CARR vs RSP: Correlation
How closely do Carrier Global (CARR) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and RSP?
Across a 3-year window, the weekly returns of CARR and RSP correlate at 0.59, moderate. The link has loosened recently: the 1-year correlation (0.36) runs below the 3-year figure (0.59). Stretching to 5 years gives 0.65, with an annualized covariance of 254.8 %².
By 3-year correlation, RSP places #9 of the 29 assets tracked against CARR. The last year tells two different stories: RSP led by 30.8 percentage points, -11.6% for CARR against +19.2% for RSP. On a rolling one-year basis the correlation drifted between 0.36 and 0.74, a moderate band. Risk is not evenly split, since CARR carries 2.5 times the volatility of the other side.
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.
CARR vs RSP: side by side
| CARR (Carrier Global) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | -11.6% | +19.2% |
| 5-year return | +8.8% | +53.9% |
| Volatility (ann.) | 32.6% | 13.2% |
| Beta vs S&P 500 | 1.21 | 0.77 |
| Max drawdown (3Y) | -38.1% | -17.8% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Industrials | 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 | CARR | RSP |
|---|---|---|
| 2022 | -22.7% | -11.6% |
| 2023 | +41.5% | +13.7% |
| 2024 | +20.3% | +12.8% |
| 2025 | -21.8% | +11.2% |
| 2026 | +12.6% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CARR represents 0.16% of RSP's portfolio, so part of any move in RSP is CARR itself, and the correlation between them is partly mechanical.
Are CARR and RSP good diversifiers for each other?
Only partially. A correlation of 0.59 means CARR 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 CARR and RSP?
As of 2026-08-27, the correlation of weekly returns between CARR and RSP is 0.59 over 3 years, 0.36 over 1 year and 0.65 over 5 years.
Is RSP a good diversifier for CARR?
Only partially. A correlation of 0.59 means CARR 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 0.59 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/carr-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/carr-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CARR correlations · RSP correlations
