GPN vs RSP: Correlation
Measured on weekly returns over the past three years, Global Payments (GPN) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPN and RSP?
Across a 3-year window, the weekly returns of GPN and RSP correlate at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 275.2 %².
Among the 39 assets we track against GPN, RSP ranks #4 by 3-year correlation. The trailing year gives RSP the advantage: +7.0% versus +19.2%, a 12.2-point spread. The rolling one-year correlation moved between 0.39 and 0.69 over the past three years, a moderate range. Note the risk asymmetry: GPN runs 2.7 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.
GPN vs RSP: side by side
| GPN (Global Payments) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +7.0% | +19.2% |
| 5-year return | -39.6% | +53.9% |
| Volatility (ann.) | 35.9% | 13.2% |
| Beta vs S&P 500 | 1.22 | 0.77 |
| Max drawdown (3Y) | -54.0% | -17.8% |
| Market cap | $24.5B | – |
| P/E (trailing) | 44.0 | – |
| Dividend yield | 1.08% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Financials | 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 | GPN | RSP |
|---|---|---|
| 2022 | -25.9% | -11.6% |
| 2023 | +29.0% | +13.7% |
| 2024 | -11.0% | +12.8% |
| 2025 | -30.1% | +11.2% |
| 2026 | +20.7% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that RSP holds GPN at a 0.28% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are GPN and RSP good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GPN and RSP?
The GPN/RSP correlation stands at 0.58 on a 3-year window (1 year: 0.54, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for GPN?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 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.
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Related comparisons
Hubs: GPN correlations · RSP correlations
