RSP vs SPY
Invesco S&P 500 Equal Weight ETF against SPDR S&P 500 ETF Trust.
The short answer
Every company in one is in the other, 100.0% of each by weight, and the overlap is still only 44.5%. The whole difference is the weighting: SPY's ten largest positions are 38.1% of the fund, RSP's are 3.2%. RSP charges 0.20% against 0.09%.
The two funds
- Last close, 2026-09-04
- $219.00 -0.48%
- Cost per year
- 0.20%
- Return, 1 year
- 18.1%
- Return, 3 years
- 55.8%
- Worst fall, 3 years
- -15.5%shallower
- Volatility
- 13.2%calmer
- Positions
- 503
- Top 10 weight
- 3.2%
- Last close, 2026-09-04
- $770.19 -0.39%
- Cost per year
- 0.09%cheaper
- Return, 1 year
- 20.3%higher
- Return, 3 years
- 79.4%higher
- Worst fall, 3 years
- -16.9%
- Volatility
- 14.4%
- Positions
- 504
- Top 10 weight
- 38.1%
RSP and SPY, prices through 2026-09-04. How the badges are decided.
Holdings overlap
503 companies sit in both funds. That is 100.0% of RSP's own weight and 100.0% of SPY's.
Side by side
Issuer files, RSP 5 Sep 2026, SPY 3 Sep 2026
What the numbers say
Identical membership, 55.5% apart by weight
This is the one pair on the site where the list of companies is not the question. RSP holds the 503 members of the S&P 500 at equal weight; SPY holds the same companies, 504 lines, at market weight. The overlap by weight, 44.5%, counts each company at the smaller of its two weights, so it measures how far the two weightings are from each other and nothing else.
Where the weight goes
Microsoft, one of SPY's largest positions, is one equal slice of RSP among 503. The ten largest positions carry 38.1% of SPY and 3.2% of RSP. Salesforce, CrowdStrike, Amgen and Palantir top RSP's list at the moment only because they have risen since the last quarterly rebalance, and the next one will push them back to the average.
What the equal weighting has cost in this stretch
Over three years SPY returned 79.4% and RSP 55.8%; over five years 85.0% against 54.5%; over the past year 20.3% against 18.1%. The gap is the largest companies outperforming the rest, which equal weighting is built to dilute. RSP was the calmer fund at 13.2% volatility against 14.4% and fell -15.5% at its worst against -16.9%, and it yields 1.46% against 0.98%.
Cost, and a correlation that has been loosening
RSP charges 0.20% against 0.09% for SPY, $11 a year more on $10,000. Weekly returns correlated at 0.91 over five years, 0.85 over three and 0.72 over the past year, a widening spread for two funds holding the same companies. Held together, they land between the two weightings, closer to SPY the more of it there is.
Where they hold the same companies
| Measure | Value |
|---|---|
| Overlap by weight | 44.5% |
| Share of RSP held in common with SPY | 100.0% |
| Share of SPY held in common with RSP | 100.0% |
| Companies in both | 503 |
| Positions in RSP / SPY | 503 / 504 |
RSP holdings as published 2026-09-05, SPY 2026-09-03.
Largest positions held by both
| Rank | Company | In RSP | In SPY | Weight in each | Overlap |
|---|---|---|---|---|---|
| 1 | CRM Salesforce Inc | 0.29% | 0.32% | 0.29% | |
| 2 | PLTR Palantir Technologies Inc | 0.25% | 0.63% | 0.25% | |
| 3 | AMGN Amgen Inc | 0.25% | 0.36% | 0.25% | |
| 4 | CRWD Crowdstrike Holdings Inc | 0.25% | 0.33% | 0.25% | |
| 5 | MSFT Microsoft Corp | 0.24% | 5.68% | 0.24% | |
| 6 | TMO Thermo Fisher Scientific Inc | 0.24% | 0.34% | 0.24% | |
| 7 | PANW Palo Alto Networks Inc | 0.24% | 0.4% | 0.24% | |
| 8 | ANET Arista Networks Inc | 0.24% | 0.3% | 0.24% | |
| 9 | MRK Merck & Co Inc | 0.24% | 0.56% | 0.24% | |
| 10 | SCHW | 0.23% | 0.27% | 0.23% | |
| 11 | GILD Gilead Sciences Inc | 0.23% | 0.28% | 0.23% | |
| 12 | BKNG Booking Holdings Inc | 0.23% | 0.23% | 0.23% | |
| 13 | DE Deere & Co | 0.23% | 0.26% | 0.23% | |
| 14 | ABT Abbott Laboratories | 0.23% | 0.28% | 0.23% | |
| 15 | NVDA NVIDIA Corp | 0.22% | 8.29% | 0.22% |
Held by only one of them
| In RSP only | Weight | In SPY only | Weight |
|---|---|---|---|
| 2602335D Contra Hologic Incorpo | 0.0% |
Covariance and correlation
Covariance, annualised (%2)
| RSP | SPY | |
|---|---|---|
| RSP | 174 | 160.6 |
| SPY | 160.6 | 207 |
Percent squared per year, three years of weekly returns
Correlation, 3 years
| RSP | SPY | |
|---|---|---|
| RSP | 1.00 | 0.85usually in step |
| SPY | 0.85usually in step | 1.00 |
Weekly total returns, what the bands mean
Check it: 160.6 divided by (13.2 × 14.4) is 0.84, the correlation in the second matrix.
One year, side by side
Cost, returns and risk
| Measure | RSP | SPY |
|---|---|---|
| Expense ratio | 0.20% | 0.09% |
| Dividend yield | 1.46% | 0.98% |
| Total return, 1 year | 18.1% | 20.3% |
| Total return, 3 years cumulative | 55.8% | 79.4% |
| Total return, 5 years cumulative | 54.5% | 85.0% |
| Volatility, annualised on 3 years of weekly returns | 13.2% | 14.4% |
| Worst fall in 3 years, peak to trough, weekly closes | -15.5% | -16.9% |
| Beta against the S&P 500 | 0.77 | 1.0 |
| Positions held | 503 | 504 |
| Weight in the ten largest positions | 3.2% | 38.1% |
| Weight in the single largest position | 0.6% | 8.3% |
| Assets | $100.9B | $811.9B |
Prices through 2026-09-04.
Year by year
| Year | RSP | SPY |
|---|---|---|
| 2026 | 15.3% | 13.5% |
| 2025 | 11.2% | 17.7% |
| 2024 | 12.8% | 24.9% |
| 2023 | 13.7% | 26.2% |
| 2022 | -11.6% | -18.2% |
Do they move together
| Window | Correlation of weekly returns |
|---|---|
| 1 year | 0.72 |
| 3 years | 0.85 |
| 5 years | 0.91 |
Where to go next
- RSP, the full page: every holding, and what else it duplicates
- SPY, the full page
- SCHD vs VYM
- SCHG vs VUG
- VGT vs XLK
- Run the x-ray on your whole portfolio, this pair included
- Check any other pair in the overlap calculator
How these numbers are produced · Ask the same questions from your assistant
