VAFAX vs. RSP

Last updated Jun 6, 2026

VAFAX (Invesco American Franchise Fund Class A) and RSP (Invesco S&P 500 Equal Weight ETF) are both funds - VAFAX is a Large Cap Growth Equities fund managed by Invesco, while RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Over the past 10 years, VAFAX returned 15.80%/yr vs 11.66%/yr for RSP. A 0.80 correlation means they provide meaningful diversification when combined. VAFAX charges 0.95%/yr vs 0.20%/yr for RSP.

Performance

VAFAX vs. RSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco American Franchise Fund Class A (VAFAX) and Invesco S&P 500 Equal Weight ETF (RSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VAFAX having a 8.94% return and RSP slightly higher at 8.96%. Over the past 10 years, VAFAX has outperformed RSP with an annualized return of 15.80%, while RSP has yielded a comparatively lower 11.66% annualized return.

VAFAX

• 1D: -0.03%
• 1M: 2.33%
• YTD: 8.94%
• 6M: 7.56%
• 1Y: 21.94%
• 3Y*: 22.96%
• 5Y*: 10.51%
• 10Y*: 15.80%

RSP

• 1D: -1.42%
• 1M: 1.45%
• YTD: 8.96%
• 6M: 9.14%
• 1Y: 19.28%
• 3Y*: 14.84%
• 5Y*: 8.18%
• 10Y*: 11.66%

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

VAFAX vs. RSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VAFAX Invesco American Franchise Fund Class A	8.94%	11.86%	34.78%	40.91%	-31.20%	11.13%	42.15%	36.55%	-3.99%	27.11%
RSP Invesco S&P 500 Equal Weight ETF	8.96%	11.21%	12.79%	13.70%	-11.62%	29.41%	12.66%	28.91%	-7.84%	18.52%

Correlation

The correlation between VAFAX and RSP is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jun 27, 2005	0.80

Over the past year, the correlation between VAFAX and RSP has dropped to 0.49 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

VAFAX vs. RSP — Risk / Return Rank

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

VAFAX

VAFAX Risk / Return Rank: 15
VAFAX Sharpe Ratio Rank: 18
VAFAX Sortino Ratio Rank: 16
VAFAX Omega Ratio Rank: 17
VAFAX Calmar Ratio Rank: 13
VAFAX Martin Ratio Rank: 12

RSP

RSP Risk / Return Rank: 50
RSP Sharpe Ratio Rank: 49
RSP Sortino Ratio Rank: 50
RSP Omega Ratio Rank: 47
RSP Calmar Ratio Rank: 51
RSP Martin Ratio Rank: 55

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.

VAFAX vs. RSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco American Franchise Fund Class A (VAFAX) and Invesco S&P 500 Equal Weight ETF (RSP). 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.

	VAFAX	RSP	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.66	-0.53
Sortino ratio: Return per unit of downside risk	1.60	2.41	-0.81
Omega ratio: Gain probability vs. loss probability	1.20	1.29	-0.09
Calmar ratio: Return relative to maximum drawdown	1.13	2.47	-1.34
Martin ratio: Return relative to average drawdown	3.41	9.36	-5.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VAFAX vs. RSP - Sharpe Ratio Comparison

The current VAFAX Sharpe Ratio is 1.13, which is lower than the RSP Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of VAFAX and RSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VAFAX	RSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.66	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.51	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.64	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.56	+0.01

Drawdowns

VAFAX vs. RSP - Drawdown Comparison

The maximum VAFAX drawdown since its inception was -48.48%, smaller than the maximum RSP drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for VAFAX and RSP.

Drawdown Indicators

	VAFAX	RSP	Difference
Max Drawdown Largest peak-to-trough decline	-48.48%	-59.92%	+11.44%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-7.85%	-11.42%
Max Drawdown (3Y) Largest decline over 3 years	-27.24%	-17.81%	-9.43%
Max Drawdown (5Y) Largest decline over 5 years	-38.86%	-21.38%	-17.48%
Max Drawdown (10Y) Largest decline over 10 years	-38.86%	-39.04%	+0.18%
Current Drawdown Current decline from peak	-0.64%	-1.42%	+0.78%
Average Drawdown Average peak-to-trough decline	-8.13%	-6.65%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.35%	2.06%	+4.29%

Volatility

VAFAX vs. RSP - Volatility Comparison

Invesco American Franchise Fund Class A (VAFAX) has a higher volatility of 4.98% compared to Invesco S&P 500 Equal Weight ETF (RSP) at 2.92%. This indicates that VAFAX's price experiences larger fluctuations and is considered to be riskier than RSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAFAX	RSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	2.92%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	14.62%	8.42%	+6.20%
Volatility (1Y) Calculated over the trailing 1-year period	19.20%	11.65%	+7.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.04%	16.19%	+6.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.30%	18.36%	+3.94%

VAFAX vs. RSP - Expense Ratio Comparison

VAFAX has a 0.95% expense ratio, which is higher than RSP's 0.20% expense ratio.

Dividends

VAFAX vs. RSP - Dividend Comparison

VAFAX's dividend yield for the trailing twelve months is around 12.94%, more than RSP's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RSP Invesco S&P 500 Equal Weight ETF	1.50%	1.64%	1.52%	1.64%	1.82%	1.28%	1.64%	1.69%	2.02%	1.52%	1.20%	1.70%
VAFAX Invesco American Franchise Fund Class A	12.94%	14.09%	3.74%	0.00%	8.32%	26.50%	8.78%	6.85%	10.42%	5.37%	4.08%	4.90%

Frequently Asked Questions

Can I hold both VAFAX and RSP in my portfolio?

VAFAX and RSP have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VAFAX or RSP?

VAFAX has higher volatility (4.98%) compared to RSP (2.92%). In terms of maximum drawdown, VAFAX dropped -48.48% vs RSP's -59.92%.

Which has better risk-adjusted returns?

RSP currently has the higher Sharpe Ratio (1.66 vs 1.13), 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.