Canon just announced a compact version of its EOS R camera, the EOS RP Mirrorless Camera. For the layman, this is the company’s new entry-level full-frame mirrorless camera. It’s also its lightest and smallest full-frame, ever.

But the most interesting thing about the EOS RP is its price. The camera starts at just $1,299 (body only), undercutting the Sony equivalent, A7III, which starts at $1,998 (body only), by roughly 40 percent. So if you’re attracted by the versatility of full-frame mirrorless cameras, as well as the interchangeability of the lens, the Canon EOS R camera looks to be the most cost effective route.

The EOS RP shares quite a bit in common with the EOS R camera, its larger and more expensive sibling released in October. They both have the same Digic 8 image processor, electronic viewfinder, dual-pixel autofocus system and articulating touchscreen; they can shoot 4K video at up to 24 frames per second and feature USB-C charging, as well as built-in Bluetooth and Wi-Fi support; there are headphone and microphone jacks, too.

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The key differences between the two cameras basically come down to size, price and picture quality. The EOS RP has a smaller 26.2-megapixel sensor compared to the EOS R’s 30.3-megapixel sensor (think 5D Mark IV vs 6D Mark II), so it won’t be able to achieve quite the same levels of resolution. But the EOS RP is also smaller, lighter and more portable, weighing 1.07 pounds versus the EOS R’s 1.46 pounds. Both cameras use the same RF-mount lenses. Canon also announced six new ones yesterday and, honestly, they look amazing, especially the compact and pro-minded 70-200 f/2.8.

The EOS RP can be purchased as a kit with the RF 24-105mm f/4 lens ($2,199), or with the EF-EOS R Mount Adapter and the EF 24-105mm f/3.5-5.6 IS STM lens ($1,699).

In other caemra news, Fujifilm just announced the X-T30, a smaller version of its X-T3 APS-C mirrorless camera. It starts at just $899 — or you can pair it with the 18-55mm kit lens for $1,299. The X-T30 has the same 26.1-megapixel sensor and quad-core X-Processor as the X-T3, packed into a body that’s almost half the size. There are a few trade-offs, as you’d expect, as the ISO and shutter speed dials have been taken away. It’s also not as good at shooting video. If you’re an amateur and looking or an even more affordable mirrorless camera, Fuji’s X-T30 compact shooter might be the way to go.