
 JEPIJPMorgan Equity Premium Income ETF · Equity Income | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +7.5% | 11.0% | 0.71 | −13.7% | — | 0.90 | 0.35% | |
What these numbers mean for RSP
- Annual return
- RSP returned 8.2% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $14,900. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- RSP's volatility over the past 5 years was 16.1%, 94% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, RSP's return lands within 16.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- RSP's Sharpe ratio over the past 5 years was 0.57, against 0.79 for the S&P 500, so RSP earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- RSP's worst fall from a peak to a low over the past 10 years was 39.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 39.0% fall takes a 64.0% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, RSP's monthly returns had a correlation of 0.90 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against RSP instead: the lower it is, the more that option would diversify a RSP holding. Guide: Correlation and diversification →
Show all 95 stocks and funds worth at least $500 million that earned more than RSP with less volatility
Out of 3,633 tested over 5 years. The strongest 45 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with RSP | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.88 | 0.06% |
| 2 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.74 | 0.40% |
| 3 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.96 | 0.04% |
| 4 | VONVVanguard Russell 1000 Value ETF · US Large-Cap Value | Same or nearby category | +11.5% | 14.7% | 0.82 | −38.2% | +208% | 0.98 | 0.06% |
| 5 | SCHYSchwab International Dividend Equity ETF · International | Whole market | +9.5% | 13.3% | 0.75 | −24.0% | — | 0.75 | 0.08% |
| 6 | QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · Dividend & Income | Whole market | +11.8% | 15.0% | 0.82 | −22.6% | — | 0.89 | 0.60% |
| 7 | QUSState Street SPDR MSCI USA StrategicFactors ETF · Broad Market | Popular alternative | +11.1% | 14.2% | 0.81 | −33.8% | +273% | 0.95 | 0.15% |
| 8 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.52 | 0.65% |
| 9 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income | Whole market | +11.5% | 14.8% | 0.82 | −19.4% | +121% | 0.79 | 0.75% |
| 10 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.95 | 0.20% |
| 11 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.92 | 0.31% |
| 12 | VYMIVanguard International High Dividend Yield ETF · International Equity | Whole market | +13.2% | 14.8% | 0.92 | −40.0% | +176% | 0.81 | 0.07% |
| 13 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.80 | 0.08% |
| 14 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.87 | 0.79% |
| 15 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.85 | 0.85% |
| 16 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.81 | 0.43% |
| 17 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.72 | 0.60% |
| 18 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Same or nearby category | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.97 | 0.39% |
| 19 | SCHVSchwab U.S. Large-Cap Value ETF · US Large-Cap Value | Same or nearby category | +10.2% | 14.4% | 0.75 | −37.1% | +195% | 0.98 | 0.04% |
| 20 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.90 | 0.10% |
| 21 | PWVInvesco Large Cap Value ETF · Broad Market | Whole market | +13.5% | 14.2% | 0.97 | −37.6% | +223% | 0.92 | 0.55% |
| 22 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.86 | 0.35% |
| 23 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.91 | 0.56% |
| 24 | DHSWisdomTree U.S. High Dividend Fund · Dividend & Income | Whole market | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.85 | 0.38% |
| 25 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.84 | 0.29% |
| 26 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +249% | 0.89 | 0.15% |
| 27 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.24 | 0.85% |
| 28 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.91 | 0.15% |
| 29 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.92 | 0.50% |
| 30 | QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income | Whole market | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.94 | 0.40% |
| 31 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.82 | 0.95% |
| 32 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.65 | 0.60% |
| 33 | DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income | Whole market | +11.8% | 13.3% | 0.91 | −34.7% | +227% | 0.90 | 0.07% |
| 34 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.86 | 0.19% |
| 35 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | — | 0.96 | 0.50% |
| 36 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +186% | 0.91 | 0.48% |
| 37 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.97 | 0.19% |
| 38 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.94 | 0.15% |
| 39 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.79 | 0.95% |
| 40 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.84 | 0.40% |
| 41 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +11.6% | 14.8% | 0.82 | −44.8% | +155% | 0.78 | 0.55% |
| 42 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.74 | 0.50% |
| 43 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.25 | 0.90% |
| 44 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.89 | 0.27% |
| 45 | DBEUXtrackers MSCI Europe Hedged Equity ETF · International | Whole market | +11.2% | 14.4% | 0.82 | −34.5% | +178% | 0.84 | 0.46% |
RSP against its popular alternatives
The investments people most often weigh against RSP, compared period by period and year by year.
