^SPXEW vs. RSP

Last updated Jun 3, 2026

^SPXEW (S&P 500 Equal Weighted Index) is an index, while RSP (Invesco S&P 500 Equal Weight ETF) is S&P 500 fund tracking the S&P 500 Equal Weight Index. Over the past 10 years, ^SPXEW returned 9.98%/yr vs 11.90%/yr for RSP. With a 0.99 correlation, they move nearly in lockstep.

Performance

^SPXEW vs. RSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 Equal Weighted Index (^SPXEW) and Invesco S&P 500 Equal Weight ETF (RSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^SPXEW achieves a 9.36% return, which is significantly lower than RSP's 10.12% return. Over the past 10 years, ^SPXEW has underperformed RSP with an annualized return of 9.98%, while RSP has yielded a comparatively higher 11.90% annualized return.

^SPXEW

• 1D: 0.34%
• 1M: 3.36%
• YTD: 9.36%
• 6M: 10.47%
• 1Y: 18.88%
• 3Y*: 13.39%
• 5Y*: 6.68%
• 10Y*: 9.98%

RSP

• 1D: 0.40%
• 1M: 3.56%
• YTD: 10.12%
• 6M: 11.44%
• 1Y: 20.95%
• 3Y*: 15.37%
• 5Y*: 8.52%
• 10Y*: 11.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^SPXEW vs. RSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^SPXEW S&P 500 Equal Weighted Index	9.36%	9.34%	10.90%	11.56%	-13.11%	27.48%	10.47%	26.57%	-9.43%	16.68%
RSP Invesco S&P 500 Equal Weight ETF	10.12%	11.21%	12.79%	13.70%	-11.62%	29.41%	12.66%	28.91%	-7.84%	18.52%

Correlation

The correlation between ^SPXEW and RSP is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since May 1, 2003	0.99

The correlation between ^SPXEW and RSP has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

^SPXEW vs. RSP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^SPXEW

^SPXEW Risk / Return Rank: 57
^SPXEW Sharpe Ratio Rank: 56
^SPXEW Sortino Ratio Rank: 59
^SPXEW Omega Ratio Rank: 56
^SPXEW Calmar Ratio Rank: 57
^SPXEW Martin Ratio Rank: 59

RSP

RSP Risk / Return Rank: 54
RSP Sharpe Ratio Rank: 52
RSP Sortino Ratio Rank: 54
RSP Omega Ratio Rank: 51
RSP Calmar Ratio Rank: 53
RSP Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^SPXEW vs. RSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Equal Weighted Index (^SPXEW) and Invesco S&P 500 Equal Weight ETF (RSP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^SPXEW	RSP	Difference
Sharpe ratio Return per unit of total volatility	1.63	1.82	-0.19
Sortino ratio Return per unit of downside risk	2.38	2.63	-0.26
Omega ratio Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio Return relative to maximum drawdown	2.35	2.68	-0.33
Martin ratio Return relative to average drawdown	8.83	10.20	-1.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SPXEW vs. RSP - Sharpe Ratio Comparison

The current ^SPXEW Sharpe Ratio is 1.63, which is comparable to the RSP Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of ^SPXEW and RSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^SPXEW	RSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.82	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.53	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.65	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.57	-0.08

Drawdowns

^SPXEW vs. RSP - Drawdown Comparison

The maximum ^SPXEW drawdown since its inception was -60.83%, roughly equal to the maximum RSP drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for ^SPXEW and RSP.

Drawdown Indicators

	^SPXEW	RSP	Difference
Max Drawdown Largest peak-to-trough decline	-60.83%	-59.92%	-0.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-7.85%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-18.31%	-17.81%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-21.38%	-1.09%
Max Drawdown (10Y) Largest decline over 10 years	-39.21%	-39.04%	-0.17%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.02%	-6.65%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	2.06%	+0.08%

Volatility

^SPXEW vs. RSP - Volatility Comparison

S&P 500 Equal Weighted Index (^SPXEW) and Invesco S&P 500 Equal Weight ETF (RSP) have volatilities of 2.66% and 2.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^SPXEW	RSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.61%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	8.31%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	11.62%	11.56%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.24%	16.18%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	18.36%	+0.07%

Frequently Asked Questions

Can I hold both ^SPXEW and RSP in my portfolio?

With a correlation of 1.00, ^SPXEW and RSP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^SPXEW or RSP?

^SPXEW has higher volatility (2.66%) compared to RSP (2.61%). In terms of maximum drawdown, ^SPXEW dropped -60.83% vs RSP's -59.92%.

Which has better risk-adjusted returns?

RSP currently has the higher Sharpe Ratio (1.82 vs 1.63), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.