EARN vs RSP: Correlation
How closely do Ellington Credit Company (EARN) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EARN and RSP?
Across a 3-year window, the weekly returns of EARN and RSP correlate at 0.67, strong. Lately the two have drifted apart, with the 1-year correlation at 0.54 versus 0.67 over 3 years. Stretching to 5 years gives 0.69, with an annualized covariance of 218.2 %².
Few assets follow EARN as closely as RSP, which ranks #2 of 14 tracked partners. Correlation aside, the last 12 months split them widely, with RSP ahead by 27.1 points (-7.9% versus +19.2%). One caveat on sizing: EARN is 1.9 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.
EARN vs RSP: side by side
| EARN (Ellington Credit Company) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | -7.9% | +19.2% |
| 5-year return | -17.5% | +53.9% |
| Volatility (ann.) | 24.8% | 13.2% |
| Beta vs S&P 500 | 0.92 | 0.77 |
| Max drawdown (3Y) | -31.2% | -17.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 15.9 | – |
| Dividend yield | 21.57% | 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 | EARN | RSP |
|---|---|---|
| 2022 | -25.0% | -11.6% |
| 2023 | +3.0% | +13.7% |
| 2024 | +24.6% | +12.8% |
| 2025 | -5.9% | +11.2% |
| 2026 | -5.0% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EARN and RSP good diversifiers for each other?
Only partially. A correlation of 0.67 means EARN 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 EARN and RSP?
The EARN/RSP correlation stands at 0.67 on a 3-year window (1 year: 0.54, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for EARN?
Only partially. A correlation of 0.67 means EARN 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 0.67 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/earn-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/earn-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EARN correlations · RSP correlations
