HXL vs RSP: Correlation
Hexcel Corporation (HXL) and Invesco S&P 500 Equal Weight ETF (RSP) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HXL and RSP?
On 3 years of weekly data the HXL/RSP correlation comes out at 0.62, strong. The past 12 months show a weaker link (0.50) than the 3-year average (0.62). The 5-year figure is 0.64, and annualized covariance runs at 247.8 %².
In HXL's tracked universe of 10 assets, RSP sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months HXL outperformed by 30.9 percentage points (+50.1% for HXL against +19.2% for RSP). Risk is not evenly split, since HXL carries 2.3 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.
HXL vs RSP: side by side
| HXL (Hexcel Corporation) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +50.1% | +19.2% |
| 5-year return | +74.4% | +53.9% |
| Volatility (ann.) | 30.4% | 13.2% |
| Beta vs S&P 500 | 1.15 | 0.77 |
| Max drawdown (3Y) | -37.8% | -17.8% |
| Market cap | $7.2B | – |
| P/E (trailing) | 47.8 | – |
| Dividend yield | 0.74% | 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 | HXL | RSP |
|---|---|---|
| 2022 | +14.4% | -11.6% |
| 2023 | +26.2% | +13.7% |
| 2024 | -14.2% | +12.8% |
| 2025 | +19.2% | +11.2% |
| 2026 | +28.9% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HXL and RSP good diversifiers for each other?
Only partially. A correlation of 0.62 means HXL 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 HXL and RSP?
The HXL/RSP correlation stands at 0.62 on a 3-year window (1 year: 0.50, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for HXL?
Only partially. A correlation of 0.62 means HXL 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 0.62 mean?
A reading of 0.62 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/hxl-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hxl-vs-rsp/)
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Related comparisons
Hubs: HXL correlations · RSP correlations
