adobe photoshop - Copy the result of an effect on one layer to a new layer

I have a rectangular shape that has a colour overlay and drop shadow in a layer. Now, I want to create a new layer containing only a rasterized version of the effect from the current layer.

To put it simply:

Layer 1: Shape + shape-drop-shadow; (Create new Layer 2) Layer 2: shape-drop-shadow;

Meaning, I'm not looking for how to copy effects between layers, but rather the actual result of the effect of one layer to a new layer.

Answer

Try the following:

1. Select the layer you want to copy.


2. CTRL+J to duplicate it.


3. Right-click the new layer and select Rasterize Layer Style.


4. CTRL+ click the shape icon in the new layer in the layer palette to select it and press DELETE to keep just the effect.

EDIT: Missed the part about the color overlay, my answer works for the drop shadow and other effects outside of the shape.