# RSP alternatives: 8 similar ETFs compared

> ETFs similar to RSP, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as RSP. Updated daily.

The ETFs most like RSP are VO, IWR and SCHM. None of them holds exactly what RSP holds, so each is a looser match.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- 8 funds can stand in for RSP: 8 related funds.
- RSP charges 0.2% a year (about $20 on $10,000). The cheapest alternative here, SPYM, charges 0.02%.
- VO moved most like RSP: a daily correlation of 0.98 over about the last five years.
- Returns and drops for each pair use the same dates for both funds.

## RSP alternatives at a glance

Each fund below can stand in for RSP, closest first. "Related" funds make a different bet that often moves the same way.

| ETF | How close | Yearly fee | Fee on $10,000 | Tracks |
| --- | --- | --- | --- | --- |
| **RSP** | This fund | 0.2% | $20 | S&P 500 Equal Weight Index |
| [VO](https://tactfolio.com/etf/VO.md) | Related fund | 0.03% | $3 | Morningstar US Mid Cap Index |
| [IWR](https://tactfolio.com/etf/IWR.md) | Related fund | 0.18% | $18 | Russell MidCap Index |
| [SCHM](https://tactfolio.com/etf/SCHM.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Mid-Cap Total Stock Market Index |
| [IJH](https://tactfolio.com/etf/IJH.md) | Related fund | 0.05% | $5 | S&P MidCap 400 Index |
| [SPYM](https://tactfolio.com/etf/SPYM.md) | Related fund | 0.02% | $2 | S&P 500 Index |
| [IVV](https://tactfolio.com/etf/IVV.md) | Related fund | 0.03% | $3 | S&P 500 Index |
| [VOO](https://tactfolio.com/etf/VOO.md) | Related fund | 0.03% | $3 | S&P 500 Index |
| [SPY](https://tactfolio.com/etf/SPY.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index |

Fees come from each fund company, checked on the dates shown on each fund's page.

## How RSP and its alternatives did over the same dates

Each row measures the alternative and RSP on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

| ETF | Moves with RSP | Per year | RSP per year | Worst drop | RSP worst drop | Since |
| --- | --- | --- | --- | --- | --- | --- |
| [VO](https://tactfolio.com/etf/VO.md) | 0.98 | 10.2% | 10.0% | −58.9% | −59.9% | January 2004 |
| [IWR](https://tactfolio.com/etf/IWR.md) | 0.98 | 11.3% | 11.2% | −58.8% | −59.9% | May 2003 |
| [SCHM](https://tactfolio.com/etf/SCHM.md) | 0.95 | 10.9% | 11.8% | −42.4% | −39.0% | January 2011 |
| [IJH](https://tactfolio.com/etf/IJH.md) | 0.95 | 10.9% | 11.2% | −55.1% | −59.9% | May 2003 |
| [SPYM](https://tactfolio.com/etf/SPYM.md) | 0.91 | 11.2% | 10.0% | −54.5% | −59.9% | November 2005 |
| [IVV](https://tactfolio.com/etf/IVV.md) | 0.91 | 11.5% | 11.2% | −55.3% | −59.9% | May 2003 |
| [VOO](https://tactfolio.com/etf/VOO.md) | 0.91 | 14.8% | 12.7% | −34.0% | −39.0% | September 2010 |
| [SPY](https://tactfolio.com/etf/SPY.md) | 0.91 | 11.5% | 11.2% | −55.2% | −59.9% | May 2003 |

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## Each RSP alternative, compared

### VO: Vanguard Morningstar Mid-Cap ETF

VO is a looser match. It holds medium-sized US companies, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate.

It charges 0.03% a year, about $3 on $10,000, against $20 for RSP.

From January 2004 to October 2026, VO returned about 10.2% a year and RSP returned about 10.0% a year. Over about the last five years they moved almost exactly together (correlation 0.98).

Read the [VO fund page](https://tactfolio.com/etf/VO.md) for its returns by year and worst drop.

### IWR: iShares Russell Mid-Cap ETF

IWR is a looser match. It holds medium-sized US companies, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate.

It charges 0.18% a year, about $18 on $10,000, against $20 for RSP.

From May 2003 to October 2026, IWR returned about 11.3% a year and RSP returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98).

Read the [IWR fund page](https://tactfolio.com/etf/IWR.md) for its returns by year and worst drop.

### SCHM: Schwab U.S. Mid-Cap ETF

SCHM is a looser match. It holds medium-sized US companies, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate.

It charges 0.03% a year, about $3 on $10,000, against $20 for RSP.

From January 2011 to October 2026, SCHM returned about 10.9% a year and RSP returned about 11.8% a year. Over about the last five years they moved almost exactly together (correlation 0.95).

Read the [SCHM fund page](https://tactfolio.com/etf/SCHM.md) for its returns by year and worst drop.

### IJH: iShares Core S&P Mid-Cap ETF

IJH is a looser match. It holds medium-sized US companies, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate.