How do RSP's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at RSP, which divides the map into what did better or worse on each measure.
- Four of the 15 popular alternatives, led by FNDX, PRF and QUS, were both more rewarding and calmer than RSP over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, RSP returned 8.2% a year, less than the S&P 500's 12.7%, with lower volatility (16.1% against 17.1%).
Green points earned more than RSP with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| FNDX Schwab Fundamental U.S. Large Company ETF | +13.5% | 14.9% |
| PRF Invesco RAFI US 1000 ETF | +13.0% | 15.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| VV Vanguard Morningstar Large-Cap ETF | +12.3% | 17.3% |
| SCHX Schwab U.S. Large-Cap ETF | +12.0% | 17.2% |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | +11.6% | 16.7% |
| QUAL iShares MSCI USA Quality Factor ETF | +11.4% | 17.3% |
| QUS State Street SPDR MSCI USA StrategicFactors ETF | +11.1% | 14.2% |
| DIA State Street SPDR Dow Jones Industrial Average ETF Trust | +9.9% | 14.8% |
| VXUS Vanguard Total International Stock ETF | +8.3% | 16.4% |
| RSP This pageInvesco S&P 500 Equal Weight ETF | +8.2% | 16.1% |
| USMV iShares MSCI USA Min Vol Factor ETF | +7.6% | 12.3% |
| IJH iShares Core S&P Mid-Cap ETF | +7.2% | 19.6% |
| EUSA iShares MSCI USA Equal Weighted ETF | +7.0% | 16.9% |
| EQAL Invesco Russell 1000 Equal Weight ETF | +6.4% | 17.2% |
| IWM iShares Russell 2000 ETF | +5.2% | 22.4% |
| AGG iShares Core U.S. Aggregate Bond ETF | −0.3% | 6.1% |
Has RSP consistently beaten its popular alternatives?
This section compares RSP with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than RSP helps separate lasting outperformance from a single strong stretch.
- Three of the 21 popular alternatives, QUAL, FNDX and PRF, outperformed RSP in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- QUAL, FNDX and PRF outperformed RSP in every long-term period and in all but one short-term period, the most consistent record in the group.
- FNDX, PRF and QUS earned more for the risk they took than RSP (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than RSP over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| RSP Invesco S&P 500 Equal Weight ETF (this page) | — | +1.5% | +2.0% | +6.7% | +13.3% | +15.5% | +65.4% | +48.6% | +211% | 16.1% | 0.57 | −39.0% | 0.20% | $98B | — |
| QUAL QualifiediShares MSCI USA Quality Factor ETF | 4/5 short3/3 longAll-weather | +1.2% | +4.3% | +9.7% | +14.0% | +16.4% | +76.9% | +71.5% | +293% | 17.3% | 0.71 | −34.1% | 0.15% | $48B | 74% |
| FNDX QualifiedSchwab Fundamental U.S. Large Company ETF | 4/5 short3/3 longAll-weather | +1.6% | +4.7% | +11.9% | +20.5% | +25.4% | +88.2% | +88.6% | +291% | 14.9% | 0.93 | −37.7% | 0.25% | $28B | 84% |
| PRF QualifiedInvesco RAFI US 1000 ETF | 4/5 short3/3 longAll-weather | +1.2% | +4.2% | +11.7% | +20.2% | +25.5% | +90.1% | +84.3% | +270% | 15.0% | 0.90 | −38.1% | 0.34% | $10B | 84% |
| SPYM Broad MarketState Street SPDR Portfolio S&P 500 ETF | 2/5 short3/3 long | −0.5% | +3.9% | +9.1% | +13.5% | +15.9% | +89.8% | +82.5% | +324% | 16.9% | 0.80 | −33.9% | 0.02% | $184B | 74% |
