ELAN vs RSP: Correlation
How closely do Elanco Animal Health Incorporated (ELAN) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELAN and RSP?
Over the past 3 years, ELAN and RSP moved with a correlation of 0.47, which is moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.47 over 3. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 280.6 %².
Within ELAN's tracked universe of 11 assets, RSP comes in at #4 by 3-year correlation. On 12-month performance ELAN holds a 13.2-point edge, +32.4% against +19.2%. Note the risk asymmetry: ELAN runs 3.4 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.
ELAN vs RSP: side by side
| ELAN (Elanco Animal Health Incorporated) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +32.4% | +19.2% |
| 5-year return | -26.8% | +53.9% |
| Volatility (ann.) | 44.8% | 13.2% |
| Beta vs S&P 500 | 1.18 | 0.77 |
| Max drawdown (3Y) | -56.1% | -17.8% |
| Market cap | $12.2B | – |
| 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 | ELAN | RSP |
|---|---|---|
| 2022 | -56.9% | -11.6% |
| 2023 | +21.9% | +13.7% |
| 2024 | -18.7% | +12.8% |
| 2025 | +86.9% | +11.2% |
| 2026 | +8.2% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELAN and RSP good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELAN and RSP?
As of 2026-08-27, the correlation of weekly returns between ELAN and RSP is 0.47 over 3 years, 0.38 over 1 year and 0.50 over 5 years.
Is RSP a good diversifier for ELAN?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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/elan-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/elan-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELAN correlations · RSP correlations
