EQAL vs. CSD

Last updated Jun 4, 2026

EQAL (Invesco Russell 1000 Equal Weight ETF) and CSD (Invesco S&P Spin-Off ETF) are both Mid Cap Blend Equities funds from Invesco - EQAL tracks the Russell 1000 Equal Weight Index while CSD tracks the S&P U.S. Spin-Off Index. Both are passively managed. Over the past 10 years, EQAL returned 10.66%/yr vs 14.07%/yr for CSD. Their correlation of 0.86 suggests significant overlap in exposure. EQAL charges 0.20%/yr vs 0.65%/yr for CSD.

Performance

EQAL vs. CSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Russell 1000 Equal Weight ETF (EQAL) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQAL achieves a 12.35% return, which is significantly lower than CSD's 39.67% return. Over the past 10 years, EQAL has underperformed CSD with an annualized return of 10.66%, while CSD has yielded a comparatively higher 14.07% annualized return.

EQAL

• 1D: -0.73%
• 1M: 1.77%
• YTD: 12.35%
• 6M: 12.78%
• 1Y: 24.33%
• 3Y*: 15.37%
• 5Y*: 6.86%
• 10Y*: 10.66%

CSD

• 1D: 0.47%
• 1M: 8.22%
• YTD: 39.67%
• 6M: 39.98%
• 1Y: 71.88%
• 3Y*: 36.42%
• 5Y*: 16.45%
• 10Y*: 14.07%

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

EQAL vs. CSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQAL Invesco Russell 1000 Equal Weight ETF	12.35%	11.05%	11.38%	11.98%	-13.49%	23.14%	16.57%	24.54%	-9.22%	17.36%
CSD Invesco S&P Spin-Off ETF	39.67%	21.58%	27.61%	23.77%	-15.04%	13.01%	10.79%	20.61%	-17.82%	20.64%

Correlation

The correlation between EQAL and CSD is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 30, 2014	0.86

The correlation between EQAL and CSD shifts across timeframes, from 0.76 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

EQAL vs. CSD - Sectors Allocation Comparison

Sectors	EQAL	CSD
Technology	14.8%	18.6%
Industrials	9.5%	31.1%
Financial Services	9.4%	0.1%
Healthcare	9.4%	13.1%
Energy	9.1%	-
Real Estate	9.1%	5.1%
Consumer Defensive	8.1%	-
Basic Materials	8.0%	11.1%
Utilities	7.9%	7.0%
Consumer Cyclical	7.7%	2.9%
Communication Services	7.2%	9.0%

Return for Risk

EQAL vs. CSD — Risk / Return Rank

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

EQAL

EQAL Risk / Return Rank: 63
EQAL Sharpe Ratio Rank: 58
EQAL Sortino Ratio Rank: 60
EQAL Omega Ratio Rank: 56
EQAL Calmar Ratio Rank: 72
EQAL Martin Ratio Rank: 69

CSD

CSD Risk / Return Rank: 88
CSD Sharpe Ratio Rank: 89
CSD Sortino Ratio Rank: 84
CSD Omega Ratio Rank: 81
CSD Calmar Ratio Rank: 92
CSD Martin Ratio Rank: 93

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.

EQAL vs. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Russell 1000 Equal Weight ETF (EQAL) and Invesco S&P Spin-Off ETF (CSD). 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.

	EQAL	CSD	Difference
Sharpe ratio Return per unit of total volatility	1.99	3.03	-1.04
Sortino ratio Return per unit of downside risk	2.85	3.80	-0.95
Omega ratio Gain probability vs. loss probability	1.35	1.49	-0.15
Calmar ratio Return relative to maximum drawdown	3.66	6.37	-2.71
Martin ratio Return relative to average drawdown	12.89	24.98	-12.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQAL vs. CSD - Sharpe Ratio Comparison

The current EQAL Sharpe Ratio is 1.99, which is lower than the CSD Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of EQAL and CSD, 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

	EQAL	CSD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	3.03	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.71	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.57	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.43	+0.08

Drawdowns

EQAL vs. CSD - Drawdown Comparison

The maximum EQAL drawdown since its inception was -40.44%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for EQAL and CSD.

Drawdown Indicators

	EQAL	CSD	Difference
Max Drawdown Largest peak-to-trough decline	-40.44%	-70.47%	+30.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.67%	-11.34%	+4.67%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-30.15%	+10.53%
Max Drawdown (5Y) Largest decline over 5 years	-21.79%	-30.15%	+8.36%
Max Drawdown (10Y) Largest decline over 10 years	-40.44%	-57.55%	+17.11%
Current Drawdown Current decline from peak	-0.73%	0.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-5.10%	-14.23%	+9.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	2.89%	-1.00%

Volatility

EQAL vs. CSD - Volatility Comparison

The current volatility for Invesco Russell 1000 Equal Weight ETF (EQAL) is 3.05%, while Invesco S&P Spin-Off ETF (CSD) has a volatility of 6.19%. This indicates that EQAL experiences smaller price fluctuations and is considered to be less risky than CSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQAL	CSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	6.19%	-3.14%
Volatility (6M) Calculated over the trailing 6-month period	8.61%	18.29%	-9.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	23.87%	-11.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.28%	23.26%	-5.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	24.83%	-5.95%

EQAL vs. CSD - Expense Ratio Comparison

EQAL has a 0.20% expense ratio, which is lower than CSD's 0.65% expense ratio.

Dividends

EQAL vs. CSD - Dividend Comparison

EQAL's dividend yield for the trailing twelve months is around 1.64%, more than CSD's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSD Invesco S&P Spin-Off ETF	0.11%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%
EQAL Invesco Russell 1000 Equal Weight ETF	1.64%	1.79%	1.62%	1.88%	1.95%	1.32%	1.63%	1.61%	1.62%	1.18%	1.57%	1.64%

Frequently Asked Questions

Can I hold both EQAL and CSD in my portfolio?

EQAL and CSD have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQAL or CSD?

CSD has higher volatility (6.19%) compared to EQAL (3.05%). In terms of maximum drawdown, EQAL dropped -40.44% vs CSD's -70.47%.

Which ETF is better, EQAL or CSD?

On 10-year performance, CSD leads with 14.07% vs 10.66% for EQAL. On fees, EQAL is cheaper at 0.20% per year. On volatility, EQAL has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EQAL or CSD?

Over the 10-year period, CSD has performed better with a 14.07% return vs 10.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQAL or CSD?

EQAL is cheaper with a 0.20% expense ratio, compared with 0.65% for CSD.

Which ETF pays a higher dividend yield, EQAL or CSD?

EQAL has the higher dividend yield at 1.64%, compared with 0.11% for CSD.

What is the main difference between EQAL and CSD?

EQAL tracks Russell 1000 Equal Weight Index, while CSD tracks S&P U.S. Spin-Off Index. Their fees differ too: 0.20% for EQAL and 0.65% for CSD.

Which has better risk-adjusted returns?

CSD currently has the higher Sharpe Ratio (3.03 vs 1.99), 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.