RSP vs. SPYI

Last updated Jun 14, 2026

RSP (Invesco S&P 500 Equal Weight ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while SPYI is a Derivative Income fund actively managed by Neos. RSP is passively managed, while SPYI is actively managed. Over the past 3 years, RSP returned 14.66%/yr vs 15.48%/yr for SPYI. Their correlation of 0.80 suggests significant overlap in exposure. RSP charges 0.20%/yr vs 0.68%/yr for SPYI.

Performance

RSP vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Equal Weight ETF (RSP) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RSP achieves a 10.96% return, which is significantly higher than SPYI's 6.31% return.

RSP

• 1D: 0.91%
• 1M: 5.01%
• YTD: 10.96%
• 6M: 10.34%
• 1Y: 21.34%
• 3Y*: 14.66%
• 5Y*: 8.59%
• 10Y*: 12.15%

SPYI

• 1D: 0.53%
• 1M: 0.20%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

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

RSP vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RSP Invesco S&P 500 Equal Weight ETF	10.96%	11.21%	12.79%	13.70%	-0.57%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between RSP and SPYI is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.80

The correlation between RSP and SPYI has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

RSP vs. SPYI - Sectors Allocation Comparison

Sectors	RSP	SPYI
Technology	20.9%	39.1%
Industrials	14.2%	7.8%
Financial Services	13.9%	11.1%
Healthcare	11.1%	8.3%
Consumer Cyclical	10.0%	9.9%
Consumer Defensive	6.4%	4.5%
Real Estate	6.1%	1.8%
Utilities	5.7%	2.1%
Energy	4.0%	3.1%
Basic Materials	3.9%	1.7%
Communication Services	3.9%	10.7%

Return for Risk

RSP vs. SPYI — Risk / Return Rank

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

RSP

RSP Risk / Return Rank: 58
RSP Sharpe Ratio Rank: 57
RSP Sortino Ratio Rank: 59
RSP Omega Ratio Rank: 54
RSP Calmar Ratio Rank: 59
RSP Martin Ratio Rank: 62

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
SPYI Martin Ratio Rank: 78

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.

RSP vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight ETF (RSP) and NEOS S&P 500 High Income ETF (SPYI). 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	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.98	-0.29
Sortino ratio: Return per unit of downside risk	2.44	2.68	-0.24
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	2.54	2.59	-0.05
Martin ratio: Return relative to average drawdown	9.63	13.05	-3.41

RSP vs. SPYI - Sharpe Ratio Comparison

The current RSP Sharpe Ratio is 1.69, which is comparable to the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of RSP and SPYI, 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

RSP vs. SPYI - Drawdown Comparison

The maximum RSP drawdown since its inception was -59.92%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for RSP and SPYI.

Drawdown Indicators

	RSP	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-59.92%	-16.47%	-43.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.85%	-7.72%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-17.81%	-16.47%	-1.34%
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	0.00%	-1.79%	+1.79%
Average Drawdown Average peak-to-trough decline	-6.64%	-1.81%	-4.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.53%	+0.54%

Volatility

RSP vs. SPYI - Volatility Comparison

Invesco S&P 500 Equal Weight ETF (RSP) and NEOS S&P 500 High Income ETF (SPYI) have volatilities of 3.57% and 3.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSP	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	3.62%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	8.59%	8.07%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.83%	10.10%	+1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	12.99%	+3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	12.99%	+5.37%

RSP vs. SPYI - Expense Ratio Comparison

RSP has a 0.20% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

RSP vs. SPYI - Dividend Comparison

RSP's dividend yield for the trailing twelve months is around 1.47%, less than SPYI's 11.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RSP Invesco S&P 500 Equal Weight ETF	1.47%	1.64%	1.52%	1.64%	1.82%	1.28%	1.64%	1.69%	2.02%	1.52%	1.20%	1.70%
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RSP and SPYI in my portfolio?

RSP and SPYI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSP or SPYI?

SPYI has higher volatility (3.62%) compared to RSP (3.57%). In terms of maximum drawdown, RSP dropped -59.92% vs SPYI's -16.47%.

Which ETF is better, RSP or SPYI?

On 3-year performance, SPYI leads with 15.48% vs 14.66% for RSP. On fees, RSP is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSP or SPYI?

Over the 3-year period, SPYI has performed better with a 15.48% return vs 14.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSP or SPYI?

RSP is cheaper with a 0.20% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 1.47% for RSP.

What is the main difference between RSP and SPYI?

RSP is categorized as S&P 500, while SPYI is Derivative Income. They also come from different issuers: Invesco and Neos. Their fees differ too: 0.20% for RSP and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.98 vs 1.69), 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.