APD vs RSP: Correlation
Air Products (APD) and Invesco S&P 500 Equal Weight ETF (RSP) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and RSP?
On 3 years of weekly data the APD/RSP correlation comes out at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.47 over 3 years. The 5-year figure is 0.53, and annualized covariance runs at 166.1 %².
By 3-year correlation, RSP places #8 of the 33 assets tracked against APD. The trailing year gives RSP the advantage: +6.5% versus +19.2%, a 12.7-point spread. On a rolling one-year basis the correlation drifted between 0.25 and 0.72, a moderate band. Note the risk asymmetry: APD runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
APD vs RSP: side by side
| APD (Air Products) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +6.5% | +19.2% |
| 5-year return | +28.2% | +53.9% |
| Volatility (ann.) | 26.7% | 13.2% |
| Beta vs S&P 500 | 0.64 | 0.77 |
| Max drawdown (3Y) | -30.4% | -17.8% |
| Market cap | $68.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Materials | ETF · US Large Cap |
On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Year-by-year returns
| Year | APD | RSP |
|---|---|---|
| 2022 | +3.9% | -11.6% |
| 2023 | -9.0% | +13.7% |
| 2024 | +8.1% | +12.8% |
| 2025 | -12.7% | +11.2% |
| 2026 | +26.1% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that RSP holds APD at a 0.21% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are APD and RSP good diversifiers for each other?
Reasonably. At 0.47, APD and RSP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between APD and RSP?
The APD/RSP correlation stands at 0.47 on a 3-year window (1 year: 0.24, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for APD?
Reasonably. At 0.47, APD and RSP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apd-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apd-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APD correlations · RSP correlations
