HEQ vs RSP: Correlation
How closely do John Hancock Diversified Income Fund (HEQ) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HEQ and RSP?
Across a 3-year window, the weekly returns of HEQ and RSP correlate at 0.75, strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Stretching to 5 years gives 0.55, with an annualized covariance of 122.6 %².
Among the 13 assets we track against HEQ, RSP ranks #4 by 3-year correlation. Neither side won the trailing year by much: +20.8% against +19.2%.
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.
HEQ vs RSP: side by side
| HEQ (John Hancock Diversified Income Fund) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +20.8% | +19.2% |
| 5-year return | +43.5% | +53.9% |
| Volatility (ann.) | 12.3% | 13.2% |
| Beta vs S&P 500 | 0.59 | 0.77 |
| Max drawdown (3Y) | -11.5% | -17.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 7.6 | – |
| Dividend yield | 0.00% | 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 | HEQ | RSP |
|---|---|---|
| 2022 | -3.1% | -11.6% |
| 2023 | -3.1% | +13.7% |
| 2024 | +11.7% | +12.8% |
| 2025 | +15.6% | +11.2% |
| 2026 | +15.5% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HEQ and RSP good diversifiers for each other?
Only partially. A correlation of 0.75 means HEQ 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 HEQ and RSP?
As of 2026-08-27, the correlation of weekly returns between HEQ and RSP is 0.75 over 3 years, 0.73 over 1 year and 0.55 over 5 years.
Is RSP a good diversifier for HEQ?
Only partially. A correlation of 0.75 means HEQ 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 0.75 mean?
A reading of 0.75 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/heq-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/heq-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HEQ correlations · RSP correlations
