VOO vs RSP: Market Cap vs Equal Weight S&P 500
Both own all 503 S&P 500 companies. VOO weights them by size, so a handful of mega-caps make up over a third of the fund. RSP owns every company equally, from Apple to the smallest member.
VOO (Vanguard S&P 500) and RSP (Invesco S&P 500 Equal Weight) hold the same 503 companies, but they weight them in opposite ways. VOO weights by market cap, so as of 2026 its top 10 holdings account for over a third of the fund, concentrated in a handful of mega-cap technology names. RSP weights every company at roughly 0.2% and rebalances quarterly, so a regional bank carries the same weight as Apple. Over long periods, equal weighting has historically outperformed market-cap weighting, because the quarterly rebalance forces a sell-high, buy-low discipline and gives more exposure to the smaller S&P 500 companies that have historically earned a size premium. But that is not a promise: RSP charges 0.20% versus VOO's 0.03%, and it lagged badly in 2023-2025 when a few mega-cap growth stocks drove most of the index's return. VOO is the better fit for an investor who wants the cheapest, simplest core S&P 500 holding and is comfortable riding the index's current concentration. RSP is the better fit for an investor who specifically wants to reduce single-stock and single-sector risk without leaving the S&P 500. This is educational information, not a recommendation.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
Both funds trade commission-free at every major brokerage. Where to buy them →
📋 VOO vs RSP: Key Facts Side by Side
| Metric | VOO | RSP |
|---|---|---|
| Fund Name | Vanguard S&P 500 ETF | Invesco S&P 500 Equal Weight ETF |
| Issuer | Vanguard | Invesco |
| Tracks Index | S&P 500 | S&P 500 Equal Weight Index |
| Expense Ratio | 0.03% ✓ | 0.20% |
| Cost per $10K/yr | $3.00 | $20.00 |
| AUM | $1,600.2B | $100.9B |
| Holdings | 503 | 503 |
| Inception | 2010 | 2003 |
| 1-Year Return | +19.46% | +16.77% |
| 3-Year Return | +20.83% | +15.10% |
| 5-Year Return | +12.62% | +8.58% |
| Dividend Yield | 1.04% | 1.46% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.00% | 0.01% |
Expense ratio, AUM, and returns updated Sep 5, 2026 from ETF BFF database. Returns are annualised. Not investment advice.
📊 VOO vs RSP: Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- want the lowest fees: saves ~$17/yr per $10K vs RSP
- want focused large-cap US stock exposure via S&P 500
- want focused large-cap US stock exposure via S&P 500 Equal Weight Index
- already use Invesco and prefer staying within one fund family
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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❓ VOO vs RSP: Frequently Asked Questions
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