RSP vs. HYG
RSP (Invesco S&P 500 Equal Weight ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, RSP returned 12.18%/yr vs 5.03%/yr for HYG. A 0.65 correlation means they provide meaningful diversification when combined. RSP charges 0.20%/yr vs 0.49%/yr for HYG.
Performance
RSP vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, RSP achieves a 11.61% return, which is significantly higher than HYG's 1.78% return. Over the past 10 years, RSP has outperformed HYG with an annualized return of 12.18%, while HYG has yielded a comparatively lower 5.03% annualized return.
RSP
- 1D
- 0.58%
- 1M
- 5.62%
- YTD
- 11.61%
- 6M
- 10.84%
- 1Y
- 22.05%
- 3Y*
- 14.55%
- 5Y*
- 8.93%
- 10Y*
- 12.18%
HYG
- 1D
- 0.13%
- 1M
- 1.25%
- YTD
- 1.78%
- 6M
- 2.29%
- 1Y
- 6.95%
- 3Y*
- 8.47%
- 5Y*
- 3.83%
- 10Y*
- 5.03%
RSP vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RSP Invesco S&P 500 Equal Weight ETF | 11.61% | 11.21% | 12.79% | 13.70% | -11.62% | 29.41% | 12.66% | 28.91% | -7.84% | 18.52% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.78% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between RSP and HYG is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.65 |
The correlation between RSP and HYG has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.
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Return for Risk
RSP vs. HYG — Risk / Return Rank
RSP
HYG
RSP vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight ETF (RSP) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
| RSP | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.35 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | 2.98 | -0.16 |
| Martin ratioReturn relative to average drawdown | 10.69 | 13.11 | -2.42 |
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Drawdowns
RSP vs. HYG - Drawdown Comparison
The maximum RSP drawdown since its inception was -59.92%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for RSP and HYG.
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Drawdown Indicators
| RSP | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.92% | -34.25% | -25.67% |
Max Drawdown (1Y)Largest decline over 1 year | -7.85% | -2.34% | -5.51% |
Max Drawdown (3Y)Largest decline over 3 years | -17.81% | -4.56% | -13.25% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -15.79% | -5.59% |
Max Drawdown (10Y)Largest decline over 10 years | -39.04% | -22.03% | -17.01% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.64% | -3.24% | -3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 0.53% | +1.54% |
Volatility
RSP vs. HYG - Volatility Comparison
Invesco S&P 500 Equal Weight ETF (RSP) has a higher volatility of 3.59% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.31%. This indicates that RSP's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RSP | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 1.31% | +2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 8.58% | 3.08% | +5.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.79% | 3.87% | +7.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.23% | 7.53% | +8.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 8.29% | +10.08% |
RSP vs. HYG - Expense Ratio Comparison
RSP has a 0.20% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
RSP vs. HYG - Dividend Comparison
RSP's dividend yield for the trailing twelve months is around 1.46%, less than HYG's 5.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.89% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
RSP Invesco S&P 500 Equal Weight ETF | 1.46% | 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
RSP and HYG have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RSP has higher volatility (3.59%) compared to HYG (1.31%). In terms of maximum drawdown, RSP dropped -59.92% vs HYG's -34.25%.
On 10-year performance, RSP leads with 12.18% vs 5.03% for HYG. On fees, RSP is cheaper at 0.20% per year. On volatility, HYG has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RSP has performed better with a 12.18% return vs 5.03%. 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 0.49% for HYG.
HYG has the higher dividend yield at 5.89%, compared with 1.46% for RSP.
RSP is categorized as S&P 500, while HYG is High Yield Bonds. RSP tracks S&P 500 Equal Weight Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.20% for RSP and 0.49% for HYG.
RSP currently has the higher Sharpe Ratio (1.88 vs 1.81), 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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