| VV Broad MarketVanguard Morningstar Large-Cap ETF | 2/5 short3/3 long | −0.7% | +3.9% | +9.4% | +13.4% | +15.4% | +90.6% | +78.8% | +324% | 17.3% | 0.76 | −34.3% | 0.03% | $76B | 73% |
| VOO Broad MarketVanguard S&P 500 ETF | 2/5 short3/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 16.9% | 0.80 | −34.0% | 0.03% | $1.7T | 74% |
| IVV Broad MarketiShares Core S&P 500 ETF | 2/5 short3/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 17.0% | 0.80 | −33.9% | 0.03% | $880B | 74% |
| SPY Broad MarketState Street SPDR S&P 500 ETF | 2/5 short3/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | +321% | 17.1% | 0.79 | −33.7% | 0.09% | $823B | 74% |
| SCHX Broad MarketSchwab U.S. Large-Cap ETF | 2/5 short3/3 long | −0.8% | +3.6% | +8.7% | +13.0% | +15.1% | +89.1% | +76.6% | +317% | 17.2% | 0.75 | −34.3% | 0.03% | $74B | 74% |
| VONE Broad MarketVanguard Russell 1000 ETF | 2/5 short3/3 long | −0.6% | +3.7% | +8.6% | +13.0% | +15.2% | +88.5% | +75.9% | +312% | 17.2% | 0.75 | −34.7% | 0.06% | $12B | 76% |
| IWB Broad MarketiShares Russell 1000 ETF | 2/5 short3/3 long | −0.6% | +3.7% | +8.6% | +12.9% | +15.1% | +87.7% | +75.1% | +309% | 17.2% | 0.74 | −34.6% | 0.15% | $49B | 76% |
| GSLC Broad MarketGoldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 2/5 short3/3 long | 0.0% | +4.2% | +8.5% | +11.9% | +14.0% | +83.5% | +73.1% | +297% | 16.7% | 0.74 | −33.7% | 0.09% | $15B | 72% |
| QUS Broad MarketState Street SPDR MSCI USA StrategicFactors ETF | 2/5 short3/3 long | +1.8% | +5.1% | +9.5% | +13.4% | +15.9% | +71.9% | +69.3% | +273% | 14.2% | 0.81 | −33.8% | 0.15% | $1.6B | 77% |
| DIA Broad MarketState Street SPDR Dow Jones Industrial Average ETF Trust | 0/5 short2/3 long | +0.9% | +1.6% | +6.8% | +9.6% | +13.9% | +66.1% | +60.6% | +250% | 14.8% | 0.72 | −36.7% | 0.16% | $45B | 83% |
| IWM Broad MarketiShares Russell 2000 ETF | 0/5 short1/3 long | −3.4% | −5.4% | −0.1% | +11.6% | +12.3% | +71.3% | +29.0% | +158% | 22.4% | 0.34 | −41.1% | 0.19% | $75B | 83% |
| VXUS InternationalVanguard Total International Stock ETF | 0/5 short1/3 long | −3.9% | +1.0% | +0.9% | +10.2% | +14.6% | +77.2% | +48.6% | +140% | 16.4% | 0.57 | −36.0% | 0.05% | $666B | 81% |
| USMV Broad MarketiShares MSCI USA Min Vol Factor ETF | 3/5 short0/3 long | +3.3% | +6.4% | +8.7% | +10.4% | +9.7% | +49.7% | +44.4% | +176% | 12.3% | 0.66 | −33.1% | 0.15% | $24B | 79% |
| EUSA Broad MarketiShares MSCI USA Equal Weighted ETF | 0/5 short0/3 long | +0.6% | +1.5% | +5.8% | +11.2% | +12.9% | +65.3% | +40.3% | +198% | 16.9% | 0.49 | −39.1% | 0.09% | $1.9B | 94% |
| IJH Broad MarketiShares Core S&P Mid-Cap ETF | 0/5 short0/3 long | −0.2% | −2.2% | +0.2% | +10.1% | +13.5% | +59.4% | +41.4% | +178% | 19.6% | 0.45 | −42.2% | 0.05% | $121B | 86% |
| EQAL Broad MarketInvesco Russell 1000 Equal Weight ETF | 0/5 short0/3 long | −0.2% | +0.4% | +1.1% | +12.1% | +14.3% | +61.4% | +36.4% | +171% | 17.2% | 0.45 | −40.4% | 0.20% | $802M | 83% |
| AGG BondsiShares Core U.S. Aggregate Bond ETF | 0/5 short0/3 long | −0.6% | −1.7% | −2.6% | −1.7% | −1.9% | +16.2% | −1.5% | +13.3% | 6.1% | -0.02 | −18.4% | 0.03% | $139B | — |
How did RSP do year by year?
