IEMG vs RSP: Correlation & Overlap
How closely do iShares Core MSCI Emerging Markets ETF (IEMG) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong. By holdings, the two funds overlap 0.1% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEMG and RSP?
On 3 years of weekly data the IEMG/RSP correlation comes out at 0.63, strong. Little has changed lately, as the 1-year reading of 0.61 lands near the 3-year figure. The 5-year figure is 0.63, and annualized covariance runs at 143.9 %².
By 3-year correlation, RSP places #31 of the 68 assets tracked against IEMG. Correlation aside, the last 12 months split them widely, with IEMG ahead by 16.8 points (+36.0% versus +19.2%). On a rolling one-year basis the correlation drifted between 0.48 and 0.78, a moderate band.
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.
IEMG vs RSP: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +36.0% | +19.2% |
| 5-year return | +50.7% | +53.9% |
| Volatility (ann.) | 17.4% | 13.2% |
| Beta vs S&P 500 | 0.84 | 0.77 |
| Max drawdown (3Y) | -17.2% | -17.8% |
| Dividend yield | 2.31% | 1.49% |
| Expense ratio | 0.09% | 0.20% |
| Assets under management | $152.2B | $97.3B |
| Sector / category | ETF · International | ETF · US Large Cap |
IEMG is a Diversified Emerging Mkts fund from iShares: $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% 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.
Portfolio overlap between IEMG and RSP
The two portfolios are largely distinct. Weighing the shared positions, 0.1% of the two funds is identical, spread across 7 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in IEMG | Weight in RSP |
|---|---|---|
| HAL | 0.06% | 0.16% |
| BDX | 0.02% | 0.24% |
| TEL | 0.01% | 0.19% |
| ECL | 0.01% | 0.21% |
| LULU | 0.01% | 0.18% |
| SRE | 0.01% | 0.17% |
| CCL | 0.01% | 0.18% |
Largest positions held only by IEMG: 2330 (13.28%), 005930 (6.27%), 000660 (4.78%), 700 (2.49%), 9988 (1.77%). Only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 7 common positions shown.
Year-by-year returns
| Year | IEMG | RSP |
|---|---|---|
| 2022 | -20.0% | -11.6% |
| 2023 | +11.5% | +13.7% |
| 2024 | +6.5% | +12.8% |
| 2025 | +32.6% | +11.2% |
| 2026 | +23.6% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and RSP good diversifiers for each other?
To a limited degree. At 0.63 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 IEMG and RSP?
As of 2026-08-27, the correlation of weekly returns between IEMG and RSP is 0.63 over 3 years, 0.61 over 1 year and 0.63 over 5 years.
Is RSP a good diversifier for IEMG?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do IEMG and RSP overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.1% by weight over 7 common positions.
Use this data
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Related comparisons
Hubs: IEMG correlations · RSP correlations
