RSPF vs XLF: Grades, Fees and Holdings Compared

Invesco S&P 500 Equal Weight Financials ETF

RSPFCNYSE Arca

State Street Financial Select Sector SPDR ETF

XLFANYSE Arca

Overlap

52.0%by weight

Expense ratio

XLF −0.32pt a year

RSPF0.40%XLF0.08%

Avg volume · 30D

XLF 561.9×the volume

RSPF58.8KXLF33M

10Y return · a year

XLF +0.9pt

RSPF+12.3%XLF+13.2%

RSPF vs XLF Performance

Oct 29, 2021 – Oct 30, 2026

+38.5%RSPF+52.9%XLF

Expense ratio: RSPF 0.40%; XLF 0.08%, better
Fund size: RSPF $325M; XLF $53.1B
1Y total return: RSPF +12.2%, better; XLF +9.6%
Yield (12M): RSPF 1.52%, better; XLF 1.46%
Holdings: RSPF 78; XLF 79
Avg volume (30D): RSPF 58.8K sh; XLF 33M sh, better
NAV per share: RSPF $82.38; XLF $56.93
52W range

ETF.net Grade

Pillar letters and Scores for RSPF, XLF, with each pillar’s weight
Pillar	RSPF	XLF
Cost30% weight	D35	A97Higher
Mission25% weight	A77	A85Higher
Risk15% weight	B56	B57Higher
Tradability15% weight	D33	A100Higher
Holdings10% weight	A88Higher	C42
Durability5% weight	D39	A81Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. RSPF and XLF are both graded against the same 18 Financials (Broad) funds, so their Grades compare head to head.

Financials (Broad)⁠

Category · 18 funds

See all 18 ›

XLF ranks 1st and RSPF 11th of 18 funds in the Financials (Broad) Category.

Rank 1AXLFState Street Financial Select Sector SPDR ETFScore 82
Rank 2AFNCLFidelity MSCI Financials Index ETFScore 76
Rank 10BFXOFirst Trust Financials AlphaDEX FundScore 56
Rank 11CRSPFInvesco S&P 500 Equal Weight Financials ETFScore 53
Rank 12CIYGiShares U.S. Financial Services ETFScore 50

Our read on each fund

ETF.net Research

RSPFCInvesco S&P 500 Equal Weight Financials ETF

XLFAState Street Financial Select Sector SPDR ETF

In short

RSPF Most financials funds are really a bet on a few megabanks. RSPF spreads the S&P 500's financial sector evenly across about 80 names, so an insurer or an exchange operator carries the same weight as the biggest bank on the list.

XLF The 1998 original. XLF holds the S&P 500's financial sector, roughly 80 banks, insurers, card networks and exchanges, for 0.08% a year. Not the whole sector, the blue-chip end of it, and one of the most heavily traded ways to own it.

Stated mandate

RSPF The fund is designed to provide equal-weighted exposure to stocks in the financials sector.

XLF The fund seeks to track, before expenses, the price and yield performance of the Financial Select Sector Index.

Why people hold it

RSPF Equal weight, rebalanced quarterly: winners get trimmed and laggards topped back up, instead of letting the largest banks quietly run the portfolio.invesco.com
A 0.40% expense ratio, slightly under the typical fund in the financials cohort, for a rules-based tilt rather than a manager's judgment call.
Sticks closely to the index it names, the S&P 500 Equal Weight Financials, and holds the sector broadly rather than skimming the headline names.
Trading since 2006, so the equal-weight method has been through the 2008 banking blowup and the 2023 regional bank scare with the same rulebook.

XLF At 0.08% a year, XLF sits at the cheap end of financial sector funds, well under the 0.44% cohort median and a hair below Vanguard's VFH at 0.09%.
Trading since December 1998 and heavily traded ever since, so spreads stay tight whether you buy a hundred shares or a hundred thousand.
Simple plumbing: it owns substantially all the stocks in the Financial Select Sector Index in index proportions, and tracks that benchmark closely.sec.gov
One of the strongest implementations in the broad financials group on cost, tradability and index fidelity combined.

Worth knowing

RSPF The tilt costs extra: cap-weighted rivals XLF (0.08%) and VFH (0.09%) charge a fraction of RSPF's 0.40% for plain sector exposure.
Thinly traded next to the sector's biggest funds, which can mean wider bid-ask spreads, especially on larger orders.
Equal weighting leaves more room for regional banks and insurers, so results can diverge from the cap-weighted sector in either direction.invesco.com

XLF S&P 500 members only, so small and mid-sized regional banks are out. VFH and FNCL cast a wider net across the market-cap range.sec.gov
About 80 names in one sector: banks, insurers, capital markets and mortgage REITs all bend to the same rate and credit cycle, so swings run wider than a total-market fund.sec.gov
Cash comes quarterly, not monthly.

Full RSPF profile⁠

Full XLF profile⁠

RSPF vs XLF Holdings

How RSPF and XLF differ

Overlap by weight

52.0%

Shared holdings make up 99.1% of XLF and 97.3% of RSPF.