This table shows each investment's total return in every full calendar year since 2004, along with where RSP ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with RSP and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: RSP began trading on May 1, 2003, so the table starts with 2004, its first full calendar year, and cannot show how it fared during the dot-com bust.
- RSP finished ahead of the S&P 500 in nine of its 22 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, RSP finished in the top quarter in seven of 22 years and in the bottom quarter in one. In 2025, it ranked 11 of 16.
- Among its popular alternatives, GSLC came out ahead of RSP most often, in seven of the ten years both traded.
Newest year first. Green marks a year in which the fund came out ahead of RSP; gray means the two finished within a fraction of a point. The rank row places RSP among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of RSP | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RSP This pageInvesco S&P 500 Equal Weight ETF | — | +11.2% | +12.8% | +13.7% | −11.6% | +29.4% | +12.7% | +28.9% | −7.8% | +18.5% | +14.5% | −1.7% | +15.1% | +36.7% | +18.6% | +0.2% | +21.5% | +44.7% | −40.0% | +0.9% | +15.5% | +7.4% | +16.5% |
| Rank among alternatives | Top quarter in 7 of 22 | 11 of 16 | 12 of 16 | 13 of 16 | 5 of 16 | 3 of 16 | 9 of 16 | 7 of 16 | 10 of 16 | 10 of 16 | 7 of 16 | 7 of 14 | 2 of 13 | 2 of 11 | 2 of 11 | 6 of 9 | 3 of 8 | 1 of 7 | 6 of 7 | 6 of 7 | 4 of 7 | 2 of 6 | 2 of 5 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 11 of 22 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% |
| QUAL iShares MSCI USA Quality Factor ETF | 8 of 12 | +12.7% | +22.3% | +30.9% | −20.5% | +26.9% | +17.0% | +33.9% | −5.7% | +22.3% | +9.2% | +5.4% | +11.7% | — | — | — | — | — | — | — | — | — | — |
| FNDX Schwab Fundamental U.S. Large Company ETF | 7 of 12 | +16.9% | +16.7% | +18.3% | −7.0% | +31.7% | +9.2% | +28.7% | −7.3% | +16.5% | +16.4% | −3.0% | +12.6% | — | — | — | — | — | — | — | — | — | — |
| PRF Invesco RAFI US 1000 ETF | 8 of 20 | +18.4% | +16.7% | +15.7% | −7.8% | +31.2% | +7.8% | +27.4% | −8.7% | +16.0% | +17.3% | −2.9% | +12.2% | +35.0% | +16.9% | −0.5% | +19.8% | +41.6% | −40.1% | +1.8% | +19.0% | — | — |
| VV Vanguard Morningstar Large-Cap ETF | 11 of 21 | +18.1% | +25.3% | +27.2% | −19.9% | +27.4% | +21.0% | +31.3% | −4.5% | +22.0% | +11.8% | +1.0% | +13.4% | +32.7% | +16.2% | +1.4% | +15.9% | +27.3% | −36.7% | +6.2% | +15.5% | +6.0% | — |
| SCHX Schwab U.S. Large-Cap ETF | 9 of 16 | +17.5% | +24.9% | +26.8% | −19.4% | +26.8% | +21.0% | +31.2% | −4.5% | +21.6% | +12.1% | +1.0% | +13.3% | +32.6% | +16.4% | +1.6% | +15.9% | — | — | — | — | — | — |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 7 of 10 | +16.2% | +24.2% | +25.1% | −18.7% | +27.2% | +19.0% | +30.7% | −4.1% | +22.5% | +8.7% | — | — | — | — | — | — | — | — | — | — | — | — |
