GWRS vs RSP: Correlation
How closely do Global Water Resources, Inc. (GWRS) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWRS and RSP?
Over the past 3 years, GWRS and RSP moved with a correlation of 0.54, which is moderate. The link has loosened recently: the 1-year correlation (0.44) runs below the 3-year figure (0.54). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 202.5 %².
Among the 11 assets we track against GWRS, RSP ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RSP outperformed by 20.8 percentage points (-1.6% for GWRS against +19.2% for RSP). One caveat on sizing: GWRS is 2.2 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.
GWRS vs RSP: side by side
| GWRS (Global Water Resources, Inc.) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | -1.6% | +19.2% |
| 5-year return | -47.4% | +53.9% |
| Volatility (ann.) | 28.4% | 13.2% |
| Beta vs S&P 500 | 0.67 | 0.77 |
| Max drawdown (3Y) | -48.4% | -17.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 83.4 | – |
| Dividend yield | 3.28% | 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 | GWRS | RSP |
|---|---|---|
| 2022 | -20.7% | -11.6% |
| 2023 | +1.0% | +13.7% |
| 2024 | -10.0% | +12.8% |
| 2025 | -24.4% | +11.2% |
| 2026 | +11.3% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWRS and RSP good diversifiers for each other?
Only partially. A correlation of 0.54 means GWRS 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 GWRS and RSP?
As of 2026-08-27, the correlation of weekly returns between GWRS and RSP is 0.54 over 3 years, 0.44 over 1 year and 0.46 over 5 years.
Is RSP a good diversifier for GWRS?
Only partially. A correlation of 0.54 means GWRS and RSP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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/gwrs-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gwrs-vs-rsp/)
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Related comparisons
Hubs: GWRS correlations · RSP correlations
