EXR vs RSP: Correlation
Measured on weekly returns over the past three years, Extra Space Storage (EXR) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXR and RSP?
Across a 3-year window, the weekly returns of EXR and RSP correlate at 0.60, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Stretching to 5 years gives 0.60, with an annualized covariance of 204.7 %².
By 3-year correlation, RSP places #14 of the 33 assets tracked against EXR. The trailing year gives RSP the advantage: +5.6% versus +19.2%, a 13.6-point spread. The rolling one-year correlation stayed in a tight band between 0.51 and 0.69 over the past three years, which points to a structural rather than episodic relationship. Risk is not evenly split, since EXR carries 2.0 times the volatility of the other side.
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.
EXR vs RSP: side by side
| EXR (Extra Space Storage) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +5.6% | +19.2% |
| 5-year return | -6.1% | +53.9% |
| Volatility (ann.) | 26.0% | 13.2% |
| Beta vs S&P 500 | 0.68 | 0.77 |
| Max drawdown (3Y) | -29.4% | -17.8% |
| Market cap | $31.5B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 4.50% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Real Estate | 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 | EXR | RSP |
|---|---|---|
| 2022 | -32.8% | -11.6% |
| 2023 | +13.9% | +13.7% |
| 2024 | -2.8% | +12.8% |
| 2025 | -8.9% | +11.2% |
| 2026 | +12.1% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.18% of RSP is EXR itself, so the fund partly moves with the stock by construction.
Are EXR and RSP good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EXR and RSP?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.63 over the last year and 0.60 over 5 years.
Is RSP a good diversifier for EXR?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/exr-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/exr-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EXR correlations · RSP correlations
