VPV vs. RSP

Last updated Jun 4, 2026

VPV (Invesco Pennsylvania Value Municipal Income Trust) is a stock, while RSP (Invesco S&P 500 Equal Weight ETF) is S&P 500 fund tracking the S&P 500 Equal Weight Index. Over the past 10 years, VPV returned 2.93%/yr vs 11.86%/yr for RSP. At a 0.12 correlation, their price movements are largely independent.

Performance

VPV vs. RSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Pennsylvania Value Municipal Income Trust (VPV) 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 stocks are quite close, with VPV having a 9.72% return and RSP slightly lower at 9.70%. Over the past 10 years, VPV has underperformed RSP with an annualized return of 2.93%, while RSP has yielded a comparatively higher 11.86% annualized return.

VPV

• 1D: 0.50%
• 1M: 2.54%
• YTD: 9.72%
• 6M: 10.64%
• 1Y: 21.83%
• 3Y*: 11.35%
• 5Y*: 2.02%
• 10Y*: 2.93%

RSP

• 1D: -0.38%
• 1M: 3.77%
• YTD: 9.70%
• 6M: 10.18%
• 1Y: 19.50%
• 3Y*: 15.23%
• 5Y*: 8.33%
• 10Y*: 11.86%

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

VPV vs. RSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPV Invesco Pennsylvania Value Municipal Income Trust	9.72%	9.96%	9.04%	6.10%	-26.32%	14.57%	1.46%	19.47%	1.31%	5.14%
RSP Invesco S&P 500 Equal Weight ETF	9.70%	11.21%	12.79%	13.70%	-11.62%	29.41%	12.66%	28.91%	-7.84%	18.52%

Correlation

The correlation between VPV and RSP is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since May 1, 2003	0.12

The correlation between VPV and RSP shifts across timeframes, from 0.12 (all time) to 0.28 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VPV vs. RSP — Risk / Return Rank

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

VPV

VPV Risk / Return Rank: 88
VPV Sharpe Ratio Rank: 90
VPV Sortino Ratio Rank: 91
VPV Omega Ratio Rank: 89
VPV Calmar Ratio Rank: 82
VPV Martin Ratio Rank: 88

RSP

RSP Risk / Return Rank: 49
RSP Sharpe Ratio Rank: 48
RSP Sortino Ratio Rank: 49
RSP Omega Ratio Rank: 46
RSP Calmar Ratio Rank: 50
RSP Martin Ratio Rank: 54

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.

VPV vs. RSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Pennsylvania Value Municipal Income Trust (VPV) 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.

	VPV	RSP	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.70	+0.53
Sortino ratio: Return per unit of downside risk	3.34	2.47	+0.87
Omega ratio: Gain probability vs. loss probability	1.43	1.30	+0.13
Calmar ratio: Return relative to maximum drawdown	3.05	2.49	+0.55
Martin ratio: Return relative to average drawdown	10.50	9.48	+1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPV vs. RSP - Sharpe Ratio Comparison

The current VPV Sharpe Ratio is 2.23, which is higher than the RSP Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of VPV 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

	VPV	RSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.70	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.52	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.65	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.57	-0.19

Drawdowns

VPV vs. RSP - Drawdown Comparison

The maximum VPV drawdown since its inception was -45.21%, smaller than the maximum RSP drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for VPV and RSP.

Drawdown Indicators

	VPV	RSP	Difference
Max Drawdown Largest peak-to-trough decline	-45.21%	-59.92%	+14.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-7.85%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-12.46%	-17.81%	+5.35%
Max Drawdown (5Y) Largest decline over 5 years	-33.08%	-21.38%	-11.70%
Max Drawdown (10Y) Largest decline over 10 years	-33.08%	-39.04%	+5.96%
Current Drawdown Current decline from peak	0.00%	-0.38%	+0.38%
Average Drawdown Average peak-to-trough decline	-8.47%	-6.65%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.06%	+0.02%

Volatility

VPV vs. RSP - Volatility Comparison

Invesco Pennsylvania Value Municipal Income Trust (VPV) has a higher volatility of 3.01% compared to Invesco S&P 500 Equal Weight ETF (RSP) at 2.56%. This indicates that VPV'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

	VPV	RSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	2.56%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	8.29%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	9.83%	11.56%	-1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.29%	16.18%	-5.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.99%	18.35%	-6.36%

Dividends

VPV vs. RSP - Dividend Comparison

VPV's dividend yield for the trailing twelve months is around 7.19%, more than RSP's 1.49% 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%
VPV Invesco Pennsylvania Value Municipal Income Trust	7.19%	7.65%	6.07%	3.81%	5.48%	4.29%	4.61%	4.85%	5.94%	5.15%	6.00%	6.09%

Frequently Asked Questions

Can I hold both VPV and RSP in my portfolio?

VPV and RSP have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPV or RSP?

VPV has higher volatility (3.01%) compared to RSP (2.56%). In terms of maximum drawdown, VPV dropped -45.21% vs RSP's -59.92%.

Which has better risk-adjusted returns?

VPV currently has the higher Sharpe Ratio (2.23 vs 1.70), 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.