HPQ vs RSP: Correlation
HP Inc. (HPQ) and Invesco S&P 500 Equal Weight ETF (RSP) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPQ and RSP?
Across a 3-year window, the weekly returns of HPQ and RSP correlate at 0.51, moderate. The past 12 months show a weaker link (0.33) than the 3-year average (0.51). Stretching to 5 years gives 0.54, with an annualized covariance of 231.3 %².
By 3-year correlation, RSP places #9 of the 28 assets tracked against HPQ. Neither side won the trailing year by much: +14.9% against +19.2%. Across three years, the rolling one-year figure varied moderately, from 0.34 to 0.71. One caveat on sizing: HPQ is 2.6 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.
HPQ vs RSP: side by side
| HPQ (HP Inc.) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +14.9% | +19.2% |
| 5-year return | +19.9% | +53.9% |
| Volatility (ann.) | 34.2% | 13.2% |
| Beta vs S&P 500 | 1.15 | 0.77 |
| Max drawdown (3Y) | -51.2% | -17.8% |
| Market cap | $26.7B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 0.00% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Information Technology | 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 | HPQ | RSP |
|---|---|---|
| 2022 | -26.4% | -11.6% |
| 2023 | +16.1% | +13.7% |
| 2024 | +12.1% | +12.8% |
| 2025 | -28.7% | +11.2% |
| 2026 | +36.8% | +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 HPQ at a 0.23% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are HPQ and RSP good diversifiers for each other?
Only partially. A correlation of 0.51 means HPQ 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 HPQ and RSP?
As of 2026-08-27, the correlation of weekly returns between HPQ and RSP is 0.51 over 3 years, 0.33 over 1 year and 0.54 over 5 years.
Is RSP a good diversifier for HPQ?
Only partially. A correlation of 0.51 means HPQ 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 0.51 mean?
A reading of 0.51 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/hpq-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hpq-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HPQ correlations · RSP correlations