| QUS State Street SPDR MSCI USA StrategicFactors ETF | 6 of 10 | +14.1% | +19.0% | +21.8% | −14.1% | +26.7% | +12.4% | +32.4% | −3.6% | +21.7% | +9.7% | — | — | — | — | — | — | — | — | — | — | — | — |
| DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 12 of 22 | +14.7% | +14.8% | +16.0% | −7.0% | +20.8% | +9.6% | +25.0% | −3.7% | +28.1% | +16.4% | +0.1% | +9.8% | +29.6% | +9.9% | +8.1% | +14.0% | +22.7% | −32.1% | +8.8% | +18.9% | +1.6% | +4.8% |
| IWM iShares Russell 2000 ETF | 9 of 22 | +12.7% | +11.4% | +16.8% | −20.5% | +14.5% | +20.0% | +25.4% | −11.1% | +14.6% | +21.6% | −4.5% | +5.0% | +38.7% | +16.7% | −4.4% | +26.9% | +28.5% | −34.2% | −1.8% | +18.3% | +4.5% | +18.0% |
| VXUS Vanguard Total International Stock ETF | 3 of 14 | +32.3% | +5.1% | +15.9% | −16.1% | +9.0% | +10.7% | +21.7% | −14.4% | +27.5% | +4.8% | −4.2% | −4.7% | +14.6% | +18.6% | — | — | — | — | — | — | — | — |
| USMV iShares MSCI USA Min Vol Factor ETF | 5 of 14 | +7.6% | +15.7% | +10.3% | −9.4% | +20.8% | +5.7% | +27.7% | +1.4% | +18.9% | +10.6% | +5.5% | +16.3% | +25.1% | +10.8% | — | — | — | — | — | — | — | — |
| EUSA iShares MSCI USA Equal Weighted ETF | 5 of 15 | +10.2% | +14.6% | +17.7% | −17.1% | +25.6% | +15.0% | +30.6% | −8.6% | +19.0% | +14.0% | −3.4% | +14.1% | +31.9% | +15.2% | +2.3% | — | — | — | — | — | — | — |
| IJH iShares Core S&P Mid-Cap ETF | 8 of 22 | +7.4% | +13.9% | +16.4% | −13.1% | +24.7% | +13.6% | +26.1% | −11.2% | +16.3% | +20.7% | −2.3% | +9.7% | +33.5% | +17.7% | −2.2% | +26.7% | +37.9% | −36.1% | +7.3% | +9.7% | +12.8% | +16.1% |
| EQAL Invesco Russell 1000 Equal Weight ETF | 2 of 11 | +11.1% | +11.4% | +12.0% | −13.5% | +23.1% | +16.6% | +24.6% | −9.2% | +17.4% | +15.6% | −4.8% | — | — | — | — | — | — | — | — | — | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 5 of 22 | +7.2% | +1.3% | +5.7% | −13.0% | −1.8% | +7.5% | +8.5% | +0.1% | +3.6% | +2.4% | +0.5% | +6.0% | −2.0% | +3.8% | +7.7% | +6.3% | +3.0% | +7.9% | +6.6% | +3.9% | +2.3% | +3.8% |
Risk and diversification
How RSP has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were RSP's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents RSP's five deepest drawdowns since it began trading in 2003, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: RSP began trading on May 1, 2003, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In four of RSP's five worst declines, the S&P 500 held up better over the same dates.
- The longest climb back to a previous high took 23 months, after RSP fell 59.9% from July 2007 to March 2009.
