MFC vs RSP: Correlation
Manulife Financial Corporation (MFC) and Invesco S&P 500 Equal Weight ETF (RSP) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFC and RSP?
Across a 3-year window, the weekly returns of MFC and RSP correlate at 0.67, strong. The link has loosened recently: the 1-year correlation (0.53) runs below the 3-year figure (0.67). Stretching to 5 years gives 0.71, with an annualized covariance of 188.2 %².
Few assets follow MFC as closely as RSP, which ranks #2 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with MFC ahead by 27.1 points (+46.3% versus +19.2%). Note the risk asymmetry: MFC runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MFC vs RSP: side by side
| MFC (Manulife Financial Corporation) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +46.3% | +19.2% |
| 5-year return | +174.6% | +53.9% |
| Volatility (ann.) | 21.2% | 13.2% |
| Beta vs S&P 500 | 0.87 | 0.77 |
| Max drawdown (3Y) | -16.8% | -17.8% |
| Market cap | $71.7B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 4.28% | 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 | MFC | RSP |
|---|---|---|
| 2022 | -1.2% | -11.6% |
| 2023 | +31.1% | +13.7% |
| 2024 | +45.2% | +12.8% |
| 2025 | +20.6% | +11.2% |
| 2026 | +22.3% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFC and RSP good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MFC and RSP?
The MFC/RSP correlation stands at 0.67 on a 3-year window (1 year: 0.53, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for MFC?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mfc-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mfc-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MFC correlations · RSP correlations
