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SPY vs. RZV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPY vs. RZV

Last updated Jun 14, 2026

SPY (State Street SPDR S&P 500 ETF) and RZV (Invesco S&P SmallCap 600® Pure Value ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while RZV is a Small Cap Value Equities fund tracking the S&P Small Cap 600 Pure Value. Both are passively managed. Over the past 10 years, SPY returned 15.42%/yr vs 11.31%/yr for RZV. A 0.73 correlation means they provide meaningful diversification when combined. SPY charges 0.09%/yr vs 0.35%/yr for RZV.

Performance

SPY vs. RZV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and Invesco S&P SmallCap 600® Pure Value ETF (RZV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPY achieves a 9.07% return, which is significantly lower than RZV's 23.59% return. Over the past 10 years, SPY has outperformed RZV with an annualized return of 15.42%, while RZV has yielded a comparatively lower 11.31% annualized return.

SPY

1D
0.54%
1M
-0.86%
YTD
9.07%
6M
9.42%
1Y
25.67%
3Y*
20.86%
5Y*
13.36%
10Y*
15.42%

RZV

1D
1.20%
1M
9.61%
YTD
23.59%
6M
20.15%
1Y
47.15%
3Y*
17.99%
5Y*
9.72%
10Y*
11.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPY vs. RZV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPY
State Street SPDR S&P 500 ETF		9.07%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%
RZV
Invesco S&P SmallCap 600® Pure Value ETF		23.59%8.65%5.06%22.97%-6.80%45.95%-3.88%22.29%-19.66%1.25%

Correlation

The correlation between SPY and RZV is 0.61, 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

0.61

Correlation (3Y)
Calculated over the trailing 3-year period

0.63

Correlation (5Y)
Calculated over the trailing 5-year period

0.69

Correlation (10Y)
Calculated over the trailing 10-year period

0.67

Correlation (All Time)
Calculated using the full available price history since Mar 7, 2006

0.74

The correlation between SPY and RZV shifts across timeframes, from 0.61 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

SPY vs. RZV - Sectors Allocation Comparison

Sectors
SPY
RZV

Technology

39.0%
10.7%

Financial Services

11.1%
7.6%

Communication Services

10.6%
3.0%

Consumer Cyclical

9.9%
26.0%

Healthcare

8.3%
8.8%

Industrials

7.8%
15.7%

Consumer Defensive

4.5%
7.9%

Energy

3.1%
9.4%

Utilities

2.1%
0.4%

Real Estate

1.8%
4.4%

Basic Materials

1.7%
6.0%

Technology

SPY
39.0%
RZV
10.7%

Financial Services

SPY
11.1%
RZV
7.6%

Communication Services

SPY
10.6%
RZV
3.0%

Consumer Cyclical

SPY
9.9%
RZV
26.0%

Healthcare

SPY
8.3%
RZV
8.8%

Industrials

SPY
7.8%
RZV
15.7%

Consumer Defensive

SPY
4.5%
RZV
7.9%

Energy

SPY
3.1%
RZV
9.4%

Utilities

SPY
2.1%
RZV
0.4%

Real Estate

SPY
1.8%
RZV
4.4%

Basic Materials

SPY
1.7%
RZV
6.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR S&P 500 ETF

Invesco S&P SmallCap 600® Pure Value ETF

Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD
Often compared with RZV:
RZV vs. AVUVRZV vs. RWJRZV vs. RPVRZV vs. VBRRZV vs. IJRRZV vs. PSCCRZV vs. VOO

Return for Risk

SPY vs. RZV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPY Omega Ratio Rank: 7171
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7676
Martin Ratio Rank
RZV
RZV Risk / Return Rank: 7575
Overall Rank
RZV Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
RZV Sortino Ratio Rank: 7979
Sortino Ratio Rank
RZV Omega Ratio Rank: 7070
Omega Ratio Rank
RZV Calmar Ratio Rank: 7878
Calmar Ratio Rank
RZV Martin Ratio Rank: 7171
Martin Ratio Rank
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.

SPY vs. RZV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Invesco S&P SmallCap 600® Pure Value ETF (RZV). 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.

SPYRZVDifference
Sharpe ratioReturn per unit of total volatility
1.98
2.18

-0.20

Sortino ratioReturn per unit of downside risk
2.68
3.06

-0.37

Omega ratioGain probability vs. loss probability

1.36

1.36

0.00

Calmar ratioReturn relative to maximum drawdown

2.74

3.59

-0.85

Martin ratioReturn relative to average drawdown

12.39

11.69

+0.70

SPY vs. RZV - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.98, which is comparable to the RZV Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of SPY and RZV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPY vs. RZV - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum RZV drawdown of -77.11%. Use the drawdown chart below to compare losses from any high point for SPY and RZV.

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Drawdown Indicators

SPYRZVDifference

Max Drawdown

Largest peak-to-trough decline

-55.19%

-77.11%

+21.92%

Max Drawdown (1Y)

Largest decline over 1 year

-8.88%

-12.56%

+3.68%

Max Drawdown (3Y)

Largest decline over 3 years

-18.76%

-29.81%

+11.05%

Max Drawdown (5Y)

Largest decline over 5 years

-24.50%

-29.81%

+5.31%

Max Drawdown (10Y)

Largest decline over 10 years

-33.72%

-60.42%

+26.70%

Current Drawdown

Current decline from peak

-2.35%

0.00%

-2.35%

Average Drawdown

Average peak-to-trough decline

-9.04%

-13.58%

+4.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

3.85%

-1.88%

Volatility

SPY vs. RZV - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while Invesco S&P SmallCap 600® Pure Value ETF (RZV) has a volatility of 5.14%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than RZV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPYRZVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.34%

5.14%

-0.80%

Volatility (6M)

Calculated over the trailing 6-month period

9.58%

13.84%

-4.26%

Volatility (1Y)

Calculated over the trailing 1-year period

12.29%

20.71%

-8.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.12%

24.37%

-7.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.96%

27.02%

-9.06%

SPY vs. RZV - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than RZV's 0.35% expense ratio.

Dividends

SPY vs. RZV - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, less than RZV's 1.28% yield.

PositionTTM20252024202320222021202020192018201720162015
RZV
Invesco S&P SmallCap 600® Pure Value ETF		1.28%1.59%1.14%1.13%1.43%0.86%0.63%1.03%2.03%1.02%0.46%1.24%
SPY
State Street SPDR S&P 500 ETF		1.00%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

SPY and RZV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RZV has higher volatility (5.14%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs RZV's -77.11%.

On 10-year performance, SPY leads with 15.42% vs 11.31% for RZV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.42% return vs 11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for RZV.

RZV has the higher dividend yield at 1.28%, compared with 1.00% for SPY.

SPY is categorized as S&P 500, while RZV is Small Cap Value Equities. SPY tracks S&P 500 Index, while RZV tracks S&P Small Cap 600 Pure Value. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.09% for SPY and 0.35% for RZV.

RZV currently has the higher Sharpe Ratio (2.18 vs 1.98), 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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