HD vs RSP: Correlation
Measured on weekly returns over the past three years, Home Depot (The) (HD) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HD and RSP?
Across a 3-year window, the weekly returns of HD and RSP correlate at 0.68, strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.68 over 3. Stretching to 5 years gives 0.65, with an annualized covariance of 211.8 %².
By 3-year correlation, RSP places #14 of the 54 assets tracked against HD. Correlation aside, the last 12 months split them widely, with RSP ahead by 36.6 points (-17.4% versus +19.2%). Stability stands out here, with the rolling one-year correlation confined to 0.57 through 0.79. Risk is not evenly split, since HD carries 1.8 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.
HD vs RSP: side by side
| HD (Home Depot (The)) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | -17.4% | +19.2% |
| 5-year return | +13.8% | +53.9% |
| Volatility (ann.) | 23.6% | 13.2% |
| Beta vs S&P 500 | 0.87 | 0.77 |
| Max drawdown (3Y) | -28.8% | -17.8% |
| Market cap | $327.9B | – |
| P/E (trailing) | 23.4 | – |
| Dividend yield | 1.38% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Consumer Discretionary | 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 | HD | RSP |
|---|---|---|
| 2022 | -22.0% | -11.6% |
| 2023 | +12.8% | +13.7% |
| 2024 | +15.0% | +12.8% |
| 2025 | -9.3% | +11.2% |
| 2026 | -3.1% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
HD represents 0.2% of RSP's portfolio, so part of any move in RSP is HD itself, and the correlation between them is partly mechanical.
Are HD and RSP good diversifiers for each other?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HD and RSP?
As of 2026-08-27, the correlation of weekly returns between HD and RSP is 0.68 over 3 years, 0.71 over 1 year and 0.65 over 5 years.
Is RSP a good diversifier for HD?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hd-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hd-vs-rsp/)
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Related comparisons
Hubs: HD correlations · RSP correlations
