PDP vs. RSP

Last updated Jun 24, 2026

PDP (Invesco Dorsey Wright Momentum ETF) and RSP (Invesco S&P 500 Equal Weight ETF) are both exchange-traded funds - PDP is a Momentum fund tracking the Dorsey Wright Technical Leaders Index, while RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Both are passively managed. Over the past 10 years, PDP returned 14.14%/yr vs 12.23%/yr for RSP. Their correlation of 0.84 suggests significant overlap in exposure. PDP charges 0.62%/yr vs 0.20%/yr for RSP.

Performance

PDP vs. RSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Momentum ETF (PDP) 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, PDP achieves a 27.87% return, which is significantly higher than RSP's 9.94% return. Over the past 10 years, PDP has outperformed RSP with an annualized return of 14.14%, while RSP has yielded a comparatively lower 12.23% annualized return.

PDP

• 1D: -2.83%
• 1M: 6.30%
• YTD: 27.87%
• 6M: 24.23%
• 1Y: 40.34%
• 3Y*: 24.48%
• 5Y*: 11.14%
• 10Y*: 14.14%

RSP

• 1D: -0.34%
• 1M: 1.51%
• YTD: 9.94%
• 6M: 9.07%
• 1Y: 18.97%
• 3Y*: 14.87%
• 5Y*: 8.63%
• 10Y*: 12.23%

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

PDP vs. RSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDP Invesco Dorsey Wright Momentum ETF	27.87%	8.37%	26.06%	20.88%	-24.49%	7.72%	36.59%	33.13%	-5.96%	23.30%
RSP Invesco S&P 500 Equal Weight ETF	9.94%	11.21%	12.79%	13.70%	-11.62%	29.41%	12.66%	28.91%	-7.84%	18.52%

Correlation

The correlation between PDP and RSP is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007	0.84

Over the past year, the correlation between PDP and RSP has dropped to 0.64 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

PDP vs. RSP - Sectors Allocation Comparison

Sectors	PDP	RSP
Industrials	40.6%	14.2%
Technology	27.5%	20.9%
Healthcare	6.5%	11.1%
Energy	6.1%	4.0%
Consumer Cyclical	5.6%	10.0%
Financial Services	4.4%	13.9%
Consumer Defensive	3.7%	6.4%
Basic Materials	2.4%	3.9%
Communication Services	2.2%	3.9%
Utilities	1.4%	5.7%
Real Estate	1.2%	6.1%

Return for Risk

PDP vs. RSP — Risk / Return Rank

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

PDP

PDP Risk / Return Rank: 59
PDP Sharpe Ratio Rank: 55
PDP Sortino Ratio Rank: 50
PDP Omega Ratio Rank: 50
PDP Calmar Ratio Rank: 72
PDP Martin Ratio Rank: 69

RSP

RSP Risk / Return Rank: 49
RSP Sharpe Ratio Rank: 48
RSP Sortino Ratio Rank: 49
RSP Omega Ratio Rank: 45
RSP Calmar Ratio Rank: 51
RSP Martin Ratio Rank: 54

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.

PDP vs. RSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Momentum ETF (PDP) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PDP	RSP	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.62	+0.15
Sortino ratio: Return per unit of downside risk	2.34	2.34	0.00
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	3.41	2.43	+0.99
Martin ratio: Return relative to average drawdown	12.03	9.17	+2.86

PDP vs. RSP - Sharpe Ratio Comparison

The current PDP Sharpe Ratio is 1.76, which is comparable to the RSP Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of PDP 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.

Drawdowns

PDP vs. RSP - Drawdown Comparison

The maximum PDP drawdown since its inception was -59.34%, roughly equal to the maximum RSP drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for PDP and RSP.

Drawdown Indicators

	PDP	RSP	Difference
Max Drawdown Largest peak-to-trough decline	-59.34%	-59.92%	+0.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.87%	-7.85%	-4.02%
Max Drawdown (3Y) Largest decline over 3 years	-23.79%	-17.81%	-5.98%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-21.38%	-12.53%
Max Drawdown (10Y) Largest decline over 10 years	-34.70%	-39.04%	+4.34%
Current Drawdown Current decline from peak	-2.83%	-1.49%	-1.34%
Average Drawdown Average peak-to-trough decline	-10.58%	-6.64%	-3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	2.07%	+1.29%

Volatility

PDP vs. RSP - Volatility Comparison

Invesco Dorsey Wright Momentum ETF (PDP) has a higher volatility of 8.05% compared to Invesco S&P 500 Equal Weight ETF (RSP) at 3.63%. This indicates that PDP's price experiences larger fluctuations and is considered to be riskier than RSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDP	RSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.05%	3.63%	+4.42%
Volatility (6M) Calculated over the trailing 6-month period	18.09%	8.68%	+9.41%
Volatility (1Y) Calculated over the trailing 1-year period	23.02%	11.82%	+11.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.21%	16.20%	+6.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.69%	18.33%	+3.36%

PDP vs. RSP - Expense Ratio Comparison

PDP has a 0.62% expense ratio, which is higher than RSP's 0.20% expense ratio.

Dividends

PDP vs. RSP - Dividend Comparison

PDP's dividend yield for the trailing twelve months is around 0.08%, less than RSP's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDP Invesco Dorsey Wright Momentum ETF	0.08%	0.17%	0.15%	0.42%	0.45%	0.00%	0.11%	0.25%	0.18%	0.28%	0.81%	0.39%
RSP Invesco S&P 500 Equal Weight ETF	1.53%	1.64%	1.52%	1.64%	1.82%	1.28%	1.64%	1.69%	2.02%	1.52%	1.20%	1.70%

Frequently Asked Questions

Can I hold both PDP and RSP in my portfolio?

PDP and RSP have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDP or RSP?

PDP has higher volatility (8.05%) compared to RSP (3.63%). In terms of maximum drawdown, PDP dropped -59.34% vs RSP's -59.92%.

Which ETF is better, PDP or RSP?

On 10-year performance, PDP leads with 14.14% vs 12.23% for RSP. On fees, RSP is cheaper at 0.20% per year. On volatility, RSP has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDP or RSP?

Over the 10-year period, PDP has performed better with a 14.14% return vs 12.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDP or RSP?

RSP is cheaper with a 0.20% expense ratio, compared with 0.62% for PDP.

Which ETF pays a higher dividend yield, PDP or RSP?

RSP has the higher dividend yield at 1.53%, compared with 0.08% for PDP.

What is the main difference between PDP and RSP?

PDP is categorized as Momentum, while RSP is S&P 500. PDP tracks Dorsey Wright Technical Leaders Index, while RSP tracks S&P 500 Equal Weight Index. Their fees differ too: 0.62% for PDP and 0.20% for RSP.

Which has better risk-adjusted returns?

PDP currently has the higher Sharpe Ratio (1.76 vs 1.62), 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.