RSP vs. VTEB
RSP (Invesco S&P 500 Equal Weight ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both exchange-traded funds - RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, RSP returned 12.01%/yr vs 2.06%/yr for VTEB. At a 0.03 correlation, their price movements are largely independent. RSP charges 0.20%/yr vs 0.03%/yr for VTEB.
Performance
RSP vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, RSP achieves a 9.96% return, which is significantly higher than VTEB's 1.52% return. Over the past 10 years, RSP has outperformed VTEB with an annualized return of 12.01%, while VTEB has yielded a comparatively lower 2.06% annualized return.
RSP
- 1D
- 1.56%
- 1M
- 2.91%
- YTD
- 9.96%
- 6M
- 8.60%
- 1Y
- 19.08%
- 3Y*
- 14.69%
- 5Y*
- 8.40%
- 10Y*
- 12.01%
VTEB
- 1D
- 0.16%
- 1M
- 0.72%
- YTD
- 1.52%
- 6M
- 1.89%
- 1Y
- 6.79%
- 3Y*
- 3.47%
- 5Y*
- 0.82%
- 10Y*
- 2.06%
RSP vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RSP Invesco S&P 500 Equal Weight ETF | 9.96% | 11.21% | 12.79% | 13.70% | -11.62% | 29.41% | 12.66% | 28.91% | -7.84% | 18.52% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.52% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between RSP and VTEB is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | 0.03 |
Over the past year, RSP and VTEB have become more correlated (0.32) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
RSP vs. VTEB — Risk / Return Rank
RSP
VTEB
RSP vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight ETF (RSP) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.55 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.52 | -0.08 |
| Martin ratioReturn relative to average drawdown | 9.23 | 8.90 | +0.33 |
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Drawdowns
RSP vs. VTEB - Drawdown Comparison
The maximum RSP drawdown since its inception was -59.92%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for RSP and VTEB.
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Drawdown Indicators
| RSP | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.92% | -17.00% | -42.92% |
Max Drawdown (1Y)Largest decline over 1 year | -7.85% | -2.71% | -5.14% |
Max Drawdown (3Y)Largest decline over 3 years | -17.81% | -5.53% | -12.28% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -12.64% | -8.74% |
Max Drawdown (10Y)Largest decline over 10 years | -39.04% | -17.00% | -22.04% |
Current DrawdownCurrent decline from peak | -0.51% | -0.46% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -6.64% | -2.32% | -4.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 0.76% | +1.31% |
Volatility
RSP vs. VTEB - Volatility Comparison
Invesco S&P 500 Equal Weight ETF (RSP) has a higher volatility of 3.55% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.92%. This indicates that RSP's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RSP | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 0.92% | +2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 8.65% | 2.04% | +6.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.81% | 2.70% | +9.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.22% | 3.90% | +12.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.36% | 5.26% | +13.10% |
RSP vs. VTEB - Expense Ratio Comparison
RSP has a 0.20% expense ratio, which is higher than VTEB's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
RSP vs. VTEB - Dividend Comparison
RSP's dividend yield for the trailing twelve months is around 1.49%, less than VTEB's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
RSP and VTEB have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RSP has higher volatility (3.55%) compared to VTEB (0.92%). In terms of maximum drawdown, RSP dropped -59.92% vs VTEB's -17.00%.
On 10-year performance, RSP leads with 12.01% vs 2.06% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.92%. 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 12.01% return vs 2.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.20% for RSP.
VTEB has the higher dividend yield at 3.35%, compared with 1.49% for RSP.
RSP is categorized as S&P 500, while VTEB is Municipal Bonds. RSP tracks S&P 500 Equal Weight Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.20% for RSP and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.53 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.
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