EWJ vs RSP: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI Japan ETF (EWJ) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.66, a strong link. Looking through to holdings, 0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and RSP?
Over the past 3 years, EWJ and RSP moved with a correlation of 0.66, which is strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 171.8 %².
By 3-year correlation, RSP places #27 of the 70 assets tracked against EWJ. Over the last 12 months EWJ came out ahead by 7.9 percentage points (+27.1% against +19.2%). The rolling one-year correlation stayed in a tight band between 0.56 and 0.79 over the past three years, which points to a structural rather than episodic relationship.
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.
EWJ vs RSP: side by side
| EWJ (iShares MSCI Japan ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +27.1% | +19.2% |
| 5-year return | +58.6% | +53.9% |
| Volatility (ann.) | 19.6% | 13.2% |
| Beta vs S&P 500 | 0.94 | 0.77 |
| Max drawdown (3Y) | -14.7% | -17.8% |
| Dividend yield | 3.86% | 1.49% |
| Expense ratio | 0.49% | 0.20% |
| Assets under management | $21.8B | $97.3B |
| Sector / category | ETF · International | ETF · US Large Cap |
EWJ, iShares's Japan Stock fund, carries $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% 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 EWJ and RSP
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%). 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.
Year-by-year returns
| Year | EWJ | RSP |
|---|---|---|
| 2022 | -17.7% | -11.6% |
| 2023 | +20.3% | +13.7% |
| 2024 | +7.0% | +12.8% |
| 2025 | +25.8% | +11.2% |
| 2026 | +19.3% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and RSP good diversifiers for each other?
Only partially. A correlation of 0.66 means EWJ 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 EWJ and RSP?
The EWJ/RSP correlation stands at 0.66 on a 3-year window (1 year: 0.66, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for EWJ?
Only partially. A correlation of 0.66 means EWJ and RSP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do EWJ and RSP overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ewj-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EWJ correlations · RSP correlations
