HYG vs RSP: Correlation
Measured on weekly returns over the past three years, iShares iBoxx High Yield Corporate Bond ETF (HYG) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and RSP?
On 3 years of weekly data the HYG/RSP correlation comes out at 0.77, strong. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. The 5-year figure is 0.79, and annualized covariance runs at 48.0 %².
RSP is one of the assets that tracks HYG most closely: it ranks #2 out of the 46 assets we track against HYG. The trailing year gives RSP the advantage: +4.6% versus +19.2%, a 14.6-point spread. Stability stands out here, with the rolling one-year correlation confined to 0.66 through 0.88. Risk is not evenly split, since RSP carries 2.8 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.
HYG vs RSP: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +4.6% | +19.2% |
| 5-year return | +19.9% | +53.9% |
| Volatility (ann.) | 4.7% | 13.2% |
| Beta vs S&P 500 | 0.22 | 0.77 |
| Max drawdown (3Y) | -4.6% | -17.8% |
| Dividend yield | 5.94% | 1.49% |
| Expense ratio | 0.49% | 0.20% |
| Assets under management | $17.1B | $97.3B |
| Sector / category | ETF · Bonds | ETF · US Large Cap |
On the fund side, HYG sits in the High Yield Bond category at iShares, with $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield. 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 | HYG | RSP |
|---|---|---|
| 2022 | -11.0% | -11.6% |
| 2023 | +11.5% | +13.7% |
| 2024 | +8.0% | +12.8% |
| 2025 | +8.6% | +11.2% |
| 2026 | +2.5% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and RSP good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HYG and RSP?
As of 2026-08-27, the correlation of weekly returns between HYG and RSP is 0.77 over 3 years, 0.80 over 1 year and 0.79 over 5 years.
Is RSP a good diversifier for HYG?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 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/hyg-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hyg-vs-rsp/)
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Related comparisons
Hubs: HYG correlations · RSP correlations
