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QOWZ vs. RSP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QOWZ vs. RSP

Last updated Jul 17, 2026
Documentation

QOWZ (Invesco Nasdaq Free Cash Flow Achievers ETF) and RSP (Invesco S&P 500 Equal Weight ETF) are both exchange-traded funds - QOWZ is a Large Cap Growth Equities fund tracking the Nasdaq US Free Cash Flow Achievers Index - Benchmark TR Gross, while RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Both are passively managed. Over the past year, QOWZ returned -0.52% vs 19.62% for RSP. A 0.68 correlation means they provide meaningful diversification when combined. QOWZ charges 0.39%/yr vs 0.20%/yr for RSP.

Performance

QOWZ vs. RSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) and Invesco S&P 500 Equal Weight ETF (RSP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QOWZ achieves a -2.07% return, which is significantly lower than RSP's 13.18% return.

QOWZ

1D
0.97%
1M
3.73%
6M
-1.86%
YTD
-2.07%
1Y
-0.52%
3Y*
—
5Y*
—
10Y*
—

RSP

1D
0.98%
1M
1.75%
6M
8.65%
YTD
13.18%
1Y
19.62%
3Y*
14.03%
5Y*
9.38%
10Y*
11.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QOWZ vs. RSP - Yearly Performance Comparison

2026 (YTD)202520242023
QOWZ
Invesco Nasdaq Free Cash Flow Achievers ETF		-2.07%7.24%33.16%5.69%
RSP
Invesco S&P 500 Equal Weight ETF		13.18%11.21%12.79%6.13%

Correlation

The correlation between QOWZ 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 (All Time)
Calculated using the full available price history since Dec 6, 2023

0.68

The correlation between QOWZ and RSP has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

QOWZ vs. RSP - Sectors Allocation Comparison

Sectors
QOWZ
RSP

Technology

60.1%
20.9%

Industrials

11.6%
14.2%

Healthcare

9.8%
11.1%

Communication Services

8.3%
3.9%

Financial Services

4.8%
13.9%

Consumer Cyclical

3.6%
10.0%

Consumer Defensive

1.9%
6.4%

Basic Materials

-

3.9%

Energy

-

4.0%

Real Estate

-

6.1%

Utilities

-

5.7%

Technology

QOWZ
60.1%
RSP
20.9%

Industrials

QOWZ
11.6%
RSP
14.2%

Healthcare

QOWZ
9.8%
RSP
11.1%

Communication Services

QOWZ
8.3%
RSP
3.9%

Financial Services

QOWZ
4.8%
RSP
13.9%

Consumer Cyclical

QOWZ
3.6%
RSP
10.0%

Consumer Defensive

QOWZ
1.9%
RSP
6.4%

Basic Materials

QOWZ

-

RSP
3.9%

Energy

QOWZ

-

RSP
4.0%

Real Estate

QOWZ

-

RSP
6.1%

Utilities

QOWZ

-

RSP
5.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Nasdaq Free Cash Flow Achievers ETF

Invesco S&P 500 Equal Weight ETF

Often compared with QOWZ:
QOWZ vs. COWZQOWZ vs. QQQMQOWZ vs. VFLOQOWZ vs. QQQQOWZ vs. GARPQOWZ vs. FNCMXQOWZ vs. FDVV
Often compared with RSP:
RSP vs. SPYRSP vs. VOORSP vs. VTIRSP vs. FXAIXRSP vs. IVVRSP vs. EUSARSP vs. GSEW

Return for Risk

QOWZ vs. RSP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QOWZ
QOWZ Risk / Return Rank: 99
Overall Rank
QOWZ Sharpe Ratio Rank: 99
Sharpe Ratio Rank
QOWZ Sortino Ratio Rank: 88
Sortino Ratio Rank
QOWZ Omega Ratio Rank: 99
Omega Ratio Rank
QOWZ Calmar Ratio Rank: 99
Calmar Ratio Rank
QOWZ Martin Ratio Rank: 99
Martin Ratio Rank
RSP
RSP Risk / Return Rank: 6363
Overall Rank
RSP Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
RSP Sortino Ratio Rank: 6666
Sortino Ratio Rank
RSP Omega Ratio Rank: 6060
Omega Ratio Rank
RSP Calmar Ratio Rank: 6262
Calmar Ratio Rank
RSP Martin Ratio Rank: 6666
Martin Ratio Rank
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.