Level by level

Holdings74 in both52.0%
Sector3 Sectors94.0%
Asset classEquity100%
Countryby domicile99.8%

Sector

Sector weights in RSPF and XLF, widest gap first
Sector	More in RSPFMore in XLF	RSPF	XLF
Financials	XLF +5.9 points	92.3%	98.2%
Technology	RSPF +4.8 points	6.4%	1.6%
Industrials	RSPF +1.1 points	1.3%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in RSPF and XLF, widest gap first
Country	More in RSPFMore in XLF	RSPF	XLF
United States	RSPF +0.2 points	98.6%	98.4%
Switzerland	XLF +0.2 points	1.4%	1.6%

Concentration

Weight in the 10 largest Holdings

RSPF14.6%
XLF57.4%

Securities held

RSPF77
XLF76

Asset class

RSPF: Equity
XLF: Equity

Holdings

Only in RSPF3
In both74
Only in XLF2

Only in RSPF

3 securities, 2.6% of RSPF by weight

Fiserv Inc1.31%
Block Inc1.27%
Invesco Government & Agency Portfolio0.02%

Only in XLF

2 securities, 0.8% of XLF by weight

Block Inc0.52%
Fiserv Inc0.32%

Weight gaps

All 74 Holdings in both funds, largest gap first.

Holding weights in RSPF and XLF, widest gap first
Holding	More in RSPFMore in XLF	RSPF	XLF
Berkshire Hathaway IncBRK.B	XLF +11.18 points	1.41%	12.59%
JPMorgan Chase & CoJPM	XLF +10.11 points	1.28%	11.39%
Visa IncV	XLF +7.26 points	1.47%	8.73%
Mastercard IncMA	XLF +4.93 points	1.48%	6.41%
Bank of America CorpBAC	XLF +3.08 points	1.07%	4.15%
Goldman Sachs Group Inc/TheGS	XLF +2.18 points	1.19%	3.37%
Wells Fargo & CoWFC	XLF +1.96 points	1.24%	3.20%
Morgan StanleyMS	XLF +1.65 points	1.16%	2.81%
Citigroup IncC	XLF +1.43 points	1.20%	2.63%
FactSet Research Systems IncFDS	RSPF +1.37 points	1.51%	0.14%
Erie Indemnity CoERIE	RSPF +1.28 points	1.35%	0.08%
Everest Group LtdEG	RSPF +1.26 points	1.44%	0.18%
Assurant IncAIZ	RSPF +1.20 points	1.38%	0.18%
Jack Henry & Associates IncJKHY	RSPF +1.19 points	1.33%	0.14%
W R Berkley CorpWRB	RSPF +1.17 points	1.38%	0.21%
Franklin Templeton IncBEN	RSPF +1.13 points	1.25%	0.12%
Loews CorpL	RSPF +1.12 points	1.35%	0.23%
Brown & Brown IncBRO	RSPF +1.10 points	1.34%	0.24%
Globe Life IncGL	RSPF +1.09 points	1.24%	0.15%
Cincinnati Financial CorpCINF	RSPF +1.06 points	1.41%	0.35%
Global Payments IncGPN	RSPF +1.06 points	1.30%	0.24%
KeyCorpKEY	RSPF +1.06 points	1.30%	0.24%
Fidelity National Information Services IncFIS	RSPF +1.05 points	1.29%	0.24%
Principal Financial Group IncPFG	RSPF +1.03 points	1.31%	0.28%
Invesco LtdIVZ	RSPF +1.03 points	1.19%	0.16%
T Rowe Price Group IncTROW	RSPF +1.02 points	1.30%	0.28%
Cboe Global Markets IncCBOE	RSPF +1.01 points	1.42%	0.41%
Synchrony FinancialSYF	RSPF +1.00 points	1.31%	0.31%
Arch Capital Group LtdACGL	RSPF +0.98 points	1.42%	0.44%
Willis Towers Watson PLCWTW	RSPF +0.98 points	1.35%	0.37%
Corpay IncCPAY	RSPF +0.96 points	1.29%	0.33%
Regions Financial CorpRF	RSPF +0.96 points	1.27%	0.31%
MSCI IncMSCI	RSPF +0.91 points	1.47%	0.56%
Citizens Financial Group IncCFG	RSPF +0.91 points	1.25%	0.34%
American International Group IncAIG	RSPF +0.90 points	1.43%	0.53%
Nasdaq IncNDAQ	RSPF +0.90 points	1.48%	0.58%
Ares Management CorpARES	RSPF +0.89 points	1.25%	0.36%
Huntington Bancshares Inc/OHHBAN	RSPF +0.86 points	1.26%	0.40%
Raymond James Financial IncRJF	RSPF +0.86 points	1.21%	0.35%
M&T Bank CorpMTB	RSPF +0.84 points	1.24%	0.40%
Northern Trust CorpNTRS	RSPF +0.84 points	1.23%	0.39%
PayPal Holdings IncPYPL	RSPF +0.83 points	1.44%	0.61%
Hartford Insurance Group Inc/TheHIG	RSPF +0.82 points	1.27%	0.45%
Prudential Financial IncPRU	RSPF +0.81 points	1.31%	0.50%
American Express CoAXP	XLF +0.81 points	1.32%	2.13%
Coinbase Global IncCOIN	RSPF +0.76 points	1.21%	0.45%
Interactive Brokers Group IncIBKR	RSPF +0.73 points	1.19%	0.46%
Aflac IncAFL	RSPF +0.73 points	1.42%	0.69%
MetLife IncMET	RSPF +0.71 points	1.38%	0.67%
Charles Schwab Corp/TheSCHW	XLF +0.71 points	1.10%	1.81%
Fifth Third BancorpFITB	RSPF +0.70 points	1.32%	0.62%
Blackrock IncBLK	XLF +0.67 points	1.44%	2.11%
Ameriprise Financial IncAMP	RSPF +0.64 points	1.19%	0.55%
State Street CorpSTT	RSPF +0.59 points	1.19%	0.60%
Arthur J Gallagher & CoAJG	RSPF +0.59 points	1.45%	0.86%
Truist Financial CorpTFC	RSPF +0.54 points	1.29%	0.75%
Aon PLCAON	RSPF +0.54 points	1.39%	0.85%
Allstate Corp/TheALL	RSPF +0.52 points	1.33%	0.81%
Apollo Global Management IncAPO	RSPF +0.49 points	1.19%	0.70%
Moody's CorpMCO	RSPF +0.44 points	1.35%	0.91%
Travelers Cos Inc/TheTRV	RSPF +0.39 points	1.43%	1.04%
KKR & Co IncKKR	RSPF +0.38 points	1.21%	0.83%
Marsh & McLennan Cos IncMRSH	RSPF +0.30 points	1.47%	1.17%
Capital One Financial CorpCOF	XLF +0.30 points	1.30%	1.60%
S&P Global IncSPGI	XLF +0.29 points	1.45%	1.74%
Progressive Corp/ThePGR	XLF +0.26 points	1.41%	1.67%
Intercontinental Exchange IncICE	RSPF +0.23 points	1.37%	1.14%
Chubb LtdCB	XLF +0.18 points	1.41%	1.59%
Robinhood Markets IncHOOD	RSPF +0.15 points	1.05%	0.90%
PNC Financial Services Group Inc/ThePNC	RSPF +0.12 points	1.27%	1.15%
US BancorpUSB	RSPF +0.10 points	1.28%	1.18%
Blackstone IncBX	RSPF +0.10 points	1.23%	1.13%
CME Group IncCME	RSPF +0.09 points	1.42%	1.33%
Bank of New York Mellon Corp/TheBNY	XLF +0.05 points	1.21%	1.26%

