RSPFX vs. SPY

Last updated Jun 23, 2026

RSPFX (Victory RS Partners Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - RSPFX is a Small Cap Value Equities fund managed by Victory, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, RSPFX returned 11.58%/yr vs 15.70%/yr for SPY. A 0.71 correlation means they provide meaningful diversification when combined. RSPFX charges 1.45%/yr vs 0.09%/yr for SPY.

Performance

RSPFX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory RS Partners Fund (RSPFX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RSPFX achieves a 15.69% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, RSPFX has underperformed SPY with an annualized return of 11.58%, while SPY has yielded a comparatively higher 15.70% annualized return.

RSPFX

• 1D: 0.99%
• 1M: 3.71%
• YTD: 15.69%
• 6M: 13.49%
• 1Y: 24.87%
• 3Y*: 14.26%
• 5Y*: 9.66%
• 10Y*: 11.58%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

RSPFX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RSPFX Victory RS Partners Fund	15.69%	2.50%	14.86%	15.80%	-4.55%	29.45%	0.45%	30.76%	-12.30%	14.24%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between RSPFX and SPY is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 2, 1996	0.71

The correlation between RSPFX and SPY shifts across timeframes, from 0.60 (1 year) to 0.74 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

RSPFX vs. SPY — Risk / Return Rank

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

RSPFX

RSPFX Risk / Return Rank: 37
RSPFX Sharpe Ratio Rank: 36
RSPFX Sortino Ratio Rank: 38
RSPFX Omega Ratio Rank: 33
RSPFX Calmar Ratio Rank: 40
RSPFX Martin Ratio Rank: 36

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

RSPFX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory RS Partners Fund (RSPFX) and State Street SPDR S&P 500 ETF (SPY). 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.

	RSPFX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.16	-0.55
Sortino ratio: Return per unit of downside risk	2.41	2.91	-0.50
Omega ratio: Gain probability vs. loss probability	1.28	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	2.30	3.01	-0.71
Martin ratio: Return relative to average drawdown	7.49	13.54	-6.04

RSPFX vs. SPY - Sharpe Ratio Comparison

The current RSPFX Sharpe Ratio is 1.60, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of RSPFX and SPY, 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

RSPFX vs. SPY - Drawdown Comparison

The maximum RSPFX drawdown since its inception was -59.26%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RSPFX and SPY.

Drawdown Indicators

	RSPFX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-59.26%	-55.19%	-4.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	-8.88%	-1.97%
Max Drawdown (3Y) Largest decline over 3 years	-22.65%	-18.76%	-3.89%
Max Drawdown (5Y) Largest decline over 5 years	-26.89%	-24.50%	-2.39%
Max Drawdown (10Y) Largest decline over 10 years	-42.91%	-33.72%	-9.19%
Current Drawdown Current decline from peak	-0.60%	-1.75%	+1.15%
Average Drawdown Average peak-to-trough decline	-10.66%	-9.04%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	1.97%	+1.35%

Volatility

RSPFX vs. SPY - Volatility Comparison

The current volatility for Victory RS Partners Fund (RSPFX) is 4.15%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that RSPFX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSPFX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	4.64%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	9.75%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.55%	12.43%	+3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	17.14%	+4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.09%	17.99%	+4.10%

RSPFX vs. SPY - Expense Ratio Comparison

RSPFX has a 1.45% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

RSPFX vs. SPY - Dividend Comparison

RSPFX's dividend yield for the trailing twelve months is around 4.71%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RSPFX Victory RS Partners Fund	4.71%	5.45%	5.79%	5.66%	8.92%	16.56%	1.52%	9.92%	24.51%	23.61%	5.62%	3.18%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both RSPFX and SPY in my portfolio?

RSPFX and SPY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSPFX or SPY?

SPY has higher volatility (4.64%) compared to RSPFX (4.15%). In terms of maximum drawdown, RSPFX dropped -59.26% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.60), 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.