We study the performance of neural network models on random geometric transformations and adversarial perturbations. Invariance means that the model's prediction remains unchanged when a geometric transformation is applied to an input. Adversarial robustness means that the model's prediction remains unchanged after small adversarial perturbations of an input. In this paper, we show a quantitative trade-off between rotation invariance and robustness. We empirically study the following two cases: (a) change in adversarial robustness as we improve only the invariance of equivariant models via training augmentation, (b) change in invariance as we improve only the adversarial robustness using adversarial training. We observe that the rotation invariance of equivariant models (StdCNNs and GCNNs) improves by training augmentation with progressively larger random rotations but while doing so, their adversarial robustness drops progressively, and very significantly on MNIST. We take adversarially trained LeNet and ResNet models which have good $L_\infty$ adversarial robustness on MNIST and CIFAR-10, respectively, and observe that adversarial training with progressively larger perturbations results in a progressive drop in their rotation invariance profiles. Similar to the trade-off between accuracy and robustness known in previous work, we give a theoretical justification for the invariance vs. robustness trade-off observed in our experiments.