ASO vs RSP: Correlation
Measured on weekly returns over the past three years, Academy Sports and Outdoors, Inc. (ASO) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and RSP?
Across a 3-year window, the weekly returns of ASO and RSP correlate at 0.56, moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 293.3 %².
RSP is one of the assets that tracks ASO most closely: it ranks #1 out of the 16 assets we track against ASO. Correlation aside, the last 12 months split them widely, with RSP ahead by 42.7 points (-23.5% versus +19.2%). One caveat on sizing: ASO is 3.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ASO vs RSP: side by side
| ASO (Academy Sports and Outdoors, Inc.) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | -23.5% | +19.2% |
| 5-year return | +2.0% | +53.9% |
| Volatility (ann.) | 39.7% | 13.2% |
| Beta vs S&P 500 | 1.26 | 0.77 |
| Max drawdown (3Y) | -54.2% | -17.8% |
| Market cap | $2.6B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 1.29% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | US Listed | 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 | ASO | RSP |
|---|---|---|
| 2022 | +20.6% | -11.6% |
| 2023 | +26.4% | +13.7% |
| 2024 | -12.2% | +12.8% |
| 2025 | -12.2% | +11.2% |
| 2026 | -14.2% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and RSP good diversifiers for each other?
Only partially. A correlation of 0.56 means ASO and RSP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ASO and RSP?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.48 over the last year and 0.53 over 5 years.
Is RSP a good diversifier for ASO?
Only partially. A correlation of 0.56 means ASO and RSP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 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/aso-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aso-vs-rsp/)
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Related comparisons
Hubs: ASO correlations · RSP correlations
