REBYX vs. RSP

Last updated Jun 23, 2026

REBYX (Russell Investments U.S. Small Cap Equity Fund) and RSP (Invesco S&P 500 Equal Weight ETF) are both funds - REBYX is a Small Cap Blend Equities fund managed by Russell, while RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Over the past 10 years, REBYX returned 9.68%/yr vs 12.27%/yr for RSP. Their correlation of 0.91 suggests significant overlap in exposure. REBYX charges 0.90%/yr vs 0.20%/yr for RSP.

Performance

REBYX vs. RSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Russell Investments U.S. Small Cap Equity Fund (REBYX) 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, REBYX achieves a 20.23% return, which is significantly higher than RSP's 10.32% return. Over the past 10 years, REBYX has underperformed RSP with an annualized return of 9.68%, while RSP has yielded a comparatively higher 12.27% annualized return.

REBYX

• 1D: 1.75%
• 1M: 4.48%
• YTD: 20.23%
• 6M: 17.39%
• 1Y: 39.38%
• 3Y*: 15.06%
• 5Y*: 7.34%
• 10Y*: 9.68%

RSP

• 1D: 0.22%
• 1M: 1.86%
• YTD: 10.32%
• 6M: 9.19%
• 1Y: 20.44%
• 3Y*: 15.00%
• 5Y*: 8.85%
• 10Y*: 12.27%

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

REBYX vs. RSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
REBYX Russell Investments U.S. Small Cap Equity Fund	20.23%	8.86%	8.16%	13.81%	-16.14%	26.28%	13.04%	23.74%	-12.22%	2.12%
RSP Invesco S&P 500 Equal Weight ETF	10.32%	11.21%	12.79%	13.70%	-11.62%	29.41%	12.66%	28.91%	-7.84%	18.52%

Correlation

The correlation between REBYX and RSP is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 30, 2003	0.91

The correlation between REBYX and RSP has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

REBYX vs. RSP — Risk / Return Rank

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

REBYX

REBYX Risk / Return Rank: 71
REBYX Sharpe Ratio Rank: 64
REBYX Sortino Ratio Rank: 65
REBYX Omega Ratio Rank: 52
REBYX Calmar Ratio Rank: 90
REBYX Martin Ratio Rank: 85

RSP

RSP Risk / Return Rank: 53
RSP Sharpe Ratio Rank: 53
RSP Sortino Ratio Rank: 53
RSP Omega Ratio Rank: 49
RSP Calmar Ratio Rank: 54
RSP Martin Ratio Rank: 58

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.

REBYX vs. RSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investments U.S. Small Cap Equity Fund (REBYX) 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.

	REBYX	RSP	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.74	+0.41
Sortino ratio: Return per unit of downside risk	3.05	2.50	+0.55
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	4.27	2.61	+1.66
Martin ratio: Return relative to average drawdown	14.78	9.88	+4.90

REBYX vs. RSP - Sharpe Ratio Comparison

The current REBYX Sharpe Ratio is 2.15, which is comparable to the RSP Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of REBYX 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

REBYX vs. RSP - Drawdown Comparison

The maximum REBYX drawdown since its inception was -62.03%, roughly equal to the maximum RSP drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for REBYX and RSP.

Drawdown Indicators

	REBYX	RSP	Difference
Max Drawdown Largest peak-to-trough decline	-62.03%	-59.92%	-2.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-7.85%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-32.68%	-17.81%	-14.87%
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	-21.38%	-11.30%
Max Drawdown (10Y) Largest decline over 10 years	-44.79%	-39.04%	-5.75%
Current Drawdown Current decline from peak	0.00%	-1.15%	+1.15%
Average Drawdown Average peak-to-trough decline	-11.15%	-6.64%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.07%	+0.57%

Volatility

REBYX vs. RSP - Volatility Comparison

Russell Investments U.S. Small Cap Equity Fund (REBYX) has a higher volatility of 5.76% compared to Invesco S&P 500 Equal Weight ETF (RSP) at 3.61%. This indicates that REBYX'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

	REBYX	RSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	3.61%	+2.15%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	8.67%	+4.35%
Volatility (1Y) Calculated over the trailing 1-year period	18.22%	11.83%	+6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.82%	16.20%	+6.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	18.37%	+5.19%

REBYX vs. RSP - Expense Ratio Comparison

REBYX has a 0.90% expense ratio, which is higher than RSP's 0.20% expense ratio.

Dividends

REBYX vs. RSP - Dividend Comparison

REBYX's dividend yield for the trailing twelve months is around 6.89%, more than RSP's 1.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
REBYX Russell Investments U.S. Small Cap Equity Fund	6.89%	8.28%	13.03%	2.64%	5.30%	31.12%	0.64%	4.46%	18.61%	0.33%	0.88%	8.23%
RSP Invesco S&P 500 Equal Weight ETF	1.87%	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 REBYX and RSP in my portfolio?

REBYX and RSP have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, REBYX or RSP?

REBYX has higher volatility (5.76%) compared to RSP (3.61%). In terms of maximum drawdown, REBYX dropped -62.03% vs RSP's -59.92%.

Which has better risk-adjusted returns?

REBYX currently has the higher Sharpe Ratio (2.15 vs 1.74), 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.