CCO vs RSP: Correlation
Measured on weekly returns over the past three years, Clear Channel Outdoor Holdings, Inc. (CCO) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCO and RSP?
Across a 3-year window, the weekly returns of CCO and RSP correlate at 0.43, moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.43 over 3. Stretching to 5 years gives 0.45, with an annualized covariance of 274.9 %².
Within CCO's tracked universe of 11 assets, RSP comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CCO ahead by 69.0 points (+88.2% versus +19.2%). Note the risk asymmetry: CCO runs 3.7 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.
CCO vs RSP: side by side
| CCO (Clear Channel Outdoor Holdings, Inc.) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +88.2% | +19.2% |
| 5-year return | -6.3% | +53.9% |
| Volatility (ann.) | 48.4% | 13.2% |
| Beta vs S&P 500 | 1.25 | 0.77 |
| Max drawdown (3Y) | -57.1% | -17.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | CCO | RSP |
|---|---|---|
| 2022 | -68.3% | -11.6% |
| 2023 | +73.3% | +13.7% |
| 2024 | -24.7% | +12.8% |
| 2025 | +61.3% | +11.2% |
| 2026 | +8.1% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCO and RSP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CCO and RSP?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.35 over the last year and 0.45 over 5 years.
Is RSP a good diversifier for CCO?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 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/cco-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cco-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CCO correlations · RSP correlations