Green means RSP fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | RSP fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −59.9% | −54.6% | Jul 2007 | Mar 2009 | 20 months | Feb 2011 | 23 months |
| Covid crash | −39.0% | −33.5% | Feb 2020 | Mar 2020 | 1 month | Nov 2020 | 8 months |
| 2011 euro debt crisis | −22.7% | −18.4% | Jul 2011 | Oct 2011 | 3 months | Mar 2012 | 5 months |
| 2022 bear market | −21.4% | −24.3% | Jan 2022 | Sep 2022 | 8 months | Jan 2024 | 16 months |
| Late-2018 sell-off | −19.8% | −19.3% | Sep 2018 | Dec 2018 | 3 months | Apr 2019 | 4 months |
How did RSP do in stock market crashes?
This section measures how far RSP, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: RSP began trading on May 1, 2003, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- RSP fell further than the S&P 500 in six of the nine crashes it has traded through. The clearest case was the Covid crash, when RSP fell 39.0% and the S&P 500 fell 33.7%.
- Among its popular alternatives, AGG held up best, falling less than RSP in all nine crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than RSP.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RSP This pageInvesco S&P 500 Equal Weight ETF | — | −5.4% | −21.4% | −39.0% | −19.8% | −6.1% | −14.8% | −21.3% | −1.6% | −59.1% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 6 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| QUAL iShares MSCI USA Quality Factor ETF | 3 of 6 | −3.3% | −27.5% | −34.1% | −20.5% | −6.1% | −11.2% | — | — | — | — |
| FNDX Schwab Fundamental U.S. Large Company ETF | 4 of 6 | −4.2% | −19.1% | −37.4% | −19.6% | −6.2% | −12.4% | — | — | — | — |
| PRF Invesco RAFI US 1000 ETF | 5 of 9 | −4.6% | −19.7% | −38.0% | −19.7% | −6.4% | −13.6% | −19.4% | −1.5% | −60.1% | — |
| VV Vanguard Morningstar Large-Cap ETF | 5 of 9 | −3.5% | −25.5% | −34.3% | −19.3% | −6.4% | −13.3% | −18.6% | −1.7% | −54.8% | — |
| SCHX Schwab U.S. Large-Cap ETF | 4 of 8 | −3.7% | −25.2% | −34.3% | −19.4% | −6.4% | −13.4% | −18.5% | −1.2% | — | — |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 2 of 5 | −3.4% | −24.6% | −33.7% | −19.6% | −6.1% | — | — | — | — | — |
| QUS State Street SPDR MSCI USA StrategicFactors ETF | 4 of 6 | −3.0% | −22.1% | −33.8% | −17.4% | −6.4% | −11.5% | — | — | — | — |
| DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 7 of 9 | −2.9% | −20.8% | −36.4% | −18.1% | −6.4% | −12.1% | −15.5% | −1.4% | −51.9% | −33.9% |
| IWM iShares Russell 2000 ETF | 2 of 9 | −7.1% | −26.8% | −40.8% | −25.7% | −5.5% | −21.5% | −27.2% | −2.9% | −58.4% | — |
| VXUS Vanguard Total International Stock ETF | 3 of 7 | −2.5% | −28.4% | −33.4% | −15.1% | −6.1% | −20.2% | −24.2% | — | — | — |
| USMV iShares MSCI USA Min Vol Factor ETF | 5 of 6 | −2.2% | −17.0% | −33.0% | −12.7% | −6.2% | −9.5% | — | — | — | — |
| EUSA iShares MSCI USA Equal Weighted ETF | 1 of 7 | −5.3% | −24.6% | −39.1% | −20.8% | −5.6% | −18.4% | −14.8% | — | — | — |
| IJH iShares Core S&P Mid-Cap ETF | 1 of 9 | −7.0% | −22.8% | −42.2% | −22.8% | −6.1% | −17.5% | −24.6% | −2.6% | −54.8% | — |
| EQAL Invesco Russell 1000 Equal Weight ETF | 0 of 6 | −5.7% | −21.4% | −40.2% | −21.0% | −6.3% | −17.5% | — | — | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 9 of 9 | 0.0% | −14.5% | −9.6% | −1.1% | −0.8% | −1.5% | −1.3% | −0.4% | −12.8% | — |
How closely does RSP move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares RSP with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Nine of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than RSP's 0.86, led by VV, SCHX and QUS.
