FXI vs RSP: Correlation & Overlap
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.37, a moderate link. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and RSP?
Across a 3-year window, the weekly returns of FXI and RSP correlate at 0.37, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 123.7 %².
Within FXI's tracked universe of 74 assets, RSP comes in at #29 by 3-year correlation. The last year tells two different stories: RSP led by 25.3 percentage points, -6.1% for FXI against +19.2% for RSP. The rolling one-year correlation moved between 0.28 and 0.65 over the past three years, a moderate range. One caveat on sizing: FXI 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.
FXI vs RSP: side by side
| FXI (iShares China Large-Cap ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | -6.1% | +19.2% |
| 5-year return | -1.4% | +53.9% |
| Volatility (ann.) | 25.3% | 13.2% |
| Beta vs S&P 500 | 0.68 | 0.77 |
| Max drawdown (3Y) | -23.2% | -17.8% |
| Dividend yield | 1.87% | 1.49% |
| Expense ratio | 0.73% | 0.20% |
| Assets under management | $4.3B | $97.3B |
| Sector / category | ETF · International | ETF · US Large Cap |
On the fund side, FXI sits in the Greater China Region category at iShares, with $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% 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 FXI 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 FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). 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 | FXI | RSP |
|---|---|---|
| 2022 | -20.7% | -11.6% |
| 2023 | -12.4% | +13.7% |
| 2024 | +29.0% | +12.8% |
| 2025 | +28.9% | +11.2% |
| 2026 | -7.3% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and RSP good diversifiers for each other?
Reasonably. At 0.37, FXI and RSP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FXI and RSP?
The FXI/RSP correlation stands at 0.37 on a 3-year window (1 year: 0.41, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for FXI?
Reasonably. At 0.37, FXI and RSP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do FXI and RSP overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxi-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fxi-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FXI correlations · RSP correlations