QOWZ vs. RSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) 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.

QOWZRSPDifference
Sharpe ratioReturn per unit of total volatility
-0.03
1.68

-1.71

Sortino ratioReturn per unit of downside risk
0.06
2.44

-2.38

Omega ratioGain probability vs. loss probability

1.01

1.30

-0.29

Calmar ratioReturn relative to maximum drawdown

-0.03

2.51

-2.54

Martin ratioReturn relative to average drawdown

-0.07

9.51

-9.58

QOWZ vs. RSP - Sharpe Ratio Comparison

The current QOWZ Sharpe Ratio is -0.03, which is lower than the RSP Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of QOWZ 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.

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Drawdowns

QOWZ vs. RSP - Drawdown Comparison

The maximum QOWZ drawdown since its inception was -20.36%, smaller than the maximum RSP drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for QOWZ and RSP.

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Drawdown Indicators

QOWZRSPDifference

Max Drawdown

Largest peak-to-trough decline

-20.36%

-59.92%

+39.56%

Max Drawdown (1Y)

Largest decline over 1 year

-17.81%

-7.85%

-9.96%

Max Drawdown (3Y)

Largest decline over 3 years

—

-17.81%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-21.38%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.04%

—

Current Drawdown

Current decline from peak

-5.80%

0.00%

-5.80%

Average Drawdown

Average peak-to-trough decline

-4.18%

-6.62%

+2.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.33%

2.07%

+5.26%

Volatility

QOWZ vs. RSP - Volatility Comparison

Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) has a higher volatility of 4.02% compared to Invesco S&P 500 Equal Weight ETF (RSP) at 3.14%. This indicates that QOWZ'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.

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Volatility by Period

QOWZRSPDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.02%

3.14%

+0.88%

Volatility (6M)

Calculated over the trailing 6-month period

12.50%

8.68%

+3.82%

Volatility (1Y)

Calculated over the trailing 1-year period

15.52%

11.75%

+3.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.12%

16.20%

+2.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.12%

18.28%

+0.84%

QOWZ vs. RSP - Expense Ratio Comparison

QOWZ has a 0.39% expense ratio, which is higher than RSP's 0.20% expense ratio.

Dividends

QOWZ vs. RSP - Dividend Comparison

QOWZ's dividend yield for the trailing twelve months is around 0.25%, less than RSP's 1.49% yield.

PositionTTM20252024202320222021202020192018201720162015
QOWZ
Invesco Nasdaq Free Cash Flow Achievers ETF		0.25%0.28%0.66%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
RSP
Invesco S&P 500 Equal Weight ETF		1.49%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

QOWZ 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.

QOWZ has higher volatility (4.02%) compared to RSP (3.14%). In terms of maximum drawdown, QOWZ dropped -20.36% vs RSP's -59.92%.

On 1-year performance, RSP leads with 19.62% vs -0.52% for QOWZ. On fees, RSP is cheaper at 0.20% per year. On volatility, RSP has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, RSP has performed better with a 19.62% return vs -0.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RSP is cheaper with a 0.20% expense ratio, compared with 0.39% for QOWZ.

RSP has the higher dividend yield at 1.49%, compared with 0.25% for QOWZ.

QOWZ is categorized as Large Cap Growth Equities, while RSP is S&P 500. QOWZ tracks Nasdaq US Free Cash Flow Achievers Index - Benchmark TR Gross, while RSP tracks S&P 500 Equal Weight Index. Their fees differ too: 0.39% for QOWZ and 0.20% for RSP.

RSP currently has the higher Sharpe Ratio (1.68 vs -0.03), 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.

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