- QUS took just 90% of the S&P 500's losses, against 107% for RSP, while still keeping 90% of its gains.
- Over the past 10 years, RSP captured 92% of the S&P 500's gains in rising months and 107% of its losses in falling months, with a beta of 1.01. Its share of the market's losses was larger than its share of the gains.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than RSP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| RSP This pageInvesco S&P 500 Equal Weight ETF | 92% | 107% | 0.86 | 1.01 |
| VV Vanguard Morningstar Large-Cap ETF | 101% | 101% | 1.00 | 1.01 |
| SCHX Schwab U.S. Large-Cap ETF | 100% | 101% | 0.99 | 1.01 |
| QUS State Street SPDR MSCI USA StrategicFactors ETF | 90% | 90% | 0.99 | 0.88 |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 97% | 99% | 0.98 | 0.98 |
| FNDX Schwab Fundamental U.S. Large Company ETF | 95% | 98% | 0.97 | 0.97 |
| QUAL iShares MSCI USA Quality Factor ETF | 98% | 102% | 0.96 | 1.00 |
| PRF Invesco RAFI US 1000 ETF | 93% | 98% | 0.95 | 0.97 |
| USMV iShares MSCI USA Min Vol Factor ETF | 70% | 75% | 0.94 | 0.70 |
| DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 92% | 99% | 0.93 | 0.93 |
| VXUS Vanguard Total International Stock ETF | 76% | 91% | 0.84 | 0.82 |
| EUSA iShares MSCI USA Equal Weighted ETF | 93% | 112% | 0.83 | 1.05 |
| IJH iShares Core S&P Mid-Cap ETF | 93% | 115% | 0.81 | 1.10 |
| EQAL Invesco Russell 1000 Equal Weight ETF | 90% | 113% | 0.80 | 1.04 |
| IWM iShares Russell 2000 ETF | 98% | 129% | 0.76 | 1.17 |
| AGG iShares Core U.S. Aggregate Bond ETF | 12% | 17% | 0.71 | 0.14 |
What diversifies RSP?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with RSP's. Because such investments tend not to fall at the same time, pairing RSP with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in RSP into DBMF would have cut the portfolio's volatility by 22% over the past 5 years and raised its annual return (+8.6% for RSP alone, +9.3% for the mix).
- Among large ETFs, GLD, XLE and DBMF have moved largely independently of RSP over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and MCK have moved largely independently of RSP over the past 5 years, with correlations of 0.41 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which RSP lost money. The last two columns show a portfolio that is 80% RSP and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|
| RSP Invesco S&P 500 Equal Weight ETF (this page) | 1.00 | +48.6% | 0.57 | −11.6% | −7.8% | −1.7% | −40.0% | 16.0% | +8.6% |
| GLD CommoditiesSPDR Gold Shares | 0.24 | +126% | 0.96 | −0.8% | −1.9% | −10.7% | +4.9% | 14.0% | +10.8% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.47 | +177% | 0.93 | +64.4% | −18.2% | −21.5% | −39.0% | 15.9% | +11.8% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.24 | +59.7% | 0.82 | +21.6% | — | — | — | 12.4% | +9.3% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.25 | +66.4% | 0.81 | +2.5% | −8.7% | −17.2% | −19.1% | 13.5% | +9.3% |
| GDX MaterialsVanEck Gold Miners ETF | 0.39 | +181% | 0.73 | −9.0% | −8.8% | −24.7% | −26.1% | 17.2% | +12.9% |
| USO CommoditiesUnited States Oil Fund, LP | 0.01 | +176% | 0.73 | +29.0% | −19.6% | −46.0% | −56.3% | 14.9% | +12.6% |
| FLSP AlternativesFranklin Systematic Style Premia ETF | 0.05 | +49.8% | 0.68 | +0.5% | — | — | — | 13.0% | +8.8% |
| PDBC AlternativesInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 0.15 | +73.9% | 0.67 | +19.3% | −12.8% | −26.8% | — | 13.7% | +9.8% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|
