EEM vs RSP: Correlation & Overlap
iShares MSCI Emerging Markets ETF (EEM) and Invesco S&P 500 Equal Weight ETF (RSP) show a strong relationship: their 3-year correlation of weekly returns is 0.62. The two funds also share 0.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEM and RSP?
On 3 years of weekly data the EEM/RSP correlation comes out at 0.62, strong. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 146.2 %².
By 3-year correlation, RSP places #31 of the 67 assets tracked against EEM. Their recent paths diverged sharply: over the last 12 months EEM outperformed by 18.9 percentage points (+38.1% for EEM against +19.2% for RSP). On a rolling one-year basis the correlation drifted between 0.48 and 0.78, a moderate band.
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.
EEM vs RSP: side by side
| EEM (iShares MSCI Emerging Markets ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +38.1% | +19.2% |
| 5-year return | +47.1% | +53.9% |
| Volatility (ann.) | 18.0% | 13.2% |
| Beta vs S&P 500 | 0.85 | 0.77 |
| Max drawdown (3Y) | -17.3% | -17.8% |
| Dividend yield | 1.73% | 1.49% |
| Expense ratio | 0.72% | 0.20% |
| Assets under management | $29.2B | $97.3B |
| Sector / category | ETF · International | ETF · US Large Cap |
EEM, iShares's Diversified Emerging Mkts fund, carries $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% trailing dividend yield. 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.
Portfolio overlap between EEM and RSP
The two portfolios are largely distinct, with 3 holdings in common adding up to 0.1% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by EEM: 2330 (15.14%), 005930 (7.15%), 000660 (5.45%), 700 (2.83%), 9988 (2.02%). Only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 3 common positions shown.
Year-by-year returns
| Year | EEM | RSP |
|---|---|---|
| 2022 | -20.6% | -11.6% |
| 2023 | +8.9% | +13.7% |
| 2024 | +6.5% | +12.8% |
| 2025 | +34.0% | +11.2% |
| 2026 | +24.2% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEM and RSP good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EEM and RSP?
The EEM/RSP correlation stands at 0.62 on a 3-year window (1 year: 0.59, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for EEM?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do EEM and RSP overlap?
0.1% by weight, across 3 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eem-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eem-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EEM correlations · RSP correlations