All 77 RSPF holdings⁠All 76 XLF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

RSPF vs XLF Cost

Overpaying RSPF vs XLF

$6,401

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

RSPF 0.40%
$8,090
XLF 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

RSPF 0.40%
XLF 0.08%
Overpaying

Year by year

Year	RSPF	XLF	Overpaying
10	$723	$147	$576
20	$2,793	$575	$2,218
30	$8,090	$1,689	$6,401

Expense ratio

0.40%RSPF
0.08%XLF, cheaper

XLF0.08%RSPF0.40%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

XLF cheapest of 18 funds

RSPF 12th cheapest of 18 funds

RSPF vs XLF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RSPF 1.52%, better; XLF 1.46%
Payout (12M): RSPF $1.25; XLF $0.83
Last payment: RSPF $0.29; XLF $0.20
Ex-dividend: RSPF Sep 21, 2026; XLF Sep 21, 2026
Paid on: RSPF Sep 25, 2026; XLF Sep 23, 2026
Frequency: RSPF Quarterly; XLF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RSPFQuarterly · 39 paymentsAll RSPF payments⁠

XLFQuarterly · 39 paymentsAll XLF payments⁠

RSPF vs XLF Risk

Fall from peak · 5 years

RSPF
XLF

Risk facts

VolatilityStd dev, 3 years: RSPF 16.6%XLF 15.0%, better
Return per unit of riskSharpe ratio, 3 years: RSPF 0.95XLF 1.13, better
Worst fallMax drawdown, 5 years: RSPF −27.7%XLF −25.8%, better
Market sensitivityBeta, 5 years: RSPF 0.87XLF 0.75; Market = 1

RSPF and XLF in the news

All news⁠

Deep Dive
Bank earnings week will miss most of what a financials fund owns
Oct 12, 2026RSPFXLF
Top Movers
Natural gas funds lead a flat Tuesday as Micron, J&J and Citigroup fall
Oct 13, 2026XLF
Closing Bell
S&P 500 ends flat as Johnson & Johnson falls 5.7%
Oct 13, 2026XLF
Week Ahead
September CPI and bank earnings arrive two weeks before the Fed decides
Oct 11, 2026XLF
Sector Pulse
Caterpillar and Deere fell as industrials dropped 2.2%
Oct 7, 2026XLF
Behind the Index
Apple, Microsoft, Nvidia, Amazon and Alphabet rose, and the S&P 500 fund still fell
Sep 30, 2026XLF

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