| RSP Invesco S&P 500 Equal Weight ETF (this page) | 1.00 | +48.6% | 0.57 | −11.6% | −7.8% | −1.7% | −40.0% | 16.0% | +8.6% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.41 | +479% | 1.55 | +54.1% | −24.5% | +12.6% | −39.6% | 15.7% | +14.4% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.37 | +3,143% | 1.47 | +1.3% | −16.3% | −6.0% | −20.5% | 20.3% | +26.7% |
| MCK Medical - DistributionMcKesson Corporation | 0.30 | +413% | 1.44 | +51.8% | −28.4% | −4.5% | −40.4% | 15.1% | +13.9% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.36 | +690% | 1.41 | +86.6% | −8.2% | +17.4% | — | 16.3% | +16.4% |
| ATI Manufacturing - Metal FabricationATI Inc. | 0.47 | +1,008% | 1.34 | +87.5% | −9.8% | −66.7% | −70.0% | 19.2% | +19.3% |
Common questions
What was RSP's worst drawdown?
RSP's deepest decline since it began trading in 2003 was 59.9%, from July 2007 to March 2009. It took 23 months from the low to climb back to its old high. Because RSP launched in May 2003, that record does not include the dot-com bust.
What were RSP's best and worst years?
Over 22 full calendar years, RSP's best year was 2009, when it returned 44.7%. Its worst was 2008, with a return of -40.0%.
Is there a better investment than RSP?
Among RSP's popular alternatives, QUS, FNDX and DIA earned more than RSP with less volatility over the past 5 years. QUS returned 11.1% a year at 14.2% volatility, against 8.2% a year at 16.1%. Looking beyond its popular alternatives, MGV (US large-cap value) earned more than RSP with less volatility over the past 5 years: 12.6% a year at 13.4% volatility, against 8.2% a year at 16.1%.
Is RSP more volatile than the S&P 500?
No. RSP's volatility over the past 5 years was 16.1%, 94% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, RSP's return lands within 16.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is RSP's Sharpe ratio?
RSP's Sharpe ratio over the past 5 years was 0.57, against 0.79 for the S&P 500, so RSP earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is RSP with the S&P 500?
Over the past 5 years, RSP's monthly returns had a correlation of 0.90 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against RSP instead: the lower it is, the more that option would diversify a RSP holding.
What are the best alternatives to RSP?
Of the 21 popular alternatives we compared, three outperformed RSP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: QUAL, FNDX and PRF.
Did RSP outperform the S&P 500?
RSP finished ahead of the S&P 500 (SPY) in nine of 22 full calendar years. In 2025, it returned +11.2%, against +17.7% for the index.
How did RSP do in stock market crashes?
RSP fell less than the S&P 500 (SPY) in one of the nine major crashes it has traded through, and further in six. The clearest case was the Covid crash, when RSP fell 39.0% and the S&P 500 fell 33.7%.
What diversifies RSP?
These had a low correlation with RSP over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.24), XLE (correlation 0.47) and DBMF (correlation -0.24); among large stocks, CAH (correlation 0.41), CLS (correlation 0.37) and MCK (correlation 0.30). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than RSP's. Returns within 0.5 points or 3% of RSP's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to RSP
- QUALiShares MSCI USA Quality Factor ETF
SPYMState Street SPDR Portfolio S&P 500 ETF
VVVanguard Morningstar Large-Cap ETF- VOOVanguard S&P 500 ETF
IVViShares Core S&P 500 ETF- SPYState Street SPDR S&P 500 ETF
SCHXSchwab U.S. Large-Cap ETF
IWBiShares Russell 1000 ETF- DIAState Street SPDR Dow Jones Industrial Average ETF Trust
IWMiShares Russell 2000 ETF
VXUSVanguard Total International Stock ETF
IJHiShares Core S&P Mid-Cap ETF