It charges 0.05% a year, about $5 on $10,000, against $20 for RSP.

From May 2003 to October 2026, IJH returned about 10.9% a year and RSP returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 0.95).

Read the [IJH fund page](https://tactfolio.com/etf/IJH.md) for its returns by year and worst drop.

### SPYM: State Street SPDR Portfolio S&P 500 ETF

SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate.

It charges 0.02% a year, about $2 on $10,000, against $20 for RSP.

From November 2005 to October 2026, SPYM returned about 11.2% a year and RSP returned about 10.0% a year. Over about the last five years they moved together on most days (correlation 0.91).

Read the [SPYM fund page](https://tactfolio.com/etf/SPYM.md) for its returns by year and worst drop.

### IVV: iShares Core S&P 500 ETF

IVV is a looser match. It holds about 500 large US companies in the S&P 500, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate.

It charges 0.03% a year, about $3 on $10,000, against $20 for RSP.

From May 2003 to October 2026, IVV returned about 11.5% a year and RSP returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.91).

Read the [IVV fund page](https://tactfolio.com/etf/IVV.md) for its returns by year and worst drop.

### VOO: Vanguard S&P 500 ETF

VOO is a looser match. It holds about 500 large US companies in the S&P 500, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate.

It charges 0.03% a year, about $3 on $10,000, against $20 for RSP.

From September 2010 to October 2026, VOO returned about 14.8% a year and RSP returned about 12.7% a year. Over about the last five years they moved together on most days (correlation 0.91).

Read the [VOO fund page](https://tactfolio.com/etf/VOO.md) for its returns by year and worst drop.

### SPY: State Street SPDR S&P 500 ETF Trust

SPY is a looser match. It holds about 500 large US companies in the S&P 500, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate.

It charges 0.0945% a year, about $9.45 on $10,000, against $20 for RSP.

From May 2003 to October 2026, SPY returned about 11.5% a year and RSP returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.91).

Read the [SPY fund page](https://tactfolio.com/etf/SPY.md) for its returns by year and worst drop.

## RSP versions from other fund companies

Some people keep all their funds with one company. Here is the closest fund to RSP from each other company on this page:

- **Vanguard:** [VO](https://tactfolio.com/etf/VO.md), Vanguard Morningstar Mid-Cap ETF (related fund, 0.03% a year)
- **iShares (BlackRock):** [IWR](https://tactfolio.com/etf/IWR.md), iShares Russell Mid-Cap ETF (related fund, 0.18% a year)
- **Schwab:** [SCHM](https://tactfolio.com/etf/SCHM.md), Schwab U.S. Mid-Cap ETF (related fund, 0.03% a year)
- **SPDR (State Street):** [SPYM](https://tactfolio.com/etf/SPYM.md), State Street SPDR Portfolio S&P 500 ETF (related fund, 0.02% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here.

## How to choose between RSP and its alternatives

- **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix.
- **The fee.** The difference is often small. On $10,000, RSP costs about $20 a year. SPYM costs about $2.
- **History.** An older fund has been through more bad markets, so you can see how far it fell.
- **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

## Swapping RSP to harvest a tax loss

Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting.

The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VO, IWR or SCHM, are less likely to.

Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550).

## Test RSP and its alternatives in a backtest

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add RSP and VO, and see how each would have done on the same dates, or how a mix of both would have done.

## The details

Alternatives are picked from facts, not from returns. First come funds that track the same index as RSP. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like RSP over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with RSP only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What ETF is most similar to RSP?

VO is the closest. VO is a looser match. It holds medium-sized US companies, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate. Over about the last five years they moved almost exactly together.

### Is there a cheaper alternative to RSP?

Yes. SPYM charges 0.02% a year, VO charges 0.03% a year and SCHM charges 0.03% a year, against 0.2% for RSP. On $10,000 that is about $2 a year instead of $20.

### Is RSP or VO better?

Neither is better for everyone. From January 2004 to October 2026, RSP returned about 10.0% a year and VO returned about 10.2% a year. RSP charges 0.2% a year and VO charges 0.03%. Past returns do not tell you what comes next.

### What if I had put $10,000 in RSP 10 years ago?

It would have grown to about $31,086 by October 16, 2026, with dividends reinvested. That is about 12.0% a year. Past returns do not tell you what comes next.

## Sources

- [Invesco: Invesco S&P 500 Equal Weight ETF fund page](https://www.sec.gov/Archives/edgar/data/1209466/000119312526372163/d177078d497k.htm)
- [Vanguard: Vanguard Morningstar Mid-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo)
- [iShares (BlackRock): iShares Russell Mid-Cap ETF fund page](https://www.ishares.com/us/products/239718/ishares-russell-mid-cap-etf)
- [Schwab: Schwab U.S. Mid-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000251/c497k.htm)
- [iShares (BlackRock): iShares Core S&P Mid-Cap ETF fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf)
- [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym)
- [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf)
- [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo)
- [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy)
- [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.