IR vs RSP: Correlation
How closely do Ingersoll Rand (IR) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IR and RSP?
Across a 3-year window, the weekly returns of IR and RSP correlate at 0.70, strong. The past 12 months show a weaker link (0.56) than the 3-year average (0.70). Stretching to 5 years gives 0.70, with an annualized covariance of 273.7 %².
Within IR's tracked universe of 61 assets, RSP comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RSP outperformed by 21.2 percentage points (-2.0% for IR against +19.2% for RSP). Across three years, the rolling one-year figure varied moderately, from 0.58 to 0.85. One caveat on sizing: IR is 2.3 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.
IR vs RSP: side by side
| IR (Ingersoll Rand) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | -2.0% | +19.2% |
| 5-year return | +49.2% | +53.9% |
| Volatility (ann.) | 29.8% | 13.2% |
| Beta vs S&P 500 | 1.17 | 0.77 |
| Max drawdown (3Y) | -36.6% | -17.8% |
| Market cap | $30.6B | – |
| P/E (trailing) | 32.6 | – |
| Dividend yield | 0.15% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Industrials | 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 | IR | RSP |
|---|---|---|
| 2022 | -15.4% | -11.6% |
| 2023 | +48.2% | +13.7% |
| 2024 | +17.1% | +12.8% |
| 2025 | -12.3% | +11.2% |
| 2026 | -0.2% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
IR represents 0.21% of RSP's portfolio, so part of any move in RSP is IR itself, and the correlation between them is partly mechanical.
Are IR and RSP good diversifiers for each other?
Only partially. A correlation of 0.70 means IR 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 IR and RSP?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.56 over the last year and 0.70 over 5 years.
Is RSP a good diversifier for IR?
Only partially. A correlation of 0.70 means IR 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 0.70 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/ir-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ir-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IR correlations · RSP correlations
